Mowi Posts Record Q1 Revenue Amid Supply Surge, Cost Cuts
Event summary
- Mowi reported €221M EBIT in Q1 2026, its second-best quarter ever, with record seasonal revenue of €1.54B and harvest volumes of 136,000 tons.
- The company expects to harvest 605,000 tons in 2026, an 8.3% increase from 2025.
- Salmon prices declined due to 14% supply growth, but Mowi maintained stable EBIT despite the drop.
- Mowi Consumer Products saw record Q1 sales volumes of 70,000 tons, up 21% YoY, driven by strong Asian demand.
The big picture
Mowi’s strong Q1 performance highlights its dominance in global salmon production, but the industry faces tightening supply constraints. The company’s focus on cost leadership and downstream expansion in high-growth markets like Asia positions it well for long-term stability, though regulatory hurdles may slow expansion. With €5.7B in 2025 revenue, Mowi remains a key player in shaping the aquaculture sector’s future.
What we're watching
- Market Balance
- Whether Mowi can sustain profitability as supply growth normalizes to 0% for the rest of 2026 and 1% in 2027.
- Regulatory Constraints
- The pace at which regulatory and technological limits cap long-term growth at 1-2% annually.
- Cost Leadership
- How Mowi’s cost-cutting strategy will perform amid fluctuating salmon prices and rising operational efficiencies.
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