Mowi (MOWI) Q4 2025 earnings summary

Executive summary

• Achieved record-high annual revenue of EUR 5.73 billion and Q4 revenue of EUR 1.59 billion, driven by all-time high harvest volumes of 559,000 tons (+11.4% y/y) and strong operational execution.

• Q4 operational profit/EBIT was EUR 213 million; full-year operational profit/EBIT reached EUR 727 million, with margins down year-over-year due to lower prices despite higher volumes and reduced costs.

• Realized weighted production costs fell to EUR 5.36/kg in Q4, saving EUR 176 million for the year; further cost reductions expected in 2026.

• Strategic feed partnership with Skretting/Nutreco expected to deliver at least EUR 55 million in annualized net cost savings.

• Nova Sea acquisition fully consolidated in Q4, with targeted synergies of EUR 34 million and a revaluation gain of EUR 448.4 million.

Financial highlights

• Full-year operational EBITDA was EUR 949 million; operational profit/EBIT EUR 727 million.

• Underlying EPS for 2025 was EUR 0.92; reported EPS EUR 1.38.

• Annualized ROCE was 13.3% for the year; ROE 14.1%.

• Net interest-bearing debt at year-end was EUR 2.65 billion; equity ratio at 44.6%.

• Dividend payout for 2025 was NOK 6.65 per share; quarterly dividend of NOK 1.50 per share declared.

Outlook and guidance

• 2026 harvest volume guidance maintained at 605,000 tons (+8.3% y/y); organic farming volume target for 2029 reaffirmed at 650,000 tons.

• Further cost reductions anticipated in 2026, with higher costs in H1 due to harvest profile and seasonality.

• New global cost improvement program targets EUR 30 million in annual savings for 2026.

• Industry supply growth expected to slow to 1% in 2026 after 12% in 2025; demand growth projected at 5% for 2025.