Mowi reported harvest volumes of 166,000 tons in gutted weight for the quarter.
Photo: Mowi.
When reporting on the third quarter 2024 trading update a year ago on WeAreAquaculture, we ran the headline: 'Mowi reports "all-time high" harvest volumes in third quarter'. The same applies to Q3 2025 results previewed in this week's trading update, as the salmon giant has recorded a new record in harvest volumes.
Specifically, Mowi reported harvest volumes of 166,000 tons in gutted weight (GWT) for the quarter, noting that they were, as said, an "all-time high." Compared to the record figure achieved in the same quarter last year, when 161,000 GWT was reached, this represents an increase of 5,000 tons, up 3.10%.
The figure also significantly exceeds the Norwegian-headquartered salmon company's guidance in its Q2 2025 results presentation, where it had forecast a total harvest volume of 160,000 GWT for Q3 2025.
By region, Farming Norway was the largest contributor, accounting for 99,500 tons of the total volume of 166,000 GWT. It was followed by Farming Chile with 22,500 tons, Farming Scotland with 17,500 tons, Farming Canada with 15,500 tons, Farming Iceland (i.e., Arctic Fish, the Mowi-owned salmon farming company in Iceland) with 5,500 tons, Farming Ireland with 3,000 tons, and Farming Faroes, which was the lowest contributor with 2,500 tons.
Mowi is thus continuing with the strategy announced at its Capital Markets Day in September 2024, when the company said that, from harvest to value-added business, volume growth along the entire value chain was one of its strategic pillars in the period between last year and 2029.
For its farming division, in particular, Mowi spoke of continued volume growth of 20%, from 500,000 tons to 600,000 tons. According to statements made during the presentation of Q2 2025 results by its CEO, Ivan Vindheim, this could be achieved in 2026, following the agreement the company reached earlier this year to increase its stake in Nova Sea from 49% to 95%.
However, this record growth in harvest volumes has not been reflected in the Group's operational EBIT, which in the third quarter of 2025 was approximately EUR 112 million. Compared to Q3 2024, when operational EBIT was EUR 173 million, this represents EUR 61 million less in earnings before interest and taxes, a 35.26% decrease.
In this Q3 2025 operational update, Mowi only provides the figures, without explaining the causes, which we will learn when the company presents its full report for the third quarter, to be published on November 5. However, it is likely that the drop in salmon prices and the demanding times being experienced by world trade, with increased tariffs and economic turmoil, have played a part.
Total operating EBIT for Q3 2025 per kg across the value chain was approximately EUR 1.10 in Norway, EUR 1.55 in Scotland, EUR 0.55 in Chile, EUR 2.00 in Canada - it was EUR 0.40 in Canada West -, EUR 0.20 in Ireland, EUR 0.55 in the Faroes, and EUR 1.10 in Iceland.
Regarding the blended farming cost, it was of EUR 5.42 per kg in the quarter, down from EUR 5.72 in the third quarter of 2024 and stable compared to the second quarter, as guided.
Finally, Mowi also reported that operating EBIT in the Consumer Products division was EUR 66 million, while in Feed - a segment that continues to perform well quarter after quarter, but which the company may sell off following the strategic review announced in March - operational EBITDA in Q3 2025 was EUR 26 million.
The salmon giant concluded its trading update by reporting that the Group's financial net interest-bearing debt (excluding IFRS 16 effects) was approximately EUR 1.76 billion at the end of the quarter.
