Mowi Scotland's operating profit fell 15 per cent to £45.3 million (US$60.4 million) in 2025, down from £53.3 million (US$71 million) in 2024, as lower salmon prices outweighed an increase in harvest volumes, according to the company's newly released annual accounts.
Turnover declined four per cent to £632.5 million (US$842.9 million) from £658.3 million (US$877.3 million). Profit after tax fell to £27.6 million (US$36.8 million) from £36.5 million (US$48.6 million).
"Whilst there was a 14 per cent increase in harvest volumes, there was a 16 per cent decrease in achieved sales price driven by increased market supply," the company’s directors said in the strategic report.
Profit on ordinary activities before taxation was 6.82 per cent of sales revenue, compared with 7.32 per cent in 2024. The directors attributed the decrease to the lower achieved sales price.
Fixed-price contracts covered 52 per cent of the company's harvest, down from 63 per cent the previous year. Superior-quality fish accounted for 93 per cent of the harvest, compared with 94 per cent in 2024.
Headcount rose by 62, or eight per cent, to 835. Most of the additional employees were in production, which accounted for 758 staff, up 57. Marketing, selling and distribution employed 32 people and administration 45. Staff costs increased 13 per cent to £47.8 million (US$63.7 million) from £42.3 million (US$56.4 million).
The UK generated £323.6 million (US$431.2 million) of turnover, up from £320.1 million (US$426.6 million). Sales to Europe fell to £244.4 million (US$325.7 million) from £296.9 million (US$395.7 million), while North American sales rose to £48.5 million (US$64.6 million) from £30.5 million (US$40.7 million) and sales to the rest of the world increased to £16.05 million (US$21.39 million) from £10.8 million (US$14.4 million).
According to parent company Mowi, global Atlantic salmon harvest volume reached 2,841,500 gutted weight tonnes in 2025, a 12.1 per cent rise; the yearly average over the preceding 10 years was roughly three per cent. Norwegian supply increased 12.4 per cent and Chilean supply 15.3 per cent, while Scottish industry supply decreased 1.3 per cent to 168,200 tonnes.
Mowi has described its 2025 Scottish harvest of 71,603 tonnes as a record, marking the first occasion a Scottish salmon farmer's annual harvest topped 70,000 tonnes. The group reported record harvest volumes across its operations for 2025.
