Mowi's harvest volume for the quarter increased by 13% compared with the previous year.
Photo: Mowi.
Mowi recorded its highest-ever harvest volume for a second quarter in Q2 2026, while lower farming costs helped boost operational earnings.
The Bergen-based group, the world’s largest producer of farmed Atlantic salmon, harvested 150,000 tonnes in the three months to the end of June, an increase of 13% from 133,000 tonnes in the same period of 2025.
The result was also 10,000 tonnes above the company’s guidance of 140,000 tonnes, issued alongside its Q1 results.
Norway accounted for more than half of the group’s production, with harvest volumes reaching 85,000 tonnes. Scotland contributed 26,500 tonnes, followed by Chile with 17,500 tonnes and Canada with 10,000 tonnes.
Mowi also harvested 5,500 tonnes through Arctic Fish in Iceland, 3,000 tonnes in Ireland and 2,500 tonnes in the Faroe Islands.
Mowi previously said it expects to harvest 600,000 tonnes in total during 2026, having reduced its earlier guidance of 605,000 tonnes following the planned sale of its Canada East operations to Cooke Inc. which, as WeAreAquaculture previously reported, was announced on 30 June.
Mowi has also released preliminary financial results for the quarter. The Group's operational EBIT was approximately EUR 231 million (USD 263.5m) during Q1, up 23% from EUR 189 million (USD 215.6m) during the same period last year.
Mowi reported a blended farming cost of EUR 5.21 per kg, compared with EUR 5.39 per kg a year earlier. The EUR 0.18 per kg reduction lowered costs by an estimated EUR 24 million (USD 27.4m), the company said, continuing the cost trend reported in the first quarter, when Mowi said farming costs were 7.3% lower year-on-year.
During the second quarter, Canada generated the highest operational EBIT per kg at EUR 2.05, followed by Norway at EUR 1.85 and Scotland at EUR 1.80. The Faroe Islands recorded EUR 1.60 per kg, while Chile achieved EUR 0.35.
However, Mowi's operations in Ireland and Iceland continued to make a loss, reporting negative operational EBIT per kg of EUR -0.15 and EUR -0.40 respectively.
The Canadian figure covers Mowi’s operations in the country during the quarter, as the agreed sale of its 9,000-tonne Canada East business to Cooke is expected to close during the second half of 2026.
Meanwhile, Mowi’s Consumer Products division recorded operational EBIT of EUR 29 million (USD 33m), while its Feed business generated operational EBITDA of EUR 16 million (USD 18m).
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 planned to sell 650,000 tonnes of feed in 2026, an increase of 11% compared with last year.
The company is due to publish its complete report for the second quarter on 18 August 2026.
