A record fourth quarter ends a record year for Mowi

Core Insights - Mowi achieved record-high revenues of EUR 1.59 billion in Q4 2025 and EUR 5.73 billion for the full year, with harvest volumes reaching 559,000 tonnes, marking an annual growth of 11.4% [1][3] - The company expects to continue its growth trajectory, projecting a harvest of 605,000 tonnes in 2026, which represents an annual growth of 8.3% compared to the industry's expected growth of 1% [5] Financial Performance - Operational EBIT for Q4 2025 was EUR 213 million, while the full year operational EBIT reached EUR 727 million, yielding a return on capital employed of 13.3% [3] - Mowi Consumer Products division reported operational EBIT of EUR 197 million with record-high volumes of 265,000 tonnes for the year [6] Cost Management - Farming costs decreased by EUR 197 million in 2025, with expectations for further reductions in 2026 [2] Market Dynamics - Salmon prices increased in Q4 2025 after a year of low prices due to a 12% growth in supply [3] - Global demand for salmon showed positive growth, particularly in Asia and America, with Mowi expanding its brand presence to 23 countries [7] Strategic Initiatives - Mowi entered a strategic partnership with Nutreco-owned Skretting for feed production, expected to yield at least EUR 55 million in annualized net cost savings [11] - The company aims to redefine the salmon category and increased branded volumes by 30% in 2025 [8] Future Outlook - Supply growth in the salmon industry is expected to normalize to around 1% in 2026, with Mowi anticipating a tighter market balance going forward [9]