Story
Mowi Shares Rise After Record Q2 Harvest and 23% Profit Growth
Summary
The Norwegian salmon farmer reported second-quarter harvest volumes that surpassed its own guidance, leading to a significant 23% year-over-year increase in operational earnings.
Shares in Mowi ASA (OL:MOWI) gained over 3% on Wednesday after the world's largest salmon farmer reported a record second-quarter harvest and a significant jump in profitability. The company announced it harvested 150,000 tonnes of salmon, exceeding its prior guidance of 140,000 tonnes and marking a 13% increase from the same period last year.
Record Harvest and Profit Growth
In a trading update, Mowi disclosed that its operational earnings before interest and taxes (EBIT) reached approximately €231 million for the second quarter. This represents a 23% increase from the €189 million reported in the second quarter of 2025. The strong performance was driven by the higher-than-anticipated harvest volume, which the company noted was a record for a second quarter.
The harvest, measured in gutted weight equivalents, was up from 133,000 tonnes a year earlier. The company also saw an improvement in cost efficiency, with blended farming costs falling to €5.21 per kilogram from €5.39 per kilogram in the prior-year period.
Regional Performance
Profitability varied across Mowi's global operations. The company's Canadian farms were the most profitable, while its Irish and Icelandic operations posted losses.
Ad- Operational EBIT per kilogram:
- Canada: €2.05
- Norway: €1.85
- Scotland: €1.80
- Chile: €0.35
- Ireland: -€0.15
- Iceland: -€0.40
The largest harvest volumes came from its home market of Norway, which produced 85,000 tonnes. This was followed by Scotland with 26,500 tonnes and Chile with 17,500 tonnes.
Segment and Financial Update
Mowi's other business segments also contributed to the results. The Consumer Products division reported an operational EBIT of €29 million, while the Feed division posted an operational EBITDA of €16 million. The company's financial net interest-bearing debt stood at approximately €2.81 billion at the end of the quarter, excluding IFRS 16 effects.
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