Seasonally record-high volumes and revenues for Mowi in Q2

Core Insights - Mowi achieved record-high operating revenues of EUR 1.39 billion in Q2 2025, resulting in an operational profit of EUR 189 million, driven by strong biological and operational performance, high volumes, and decreasing costs [1][2][5] Financial Performance - The company harvested a record 133,000 tonnes in Q2 2025, marking a 21% increase compared to the previous year, and has raised its volume guidance for 2025 to 545,000 tonnes, reflecting a 9% annual growth from 2024 [2][3] - Mowi's production costs fell to the lowest level since 2022 in Q2, contributing EUR 49 million to earnings for the quarter and EUR 67 million for the first half of 2025, attributed to lower feed prices and cost-cutting measures [5] - Mowi Consumer Products reported its best quarter yet, benefiting from high volumes and lower raw material prices, while Mowi Feed also achieved record-high earnings and sold volumes for a second quarter [6][8] Growth Strategy - Mowi plans to increase its ownership stake in Nova Sea from 49% to 95%, expecting to harvest at least 600,000 tonnes by 2026, which represents a 10% growth [3] - The company has transitioned from producing 400,000 tonnes per year globally to a projected 600,000 tonnes in 2026, achieving an annual growth rate of 6.1%, surpassing the industry average of 3.3% [4] Market Dynamics - Total salmon consumption value increased by 5% compared to the same period in 2024, with global supply growth reaching 18% in Q2 2025, although prices are under pressure due to this supply increase [9] - The market anticipates only marginal supply growth in 2026, which is expected to lead to higher salmon prices [9] Dividend Announcement - Mowi's Board of Directors has declared a quarterly dividend of NOK 1.45 per share [10]