Strong quarter to end another record year for Mowi

Mowi recorded record-high revenues of 1.43 billion euros in the fourth quarter, compared with 1.36 billion euros in the corresponding quarter of 2022. Operational profit was 203 million euros in the quarter.

The fourth quarter concluded another record-breaking year for Mowi. Revenues of 5.5 billion euros, operational profit of 1,028 million euros and harvest volumes of 475 000 tonnes in 2023 were all record-high.

“I am extremely grateful for the hard work and dedication of my 11,500 colleagues around the world that has led to record results and stellar performance in Mowi’s three business areas – Farming, Consumer Products and Feed – in 2023,” Mowi CEO Ivan Vindheim said.

All-time high farming volumes

Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been strong in recent years, and 2023 marked another good year with all-time high harvest volumes of 475 000 tonnes, equivalent to growth of 2.4% vs global supply contraction of 2.5%.

Mowi harvested 129 234 tonnes of salmon in the quarter. Full-year harvest volume guidance for 2024 is maintained at 500 000 tonnes.

“As recently as 2018, harvest volumes were 375 000 tonnes, hence we will have grown our farming volumes by as much as 125 000 tonnes by 2024. This is equivalent to annual growth of 4.9% versus a projected growth rate for the industry of 2.9%. This is mainly organic growth, and Mowi still has further organic growth initiatives that are expected to contribute to additional volume growth, of which the most important one is perhaps the postsmolt programme we launched at our Capital Markets Day in 2021,” Vindheim said.

By the end of 2024 Mowi’s postsmolt capacity will be almost 40 million postsmolt, equivalent to approximately 25% of the group’s total smolt. In Norway, Mowi’s postsmolt share will be approximately 50% when the naturally more resilient Region North is excluded from the equation. This is expected to drive license utilisation higher and improve Mowi’s sustainability credentials yet further through shorter production time in sea and improved survival rate.

Record year also for Consumer Products and Feed

Consumer Products had another solid quarter and an outstanding 2023, yet again setting operational and financial records on strong consumer demand. Operational profit of 152 million euros and volumes of 232,000 tonnes product weight in 2023 were both new records for the group.

“These are impressive results, and I think it is fair to say that Consumer Products’ relentless focus on operational excellence over the past few years has really started to pay off,” Vindheim said.

Mowi Feed delivered a good fourth quarter result and can also celebrate its best year so far with an operational EBITDA of 52 million euros.

“Volumes produced in Norway reached the impressive milestone of 405,000 tonnes for the full year following strong growth in sea and consequently good feed demand,” Vindheim said.

• FY 2023: Record-high revenues and operational EBIT on all-time high harvest volumes

• Record-high underlying EPS of NOK 14.81

Total amount of feed sold reached 523,000 tonnes for the year.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.90 per share.

The reports and presentations are available on Mowi report

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