Mowi (MOWI) Q2 2025 earnings summary

Executive summary

• Record-high industry supply grew 18% year-over-year, pressuring prices, but demand increased 5% and harvest volumes reached a record 133,239 tons, up 21% year-over-year, with revenue of EUR 1.39 billion.

• Operational EBIT was EUR 188.5 million, down 18% year-over-year, with strong contributions from all divisions, especially Consumer Products and Feed.

• Significant cost reductions achieved, with farming costs at their lowest since 2022 and EUR 49 million saved in the quarter.

• Quarterly dividend of NOK 1.45 per share declared.

• The Nova Sea acquisition is expected to close in H2 2025, pending competition approval.

Financial highlights

• Revenue reached EUR 1.39 billion, a record for the second quarter, driven by strong volumes.

• Operational EBIT declined 18% year-over-year to EUR 188.5 million due to lower prices despite higher volumes and lower costs.

• Underlying earnings per share were EUR 0.25; return on capital employed was 13.3%, and return on equity 15.1%.

• Net interest-bearing debt stood at EUR 1.90 billion; equity ratio at 46.9% (pro forma 45% post-Nova Sea).

• Net cash flow per share improved to EUR 0.11 from EUR 0.06 year-over-year.

Outlook and guidance

• 2025 harvest volume guidance increased to 545,000 tons (+8.7% y/y), with >600,000 tons expected in 2026 including Nova Sea.

• 2029 organic farming volume target reaffirmed at 650,000 tons.

• Cost per kilo expected to remain stable or decline into 2026, supported by lower feed prices and cost initiatives.

• Industry supply growth expected to normalize to 1% in 2026, potentially supporting better prices.

• Capex guidance for 2025 is ~EUR 310 million; cash flow guidance unchanged.