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Mowi
Mowi (MOWI) investor relations material
Mowi Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved record-high annual revenue of EUR 5.73 billion and Q4 revenue of EUR 1.59 billion, driven by all-time high harvest volumes of 559k GWT (+11.4% y/y) and operational improvements.
Operational EBIT for Q4 was EUR 213 million and EUR 727 million for the year, with margins pressured by industry-wide supply growth and lower prices.
Cost reduction initiatives delivered EUR 176 million in annual savings, with further reductions and a new EUR 30 million annual savings target for 2026.
Entered a strategic feed partnership with Skretting/Nutreco, expected to deliver at least EUR 55 million in annualized net cost savings.
Strategic acquisition of Nova Sea completed and fully consolidated from Q4, with targeted synergies and increased operational scale.
Financial highlights
Q4 operational EBIT: EUR 213 million; full-year operational EBIT: EUR 727 million; operational EBITDA: EUR 949 million.
Underlying EPS for 2025: EUR 0.92; reported EPS: EUR 1.38.
Net interest-bearing debt at year-end: EUR 2.65 billion; equity ratio: 44.6% (47% by covenant methodology).
ROCE for 2025: 13.3%; ROE: 14.1%.
Dividend payout for 2025: NOK 6.65 per share; quarterly dividend of NOK 1.50 per share declared.
Outlook and guidance
2026 harvest volume guidance set at 605k GWT (+8.3% y/y), with Norway targeting 380k GWT (+14.5% y/y).
Organic farming volume target for 2029 reaffirmed at a minimum of 650,000 tons.
Industry supply growth expected to normalize to 1% in 2026 after 12% in 2025, with demand projected to outpace supply.
CapEx for 2026 estimated at EUR 400 million, mainly in Farming and due to Nova Sea integration.
Cost reductions expected to continue, with a new annualized savings target of EUR 30 million for 2026.
Feed partnership: cash flow maximization rationale
Why low contract share for 2026?
How will 2026 FTE reduction be achieved?
When will feed partnership savings impact P&L
What is the long-term CapEx trend post-2026
What drives confidence in 1% 2026 supply growth?
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Latest events from Mowi
- Record Q1 EBIT of EUR 214m, 12% volume growth, and Nova Sea deal support future outlook.MOWI
Q1 20254 Mar 2026 - Record Q2 harvests, cost reductions, and robust outlook despite regulatory and market risks.MOWIQ2 202423 Jan 2026
- Targeting 600,000 tons, EUR 8.5bn revenue, and EUR 300-400m cost savings by 2029.MOWICMD 202420 Jan 2026
- Record Q3 revenues and volumes, but lower EBIT as prices fell; 2025 guidance raised to 520k GWT.MOWIQ3 202416 Jan 2026
- Record revenues, higher volumes, and Nova Sea acquisition drive strong growth momentum.MOWIQ4 20248 Jan 2026
- Record-high harvests, cost cuts, and raised volume guidance drive growth despite price pressure.MOWIQ2 202523 Nov 2025
- Record harvests and cost cuts offset by lower prices; Nova Sea lifts future growth outlook.MOWIQ3 20255 Nov 2025
- A NOK 7.4bn deal boosts synergies and sustainable growth in Northern Norway.MOWIM&A Announcement6 Jun 2025
Next Mowi earnings date
Q1 202613 May, 2026
Mowi
Next Mowi earnings date
Q1 202613 May, 2026
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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.
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