Summary
Mowi ASA recorded a second-quarter harvest of 150,000 tonnes, measured in gutted weight equivalents, exceeding the 140,000-tonne guidance the company issued after its first-quarter update. The harvest compares with 133,000 tonnes in the second quarter of 2025, representing a 13% increase and a record for a second quarter, the company said.
Financial and operational highlights
Operational EBIT for the group reached approximately €231 million in the quarter, up from €189 million a year earlier, a rise of 23%. Expressed in Norwegian crowns, operational EBIT was roughly 2.54 billion, calculated at an exchange rate of 10.99 crowns per euro.
Blended farming cost fell to €5.21 per kilogram from €5.39 per kilogram a year earlier, a reduction of €0.18 per kilogram. The company quantified that decline as a €24 million saving, equivalent to 264 million crowns.
Regional performance
- Operational EBIT per kilogram through the value chain: Norway €1.85, Scotland €1.80, Chile €0.35, Canada €2.05, Faroe Islands €1.60, Ireland -€0.15, Iceland -€0.40.
- Harvest volumes by region: Norway 85,000 tonnes; Scotland 26,500 tonnes; Chile 17,500 tonnes; Canada 10,000 tonnes; Iceland (Arctic Fish) 5,500 tonnes; Ireland 3,000 tonnes; Faroe Islands 2,500 tonnes.
Other segment metrics
Operational EBIT in Consumer Products was €29 million for the quarter. Operational EBITDA in Feed was €16 million.
Balance sheet note
Reported financial net interest-bearing debt for the group was approximately €2.81 billion at the end of the quarter, excluding IFRS 16 effects.
Market reaction
Shares in Mowi rose by over 3% on Wednesday after the company disclosed the harvest and earnings figures.
Key points
- Harvest volumes beat the company's guidance, reaching a second-quarter record of 150,000 tonnes and rising 13% year-on-year from 133,000 tonnes in the second quarter of 2025.
- Operational EBIT increased to about €231 million, a 23% uplift versus the prior year, with costs per kilogram falling to €5.21 from €5.39.
- Regional profitability is mixed: Canada and the Faroes showed relatively strong per-kilogram operational EBIT, while Ireland and Iceland registered negative per-kilogram returns. These results are relevant to seafood, agriculture and regional commodity markets.
Risks and uncertainties
- Margin variability across regions - with negative operational EBIT per kilogram in Ireland and Iceland - poses earnings risk for segments and could affect overall profitability.
- Concentration of harvest volumes by geography means regional operational issues could materially influence group output and financials, impacting seafood and agricultural supply chains.
- Reported net interest-bearing debt of approximately €2.81 billion (excluding IFRS 16) highlights exposure to financing costs and balance-sheet dynamics that could affect investor sentiment in markets sensitive to leverage.
Note: All figures and comparisons are presented by the company as provided for the quarter and have not been supplemented with additional data.