Mowi to raise 2025 production target despite weaker Q2 earnings

NORWAY – Norwegian salmon farming company Mowi is increasing its output target for 2025 even as it posted lower earnings in the second quarter of the year.

The group’s earnings before interest and taxes (EBIT) for the April–June period dropped by 8.7% compared with the same quarter last year, reaching US$95.2 million (€81.8 million).

Operational EBIT declined by 17% to US$219.2 million (€188.5 million), which the company attributed to weaker prices in the quarter.

Revenue, however, climbed 4% year-on-year to US$1.61 billion (€1.39 billion), reflecting stronger sales volumes.

For the quarter ended 30 June, net profit increased by 10% to US$46.9 million (€41.5 million), showing an improvement on the previous year.

The company also reported harvesting 133,000 tonnes of salmon in the quarter, representing a record level and a 21% increase compared with the second quarter of 2024.

Mowi’s chief executive Ivan Vindheim said farming operations have delivered “very good results and strong growth” so far in 2025.

Following these developments, the company has raised its full-year harvest guidance to 545,000 tonnes, a figure that reflects 9% annual growth from 2024.

Expansion and acquisitions

Vindheim noted that with Mowi’s deal to lift its stake in Norwegian peer Nova Sea from 49% to 95%, harvest volumes could exceed 600,000 tonnes in 2026, equating to a 10% increase on the new 2025 guidance.

In January, the company purchased Vigner Olaisen’s 46% shareholding in Nova Sea for US$655 million (Nkr7.4 billion), a move that transferred majority control of the business to Mowi.

The seafood producer has held shares in Nova Sea since 1995 and, following the recent deal, will own almost the entire business.

First-half performance

For the first six months of 2025, operational revenue grew by nearly 3% year-on-year to US$3.19 billion (€2.75 billion).

EBIT for the period, however, fell sharply to US$142.7 million (€123 million), compared with US$381 million (€328.5 million) a year earlier.

Net profit for the first half dropped to US$68.5 million (€59 million), down from US$241.7 million (€208.2 million) in the same period of 2024.

Last September, Mowi announced a plan to save up to US$446.3 million (€400 million) over five years, mainly through investments in new technology.

Despite the weaker earnings trend, the company’s board has approved a quarterly dividend of Nkr1.45 per share.

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