Mowi announces €200 million earnings in Q1 2024 amid challenges with winter sores and jellyfish

Editorial Staff

Mowi has announced a total harvest volumes of 96,500 tons for Q1 2024.

The world’s largest producer of farmed Atlantic salmon, Mowi has released its trading update for the first quarter of 2024. The breakdown of the harvest volumes in gutted weight equivalents (GWE) by region is as follows:

  • Norway: 55,000 tons
  • Scotland: 14,500 tons
  • Chile: 12,500 tons
  • Canada: 8,500 tons
  • Ireland: 1,000 tons
  • Faroe Islands: 2,500 tons
  • Iceland (Arctic Fish): 2,500 tons

The company reported an operational EBIT for the group of approximately €201 million for the quarter. The blended farming cost reached €6.05 per kg, influenced by challenges such as winter sores and barbed-wire jellyfish, which have adversely affected the superior share and average size of fish harvested in Norway.

Operational EBIT per kg through the value chain varied significantly across regions:

  • Norway: €2.50
  • Scotland: €2.20
  • Chile: €0.95
  • Canada: €(0.25)
  • Ireland: €3.90
  • Faroes: €3.50
  • Iceland: €3.80

In addition, Mowi reported an operational EBIT in Consumer Products of €24 million and an operational EBITDA in Feed of €6 million for the first quarter of 2024.

Mowi plans to release the complete Q1 2024 report on May 8, 2024, at 06:30 CET.


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