Mowi (MOWI) Q3 2025 earnings summary

Executive summary

• Q3 2025 featured record-high harvest volumes of 166,000 tons, but soft prices led to a 35% year-over-year decline in operational EBIT to EUR 112 million, despite significant cost reductions.

• Operating revenues reached EUR 1.39 billion, with Consumer Products and Feed divisions delivering record earnings.

• The acquisition of Nova Sea was completed in October, with full consolidation from Q4 and targeted annual synergies of EUR 34 million.

• Quarterly dividend of NOK 1.50 per share declared.

• Strategic review of the Feed division is ongoing.

Financial highlights

• Operational revenue for Q3 2025 was EUR 1,393.1 million, down 4% year-over-year; operational EBIT margin at 8.0% versus 12.0% last year.

• Underlying EPS for Q3 2025 was EUR 0.13; ROCE at 7.5% and ROE at 7.8%, all down from prior year.

• Net interest-bearing debt at EUR 1.76 billion; pro-forma NIBD including Nova Sea at EUR 2.51 billion; equity ratio at 47.3%.

• Cash flow per share at EUR 0.39; net profit for the period was EUR 108.9 million, up from EUR 52.3 million year-over-year.

• Realised blended farming cost per kg was EUR 5.42, down from EUR 5.72 year-over-year.

Outlook and guidance

• 2025 harvest volume guidance increased to 554,000 tons (+10.5% y/y), and 2026 to 605,000 tons (+9.2% y/y), mainly due to Nova Sea consolidation.

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

• Realized production cost expected to remain stable in Q4; further cost reductions anticipated in 2026.

• Industry supply growth expected to slow to 1% in 2026 after a surge in 2025.

• Feed prices expected to decline further, supporting lower cost outlook.