Mowi Posts Second-Best Q1 Profit on Record Volumes, Eyes Tighter Market Balance
Event summary
- Mowi reported EUR 221 million in operational profit for Q1 2026, its second-best first quarter ever, on record revenues of EUR 1.54 billion.
- Harvest volumes reached 136,000 tonnes in Q1, with full-year guidance of 605,000 tonnes, up 8.3% year-over-year.
- Salmon prices fell 14% due to high supply growth, but Mowi's cost efficiency improved, with costs down 7.3% year-over-year.
- Mowi Consumer Products saw record Q1 volumes of 70,000 tonnes, up 21% year-over-year, driven by strong demand in Asia and the USA.
The big picture
Mowi's strong Q1 performance underscores its position as the world's largest salmon farmer, with strategic volume growth and cost efficiency driving results. The company's ability to navigate fluctuating salmon prices and regulatory constraints will be critical as it aims to maintain market leadership in a tightening supply environment. The continued expansion of its downstream and feed divisions further solidifies its integrated global seafood strategy.
What we're watching
- Market Balance
- Whether Mowi's expectation of a tighter market balance holds as supply growth normalizes to 0% in 2026 and ~1% in 2027.
- Cost Leadership
- How Mowi sustains its cost leadership position amid regulatory and technological constraints limiting industry growth to 1-2% annually.
- Downstream Expansion
- The pace at which Mowi expands its downstream processing footprint in high-growth markets like Asia and the USA.
Related topics