Mowi (MOWI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of EUR 1.54 billion, up 14% YoY, driven by seasonally record-high harvest volumes of 136,477 tons (+26% YoY), slightly above guidance.

• Operational EBIT reached EUR 221 million, the second-best Q1 ever, supported by strong biological performance and cost reductions.

• Farming costs reduced 7.3% YoY to EUR 5.46/kg, with further reductions expected in H2 2026.

• Acquired Torghatten Aqua's 4,500-ton operation in Northern Norway, enhancing regional presence.

• Quarterly dividend of NOK 2.30 per share declared, reflecting confidence in future prospects.

Financial highlights

• Operational EBIT: EUR 220.8 million (+3% YoY), supported by higher volumes and lower costs, partly offset by lower prices.

• Revenue: EUR 1,544.2 million (EUR 1,355.0 million in Q1 2025).

• Underlying EPS: EUR 0.27; annualized ROCE at 13.1%.

• Net interest-bearing debt at EUR 2.74 billion, in line with long-term target; equity ratio at 45.5%.

• Consumer Products operational profit at EUR 19.7 million, down YoY but record sold volumes.

Outlook and guidance

• Maintains 2026 farming volume guidance at 605,000 tons (+8.3% YoY), mainly from Nova Sea acquisition.

• Expects stable blended farming cost in Q2, declining further in H2 2026 due to higher volumes.

• Industry supply growth expected to normalize at 0% for the rest of 2026 and 1% in 2027, supporting tighter market balance.

• Feed production expected to reach 650,000 tons in 2026, up 11% YoY.

• Capital expenditure guidance for 2026 is ~EUR 400 million, mainly in Farming.