Lower investment costs and feed prices boost analyst confidence in Mowi.
Analysts reacted positively to Mowi’s third-quarter trading update, highlighting strong cash flow and reduced debt levels as signs of improving financial flexibility despite weaker earnings, TDN Direkt reported.
The salmon producer posted an operational EBIT of €112 million for Q3 2025, in line with expectations, with harvest volumes slightly above guidance at 166,000 tonnes (GWT). Net interest-bearing debt at €1.76 billion was lower than forecast.
Arctic Securities said the company’s strong cash flow was supported by lower working capital needs in the value-added products division and declining feed costs, which reduced the cost of biomass at sea.
“The fact that biomass appears cheaper per kilo means realised costs will continue to fall going forward — a positive signal for Mowi Farming,” the bank said. Arctic added that some of the debt improvement likely reflects slightly lower operating investment costs than anticipated.
ABG Sundal Collier said Mowi’s reduced debt lowers the risk to its third-quarter dividend and strengthens the case for higher capital distributions in 2026.
The overall analyst view suggests that while Mowi’s margins remain under pressure, lower costs and balance sheet improvement are laying groundwork for stronger cash generation next year.
