Mowi, the world’s largest producer of farm-raised Atlantic salmon, posted record revenues of €1.44 billion for the third quarter, with an operational profit of €173 million.
The company also reported an all-time high in seawater production, harvesting 161,000 tonnes of salmon in Q3—a benchmark for the industry.
“This was yet another strong quarter for Mowi, with our best-ever seawater production and record biomass in the sea, up 4.4% year-on-year,” said CEO Ivan Vindheim. He added that Mowi’s production capacity is on track to meet its 2024 target of 500,000 tonnes, with a 2025 target of 520,000 tonnes, underscoring the company’s long-term ambition of reaching 600,000 tonnes by 2029.
Mowi’s farming operations saw reduced costs in Q3, owing to lower feed prices and operational efficiencies across its production sites. These savings are expected to continue, supported by Mowi’s five-year cost-reduction programme, which aims to deliver between €300-400 million in savings.
Mowi’s Consumer Products and Feed divisions also contributed to the record performance. Consumer Products, the company’s value-added segment, saw strong demand and operational efficiencies, while Mowi Feed achieved record earnings and volumes due to high seawater growth and demand from the company’s own farming operations.
Reflecting the robust quarter, Mowi’s board declared a quarterly dividend of NOK 1.50 per share.
