Mowi reported operational EBIT of €221 million in the first quarter, up from €214 million a year earlier, despite lower salmon prices driven by high global supply growth.
The world’s largest salmon farmer generated seasonally record-high revenues of €1.54 billion in the quarter and harvested 136,000 tonnes, according to its Q1 report published Wednesday.
Mowi said it expects to harvest 605,000 tonnes in 2026, representing annual growth of 8.3% and equivalent to around 3.5 billion salmon meals.
“2026 has started well for Mowi, with improved operational and cost performance combined with record volumes,” CEO Ivan Vindheim said in the report.
Global salmon supply growth reached 14% in the first quarter, contributing to lower salmon prices. However, Mowi cited forecasts from Kontali indicating supply growth is expected to normalise to 0% for the remainder of 2026 and around 1% in 2027.
The company said farming costs fell 7.3% year-on-year in the quarter, reducing costs by approximately €46 million compared with the same period last year.
“Mowi’s strategy is to be the cost leader, and we are among the very best on cost in all the regions where we farm salmon,” Vindheim said.
Consumer Products volumes hit seasonal record
Mowi Consumer Products delivered record first-quarter volumes of 70,000 tonnes product weight, up 21% year-on-year.
The company said the global salmon market increased in value by around 7% during the quarter, supported by estimated consumption growth of 14%.
According to Mowi, demand growth remained strongest in Asia, led by China, followed by the United States and Europe.
“We expect this trifurcation of market growth to persist throughout 2026 and beyond,” Vindheim said.
Feed division expands capacity
Mowi Feed also reported continued growth, supported by strong demand from the farming division.
The company said expansion work at its Bjugn feed plant has now been completed and will support further organic growth.
Mowi expects to sell 650,000 tonnes of feed in 2026, representing growth of 11% compared with last year.
The board approved a quarterly dividend of NOK 2.30 per share.