Mowi has reported its second best first quarter ever, with operational profit of EU€221 million compared with EU€214 million in the same period last year. Revenues reached a seasonal record of EU€1.54 billion.
The company harvested 136,000 tonnes in the first quarter and expects total harvest of 605,000 tonnes in 2026, representing annualised growth of 8.3 percent. In just a few years, Mowi has grown from a 400,000-tonne farmer to a 600,000-tonne farmer.
“I am extremely impressed with my 11,700 colleagues around the world who continue to deliver record volumes, record earnings and not least extremely good operational and cost performance,” said Mowi CEO Ivan Vindheim.
Salmon prices fell in the first quarter due to extremely high supply growth of 14 percent. However, supply growth has now normalised and is expected to remain at 0 percent for the rest of 2026, and around one percent in 2027, according to Kontali. Regulatory and technological constraints indicate limited growth of around one to two percent per year in the years ahead.
Mowi Farming’s costs in the quarter fell to 7.3 percent below the same period last year, representing a year-on-year reduction of EU€46 million.
“Mowi’s strategy is to be the cost leader, and we are among the very best on cost in all the regions where we farm salmon,” Vindheim said.
Mowi Consumer Products delivered record-high first quarter volumes of 70,000 tonnes product weight, up 21 percent year-on-year. The salmon market increased in value by around seven percent, driven by 14 percent consumption growth. Demand growth remains highest in Asia, with China leading the way, followed by the USA and then Europe.
“We expect this trifurcation of market growth to persist throughout 2026 and beyond,” Vindheim said. “Accordingly, we will continue to grow our downstream footprint with an emphasis on where we see the highest growth potential.”
Mowi Feed expects to sell 650,000 tonnes of feed in 2026, representing growth of 11 percent compared with last year. Expansion of the feed factory at Bjugn is complete.
The board has decided to pay a quarterly dividend of NOK 2.30 per share.
