A record fourth quarter ends a record year for Mowi

(Bergen, 11 February 2026) Mowi reported record-high revenues of EUR 1.59 billion and operational EBIT of EUR 213 million in the fourth quarter.

Mowi ended 2025 by once again setting a number of new records, both for the fourth quarter and for the full year. Norway’s largest food producer and the world’s largest salmon farmer has never had better revenues or harvest volumes than in 2025, with turnover of EUR 5.73 billion and harvest volumes of 559,000 tonnes, equivalent to annual growth of 11.4%. At 152,000 tonnes, volumes in the fourth quarter were also seasonally record-high.

“I am delighted that we are delivering on our strategy and am impressed yet again by the way this whole organisation constantly strives for both record volumes and record revenues throughout the value chain. It is also pleasing to see that costs in Farming are down by EUR 197 million and are expected to fall even more in 2026,” Mowi CEO Ivan Vindheim said.

Salmon prices increased as expected in the fourth quarter, rounding off a year marked by low prices resulting from extremely high supply growth of 12%. Despite this, Mowi delivered relatively solid results both for the quarter at EUR 213 million and for the full year at EUR 727 million, corresponding to a return on capital employed of 13.3%.

Volume growth is one of Mowi’s strategic pillars and the farming business has seen impressive growth in recent years. In just a few years, Mowi has grown from a 400,000-tonne farmer to a 600,000-tonne farmer.

“2025 marked yet another record harvest year for Mowi and we expect to continue down this path by harvesting 605,000 tonnes in 2026. This represents annual growth of 8.3%, compared with 1% expected industry growth. We have never had so much fish in the sea at this time of year, with 8.7% more than at the same time last year. All of which positions us well for further growth,” said Vindheim.

Mowi Consumer Products, the group’s downstream processing business, delivered another solid quarter and an impressive 2025 overall, setting both operational and financial records. The division ended the year with operational EBIT of EUR 197 million and record-high volumes of 265,000 tonnes product weight.

Global demand for salmon continued to develop positively in 2025, and growth is particularly strong in Asia and America. With its global sales, logistics and processing footprint Mowi is uniquely positioned to take advantage of growth trends around the world. In 2025, Mowi strengthened its global brand presence and the MOWI brand is now present in 23 countries.

“Our strategy is to redefine the salmon category and change the way salmon is sold. In 2025 we continued to expand the MOWI product range and increased branded volumes by 30%,” said Vindheim.

2025 was a year with abnormally high supply growth coming in the wake of several years of challenging biology for the industry. Supply growth is now normalised and is expected to be around 1% in 2026. In the years to come, the regulatory environment and technological barriers all indicate limited growth of around 1-2% per year. This, combined with good market prospects, means Mowi expects a tighter market balance going forward.

Mowi’s feed division, Mowi Feed, also delivered another strong quarter with high volumes and record revenues. The same applied to the full year with earnings of EUR 67 million on 585,000 tonnes of feed.

Mowi entered into a strategic and industrial partnership agreement with Nutreco-owned feed producer Skretting during the fourth quarter, which will secure Mowi the best performing feed at the lowest cost in the industry. This partnership is expected to deliver at least EUR 55 million in annualised net cost savings.

The board of Mowi has decided to pay a quarterly dividend of NOK 1.50 per share.

For more 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, 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 2026 harvest of 605,000 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 12 500 people in 26 countries worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 5.7 billion in 2025.

For more information, please visit 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_Q4_2025_Presentation
• Mowi_Q4_2025_Report