Mowi's Q3 2025 harvest volume grew by just over 3% year-on-year.
Photo: Mowi.
Norwegian salmon farming giant Mowi has released its results for the third quarter of 2025, reporting an operational EBIT of EUR 112 million (USD 122 million) - a sharp decline from EUR 173 million (USD 188 million) in the same period last year. Revenues also fell slightly to EUR 1.39 billion (USD 1.51 billion) from EUR 1.44 billion (USD 1.56 billion) in Q3 2024.
The company said the drop in earnings reflected lower salmon prices caused by high global supply, even as it achieved record production volumes. Mowi harvested 166,000 tonnes in the quarter, up from 161,000 tonnes a year earlier, and described 2025 as a year of “abnormally high supply growth” for the industry.
“Despite the quarter’s challenging prices it is pleasing to see that we continue to deliver well on both operations and growth," said CEO Ivan Vindheim.
"We have never produced more salmon than we did this quarter and we have never had more fish in the sea at this time of year,” he added.
Mowi has increased its full-year harvest guidance from 545,000 tonnes to 554,000 tonnes, primarily due to the inclusion of Nova Sea, whose volumes will now be included in the calculations for the fourth quarter. This represents a 10.5% increase from 2024. The company also said it expects to harvest 605,000 tonnes in 2026, an increase of just over 9% compared with this year’s target.
Vindheim said farming costs had fallen by EUR 50 million (USD 54.5 million) compared with the same quarter last year and by EUR 126 million (USD 137 million) year to date, supported by lower feed prices and other efficiency measures.
The company’s processing arm, Mowi Consumer Products, reported its best-ever quarter on record volumes and lower input costs, while Mowi Feed achieved record earnings and its second-highest sales volumes to date.
"Results in Mowi Consumer Products have improved significantly in recent years, not only due to better underlying operations, but also because Mowi benefits from being a fully integrated seafood company. Additionally, in the downstream segment, we can buy cheaper raw materials and exploit market opportunities in periods of falling salmon prices, as in 2025," said Vindheim.
Mowi said it expects global salmon supply growth to "normalise" to around 1% in 2026, compared with this year’s surge, leading to a “tighter market balance” ahead.
The board declared a quarterly dividend of NOK 1.50 per share, equivalent to about EUR 0.13 (USD 0.15) at current exchange rates.
Mowi originally announced in January this year it had signed a deal to become the majority owner of Nova Sea, increasing its stake from 49% to 95%, in a transaction valued at NOK 7.4 billion (EUR 625 million).
In October, following a review process, the European Commission gave the green light to Mowi's acquisition, followed shortly afterwards by Norwegian authorities also formalising their approval, meaning the transaction can now be finalised.
In March, Mowi revealed in a stock exchange announcement it was considering selling off its integrated feed division, and had engaged Norwegian investment bank Arctic Securities to assist with the review process. In May, the company opened its new post-smolt facility in Haukå, Western Norway, described as one of the largest post-smolt facilities in the world.
The company employs about 12,300 people in 26 countries, and recorded revenues of EUR 5.6 billion (USD 6.1 billion) in 2024.