Mowi Scotland reports higher margins on improved biology, harvests in line with guidance.
Mowi Scotland reported continued good biological performance in the third quarter, with stable mortality and growth. Harvest volumes rose year on year, in line with guidance, while unit costs declined.
Results
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Operational revenue: EUR 131.6 million (EUR 133.3 million in Q3 2024)
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Operational EBIT: EUR 26.8 million (EUR 12.7 million)
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Operational EBIT margin: 20.4% (9.5%)
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Operational EBIT per kg: EUR 1.54 (EUR 0.83)
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Financial EBIT: EUR 20.7 million (EUR 24.4 million)
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Harvest volume: 17,399 tonnes GWT (15,227 tonnes)
Mowi said harvesting from sites with strong cost performance offset the impact of lower market prices, which reflected higher global supply. Price achievement benefited from improved harvest weights, differentiated products and contracts. Wester Ross contributed positively, supported by stronger volumes into the United States. Contract share was 51% (62%).
Year to date
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Operational revenue: EUR 465.3 million (EUR 467.6 million)
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Operational EBIT: EUR 89.6 million (EUR 87.3 million)
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Operational EBIT margin: 19.3% (18.7%)
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Operational EBIT per kg: EUR 1.51 (EUR 1.78)
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Harvest volume: 59,255 tonnes GWT (49,023 tonnes), an all-time high
Costs and operations
Costs decreased versus Q3 2024 on better biology, lower realised feed prices and reduced mortality costs. Feeding performance improved and feed conversion ratio was better than a year earlier. Mowi expects costs to increase in the fourth quarter on lower volumes and harvesting of higher cost sites. The Ardessie broodstock facility is scheduled for completion in the fourth quarter and will supply high-quality eggs to Mowi Scotland.
