Mowi (MOWI) Q4 2024 earnings summary

Executive summary

• Achieved record-high annual revenue of EUR 5.62 billion in 2024, with Q4 revenue of EUR 1.5 billion, driven by all-time high harvest volumes of 502,000 tonnes, a 5.7% year-over-year increase, outpacing industry growth.

• Operational EBIT for 2024 was EUR 828.9 million, with Q4 EBIT of EUR 226 million, up year-over-year on strong operational performance across all business areas.

• Announced acquisition to increase Nova Sea ownership from 49% to 95%, expected to close in H2 2025, adding 52,000 tonnes in 2025 and targeting 600,000 tonnes in 2026.

• Quarterly dividend of NOK 2.00 per share declared, with a policy to pay at least 50% of underlying EPS.

• Maintained strong financial position with equity ratio of 46.8% and pro-forma NIBD of EUR 2.42 billion including Nova Sea.

Financial highlights

• Q4 2024 operational revenue was EUR 1.50 billion (+5% YoY), with operational EBIT of EUR 225.9 million (+11% YoY).

• Full-year operational EBIT was EUR 828.9 million, with underlying EPS for 2024 at EUR 1.05 (NOK 12.23).

• ROCE at 15.5% and ROE at 17.0% for 2024; equity ratio at 46.8%.

• Net interest-bearing debt at year-end was EUR 1.87 billion; pro-forma including Nova Sea at EUR 2.42 billion.

• Operational EBIT margin for 2024 was 14.8%, down from 18.5% in 2023.

Outlook and guidance

• 2025 harvest volume guidance raised to 530,000 tonnes (+5.7% YoY), with Nova Sea expected to add 52,000 tonnes post-acquisition.

• Next milestone of 600,000 tonnes expected in 2026, with at least 650,000 tonnes targeted for 2029.

• Cost per kg in Farming expected to seasonally increase in Q1 2025, but overall cost trend remains downward due to lower feed prices and a new EUR 30 million cost-saving program.

• Capital expenditure for 2025 projected at EUR 310 million, mainly in Farming, postsmolt, and feed plant expansion.

• Industry supply growth for 2025 expected at 2-3%, supporting favorable market conditions.