Record high salmon prices fueled Mowi’s €320m Q2 EBIT

The record high salmon prices are reflected in the P&L.

Mowi made an operational EBIT of approximately EUR 320 million in the second quarter of the year. This is an increase of 133 percent from the same quarter in 2021, according to the company’s quarterly trading update.

The analysts covering Mowi expected an operational EBIT of EUR 310 million in Q2.

Throughout the value chain, the company’s operational EBIT/kg was distributed as follows regionally:

  • Norway: EUR 3.95
  • Scotland: EUR 1.60
  • Chile: EUR 1.05
  • Canada: EUR 3 (Canada West EUR 3.85)
  • Ireland: EUR 2.80
  • Faroe Islands: EUR 5.80

The company’s Consumer Products division earned EUR 18 million, while the fish feed division earned EUR 2 million in the quarter.

The harvest volume ended at 103,000 tonnes in the quarter, after the company guided 99,000 tonnes in connection with the presentation of the figures for the first quarter. For each region, the harvest volume was distributed as follows:

  • Norway: 60,000 tonnes
  • Scotland: 13,000 tonnes
  • Chile: 14,500 tonnes
  • Canada: 10,500 tonnes
  • Ireland: 3,500 tonnes
  • Faroe Islands: 1,500 tonnes

Mowi’s net interest bearing debt was estimated at EUR 1,240 million at the end of the quarter.

The full report for the second quarter will be presented on 24 August.


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