Core Insights - Mowi ASA has entered into a strategic partnership with Skretting/Nutreco to enhance its feed production capabilities, utilizing Skretting's feed formulation to improve salmon farming operations [1][2][3] Partnership Details - The partnership is a result of a strategic review of Mowi's Feed Division, concluding that collaboration with Skretting is the preferred outcome [2][3] - Mowi will continue to produce feed while benefiting from Skretting's expertise in feed formulation, which is expected to drive significant cost improvements and ensure high-quality feed performance [3][4] Financial Implications - The partnership is projected to deliver over NOK 650 million (EUR 55 million) in annualized net cost savings through enhancements in feed formulation, procurement, and logistics [7] - Mowi Feed is expected to contribute an EBITDA of NOK 825 million (EUR 70 million) in 2026, with total EBITDA from the partnership and retained feed business unit exceeding NOK 1,475 million (EUR 125 million) [7] - This translates to an EBIT per kg (GWT) of NOK 2.1 (EUR 0.18) for Mowi Group and NOK 2.6/kg (EUR 0.22) for Mowi Norway, equating to earnings per share of NOK 1.7 (EUR 0.14) [7] Strategic Importance - The collaboration with Skretting is seen as a low-risk solution that formalizes a long-standing relationship, allowing Mowi to drive innovations and cost improvements effectively [5][6] - Retaining Mowi Feed with its advanced factories in Norway and Scotland allows the company to maintain profit within the feed value chain, which is expected to become more profitable as the feed market tightens [6][7] Company Overview - Mowi is a leading global seafood company and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 605,000 tonnes in 2026 from multiple countries [8][9] - The company employs 12,300 people across 26 countries and reported a turnover of EUR 5.6 billion in 2024 [9]