Mowi hails record Q2 revenues as Scotland’s positive performance continues
Mowi generated operating record high revenues of €1.39 billion (£1.19 bn) in the second quarter, with its Scotland business continuing to show a strong performance.
Globally, the results translated into an operational profit of €189m (£163m).
CEO Ivan Vindheim said the three month April to June period ended on a strong biological and operational performance, all-time high volumes and decreasing costs.
Mowi Scotland produced revenues of €183.9m (£158m), slightly down on the Q2 2024 figure of €189.5m (£163m), but the total for the year to date was €337.9m, around €7.2million (£6.2m) higher than the same period in 2024.
The harvest volume was well up at 24,199 tons, 4,600 tons higher than last year.
Mowi said the positive trend which started at the beginning of 2024 continued during the period.
The operational EBIT or operational profit was €31.3m (almost £27m) against €43.6m (£37.5m) in Q4 last year.
Mowi said: “Market spot prices were reduced following high industry supply. The overall price achieved by Mowi for salmon of Scottish origin was 22% above the reference price (4% above last year ) on improved harvest weights, sale of differentiated products and positive contribution from contracts. The contract share was 33% (50%).”
“Cost decreased from the comparable quarter on the back of good biological performance, lower realised feed prices as well as reductions in other cost items including mortality cost, while the feeding performance was good, and feed conversion ratio improved from Q2 2024.”
The company’s post smolt operations in Loch Etive reached a steadier 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, Mowi added.
The Scotland report states: “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.”
It said the post smolt strategy partially mitigated summer water quality challenges, and eggs of the Mowi strain also correlate strongly with higher robustness and lower mortality in Scottish marine conditions.
In Loch Awe, which will provide increased supply of large smolt, Mowi has fallowed and replaced all the farming equipment. Smolt are being stocked in August. Mowi has divested remaining assets which could not easily be converted to salmon production.
Globally, Mowi harvested a record 133,000 tonnes in the second quarter, representing growth of 21% compared with last year. The company has consequently increased its volume guidance for 2025 to 545,000 tonnes on strong seawater growth, equivalent to annual growth of 9% on 2024.
CEO Vindheim said: “2025 has so far been a good year for the farming division with very good operations and strong growth.”
“It is satisfying to see that we are delivering on our strategy. With the recently concluded agreement to increase our ownership stake in Nova Sea from 49% to 95%, we expect to harvest at least 600,000 tonnes as early as next year, equivalent to a growth of 10% in 2026, and we are rapidly approaching our next milestone of 400,000 tonnes in Norway alone.”
He added: “It is extremely encouraging to see our production cost fall in the second quarter to its lowest level since 2022, something which has contributed €49m (£42m) to earnings in the quarter.
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