Mowi ASA Reports Record Q4 Revenue of EUR 1.59 Billion; 2025 Harvest Reaches 559,000 Tonnes
24 February 2026, London: Mowi ASA reported record-high revenues of EUR 1.59 billion and an operational EBIT of EUR 213 million in the fourth quarter of 2025, closing the year with new financial and operational benchmarks.
For the full year 2025, the company recorded turnover of EUR 5.73 billion and total harvest volumes of 559,000 tonnes, representing annual growth of 11.4%. Fourth-quarter harvest volumes reached 152,000 tonnes, marking a seasonal record.
“I am delighted that we are delivering on our strategy and am impressed yet again by the way this whole organisation constantly strives for both record volumes and record revenues throughout the value chain. It is also pleasing to see that costs in Farming are down by EUR 197 million and are expected to fall even more in 2026,” said Ivan Vindheim, CEO of Mowi.
Financial Performance and Market Conditions
Salmon prices increased in the fourth quarter as anticipated, concluding a year characterised by low prices due to high global supply growth of 12%. Despite these conditions, Mowi delivered operational EBIT of EUR 213 million in Q4 and EUR 727 million for the full year, corresponding to a return on capital employed of 13.3%.
Volume growth remains a central pillar of Mowi’s strategy. In recent years, the company has expanded its farming operations from 400,000 tonnes to 600,000 tonnes annually.
“2025 marked yet another record harvest year for Mowi and we expect to continue down this path by harvesting 605,000 tonnes in 2026. This represents annual growth of 8.3%, compared with 1% expected industry growth. We have never had so much fish in the sea at this time of year, with 8.7% more than at the same time last year. All of which positions us well for further growth,” Vindheim said.
Downstream and Brand Expansion
Mowi Consumer Products, the company’s downstream processing division, reported operational EBIT of EUR 197 million in 2025, alongside record volumes of 265,000 tonnes product weight.
Global demand for salmon continued to expand during 2025, with stronger growth in Asia and the Americas. The company strengthened its branded presence during the year, with the MOWI brand now available in 23 countries. Branded volumes increased by 30% in 2025.
“Our strategy is to redefine the salmon category and change the way salmon is sold. In 2025 we continued to expand the MOWI product range and increased branded volumes by 30%,” Vindheim said.
Supply Outlook and Industry Growth
After several years of biological challenges in the sector, 2025 experienced elevated supply growth of 12%. Industry supply growth is expected to normalise to around 1% in 2026. Over the coming years, regulatory constraints and technological barriers are projected to limit global supply growth to approximately 1–2% annually. Mowi expects a tighter market balance going forward, supported by stable demand prospects.
Feed Division and Strategic Partnership
Mowi Feed delivered earnings of EUR 67 million in 2025 on volumes of 585,000 tonnes, supported by high production and revenues during the fourth quarter.
During Q4, Mowi entered into a strategic and industrial partnership agreement with Nutreco-owned feed producer Skretting. The agreement is expected to secure feed performance at lower cost and deliver at least EUR 55 million in annualised net cost savings.
Dividend Announcement
The board has approved a quarterly dividend of NOK 1.50 per share.
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