Strong Q3 showing from Mowi as Scotland continues to shine
Mowi delivered revenues of €1.39 billion (£1.2bn) between July and September this year with Scotland once again delivering a strong performance.
Announcing its Q3 results, the world’s largest Atlantic salmon farmer produced an operational EBIT or operational profit of €112m (£97m), down from €173m (£150m) compared with the same period last year.
The quarter this year was marked by low salmon prices throughout the period.
CEO Ivan Vindheim said: “Despite the quarter’s challenging prices it is pleasing to see that we continue to deliver well on both operations and growth.
“We have never produced more salmon than we did this quarter and we have never had more fish in the sea at this time of year. All of which positions us well for further growth.”
Mowi harvested a record high 166,000 tonnes in the third quarter and is raising its volume guidance for 2025 once again, this time from 545,000 tonnes to 554,000 tonnes, mainly as a result of consolidating its new purchase, Nova Sea, from the fourth quarter onwards. This corresponds to a growth of 10.5% on 2024’s figure.
Furthermore, Mowi expects to harvest 605,000 tonnes in 2026, up 9.2% from the current year. Of this, 380,000 tonnes will be harvested in Norway.
Mowi Consumer Products, the group’s processing business, delivered its best quarter ever with very good operations, record-high volumes, and lower raw material prices, the company reported.
Vindheim said: “Results in Mowi Consumer Products have improved significantly in recent years, not only due to better underlying operations, but also because Mowi benefits from being a fully integrated seafood company. Additionally, in the downstream segment, we can buy cheaper raw materials and exploit market opportunities in periods of falling salmon prices, as in 2025.”
Strong results for Scotland
As reported last month, Mowi Scotland reported revenues of €183.9m (£160m) against €189.5m (£165m) in Q3 last year. The operation EBIT was €31.3m (£27m) against €43.6m (£38m) last year when salmon prices were much higher.
Mowi’s Q3 report says the positive trend for Scotland continued during the quarter, adding: “Harvest volumes increased to 24,199 tons gutted weight (19, 591 tons) which was in line with guidance and the highest ever volumes for Mowi Scotland.
“The increase was driven by increased smolt stocking and good production. Superior share was also good.”
The Scotland report continued: “Our post-smolt operations in Loch Etive are reaching a more steady rhythm of two outputs per year. Sea lice levels have been very low when compared to how the loch system operated under its past ownership and post-smolt survival and quality are considered high. Our broodstock hatchery programme at Ardessie is continuing and will be operational in Q4. We have experienced delay with the main electricity connection which is now due in early September.
“This has resulted in fish being held in other back up facilities along with broodstock which will be transferred from sea to Ardessie in late September.
“Post-smolt partially mitigates summer water quality challenges and eggs of the Mowi strain correlate strongly with higher robustness and lower mortality in Scottish marine conditions. In Loch Awe, which will provide increased supply of large smolt, we have fallowed and replace all the farming equipment.
“Smolt are being stocked in August. Mowi has divested remaining assets which could not easily be converted to salmon production. Furthermore, Mowi Scotland has improved its freshwater treatment capacity. Costs are expected to increase somewhat in the third quarter on lower volumes.”
The board has decided to pay a quarterly dividend of NOK 1.50 per share.
Planning permission for Carradale
Meanwhile, Mowi has separately reported that its planning application has been approved for a new shorebase development at Carradale Harbour on the Mull of Kintyre, on the west coast of Scotland.
The company says the new buildings will provide a much-improved working environment for staff at our Carradale and North Kilbrannan fish farms, as part of a planned multi-phase development for Carradale Harbour by Mowi that will include the installation of a new pontoon for small vessels, renovation of the historic Pier House and support for a community-focussed facility.
Mowi said: “We would like to thank the Carradale community for its engagement and support for our plans and we look forward to furthering our partnership to deliver this shared vision for the reinvigoration of the harbour. As we now begin preparing tender documents for the works, we hope that local Argyll-based suppliers and businesses will be part of this exciting new project.”
Mowi has invited proposals from investors and community organisations for the development of the old shorebase site.
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