Mowi reports record-breaking revenue and harvest volumes in 2024
Mowi has announced record-high operating revenues of €1.50 billion in the fourth quarter, translating into an operational profit of €226 million. The company also reported its highest-ever annual revenue of €5.62 billion, with harvest volumes reaching 502,000 tonnes in 2024.
Mowi’s fourth-quarter harvest volume of 134,000 tonnes set a seasonal record. CEO Ivan Vindheim attributed the company’s strong performance to operational efficiency and lower feed costs.
“I am extremely pleased that we have continued to deliver on our strategy and our goals, and I am impressed with the way the organisation was once again able to produce both record volumes and record revenues in 2024,” said Vindheim. “Our margins show that we were once again competitive on cost in 2024, which is vitally important in salmon farming. Falling feed prices have also contributed to somewhat reduced costs, and we expect that trend to continue in 2025.”
The company reported strong seawater production in the fourth quarter, with improved growth rates, survival rates, and feed conversion efficiency. As a result, Mowi has raised its 2025 volume guidance from 520,000 tonnes to 530,000 tonnes.
Nova Sea acquisition to boost future growth
Mowi recently signed an agreement with Vigner Olaisen AS to acquire its shares in Nova Sea, increasing Mowi’s ownership from 49% to 95%. Nova Sea, a key salmon farmer in Northern Norway’s production area 8, is set to harvest 52,000 tonnes in 2025.
“With Nova Sea on board, we expect our volumes to reach 600,000 tonnes next year, and we will be well on our way to harvesting 400,000 tonnes in Norway alone,” Vindheim said. “Mowi was harvesting 375,000 tonnes globally as recently as 2018, so our volumes will have grown by 225,000 tonnes in just a few years. This corresponds to annual growth of 6.1% compared with 3.1% for the wider industry.”
Vindheim highlighted the company’s ongoing investments in the value chain, particularly its post-smolt strategy, which aims to improve fish welfare and biological performance through larger, more robust smolt.
Record performance for Consumer Products and Feed
Mowi Consumer Products achieved an operational profit of €53 million in the fourth quarter and €146 million for the year, producing a record 247,000 tonnes—up 6.5% from 2023.
“We are seeing good retail demand for our products and continue to develop new and innovative high-quality products to keep up with new trends and consumers’ ever-changing needs,” Vindheim said.
Mowi Feed also reported record volumes and revenues, with operational profit reaching €62 million on 585,000 tonnes of feed in 2024. The division grew by 12% compared to the previous year.
“With Nova Sea on board, we will need additional feed capacity in Norway to continue growing. We are undertaking a 60,000-tonne expansion project at our feed plant in Bjugn, Norway, expected to be completed in the second quarter of 2026,” said Vindheim.
Sustainability and dividend update
For the sixth consecutive year, Mowi was ranked the most sustainable listed animal protein producer by the Coller FAIRR Protein Producer Index.
Mowi’s Board has declared a quarterly dividend of NOK 2.00 per share.
Mowi is the world’s largest producer of farm-raised Atlantic salmon, expecting to harvest 530,000 tonnes in 2025 across seven countries, including Norway, Scotland, Ireland, the Faroe Islands, Iceland, Canada, and Chile. The company employs 11,800 people in 26 countries and is listed on the Oslo Stock Exchange.
