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Mowi (MOWI) investor relations material
Mowi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 featured record-high harvest volumes of 166,000 tons, but soft prices led to a 35% year-over-year decline in operational EBIT to EUR 112 million, despite significant cost reductions.
Operating revenues reached EUR 1.39 billion, with Consumer Products and Feed divisions delivering record earnings.
The acquisition of Nova Sea was completed in October, with full consolidation from Q4 and targeted annual synergies of EUR 34 million.
Quarterly dividend of NOK 1.50 per share declared.
Strategic review of the Feed division is ongoing.
Financial highlights
Operational revenue for Q3 2025 was EUR 1,393.1 million, down 4% year-over-year; operational EBIT margin at 8.0% versus 12.0% last year.
Underlying EPS for Q3 2025 was EUR 0.13; ROCE at 7.5% and ROE at 7.8%, all down from prior year.
Net interest-bearing debt at EUR 1.76 billion; pro-forma NIBD including Nova Sea at EUR 2.51 billion; equity ratio at 47.3%.
Cash flow per share at EUR 0.39; net profit for the period was EUR 108.9 million, up from EUR 52.3 million year-over-year.
Realised blended farming cost per kg was EUR 5.42, down from EUR 5.72 year-over-year.
Outlook and guidance
2025 harvest volume guidance increased to 554,000 tons (+10.5% y/y), and 2026 to 605,000 tons (+9.2% y/y), mainly due to Nova Sea consolidation.
2029 organic farming volume target reaffirmed at 650,000 tons.
Realized production cost expected to remain stable in Q4; further cost reductions anticipated in 2026.
Industry supply growth expected to slow to 1% in 2026 after a surge in 2025.
Feed prices expected to decline further, supporting lower cost outlook.
Quantify Nova Sea acquisition's synergy impact
Explain Canada East's Q3 operational EBIT decline
How will 2026 modest supply growth impact prices?
How will Mowi achieve EUR300-400M savings?
Impact of new postsmolt systems on growth?
What drives 2026 global supply downside risks?
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Q4 202511 Feb, 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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