Mowi (MOWI) Q2 2026 earnings summary

Executive summary

• Achieved record-high quarterly revenue of EUR 1.6 billion and operational profit of EUR 231 million, up 23% year-over-year, driven by record harvest volumes and strong operational performance, despite soft prices.

• Harvest volumes reached a seasonal record of 150,000 tons (149,911 GWT), with strong biological performance across most regions.

• Divestment agreement for Canada East farming operations (9k GWT) for CAD 225 million, resulting in an EUR 88 million write-down, to sharpen portfolio focus.

• Quarterly dividend of NOK 2.30 per share declared.

• Issued EUR 250 million in green bonds at attractive terms.

Financial highlights

• Operational revenue reached EUR 1,599 million, a record for any quarter, up 15% year-over-year.

• Operational EBIT rose 23% year-over-year to EUR 231 million, with margin improving to 14.5% from 13.5%.

• Underlying EPS was EUR 0.28; annualized ROCE was 13.6%; return on equity 15.1%.

• Net interest-bearing debt at EUR 2.81 billion; equity ratio at 43.2%.

• Cash flow from operations was EUR 221 million in Q2 2026.

Outlook and guidance

• 2026 harvest volume guidance reduced to 600,000 tonnes (600k GWT) due to Canada East divestment, still up 7.4% year-over-year.

• 2029 organic farming volume target remains at 650,000 tonnes.

• Realised farming cost expected to remain stable in Q3, but inflationary pressure on feed raw materials persists.

• Industry supply growth expected to be 0% for the rest of 2026 and 0-2% in 2027, with demand strong in Asia and Europe.

• Capital expenditure for 2026 guided at approximately EUR 400 million, mainly within the Farming segment.