Mowi ASA Reports Record Quarterly Revenue as Salmon Supply Growth Normalizes
The Norwegian salmon producer posted €231 million in operational profit for Q2 2026 on harvest volumes of 150,000 tonnes, while divesting its struggling Canadian East operations.
Record Revenue Despite Soft Seasonal Pricing
Mowi ASA, the world's largest Atlantic salmon producer, reported operational profit of €231 million for the second quarter of 2026, representing a 23% increase from €189 million in the prior-year period, CEO Ivan Vindheim announced during the company's earnings call on August 18.
The Norway-based company achieved quarterly record revenue of €1.60 billion on harvest volumes of 150,000 tonnes, despite what Vindheim characterized as "rather soft" pricing for what is typically a strong seasonal quarter. "It will probably take some time before all of these new volumes are fully absorbed in the markets and prices recover," Vindheim said (earnings call, 2026-08-18).
Industry supply growth slowed to 2.6% unadjusted for inventory in Q2, down from double-digit rates in the prior year, though prices remained 6% higher year-over-year and have increased 21% in the third quarter to date from a low baseline.
Cost Performance Drives Margin Expansion
Mowi's realized production costs came in at €5.20 per kilogram, down 3.5% or €26 million in absolute terms year-over-year, while volumes increased 13%. The company expects "relatively stable realized rate production costs" in the third quarter compared to Q2 (earnings call, 2026-08-18).
However, Vindheim flagged emerging inflationary pressure on the feed side following weak pelagic fisheries this year, though he noted the company can partially offset this by adjusting its feed basket and has secured some raw materials for the current growth season.
Norway Operations Lead Performance
Mowi Norway, the company's largest entity, delivered operational profit of €159 million on a margin of €1.86 per kilogram from seasonally record harvest volumes of 85,000 tonnes. Regional performance varied significantly, with Region South and Region North achieving margins of €2.15 and €2.10 per kilogram respectively, while Region West "took the brunt of the June price hit" by harvesting the majority of its volumes when prices were at their lowest (earnings call, 2026-08-18).
Mowi Scotland posted strong results with operational profit of €48 million and a margin of €1.80 per kilogram on quarterly record volumes of 27,000 tonnes, benefiting from favorable environmental conditions.
Portfolio Rationalization
The company announced an agreement to divest its 9,000-tonne farming operations in Canada East for CAD 225 million on a debt-free basis, pending regulatory approval expected in the second half of 2026. "This is a 9,000 tonnes farming operation in Atlantic Canada, an area where we have never truly succeeded," Vindheim said, characterizing the move as a measure to "further sharpen our farming portfolio" (earnings call, 2026-08-18).
Mowi adjusted its 2026 harvest guidance downward from 605,000 tonnes to 600,000 tonnes due to the divestment, though this still represents 7.4% growth year-over-year. The company maintained its 2029 organic farming volume target of at least 650,000 tonnes.
The board declared a quarterly dividend of NOK 2.3 per share. Net interest-bearing debt stood at €2.81 billion at quarter end, slightly above the company's long-term target of €2.70 billion, with an equity ratio of 43%.
This article was generated by MarginX from the earnings call on 2026-08-18. It is not investment advice.