Mowi (MOWI) Q1 2025 earnings summary

Executive summary

• Achieved record operational revenue of EUR 1.36 billion and operational EBIT of EUR 214 million in Q1 2025, driven by strong biological and operational performance, improved volumes, and lower costs.

• Harvest volumes reached 108,064 tons, up 12% year-over-year, supported by favorable environmental conditions and improved biological metrics.

• Consumer Products and Feed segments delivered strong earnings and record-high volumes, with Feed EBITDA at a Q1 record; strategic review of Feed division underway.

• Board approved a quarterly dividend of NOK 1.70 per share.

• Nova Sea acquisition expected to close in H2 2025, increasing Norwegian harvest volumes and group consolidation.

Financial highlights

• Operational revenue up 2% year-over-year to EUR 1,355 million; operational EBIT increased by EUR 14 million year-over-year to EUR 214 million.

• Underlying earnings per share was EUR 0.29; return on capital employed was 16.3%, and return on equity was 18.1%.

• Net interest-bearing debt stood at EUR 1.88 billion; pro forma with Nova Sea, EUR 2.46 billion; equity ratio at 47.8% (pro forma 49%).

• Net cash flow per share improved to EUR 0.14 from EUR 0.09 in Q1 2024.

• Net profit for the period was EUR 17.4 million, down from EUR 170.4 million year-over-year, mainly due to negative biomass revaluation.

Outlook and guidance

• Maintains 2025 farming volume guidance of 530,000 tons (6% increase), with upside risk; expects 600,000 tons in 2026 with Nova Sea and targets at least 650,000 tons by 2029.

• Expects further reduction in production and feed costs in coming quarters, especially in Norway.

• Global industry supply growth forecasted at 2-3% p.a. after 2025, with 2025 seen as a recovery year.

• Good demand in all key markets, but prices pressured by record-high supply and tariff turmoil.

• Strategic review of Feed division ongoing, including potential sale.