Mowi's stock recorded an intraday gain of 3.3%, trading at NOK 194.7, after the world's largest Atlantic salmon producer published a preliminary Q2 2026 trading update that exceeded market expectations on several operational fronts.
Financial and operational highlights
The company reported preliminary operational EBIT of EUR 231 million for Q2 2026, up 23% from EUR 189 million in Q2 2025. That improvement in operational profit was driven by a combination of higher harvest volumes and lower unit farming costs.
Record Q2 harvest and guidance beat
Harvest volumes reached 150,000 tonnes in the second quarter, a new record for any Q2 in Mowi's history and a 13% increase compared with Q2 2025. The harvest comfortably exceeded the 140,000-tonne guidance Mowi provided with its Q1 2026 results.
Cost trends
Mowi reported a blended farming cost per kilogram of EUR 5.21 in Q2 2026, down from EUR 5.39 a year earlier - a reduction of EUR 0.18 per kilogram. The fall in per-kilogram costs, combined with the volume outperformance, was cited as a key driver behind the stronger-than-expected operational earnings.
Market context and catalysts
The trading update appears to have provided investors with a clearer signal of accelerating operational momentum ahead of the company's full Q2 report, which is scheduled for release on 18 August. No new analyst rating changes or insider transactions were identified as additional catalysts for the stock's move.
On the Oslo Stock Exchange, Mowi's listed salmon-farming peers include SalMar and Lerøy Seafood. Neither competitor issued an equivalent trading update today, suggesting the rally was driven by company-specific developments rather than a sector-wide reflection.
Global equity markets were constructive as well, with the S&P 500 up 0.2% and the Nasdaq gaining 0.7% on the same trading day. The Oslo Børs All-Share index has been trading near multi-year highs in recent weeks, providing a generally supportive backdrop for the region's stocks.
Valuation context
Even after the intraday rise to NOK 194.7, Mowi's share price remains below its 52-week peak of NOK 245.8. The trading update has renewed optimism that the company could make progress toward closing that gap over the remainder of 2026, assuming operational trends persist and are confirmed in the full Q2 results.
Summary
Mowi's preliminary Q2 trading update showed a meaningful year-over-year improvement in operational EBIT to EUR 231 million, driven by a record Q2 harvest of 150,000 tonnes and lower blended farming costs of EUR 5.21 per kilogram. The company-specific beat helped lift the stock by 3.3% to NOK 194.7, though the share price remains below its 52-week high. The full Q2 report is due on 18 August.