Mowi reports that overall profits were up and blended farming costs came down in the first quarter of 2025.
Photo: Mowi.
Mowi, the world’s largest salmon farming company, has reported improved performance in the first quarter of 2025, with both harvest volumes and operational earnings rising compared to the same period last year.
In a stock exchange trading update, the company reported that its total harvest volumes for the quarter reached 108,000 tonnes gutted weight equivalent (GWT), up from 96,500 tonnes in Q1 2024 - an increase of 12%.
This growth in volume was driven by higher output across most of Mowi’s farming regions, with Norway, Scotland and Ireland all seeing gains in harvest volumes.
Norway, the company’s largest production area, harvested 62,000 tonnes compared to 55,000 tonnes in the same quarter last year. Meanwhile, Mowi Scotland increased its harvest to 17,500 tonnes from 14,500 tonnes, while Mowi Ireland more than doubled its output, reaching 2,500 tonnes from 1,000 tonnes a year earlier.
Mowi Canada was the only region to see a decline, with volumes falling to 5,000 tonnes from 8,500 tonnes.
Mowi also saw its overall profits increase during the quarter, compared with last year, with the group's operational EBIT rising to approximately EUR 214 million, up from EUR 201 million in the first quarter of 2024. The company also reported its blended farming cost was EUR 5.89 per kilogram, down from EUR 6.05 last year.
While the EBIT per kilogram remained stable in Norway, Mowi's international operations showed more variation.
In Canada, Mowi reported a positive EBIT per kilogram after making a loss in the same quarter last year.
However, results in Ireland, the Faroes and Iceland declined sharply from the high margins reported in Q1 2024. Ireland, in particular, saw its EBIT per kilogram drop from EUR 3.90 to EUR 0.95, while Iceland, which had posted one of the highest margins a year ago, broke even this quarter.
The company’s Consumer Products segment delivered an operational EBIT of EUR 33 million, jumping from EUR 24 million in the same period last year. Mowi’s Feed division also saw some growth, with operational EBITDA rising to EUR 7 million from EUR 6 million in Q1 2024.
Mowi will release its full first-quarter report for 2025 on 14 May.
