Norwegian salmon farmer Mowi reported preliminary Q3 2026 operating income of €275 million (US$308 million) on Monday, October 19, up from €112 million (US$126 million) in the same period last year.
The company described the result as a seasonal record. It exceeded the €216 million (US$242 million) average forecast in a survey of 11 analyst estimates collected by Infront for TDN Direkt.
Mowi also expressed operating income as NOK3.017 billion (US$320 million).
Harvest volumes reached an all-time quarterly high of 186,000 tonnes gutted weight equivalent (GWT), compared with 166,000 tonnes in Q3 2025. The company had guided a Q3 harvest of 169,500 tonnes in August, while analysts had expected 173,667 tonnes.
Blended farming costs fell to €5.11/kg (US$5.73/kg) from €5.42/kg (US$6.08/kg) a year earlier. Mowi put the reduction at €51 million (US$57 million.
Norway accounted for 134,000 tonnes of the harvest, against guidance of 116,500 tonnes, and generated operating income of approximately €1.80/kg (US$2/kg) through the value chain. Scotland harvested 11,500 tonnes at about €1.70/kg (US$1.90/kg), Chile 23,500 tonnes at €0.55/kg (US$0.62/kg) and Canada West 7,500 tonnes at €1.25/kg (US$1.40/kg). Ireland, the Faroes and Iceland's Arctic Fish contributed a combined 9,500 tonnes.
Consumer products generated operating income of €45 million (US$50 million), while feed recorded gross operating profit of €34 million (US$38 million).
Mowi shares were 4.1 per cent higher soon after the market opened.
At quarter-end, Mowi's net interest-bearing debt was approximately €2.886 billion (US$3.24 billion), with IFRS 16 effects left out. The company intends to publish its full Q3 report on November 4.
The result follows the company's record Q2 harvest. Mowi's 2026 harvest guidance stands at 600,000 GWT, reduced from 605,000 GWT following its agreement to sell its eastern Canada operations to Cooke.
