Record high first quarter revenues from Mowi
Mowi today reported its second best results for a Q1 period, with an operational profit of €221m (£192m) and seasonally high revenues of €1.54bn (£1.3bn).
The world’s largest Atlantic salmon farmer said it has never had better seasonal revenues and harvest volumes for the January to March period.
Mowi harvested 136,000 tonnes in the first quarter and expects to harvest 605,000 tonnes in total in 2026. This represents annualised growth of 8.3%.
Volume growth is one of Mowi’s strategic pillars and the farming business has seen impressive growth in recent years. In just a few years, Mowi has grown from a 400,000-tonne farmer to a 600,000-tonne farmer.
CEO Ivan Vindheim said: “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.”
Salmon prices fell in the January to March period, as a result of extremely high supply growth of 14%.
Despite this, Mowi delivered relatively solid results for the quarter at €221m compared with €214m (£186m) last year.
Mowi’s Q1 report said that supply growth has now normalised and is expected to remain at 0% for the rest of 2026, and to be around 1% in 2027, according to analysts Kontali.
Growth expected to slow
In the years to come, Mowi forecasts regulatory and associated technological constraints all indicate limited growth of around 1-2% per year. This, combined with good market prospects, means Mowi expects a tighter market balance going forward.
As a result in part of good operational and biological performance, Mowi Farming’s costs in the quarter fell to 7.3% below the same period last year.
“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. Our cost level in the first quarter represents a reduction of €46m year-on-year,” said CEO Vindheim.
Mowi Consumer Products, the group’s downstream processing business, delivered another solid quarter with record-high volumes for a first quarter of 70,000 tonnes product weight, up 21% year-on-year.
The salmon market continued to grow in the quarter and increased in value by around 7%, driven by 14% consumption growth. Demand growth is still highest in Asia, with China leading the way, followed by the USA and then the more mature, but still growing, European market.
CEO Vindheim concluded: “We expect this trifurcation of market growth to persist throughout 2026 and beyond, supported by current trends, consumption habits and market penetration.
“Accordingly, we will continue to grow our downstream footprint with an emphasis on where we see the highest growth potential.”
Mowi’s feed division, Mowi Feed, continued to deliver good results on strong operational performance.
Mowi expects to sell 650,000 tonnes of feed in 2026, representing growth of 11% compared with last year.
Mowi has decided to pay a quarterly dividend of NOK 2.30 (£0.18) per share.
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