Photo: MOWI ASA

Mowi Reports Another Strong Operational Quarter with Record Biomass Production

The world's largest salmon farmer sees significant revenue and profit growth in Q1 2025, driven by strong biological performance, increased harvest volumes, and efficient cost management, while anticipating further expansion.

Bergen – Mowi ASA, the world's leading salmon producer, has announced robust financial results for the first quarter of 2025, generating operating revenues of EUR 1.36 billion. This strong performance translated into an operational profit of EUR 214 million for the period.

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The first quarter of 2025 marked a period of increased revenues and improved profitability for Mowi compared to the corresponding quarter of the previous year. This positive trajectory was underpinned by strong biological and operational performance across the company's farming regions, coupled with higher harvest volumes and effective cost management.

"So far, 2025 has been a very good year operationally and biologically, which has resulted in high harvest volumes combined with seasonally record-high biomass in the sea," commented Ivan Vindheim, CEO of Mowi.

Volume growth throughout its value chain remains a central pillar of Mowi's strategic objectives. In Q1 2025, the company harvested 108,000 tonnes of salmon, representing a significant growth of 12% compared to the same period last year. Mowi is reaffirming its harvest volume guidance for the full year 2025 at 530,000 tonnes, which equates to an annual growth rate of 6%. This target is supported by a seasonally record-high biomass in the sea, showing an 11% increase year-on-year. Furthermore, considering the recent agreement to increase its ownership stake in Nova Sea from 49% to 95%, Mowi anticipates harvesting approximately 600,000 tonnes in the following year.

"Seawater production performed exceptionally well in the first quarter, with improved growth rates, higher survival rates, a better feed conversion ratio, and a superior share of premium quality fish," noted Vindheim.

Mowi's consistent growth in farming volumes is evident when considering that its harvest volume stood at 375,000 tonnes as recently as 2018. By the end of 2025, the company projects to have increased its farming volumes by 155,000 tonnes, representing a Compound Annual Growth Rate (CAGR) of 5.1%, significantly outpacing the projected industry CAGR of 3.3%. This growth has been primarily organic, and Mowi has ongoing organic growth initiatives expected to contribute to further volume expansion in the future.

Mowi Consumer Products, the group's value-added processing division, also delivered another strong quarter characterized by good operational performance and high production volumes.

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"Demand for salmon remained healthy throughout the quarter, and downstream earnings improved across our European, Americas, and Asian markets. However, significant supply growth in the market did exert downward pressure on prices," explained Vindheim.

Global salmon supply experienced a substantial increase in the first quarter, reaching 13% in Europe and 8% globally. Mowi views this surge as a temporary correction following three years of biological challenges within the industry. The company anticipates global supply growth to moderate to 6% for the full year 2025 before returning to a trend growth rate of around 2-3% in subsequent years due to regulatory constraints.

Mowi Feed, the company's feed division, also reported a strong first quarter with record-high earnings and the highest sold volumes for a first quarter in its history.

"Mowi's own feed continues to perform exceptionally well, constituting a crucially important contributing factor to our significant harvest volume growth in recent years," concluded Vindheim.

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