Mowi Reports Record Q1 2026 Harvest Volumes, Beating Guidance

Event summary

  • Mowi harvested 136,000 tonnes in Q1 2026, up 26% YoY and surpassing guidance of 128,000 tonnes.
  • Operational EBIT reached EUR 221 million, with blended farming costs down EUR 0.43/kg YoY.
  • Norway contributed EUR 2.40/kg EBIT, while Canada posted a negative EUR 0.10/kg.
  • Financial net interest-bearing debt stood at EUR 2.74 billion at quarter-end.

The big picture

Mowi's record Q1 harvest underscores its position as a global salmon production leader, but regional cost disparities and debt levels highlight execution challenges. The industry's focus on sustainable aquaculture and operational efficiency will shape Mowi's strategic priorities in 2026.

What we're watching

Cost Management
Whether Mowi can sustain farming cost reductions amid algae bloom challenges in Norway.
Regional Performance
How Canada's negative EBIT/kg will impact overall profitability and regional strategy.
Debt Dynamics
The pace at which Mowi reduces its EUR 2.74 billion debt load amid growth investments.