Mowi Reports Record Harvest Volumes, Mixed Regional EBIT in Q4 2025
Event summary
- Mowi harvested 152,000 tonnes in Q4 2025, exceeding guidance of 147,000 tonnes.
- Full-year 2025 harvest volumes hit a record 559,000 tonnes, up 11.4% from 2024.
- Operational EBIT for Q4 2025 was EUR 213 million, with blended farming costs down 5.8% YoY.
- Regional EBIT per kg varied significantly: Norway (EUR 2.00), Chile (EUR 0.35), Canada (-EUR 2.30).
- Net interest-bearing debt stood at EUR 2.65 billion at Q4 2025 close.
The big picture
Mowi's record harvest volumes underscore its scale in global aquaculture, but regional EBIT disparities highlight operational challenges. The company's cost management and debt strategy will be critical as it navigates fluctuating seafood market dynamics. The 11.4% year-over-year production growth positions Mowi favorably against competitors, but sustained profitability across all regions remains a key test.
What we're watching
- Regional Disparities
- How Mowi will address the significant EBIT per kg differences across regions, particularly Canada's negative margin.
- Cost Management
- Whether Mowi can sustain its farming cost reductions amid potential input price volatility.
- Debt Strategy
- The pace at which Mowi will reduce its EUR 2.65 billion net debt, especially with upcoming full-year results.