Core Insights - Mowi reported revenues of €1.39 billion (NOK 16.4 billion) and an operational EBIT of €112 million (NOK 1.318 billion) in Q3 2025, achieving satisfactory results despite low salmon prices due to high supply growth [1][2] - The company slaughtered a record 166,000 tons in Q3 and raised its volume guidance for 2025 from 545,000 tons to 554,000 tons, reflecting a growth of 10.5% from 2024 [3] - Mowi's operational costs have decreased significantly, with a reduction of €50 million (NOK 588 million) in Q3 compared to the same quarter last year, and €126 million (NOK 1.5 billion) year-to-date [5] Company Performance - Mowi has transitioned from a 400,000-ton producer to a 600,000-ton producer in just a few years, becoming one of the most profitable aquaculture companies through a strong focus on cost and operations [4] - Mowi Consumer Products achieved its best quarter ever, benefiting from strong operations, record-high volumes, and lower raw material prices [6][7] - Mowi Feed also reported a strong quarter with record earnings and the second-highest sales volume ever [7] Market Outlook - The year 2025 has seen an unusually high supply growth, which is expected to normalize to around 1% next year, leading to a tighter market balance [8] - Mowi's board has decided on a dividend of NOK 1.50 per share for Q3 [8] Company Overview - Mowi is one of the world's leading seafood companies and the largest producer of Atlantic salmon, with an estimated slaughter volume of 605,000 tons in 2026 from seven farming countries [9][10] - The company employs 12,300 people across 26 countries and is listed on the Oslo Stock Exchange, with a revenue of €5.62 billion (NOK 65.3 billion) in 2024 [10]