Mowi records €1.36 billion in revenue for Q3 but sees profits drop 15%

Matthew Wilcox

Mowi harvested an all-time high 135,000 metric tons of salmon in the quarter.

Salmon farming giant Mowi recorded record-high operational revenue of €1.36 billion in the third quarter, compared with €1.26 billion in the corresponding quarter of 2022, according to results issued by the company on Wednesday.

The salmon producer credited record-high volumes across the group and seasonally favourable salmon prices for the record revenues.

Operational profit was €203 million in the quarter, a 15 percent decline on the €240 million recorded for the same quarter in 2022.

“Record-high volumes and favourable salmon prices, coupled with outstanding operational performance from my 11,500 colleagues worldwide, have culminated in another record-setting quarter for Mowi,” CEO Ivan Vindheim said.

All-time high volumes
Mowi harvested an all-time high 135,000 tons of salmon in the quarter. Full-year harvest volume guidance for 2023 is maintained at a record-high 484,000 tons. Guidance for 2024 of 500,000 tons marks a new all-time high for Mowi.

As recently as 2018 harvest volumes were 375,000 tons, hence the group has grown its farming volumes by 125,000 tons in the period, mostly organically. Mowi’s annual growth of 4.9 percent in the period is surpassing that of the industry of 3.2 percent.

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500,000 tons in farming volumes particularly stands out,” said Vindheim.

In Mowi Farming Norway, Mowi’s most important farming entity, volume guidance for 2023 has been increased to a record-high 295,000 tons from 290,000 tons, following good seawater growth and operational performance.


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