Photo: Mowi ASA

Record-breaking quarter ends a record year for Mowi

Mowi generated record-high operating revenues of EUR 1.50 billion in the fourth quarter which translated into an operational profit of EUR 226 million.

Mowi ended 2024 with a string of records, for both the fourth quarter and the full year. The world’s largest aquaculture company has never had higher turnover and harvest volumes than in 2024 when revenue was EUR 5.62 billion on 502,000 tonnes of salmon harvested. A harvest volume of 134,000 tonnes in the fourth quarter was itself a seasonal record.

“I am extremely pleased that we have continued to deliver on our strategy and our goals, and I am impressed with the way the organisation was once again able to produce both record volumes and record revenues in 2024. Our margins show that we were once again competitive on cost in 2024, which is vitally important in salmon farming. Falling feed prices have also contributed to somewhat reduced costs, and we expect that trend to continue in 2025,” said Mowi CEO Ivan Vindheim.

The company’s seawater production was very strong in the fourth quarter, and this has continued into 2025.

“We have seen a significant improvement this winter compared with last year, in terms of much better growth in sea, higher survival rates, better feed conversion rates and improved quality. This bodes well for the rest of the year and has prompted us to adjust our volume guidance for 2025 upwards, from 520,000 tonnes to 530,000 tonnes,” said Vindheim.

Mowi recently entered into an agreement with Vigner Olaisen AS to purchase their shares in Nova Sea, which will increase Mowi’s ownership of Nova Sea from 49% to 95%. Nova Sea is a leading salmon farmer in production area 8 in Northern Norway and is present in the entire value chain from broodstock and smolt production to harvesting and sales. The company expects to harvest 52,000 tonnes of salmon in 2025. Nova Sea and the Olaisen family are pioneers in the Norwegian aquaculture industry and the company is known for its strong biological performance and industry-leading margins.

“With Nova Sea on board, we expect our volumes to reach 600,000 tonnes next year, and we will be well on our way to harvesting 400,000 tonnes in Norway alone. Mowi was harvesting 375,000 tonnes globally as recently as 2018, so our volumes will have grown by 225,000 tonnes in just a few years. This corresponds to annual growth of 6.1% compared with 3.1% for the wider industry,” said Vindheim.

Volume growth across the value chain is an important strategic pillar for Mowi and the company has no plans to stop growing now.

“We will continue to invest in the whole value chain and have a number of growth initiatives underway. Perhaps the most important of these is our postsmolt strategy, which is now starting to show results. We expect larger, more robust smolt to have a significant impact to our biological performance, including on fish welfare” Vindheim said.

Mowi was recently ranked the most sustainable listed animal protein producer for the sixth consecutive year by the Coller FAIRR Protein Producer Index. The Coller FAIRR Protein Producer Index is the world’s most detailed sustainability assessment of meat, dairy and farmed fish producers in the world.

Record year for Consumer Products and Feed

Mowi Consumer Products, the group’s value-added business, had yet another strong quarter and year with record high operational profit of EUR 53 million for the fourth quarter and EUR 146 million for the year. Consumer Products also set a new volume record, producing 247,000 tonnes in the year, up 6.5% on 2023.

“We are seeing good retail demand for our products and continue to develop new and innovative high-quality products to keep up with new trends and consumers’ ever-changing needs,” Vindheim said.

Mowi Feed also had another strong quarter, delivering record volumes and revenues. The full year was also record-breaking, with operational profit of EUR 62 million on 585,000 tonnes of feed.

“Our feed division has seen substantial growth in recent years, most recently growing by 12% in 2024 compared with the previous year. With Nova Sea on board we will need additional feed capacity in Norway in order to continue to grow, therefore we are undertaking a 60,000-tonne expansion project at our feed plant at Bjugn, Norway, with expected completion in the second quarter of 2026,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 2.00 per share.

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