Solid Q1 performance from Mowi Scotland

Operational revenues for Mowi’s Scottish operations were almost €20m higher on Q1 2025, totalling €174.5m (£151m) against €155.6m (£136m) 12 months earlier.

Harvest volumes increased substantially from 17,656 metric tons last year to 20,570 tons this year. The operational EBIT was marginally lower, at €30.6m (£26.6m).

Mowi said the operational and financial performance for Scotland was good, with record volumes for a first quarter period.

On a per kg basis, operational earnings were €1.49 per kg (£1.29). The reduction from €1.78 per kg (£1.54) in the comparable quarter was due to somewhat higher cost, from sites in the Western Isles and Eastern Skye.

The report said: “Scotland achieved prices increased somewhat from Q1 2025 on the back of strong superior share and sale of differentiated products including Wester Ross brand, organic and Label Rouge products sold to the US and Europe respectively.

“Contracts had a modest positive effect on price achievement. The contract share was 41% (48%).”

Mowi said biological conditions were generally good in the quarter. The survival rate and superior share improved from Q1 last year.

Mowi added: “Feed cost was relatively stable, while other released-from-stock costs increased somewhat from Q1 2025 due to site mix – in the comparable quarter Mowi Scotland harvested from some of its best sites.

“Other cost items benefited from cost measures and positive scale effects from higher volumes. Incident based mortality amounted to €0.3m (€1.4m last year).