Mowi declared a Q1 2026 dividend per share of NOK 2.30 (EUR 0.21), beating the Infront consensus median by 44%, according to a Fearnley Securities note published 13 May 2026. EPS landed at EUR 0.27, 8% above consensus.
Operational EBIT came in at EUR 221m, exactly in line with both Fearnley’s estimate and the prior trading update. Group EBIT/kg held at EUR 1.62.
Norway delivered farming EBIT/kg of EUR 1.90 against a Fearnley estimate of EUR 1.76. Scotland missed at EUR 1.17 versus EUR 1.48 estimated. Chile posted EUR -0.10 versus an estimate of EUR 0.31.
Total harvest volumes reached 136,477 tonnes, in line with the 136,000-tonne estimate. Markets segment EBIT came in at EUR 35m, above the EUR 31m estimate.
Mowi reiterated its full-year 2026 harvest guidance of 605kt. Fearnley considers this conservative given the recently acquired seawater licenses from Torghatten Aqua AS, not yet reflected in the guidance. For Q2, Mowi guides 140kt, with 84kt from Norway — above Fearnley’s prior estimate of 76kt Norwegian volumes, which the broker views as margin accretive.
Cost per kilo guidance is flat quarter-on-quarter in Q2, offsetting some of the volume upside. Mowi expects costs to decline in the second half of 2026, aided by higher volumes.
Fearnley Securities maintains a Buy rating with a target price of NOK 240. The broker expects minimal model revisions and anticipates a neutral to slightly positive share price reaction, with investor focus likely centred on the dividend beat.
