Mowi ASA

MOWI

Equity

ISIN NO0003054108 / Valor 59890

Oslo Stock Exchange (2026-08-21)

NOK 203.40+3.04%

Mowi ASA
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About company

Mowi ASA is the world's largest producer of farm-raised salmon, offering seafood products to over 70 countries. With operations in 26 countries and employing 11,500 people, Mowi is organized into three main business areas: Feed, Farming, and Sales & Marketing. The company plays a significant role in the global seafood industry, providing customers with millions of meals daily.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Headline numbers

Operational revenue: EUR 1,544.2m; Operational EBIT: EUR 220.8m; EBIT: EUR 216.8m; Operational EBITDA: EUR 279.9m; Basic EPS: EUR 0.29; Underlying EPS: EUR 0.27.

Volumes & prices

Q1 harvest: 136,477 GWT (record‑high Q1). Global spot price pressure in Q1 driven by temporary ~14% effective industry supply growth, but industry supply is expected to normalise (0% for the rest of 2026, ~1% in 2027).

Farming performance & costs

Good biological performance overall; blended farming cost for seven farming countries improved to EUR/kg 5.46 (Q1 2025: EUR/kg 5.89). Biomass cost in sea down 3.6% y/y. Company expects further cost reductions in H2 2026.

Consumer Products & Markets

Consumer Products Operational EBIT: EUR 19.7m (down from EUR 33.2m) — negatively impacted by lower contract prices and industry inventory drawdowns, partly offset by higher sold volumes (69.6k tonnes PW) and lower raw material costs.

Feed business

Feed Operational EBITDA: EUR 6.1m (vs EUR 7.1m). Sold volumes 108.9k tonnes. Mowi completed expansion at the Norway feed factory and expects to produce/sell ~650k tonnes of feed in 2026 (≈+11% y/y).

Cash, leverage & dividend

Cash flow from operations: EUR 146.4m. Net interest‑bearing debt (NIBD) end Q1 2026: EUR 2,737.8m (in line with long‑term target). Quarterly dividend: NOK 2.30 per share.

Guidance

2026 harvest volume guidance maintained at 605k GWT (≈+8% y/y); Q2 2026 harvest guidance ~140k GWT.

Strategic & one‑offs

Mowi acquired Torghatten Aqua’s 4.5k GWT seawater salmon farming business for a net consideration of ~EUR 26m, strengthening presence in Northern Norway. Q1 included an adverse algae bloom effect in Southern Norway (~EUR 10m impact). Net CapEx in Q1: EUR 92.8m (increase driven by Nova Sea integration and related items).

Summarized from source with an LLMView Source

Key figures

-2.31%1Y

11.5%3Y

-9.32%5Y

Performance

21.3%1Y

20.8%3Y

25.3%5Y

Volatility