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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mowi
Mowi (MOWI) investor relations material
Mowi Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Record Q3 harvest of 185.641k GWT, up 12% YoY, and revenue of EUR 1,731.7m supported seasonally record Operational EBIT of EUR 274.5m, up 146% YoY.
Higher prices, increased volumes and lower farming costs drove earnings; blended farming cost was EUR 5.11/kg, down EUR 0.31/kg YoY, a EUR 51m reduction.
Salmon prices rose 18% YoY in Q3; stronger demand and low expected supply growth supported the market outlook.
Financial highlights
Revenue and other income was EUR 1,731.7m; IFRS revenue was EUR 1,731.2m. Operational EBITDA was EUR 332.9m and Operational EBIT EUR 274.5m, versus EUR 111.7m in Q3 2025.
Net profit was EUR 182.5m versus EUR 108.9m; underlying EPS was EUR 0.33 versus EUR 0.13, and basic EPS was EUR 0.36 versus EUR 0.21.
Operational EBIT per kg was EUR 1.48 versus EUR 0.67; positive Q3 net fair-value adjustment on biomass and onerous-contract provisions was EUR 102.6m.
Q3 cash flow from operations, excluding IFRS 16, was EUR 193.0m versus EUR 255.2m; net capex was EUR 89.6m.
Outlook and guidance
2026 harvest guidance increased by 20k GWT to 620k GWT, up 11% YoY; 2027 guidance is 630k GWT, assuming normal sea growth conditions.
Norway harvest guidance is 395k GWT for 2026 and 405k GWT for 2027.
Q4 farming costs are expected above Q3 but at Q4 2025 levels, as lower volumes and feed-price inflation affect cost absorption.
Industry supply is expected to contract 3% in Q4 2026 and grow 0–1% in 2027; feed production and sales target for 2026 remains 650k tonnes.
A potential longer-term organic harvest goal of 700k tons was raised; timing and investment needs remain to be assessed, with growth conditional on profitability.
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Latest events from Mowi
- Top TSR, industry-leading efficiency, and robust financials despite sector challenges.MOWI
Investor presentation - Record revenue and EBIT on strong volumes and cost control, despite net loss from write-downs.MOWIQ2 2026
- Record Q1 revenue and EBIT on strong volumes, lower costs, and stable 2026 guidance.MOWIQ1 2026
- Record revenue and volumes, cost savings, and strategic moves drive strong 2026 outlook.MOWIQ4 2025
- 600,000 tonnes harvest and EUR 8.5bn revenue by 2029, with major cost and sustainability gains.MOWICMD 2024
- Record Q3 revenues and volumes, but lower EBIT as prices fell; 2025 guidance raised to 520k GWT.MOWIQ3 2024
- Record Q2 harvests, cost reductions, and robust outlook despite regulatory and market risks.MOWIQ2 2024
- Record Q1 EBIT of EUR 214m, 12% volume growth, and Nova Sea deal support future outlook.MOWIQ1 2025
- Record revenues, volumes, higher EBIT, and Nova Sea acquisition drive growth.MOWIQ4 2024
Next Mowi earnings date
Q4 202610 Feb, 2027
Mowi
Next Mowi earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Mowi ASA, a seafood company headquartered in Bergen, Norway, produces and supplies farmed salmon products. The company runs its operations through six principal divisions: Norway, United Kingdom, USA, Chile and South Africa. It offers fresh fillets or in a variety of further processed products such as whole rainbow trout, prawns and shrimp, smoked fish and Scandinavian-style seafood dishes. Mowi is the world's largest salmon farming company by production volume selling processed products for human consumption to customers located in about 70 countries. The company's products are also used as animal feed and sold to pet food producers.