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 559k GWT (+11.4% y/y) and operational improvements.

• Operational EBIT for Q4 was EUR 213 million and EUR 727 million for the year, with margins pressured by industry-wide supply growth and lower prices.

• Cost reduction initiatives delivered EUR 176 million in annual savings, with further reductions and a new EUR 30 million annual savings target for 2026.

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

• Strategic acquisition of Nova Sea completed and fully consolidated from Q4, with targeted synergies and increased operational scale.

Financial highlights

• Q4 operational EBIT: EUR 213 million; full-year operational EBIT: EUR 727 million; operational EBITDA: EUR 949 million.

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

• Net interest-bearing debt at year-end: EUR 2.65 billion; equity ratio: 44.6% (47% by covenant methodology).

• ROCE for 2025: 13.3%; ROE: 14.1%.

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

Outlook and guidance

• 2026 harvest volume guidance set at 605k GWT (+8.3% y/y), with Norway targeting 380k GWT (+14.5% y/y).

• Organic farming volume target for 2029 reaffirmed at a minimum of 650,000 tons.

• Industry supply growth expected to normalize to 1% in 2026 after 12% in 2025, with demand projected to outpace supply.

• CapEx for 2026 estimated at EUR 400 million, mainly in Farming and due to Nova Sea integration.

• Cost reductions expected to continue, with a new annualized savings target of EUR 30 million for 2026.