Latest Quarterly Financial Results Summary
Mowi ASA reported its second-quarter 2026 financial results on August 18, 2026:
- Operational Revenue:EUR 1,599.1 million, an all-time quarterly record and up 14.7% YoY compared to EUR 1,394.2 million in Q2 2025.
- Harvest Volume:149,911 GWT (gutted weight tonnes), representing a 12.5% increase YoY from 133,239 GWT.
- Operational EBIT:EUR 231.3 million, up 22.7% YoY from EUR 188.5 million in Q2 2025, supported by cost reductions and record harvest volumes.
- Realized Farming Cost:Blended farming cost fell 3.5% YoY to EUR 5.20/kg (down EUR 0.19/kg from EUR 5.39/kg in Q2 2025).
- Financial EBIT & Net Profit:Financial EBIT was -EUR 71.7 million and net loss was -EUR 165.7 million.This was heavily affected by an unrealized net negative fair value adjustment on biomass of -EUR 193.0 million and an impairment/write-down of EUR 88 million (CAD 143 million) related to the divestment agreement for Canada East operations.
- Underlying EPS & Dividend:Underlying earnings per share reached EUR 0.28 (NOK 3.08) compared to EUR 0.25 in Q2 2025. The Board declared a quarterly dividend of NOK 2.30 per share.
- Balance Sheet:Net interest-bearing debt (NIBD excluding IFRS 16) stood at EUR 2,807.0 million with an equity ratio of 43.2% (covenant ratio of 45.8%).
Segment Breakdown and Geographic Distribution
Revenue Breakdown by Business Area
Mowi operates through a vertically integrated value chain with three core operating divisions (along with Sales & Marketing/Markets):
- Consumer Products: Contributed EUR 996.7 million (~62.3% of total operational revenue). This segment handles downstream processing, value-added salmon products (smoked, coated, portions, fresh MAP packaging), and distribution across retail and foodservice channels. Sold volume hit a record 73,565 tonnes (+13.5% YoY).Operational EBIT was EUR 29.4 million, dampened by lower fixed-contract prices signed earlier in the cycle.
- Feed:Generated operational revenue of EUR 248.3 million (~15.5% of total operational revenue). Feed develops and manufactures high-performance salmonid feed. Volume delivered reached 147,300 tonnes (+8.7% YoY), generating an operational EBITDA of EUR 15.5 million. Most feed is supplied internally to European farming operations, with unrealized internal margins eliminated at the group consolidation level.
- Farming (and Primary Processing/Markets): Farming produces primary Atlantic salmon across seven farming countries. Internal transfers feed into downstream divisions, while external spot/primary sales are coordinated via Markets. In Q2 2026, Farming directly drove EUR 154.8 million in operational EBIT (up from EUR 90.0 million in Q2 2025) and Markets contributed EUR 39.2 million.
Geographic Revenue Breakdown and Regional Performance
- Europe:Accounts for approximately 67% of total revenue.Germany, France, and the UK remain the largest primary consumer markets.Farming in Norway generated EUR 159 million in operational profit (EUR 1.86/kg) across 85,000 GWT, while Scotland contributed EUR 48 million (EUR 1.80/kg).
- Americas: Accounts for ~21% of group revenue. The US remains the dominant secondary destination (+3% volume growth in retail/e-commerce).On the farming side, Canada West delivered an operational profit of EUR 20 million (EUR 2.05/kg), while Chile yielded EUR 6 million (EUR 0.34/kg), dampened by elevated disease pressure and US tariffs.
- Asia & Other Markets: Accounts for ~12% of total revenue. Asian salmon demand expanded 10% YoY, driven by strong double-digit salmon consumption growth in China, offsetting softer foodservice demand across selected export routes.
Quarter-over-Quarter Changes and Future Outlook
Operational Changes in Q2 2026
- Cost Compression vs. Volume Expansion:Realized farming costs dropped from EUR 5.39/kg in Q2 2025 to EUR 5.20/kg, delivering EUR 25.9 million in quarterly operating savings.
- Portfolio Realignment:Mowi signed a definitive agreement to divest its 9,000 GWT Canada East operations for CAD 225 million (EUR 139 million) to streamline operations around higher-margin farming units.
Key Indicators for Q3 2026 and Strategic Outlook
- Supply Tightening & Spot Price Trajectory:Global industry supply growth slowed to 2.6% in Q2 and is projected at flat (0%) growth in H2 2026, driving spot prices up 21% quarter-to-date into Q3 2026.
- Feed Cost Inflation:While realized Q3 farming costs are guided to be stable sequentially against Q2, raw feed costs are experiencing upward inflationary pressures due to a weak pelagic catch season affecting fishmeal/fish oil.
- Updated Guidance:Due to the Canada East divestment, full-year 2026 harvest volume guidance was slightly adjusted to 600,000 GWT (from 605,000 GWT), still indicating 7.4% organic volume growth YoY.Long-term targets target >650,000 GWT by 2029. Capex for 2026 is projected at EUR 400 million.
Three-Month Share Price Performance and Drivers
Price Action (June–September 2026)
Mowi ASA (OSE: MOWI) hovered between NOK 190.00 and NOK 205.00, trading near NOK 201.00 as of early September 2026, gaining approximately 2% to 4% over the three-month period.
Primary Catalysts and Market Sentiment
- Tightening Supply Environment: Salmon spot prices rebounded +21% entering Q3 2026 as global salmon supply stalled, improving earnings sentiment across European aquaculture equities.
- Solid Volumes Offset Paper Losses: While GAAP net earnings turned negative due to non-cash biomass fair value write-downs and the Canada East impairment, operational EBIT outpaced expectations (+23% YoY), underscoring resilient cash flow.
- Capital Returns & Leverage Vigilance:Mowi declared a NOK 2.30 per share dividend and completed a EUR 250 million green bond issuance, maintaining investor confidence despite net interest-bearing debt (EUR 2.81 billion) remaining slightly above the company’s long-term EUR 2.70 billion ceiling.
Sources
- https://mowi.com/wp-content/uploads/2026/08/Mowi_Q2_2026_Report.pdf
- https://mowi.com/wp-content/uploads/2026/08/Mowi_Q2_2026_Presentation.pdf
- https://mowi.com/wp-content/uploads/2026/08/Alternative-Performance-Measures-APM-Q2-2026.pdf
- https://www.investing.com/news/transcripts/earnings-call-transcript-mowi-posts-record-q2-2026-revenue-as-salmon-prices-soften-93CH-4864379
- https://quartr.com/events/mowi-mowi-q2-2026_33CxdEyy
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