After more than 60 years in the salmon industry, Mowi has established itself as the world's largest producer.
Photo: Maria Benaiges / Mowi.
It seems unlikely that Mowi will repeat in 2025 the "record on record" that WeAreAquaculture reported on the Norwegian salmon giant's 2024 results. Although the company continues to break volume records, as was already the case in Q3 2025, once again in Q4, the financial results did not match the impressive harvest figures.
In its Q4 2025 trading update presented this week, Mowi reported harvest volumes of 152,000 tons in gutted weight (GWT) for the quarter. Last year, a harvest volume of 134,000 tons in Q4 set a seasonal record. Compared to that figure, this year's volume exceeds it by 18,000 tons, representing a 13.43% year-on-year increase and setting a new record for the quarter.
In its previous results report, for Q3 2025, the company had guided a total harvest volume of 147,000 GWT for the fourth quarter of the year, which means that it has also exceeded that figure, with 5,000 tons more than expected, a 3.40% increase.
By region, Farming Norway made the largest contribution to this record harvest volume, with 98,000 tons. It was followed by Farming Chile, with 26,500 tons; Farming Scotland, with 12,500 tons; Farming Canada, with 6,500 tons; Farming Iceland (i.e., Arctic Fish, Mowi's salmon farming company in Iceland), with 4,000 tons; Farming Faroes, with 3,500 tons; and Farming Ireland, which contributed the least in the fourth quarter with 1,000 tons.
If we review the harvest volumes for the entire year, the order is repeated. Farming Norway continues to lead with a total of 332,000 tons. Far behind in terms of tons and with very similar quantities between them, Farming Chile follows with 78,000 tons, and Farming Scotland, with 72,000 tons, occupies third place. Next is Farming Canada, with a contribution of 37,000 tons to the global total for 2025. Next are Farming Iceland (Arctic Fish) and Farming Faroes, which contributed 15,000 tons each. Farming Ireland closes the list again, contributing 11,000 tons to the global total for the year.
Thus, in 2025, the annual harvest volumes of Mowi—which is the world's largest aquaculture company—reached a record 559,000 tons, up from 502,000 tons in 2024, equivalent to a growth of 11.4%. This figure brings the Norwegian company a little closer to its stated goal for its farming division of achieving continued volume growth of 20%, from 500,000 tons to 600,000 tons in the period between 2024 and 2029.
According to statements made during the presentation of Q2 2025 results by CEO Ivan Vindheim, this could be achieved in 2026, following Mowi's acquisition of Nova Sea, completed in October 2025, after obtaining all the necessary formal approvals.
However, while harvest volumes were setting records, operating EBIT results did not follow suit. According to Mowi's fourth quarter 2025 trading update, the group's operating EBIT in the fourth quarter of last year was approximately EUR 213 million.
Compared to Q4 2024, this figure represents a decrease of EUR 13 million, or -5.75%. However, this decline appears moderate when compared to the sharp drop in operating EBIT recorded in the previous quarter, Q3 2025, which fell by 35%.
In terms of blended farming costs, Mowi reported that these amounted to EUR 5.36 per kg for the quarter, down 5.8% from the same period last year and slightly better than expected. According to the company's statement, the cost of permanent biomass also fell further during the quarter.
Total operating EBIT for Q4 2025 per kg across the value chain was approximately EUR 2.00 in Norway, EUR 1.40 in Scotland, EUR 0.35 in Chile, EUR 2.30 in Canada, EUR 1.65 in the Faroe Islands, and EUR 0.10 in Iceland. The data was not available for Ireland.
Regarding the operating EBIT of Mowi Consumer Products, the group's value-added products division, it amounted to EUR 46 million in Q4 2025. Compared to EUR 52.8 million in the same quarter of the previous year, when the company set a record, this represents a 12.87% drop, or EUR 6.8 million less.
For its part, Mowi Feed recorded an operating EBITDA of EUR 20 million. Compared to last year's EUR 20.5 million, which was also a record, this represents a drop of 2.43%, or EUR 0.5 million. However, it should be noted that, at the end of the quarter just before the start of the Christmas season, the Norwegian salmon giant announced a partnership with Skretting that secures the future of its feed division.
The deal—which ended a strategic review that had included the possibility of Mowi selling its feed business—will see Mowi retain ownership and operation, including its feed mills in Norway and Scotland, with future feed production to be based on Skretting's formulations.
"The partnership with Skretting is our preferred outcome," said CEO Ivan Vindheim when the agreement between the two companies was made public last month.
The full report on Mowi's results for the fourth quarter of 2025 will be published on February 11.
