Core Insights - Mowi reported revenues of €1.36 billion (NOK 15.8 billion) and an operational EBIT of €214 million (NOK 2.5 billion) for Q1 2025, showing increased revenues and results compared to the same quarter last year due to strong biological and operational performance, higher volumes, and lower costs [1][2] Financial Performance - The company experienced a 12% increase in slaughter volumes, totaling 108,000 tons in the quarter compared to last year, and maintains a volume guidance of 530,000 tons for 2025, which represents an annual growth of 6% [3] - Mowi's production in the sea showed improved growth, survival rates, feed conversion ratios, and quality, with an expected annual growth of 5.1% by the end of the year, compared to the industry average of 3.3% [4] Market Demand and Supply - Demand for salmon was strong across Europe, America, and Asia, although prices were under pressure due to high supply growth, which was 13% in Europe and 8% globally in Q1 [5][6] - Mowi expects supply growth to normalize to 2-3% next year due to regulatory constraints after an anticipated 6% growth for the year [6] Strategic Developments - Mowi's recent acquisition of an increased ownership stake in Nova Sea from 49% to 95% is expected to boost slaughter volumes to 600,000 tons next year [3] - The company’s feed production segment, Mowi Feed, also reported record volumes and earnings for the first quarter, contributing significantly to the growth in slaughter volumes [6][7] Dividend Announcement - The board of Mowi has decided on a dividend of NOK 1.70 per share for the first quarter [7] 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 530,000 tons in 2025 from seven farming countries [8][9]

Core Insights - Mowi reported operating revenues of EUR 1.36 billion and an operational profit of EUR 214 million in Q1 2025, showing an increase compared to the same quarter last year due to strong biological and operational performance [1][2] - The company harvested 108,000 tonnes in Q1 2025, a 12% increase year-on-year, and maintains a harvest volume guidance of 530,000 tonnes for the year, projecting a 6% annual growth [3][5] - Mowi's feed segment also performed well, contributing to the overall growth in harvest volumes, with record-high earnings and sold volumes for the first quarter [7][8] Financial Performance - Mowi's operational profit of EUR 214 million reflects strong performance driven by high harvest volumes and improved cost management [1] - The company plans to pay a quarterly dividend of NOK 1.70 per share, indicating confidence in its financial health [8] Market Dynamics - Global supply growth in Q1 2025 was 13% in Europe and 8% globally, attributed to a one-off correction after three years of challenging biological conditions [6][7] - Demand for salmon remained strong across Europe, the Americas, and Asia, although high supply growth has put pressure on market prices [6] Strategic Initiatives - Mowi's strategic focus on volume growth across the value chain is evident, with a projected increase in harvest volumes from 375,000 tonnes in 2018 to 600,000 tonnes by the end of 2026, representing a CAGR of 5.1% [5] - The company has increased its ownership of Nova Sea from 49% to 95%, which is expected to further enhance its harvest capacity [3]