Mowi saw a 21% increase in harvest volume compared with the same period last year.
Photo: Mowi.
Mowi has announced second-quarter operating revenues of EUR 1.39 billion, with operational profit reaching EUR 189 million.
According to the company, this represents record-high revenues supported by strong operational performance, increased harvest volumes and falling costs.
The firm harvested 133,000 tonnes of salmon during the quarter, a 21% increase on the previous year. On this basis, Mowi has raised its harvest guidance for 2025 to 545,000 tonnes, which it says reflects strong seawater growth and represents annual growth of 9% compared with 2024.
“2025 has so far been a good year for the Farming division with very good operations and strong growth,” said Mowi CEO Ivan Vindheim.
Earlier this year, the company reached an agreement to increase its stake in Nova Sea from 49% to 95%, a move Vindheim said could allow Mowi to harvest at least 600,000 tonnes in 2026. “It is satisfying to see that we are delivering on our strategy… we are rapidly approaching our next milestone of 400,000 tonnes in Norway alone,” he added.
Mowi stated that global production is expected to rise from 400,000 tonnes in recent years to 600,000 tonnes in 2026. The company highlighted that this would equate to annual growth of 6.1%, which it said outpaces the industry average of 3.3%.
The firm also reports that productivity has increased by 36% even as person-years have declined. Biological indicators such as seawater growth, mortality, harvest weight and superior share were also said to have improved from 2024.
Vindheim also noted that production costs fell to their lowest level since 2022, which the company said contributed EUR 49 million to second-quarter earnings and EUR 67 million across the first half of 2025. He credited the improvement partly to reduced feed prices and also to internal cost-cutting. “I would therefore like once again to thank all my colleagues in Mowi for their relentless efforts day after day to improve the company’s operations,” he said.
The Consumer Products division, which processes value-added salmon products, delivered what Mowi described as its "best-ever" quarter, citing strong operations, high volumes and lower raw-material costs.
“Earnings in Consumer Products have improved significantly in recent years not only on better underlying operations but also because Mowi has captured more of the value creation as an integrated salmon company offering customers a better value proposition," Vindheim said, adding that the unit benefits when salmon prices decline, as lower prices for farming translate into cheaper raw materials for processing.
Mowi Feed also recorded a strong quarter, with both earnings and sold volumes reaching record highs for a second quarter. The company reported operational EBITDA reached EUR 13.7 million (EUR 10.8 million).
In March, the company announced that it had initiated a strategic review of its feed division, with Vindheim stating at the time they would be considering "all available options, including a sale." The company said this strategic review of the feed business is still ongoing.
The company reported continued demand growth, with total salmon consumption by value up 5% compared with the same period in 2024. However, supply growth has been unusually high, rising 18% in the second quarter, which Mowi acknowledged has impacted prices. The company said supply is now "normalising", and industry expectations point to only marginal growth in 2026, which could support higher prices.
The group also refinanced its bank facility during the quarter with a new EUR 2.6 billion five-year sustainability-linked facility. Net interest-bearing debt stood at EUR 1.9 billion, while the covenant equity ratio was 50.2%, which the company said reflects a strong financial position. Mowi’s Board of Directors has approved a quarterly dividend of NOK 1.45 per share.
