Mowi posts record revenue and earnings in Q4 2025

Mowi reported record-high revenues of €1.59 billion ($1.72 billion) and operational earnings before interest and taxes of €213 million for the fourth quarter of 2025. The Norwegian seafood company ended the year with a total turnover of €5.73 billion and harvest volumes of 559,000 tonnes, representing an annual growth of 11.4 per cent.

Quarterly harvest volumes reached 152,000 tonnes, which the company noted were "seasonally record-high". Chief Executive Officer Ivan Vindheim noted that farming costs decreased by €197 million during the period.

The group noted that these expenses are expected to fall further throughout 2026. Salmon prices increased during the final quarter following a year of high supply growth.

Full-year operational results reached €727 million, representing a return on capital employed of 13.3 per cent. The company announced it expects to harvest 605,000 tonnes in 2026.

This target represents an annual growth rate of 8.3 per cent, compared to an industry growth forecast of one per cent. “2025 marked yet another record harvest year for Mowi and we expect to continue down this path by harvesting 605,000 tonnes in 2026,” Vindheim said.

The Chief Executive Officer noted that the company currently has 8.7 per cent more fish in the sea than at the same time in 2025. The consumer products division reported an operational EBIT of €197 million for the year on record volumes of 265,000 tonnes.

Mowi observed that global demand for salmon developed positively throughout 2025, with specific strength noted in Asia and America.

The group reported that it expanded its product range and increased branded volumes by 30 per cent during 2025.

Supply growth in the industry is expected to be approximately one per cent in 2026, according to the organisation. Mowi suggested that regulatory environments and technological barriers are expected to limit growth to between one and two per cent annually in the future.

The feed division recorded earnings of €67 million on 585,000 tonnes of feed during the year. A partnership with feed producer Skretting was initiated in the fourth quarter.

This partnership is expected to deliver at least €55 million in annualised net cost savings, Mowi reported. The board of Mowi also confirmed a quarterly dividend of NOK1.50 per share.