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Mowi (MOWI) investor relations material
Mowi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 saw record-high industry supply, up 18% year-over-year, pressuring prices despite underlying demand growth of 5% year-over-year.
Harvest volumes reached a record 133,239 tonnes, up 21% year-over-year, driving revenue to €1.39 billion.
Operational EBIT was €188.5 million, down 18% year-over-year, with margins pressured by lower prices despite cost reductions.
Significant cost reductions achieved, with farming costs at their lowest since 2022 and €49 million saved in Q2.
Quarterly dividend of NOK 1.45 per share declared.
Financial highlights
Revenue hit €1.39 billion, a record for Q2, driven by strong volumes despite lower prices.
Operational EBIT decreased 18% year-over-year to €188.5 million; EBIT margin at 13.5%.
Underlying EPS was €0.25; ROCE 13.3%, ROE 15.1%.
Net interest-bearing debt at €1.9 billion; equity ratio at 46.9%.
Cash flow per share improved to €0.11 year-over-year.
Outlook and guidance
2025 harvest volume guidance raised to 545,000 tonnes (+8.7% y/y), with >600,000 tonnes expected in 2026 including Nova Sea.
2029 organic farming volume target reaffirmed at 650,000 tonnes.
Cost per kilo expected to remain stable or decline into 2026, supported by lower feed prices and cost initiatives.
Industry supply growth expected to slow to 1% in 2026, supporting potential price recovery.
Capex guidance for 2025 is €310 million; cash flow guidance unchanged.
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