Mowi raises 2026 harvest guidance to 620,000 tonnes as operating profit jumps to €274.5 million
Key Facts
Mowi raised its 2026 harvest guidance to 620,000 tonnes, alongside an operating profit of €274.5 million in the third quarter, according to its report published on November 4, 2026. Profit compared with €111.7 million in the same period last year. Operating revenue reached €1,731.7 million, versus €1,393.1 million a year earlier, a record level. Net profit for the period also rose to €182.5 million from €108.9 million. Chief Executive Ivan Vindheim said the company continued to deliver growth in volumes and prices and control costs, factors he described as supporting competitive margins.
The company harvested 185,641 tonnes in gutted weight in the third quarter, compared with 165,640 tonnes in the corresponding quarter of 2025. Spot salmon prices rose 18% year on year during the quarter, then increased 13% from the start of the fourth quarter through the report date. Mowi linked the price improvement to a clear slowdown in global supply growth since the second quarter and continued strong demand. The company estimated that the value of global salmon demand increased 18% year on year in the third quarter, with higher prices and increased consumption contributing. Global consumption of Atlantic salmon rose 7% to 910,000 tonnes during the period.
The realised blended farming cost across Mowi’s seven countries fell to €5.11 per kilogram, from €5.42 in the third quarter of 2025. The company estimated the year-on-year cost reduction at €51 million. However, it expects farming costs in the fourth quarter to return to the level recorded in the same period last year. It attributed this outlook to the effect of lower volumes and temporary pressure on feed ingredient prices following weak pelagic fisheries. The third-quarter results therefore coincided with higher prices and volumes and lower production costs, while the company’s outlook points to a possible change in the cost effect in the next quarter.
Consumer products sales reached 84.3 thousand tonnes in product weight, up 17.8% year on year and a record level. However, the segment’s operating profit fell to €45.3 million from €65.7 million in the third quarter of 2025. Mowi attributed the decline mainly to lower contract prices in 2026, partly offset by strong operational performance and lower raw material prices. By contrast, the feed segment recorded earnings before interest, taxes, depreciation and amortisation of €33.7 million, compared with €25.7 million. Segment volumes increased to 211.2 thousand tonnes from 177.1 thousand tonnes in the corresponding period.
The board approved a dividend of 2.30 Norwegian kroner per share for the third quarter, compared with 1.45 kroner in the corresponding period of 2025; the results table lists the dividend as declared and paid. Meanwhile, net debt was about €2,886.5 million on September 30, 2026, compared with €1,759.8 million a year earlier. Net debt thus exceeded the long-term target of €2,700 million. Cash flow from operations was €193.0 million, following €255.2 million in the third quarter of 2025. The company said €67.8 million was tied to working capital tied up in sales and marketing.
Mowi expects sector supply growth to contract 3% in the fourth quarter of 2026, before growing between 0% and 1% in 2027, according to Kontali estimates cited by the company. The estimate comes as Mowi has linked higher prices to slower supply growth and continued strong demand. The company raised its 2026 harvest guidance after good growth in seawater production, while its 2027 guidance is about 630,000 tonnes, assuming normal sea growth conditions. The report warned that El Niño poses a downside risk to supply volumes in 2027. The company’s cited forecasts show expected sector supply growth in 2027 is slower than the contraction it expects in the fourth quarter.
Mowi expects to complete the sale of its operations in Eastern Canada to Cooke at the end of 2026, subject to competition approval and customary closing conditions. The transaction is valued at 225 million Canadian dollars, equivalent to €140 million, on a debt-free basis. The expected closing is among the upcoming events listed by the company in its third-quarter report. The company also listed its fourth-quarter 2026 report in its financial calendar for February 10, 2027, at 08:00 Oslo time. Mowi noted that financial calendar dates are subject to change.