Mowi (MOWI) Q3 2026 earnings summary

Executive summary

• Record Q3 harvest of 185.641k GWT, up 12% YoY, and revenue of EUR 1,731.7m supported seasonally record Operational EBIT of EUR 274.5m, up 146% YoY.

• Higher prices, increased volumes and lower farming costs drove earnings; blended farming cost was EUR 5.11/kg, down EUR 0.31/kg YoY, a EUR 51m reduction.

• Salmon prices rose 18% YoY in Q3; stronger demand and low expected supply growth supported the market outlook.

Financial highlights

• Revenue and other income was EUR 1,731.7m; IFRS revenue was EUR 1,731.2m. Operational EBITDA was EUR 332.9m and Operational EBIT EUR 274.5m, versus EUR 111.7m in Q3 2025.

• Net profit was EUR 182.5m versus EUR 108.9m; underlying EPS was EUR 0.33 versus EUR 0.13, and basic EPS was EUR 0.36 versus EUR 0.21.

• Operational EBIT per kg was EUR 1.48 versus EUR 0.67; positive Q3 net fair-value adjustment on biomass and onerous-contract provisions was EUR 102.6m.

• Q3 cash flow from operations, excluding IFRS 16, was EUR 193.0m versus EUR 255.2m; net capex was EUR 89.6m.

Outlook and guidance

• 2026 harvest guidance increased by 20k GWT to 620k GWT, up 11% YoY; 2027 guidance is 630k GWT, assuming normal sea growth conditions.

• Norway harvest guidance is 395k GWT for 2026 and 405k GWT for 2027.

• Q4 farming costs are expected above Q3 but at Q4 2025 levels, as lower volumes and feed-price inflation affect cost absorption.

• Industry supply is expected to contract 3% in Q4 2026 and grow 0–1% in 2027; feed production and sales target for 2026 remains 650k tonnes.

• A potential longer-term organic harvest goal of 700k tons was raised; timing and investment needs remain to be assessed, with growth conditional on profitability.