In 2025, Mowi continued to expand the MOWI product range and increased branded volumes by 30%
Photo: Mowi.
Mowi presented its Q4 and FY 2025 results report this week, announcing record revenues of EUR 1.59 billion and operating EBIT of EUR 213 million in the last quarter of last year. The Norwegian headquartered salmon farmer thus closed 2025 having once again set a series of new records, both in the fourth quarter and for the full year.
With revenues of EUR 5.73 billion and harvest volumes of 559,000 tons, representing an 11.4% year-on-year increase, the salmon giant stated it has never had better revenues or harvest volumes than in the past year. Furthermore, with 152,000 tons, fourth-quarter volumes also set a seasonal record.
"I am delighted that we are delivering on our strategy and am impressed yet again by the way this whole organisation constantly strives for both record volumes and record revenues throughout the value chain," said Ivan Vindheim, the CEO of Mowi. "It is also pleasing to see that costs in Farming are down by EUR 197 million and are expected to fall even more in 2026," he added.
Low prices, resulting from an extremely high supply growth of 12%, set the trend in 2025. However, despite the generalized price decline, improved volumes and lower costs allowed Mowi to cope with the situation with an operating income of EUR 1.36 billion in Q1, EUR 1.39 billion in Q2, and again EUR 1.39 billion in Q3, although in this case, the company reported a sharp decline in its EBIT compared to 2024.
Finally, in Q4 and as the company expected, salmon prices increased, allowing it to achieve relatively solid results both in the quarter, with EUR 213 million, and in the whole year, with EUR 727 million, which, it noted, corresponds to a return on capital employed of 13.3%.
From harvest to value-added business, volume growth along the entire value chain is one of Mowi's strategic pillars, and in recent years, the farming business in particular has shown growth that the company described as "impressive," highlighting that, in just a few years, Mowi has gone from being a producer of 400,000 tons to one of 600,000 tons.
"2025 marked yet another record harvest year for Mowi and we expect to continue down this path by harvesting 605,000 tons in 2026. This represents annual growth of 8.3%, compared with 1% expected industry growth. We have never had so much fish in the sea at this time of year, with 8.7% more than at the same time last year. All of which positions us well for further growth," Vindheim said.
In this context of rising supply and falling prices, as Mowi pointed out, global demand for salmon continued to develop positively in 2025, with particularly strong growth in Asia and America.
Thanks to its global presence in sales, logistics, and processing, the Norwegian company, the world's largest salmon farmer, is uniquely positioned to capitalize on growth trends worldwide. Last year, Mowi strengthened its global brand presence, and the MOWI brand is now present in 23 countries.
"Our strategy is to redefine the salmon category and change the way salmon is sold. In 2025, we continued to expand the MOWI product range and increased branded volumes by 30%," Vindheim stated.
According to the company's report, the group's downstream processing business, Mowi Consumer Products, delivered what it called "another solid quarter and an impressive 2025 overall," setting both operational and financial records. The division ended the year with operational EBIT of EUR 197 million and record-high volumes of 265,000 tons of product weight.
As for Mowi Feed, the company reported that its feed division also recorded another solid quarter, with high volumes and record revenues, and the same occurred for the year as a whole, with profits of EUR 67 million on 585,000 tons of feed.
In its release, Mowi noted that during the fourth quarter, it signed a strategic and industrial partnership agreement with feed producer Skretting, owned by Nutreco, which will guarantee it "the best performing feed at the lowest cost in the industry." This partnership is expected to generate at least EUR 55 million in annualized net cost savings.
In addition, the outlook statement from the Board of Directors included in the presentation emphasized sustainability as one of Mowi's strategic pillars. The Board expressed its pride in the numerous sustainability awards the company has received over the years, noting that it was ranked the most sustainable animal protein producer in the world for the sixth time in a row in the most recent Coller FAIRR Protein Producer Index.
In the statement, the Board also emphasized that its focus on sustainability includes fish welfare. Just one day after the results were presented, the Norwegian Food Safety Authority (Mattilsynet) confirmed which aquaculture companies it will audit in 2026. The list, which this year is broadening its focus to include hatchery operators as part of an effort to strengthen fish welfare from the start of the production cycle, includes 12 companies, among them Mowi.
Finally, regarding the forecast for next year, concerning supply growth, Mowi said that, after 2025, when, as a consequence of several years of challenging biology for the industry, it was abnormally high, for 2026, growth is expected to be around 1%.
The salmon giant also noted that, in the coming years, the regulatory environment and technological barriers point to limited growth of around 1–2% per year. "This, combined with good market prospects, means Mowi expects a tighter market balance going forward," Mowi concluded.