Mowi posted Q1 2026 operational EBIT of EUR 221 million, up 3% year-on-year, marking the company’s second-best first quarter ever, according to a results note from Handelsbanken analyst Erik Cederberg.
Handelsbanken raised its 12-month target price to NOK 265 from NOK 262 and reiterated its Buy recommendation, keeping Mowi as its top sector pick.
Revenue and harvest volumes reached seasonally record-high levels in the quarter. Volume growth and cost improvements drove the result, though lower salmon prices — product of 14% industry supply growth in Q1 — partially offset gains. Consumer Products remained a drag due to weaker contract prices, and an algae bloom in Southern Norway added a one-off cost headwind of EUR 10 million.
Mowi proposed a quarterly dividend of NOK 2.30 per share, which Cederberg described as surprisingly strong, signalling management confidence in the outlook.
Mowi guided for sequentially flat EBIT development in Q2, with cost reductions expected to accelerate in the second half as higher volumes deliver scale benefits. Unrealised cost synergies from the Nova Sea acquisition add further potential upside, the note states.
Handelsbanken raised full-year estimates on Cederberg’s view that supply will tighten as the year progresses, supporting prices. However, feed cost visibility beyond Q3 is fading. The Peru anchovy quota is down year-on-year, raising the risk of cost increases later in 2026.
Demand uncertainty linked to geopolitical disruption was also flagged in Mowi’s own quarterly report, though the company did not quantify the impact.