Mowi reports €221m first quarter profit despite weaker prices

Mowi has released its full results for the first quarter of 2026, reporting an operational profit of €221 million ($259m) up from the €214 million achieved during the same period last year, as higher harvest volumes helped counter a reduction in salmon prices.

The Bergen-based group, the world’s largest producer of farmed Atlantic salmon, said revenue reached €1.54 billion ($1.80bn), marking Mowi's highest revenue level achieved in a first quarter. It harvested 136,000 tonnes during the period and said it plans to harvest a total of 605,000 tonnes in 2026, an increase of 8.3% year-on-year.

Mowi said it has continued to grow in recent years from a 400,000-tonne salmon farmer to one producing about 600,000 tonnes. The company has made a series of acquisitions of other aquaculture companies in Norway in recent years, including last year's takeover of Nova Sea, and this spring's announcement of the acquisition of Torghatten Aqua’s sea-based salmon farming operations.

“I am extremely impressed with my 11,700 colleagues around the world who continue to deliver record volumes, record earnings and not least extremely good operational and cost performance,” said chief executive Ivan Vindheim, in the company's stock exchange announcement.

The company said salmon prices faltered in the quarter after global supply rose by 14%, but cited figures from Kontali suggesting supply growth has since normalised, with no further growth forecast for the rest of 2026 and growth of around 1% expected in 2027.

Mowi also said regulatory limits and technological constraints suggested longer-term supply growth would be around 1% to 2% a year. On that basis, the company said it anticipated a "tighter" market balance, although this remains dependent on demand and production conditions in key farming regions.

Mowi also reported that costs in its farming business were 7.3% lower than in the same quarter last year, which the company attributed partly to operational and biological performance. “Mowi’s strategy is to be the cost leader, and we are among the very best on cost in all the regions where we farm salmon. Our cost level in the first quarter represents a reduction of EUR 46 million year-on-year,” Vindheim said.

Meanwhile, the group’s consumer products division, which processes salmon for retail and foodservice markets, reported Q1 volumes of 70,000 tonnes product weight, up 21% from a year earlier.

Mowi said the wider salmon market grew in value by about 7% in the quarter, supported by consumption growth of 14%. The growth in demand was most pronounced in Asia, led by China, according to the company, with gains also seen in the US, while Europe remained a more mature but still expanding market.

“We expect this trifurcation of market growth to persist throughout 2026 and beyond, supported by current trends, consumption habits and market penetration. Accordingly, we will continue to grow our downstream footprint with an emphasis on where we see the highest growth potential,” Vindheim said.

Mowi Feed, the company’s feed division, also reported what the group described as a solid quarter, despite the first quarter usually being a quieter period for feed sales.

“Although the first quarter is low season for feed, we nonetheless experienced good demand from the farming division,” Vindheim said. “Expansion of the feed factory at Bjugn is complete and will form the basis for further organic growth in this part of the value chain.”

Last December, Mowi confirmed it had entered into a strategic partnership with Skretting, marking the conclusion to a strategic review of its feed division announced in March 2025 - which also contemplated a potential sale of the business. Under the agreement with Skretting, Mowi retained ownership and operation of its feed business and mills, with future feed production to be based on Skretting’s formulations.

In its Q1 update, Mowi said it plans to sell 650,000 tonnes of feed in 2026, an increase of 11% compared with last year.