Strong operational second quarter for Mowi

(Bergen, 21 August 2024) Mowi generated EUR 1.34 billion in operating revenues in the second quarter which translated into an operational profit of EUR 230 million.

Mowi generated EUR 1.34 billion in operating revenues in the second quarter which translated into an operational profit of EUR 230 million. The improvement in results from the previous quarter was driven by good operations across all business areas, including seasonal record-high growth in sea and reduced farming cost.

“Mowi harvested a record 110,000 tonnes of salmon in the second quarter. At the same time our biomass in sea was at an all-time high level at the end of the quarter, and up by 9.4% from last year. This is impressive and shows that Mowi is well on track to deliver on our volume guidance of a milestone 500,000 tonnes this year. As recently as 2018 Mowi harvested 375,000 tonnes of salmon,” said Mowi CEO Ivan Vindheim.

Volume growth is one of Mowi’s strategic pillars, and Vindheim is pleased that Mowi is yet again expected to significantly outgrow the market in 2024 with company growth of 5.3% vs industry growth of 0.8%.

“Beyond 2024, we aim to continue to grow faster than the wider industry, through greater use of larger smolt and postsmolt in Norway and Scotland, and generally higher smolt stocking levels across our global farming footprint, enabling us to take advantage of organic growth opportunities,” he said.

Sustainability is another important strategic pillar for Mowi. In June, TIME Magazine named Mowi in its list of the World's 500 Most Sustainable Companies for 2024, highlighting corporate responsibility and sustainable practices.

“We are pleased to see that the international community continues to embrace not only Mowi’s ESG efforts, but also the Atlantic salmon’s unique product features which make it one of world’s most sustainable animal proteins,” Vindheim said.

Mowi Consumer Products, the group’s value-added business, delivered increased earnings compared with the first quarter on continued good operational performance.

“Increased earnings in the second quarter demonstrate good underlying performance. Having said that, earnings were held back by temporary market headwinds in the US and margin pressure in Europe from high raw material prices, however underlying demand for European salmon remains strong. In addition, we expect to see a gradual improvement in the American market as Western economies continue to recover, and on the back of falling retail prices” Vindheim said.

For Mowi Feed, volumes were seasonally record-high on continued good feed demand in Europe, up by 14% compared with the second quarter last year.

“Mowi’s own feed continues to perform very well with both feed consumption and net growth above industry benchmark levels. Sold volumes and earnings are expected to further improve in the second half in line with normal seasonal variation,” Vindheim said.

Mowi’s Board has decided to pay a quarterly dividend of NOK 1.70 per share.

For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339 
Ola Helge Hjetland, Group Communications Director, +47 970 67 932

About Mowi ASA
Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon in the world, with an estimated harvest for 2024 of 500 000 tonnes from seven farming countries including Norway, Scotland, Ireland, Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other seafood of supreme quality to consumers around the world, partly under its own MOWI brand. Mowi is ranked as the most sustainable listed animal protein producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.5 billion in 2023.

For more information, please visit www.mowi.com.

Forward looking statements
This release may be deemed to include forward-looking statements, such as statements that relate to Mowi's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Mowi's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Mowi's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Mowi ASA's Annual Report contains additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition, anti-trust and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this release are based on information available at the time of the release, and Mowi assumes no obligation to update any forward-looking statement. 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

• Mowi_Q2_2024_Presentation
• Mowi_Q2 2024_Report