BERGEN — Global seafood heavyweight Mowi ASA, the world’s largest Atlantic salmon farmer, closed 2025 with record-breaking results, posting its highest-ever revenues and harvest volumes despite a year marked by unusually high global supply growth and price volatility.
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The company reported fourth-quarter revenues of €1.59 billion (approximately $1.73 billion USD) and operational EBIT of €213 million (approximately $232 million USD). For the full year, Mowi generated record revenues of €5.73 billion (approximately $6.25 billion USD) and operational EBIT of €727 million (approximately $792 million USD), delivering a return on capital employed of 13.3%.
Record Harvests and Expanding Scale
Mowi harvested a record 559,000 tonnes of salmon in 2025 — an annual increase of 11.4% — cementing its position as Norway’s largest food producer and a dominant force in global aquaculture. Fourth-quarter harvest volumes reached a seasonally high 152,000 tonnes, marking another quarterly record.
“2025 marked yet another record harvest year for Mowi,” said CEO Ivan Vindheim, highlighting the company’s steady expansion. “We expect to harvest 605,000 tonnes in 2026, representing growth of 8.3%, compared with expected industry growth of only 1%.”
The company has expanded rapidly in recent years, growing from a 400,000-tonne producer to nearly 600,000 tonnes, supported by operations in Norway, Scotland, Ireland, Canada, Chile, and the Faroe Islands. Mowi also reported having 8.7% more fish in the sea compared with the same time last year, strengthening its production outlook.
Navigating Price Volatility
The salmon market in 2025 was characterized by an unusually high global supply increase of 12%, driven by biological recovery in major producing regions following several challenging years. This surge pressured prices earlier in the year, although prices rebounded in the fourth quarter.
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Looking ahead, Mowi expects supply growth to normalize to around 1% in 2026, with longer-term annual growth projected at just 1–2% due to regulatory constraints, environmental permitting limits, and technological barriers in key farming regions such as Norway and Chile.
The company believes this constrained supply outlook, combined with continued demand growth, particularly in Asia and North America, will create a tighter market balance and firmer pricing environment in the coming years.
Cost Reductions and Strategic Partnerships
Mowi reported that farming costs declined by €197 million (approximately $215 million USD) in 2025 and are expected to fall further in 2026. Vindheim credited operational improvements and scale efficiencies across the value chain.
A major strategic move during the fourth quarter was the signing of an industrial partnership with feed producer Skretting, owned by Nutreco. The agreement is expected to deliver at least €55 million (approximately $60 million USD) in annualized net cost savings by securing high-performance feed at lower costs.
Mowi’s in-house feed division, Mowi Feed, also delivered record results, generating earnings of €67 million (approximately $73 million USD) on production volumes of 585,000 tonnes of feed.
Downstream and Brand Growth
The company’s downstream processing arm, Mowi Consumer Products, achieved operational EBIT of €197 million (approximately $215 million USD) in 2025, alongside record volumes of 265,000 tonnes (product weight).
Branded product expansion remains central to Mowi’s long-term strategy. The MOWI brand is now present in 23 countries, and branded volumes increased by 30% in 2025.
“Our strategy is to redefine the salmon category and change the way salmon is sold,” said Vindheim, emphasizing the company’s push toward higher-margin, value-added products.
Dividend and Shareholder Returns
Reflecting its strong performance, the board approved a quarterly dividend of NOK 1.50 per share (approximately $0.14 USD per share), underscoring the company’s commitment to shareholder returns.
With record harvests, cost reductions, expanding branded sales, and expectations of tighter global supply growth, Mowi enters 2026 positioned for continued expansion in a stabilizing salmon market — reinforcing its status as a bellwether for the global aquaculture industry.
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