Mowi (MOWI) Q4 2024 earnings summary

Executive summary

• Achieved record-high annual revenue of EUR 5.62 billion and Q4 revenue of EUR 1.5 billion in 2024, driven by all-time high harvest volumes of 502,000 tonnes, up 5.7% year-over-year, surpassing the 500,000-tonne milestone for the first time.

• Operational EBIT for 2024 was EUR 828.9 million, with Q4 operational EBIT of EUR 226 million, up from EUR 203 million year-over-year.

• Announced acquisition to increase Nova Sea ownership from 49% to 95% for NOK 8.2 billion (EUR 694 million), expected to close in H2 2025, adding 52,000 tonnes in 2025 and targeting 600,000 tonnes in 2026.

• Increased 2025 harvest volume guidance to 530,000 tonnes, with a new 2029 target of at least 650,000 tonnes.

• Quarterly dividend of NOK 2.00 per share declared; strong financial position with equity ratio of 46.8%.

Financial highlights

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

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

• Equity ratio at year-end was 46.8%, with a core equity ratio of 49.8%.

• Underlying EPS for 2024 was EUR 1.05; annualized ROCE was 17%.

• Dividend payout for 2024 was NOK 6.60 per share.

Outlook and guidance

• 2025 harvest volume guidance raised to 530,000 tonnes (+5.7% YoY), with pro-forma 582,000 tonnes including Nova Sea.

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

• CapEx for 2025 estimated at EUR 310 million, mainly in Farming; working capital tie-up at EUR 50 million.

• Anticipate further cost reductions in 2025, mainly from lower feed prices and operational improvements; new cost improvement program targets EUR 30 million in annual savings.

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