Mowi posts operating profit of 274.5 million euros and raises 2026 harvest guidance to 620,000 tonnes
Key Facts
Mowi reported operating profit of 274.5 million euros in the third quarter of 2026, a record for this time of year, compared with 111.7 million euros in the corresponding quarter of 2025, according to the company’s report. Net profit for the period rose to 182.5 million euros from 108.9 million euros a year earlier. The announcement came in the third-quarter report, which the company had scheduled for release on 4 November 2026. Mowi raised its 2026 harvest guidance in the report to 620,000 tonnes of gutted weight, from 600,000 tonnes. The new guidance represents an 11% increase compared with the 2025 harvest.
Salmon prices improved in the third quarter alongside higher operating profit, with spot prices up 18% year on year, according to Mowi’s report. The company said prices had risen 13% so far in the fourth quarter. It attributed the improvement to a marked slowdown in global supply growth since the second quarter, alongside continued strong demand. Mowi, citing research firm Kontali, forecast a 3% contraction in industry supply in the fourth quarter of 2026. For 2027, it forecast limited supply growth of between 0% and 1%.
The results were accompanied by lower farming costs than a year earlier. The blended realized cost across the seven farming countries was 5.11 euros per kilogram in the third quarter, compared with 5.42 euros per kilogram in the same period of 2025, and was better than guidance, according to the report. The company expects realized farming costs in the fourth quarter of 2026 to return to the level of the fourth quarter of 2025. That expected level would be somewhat higher than the third-quarter cost. Mowi cited lower volumes and temporary pressure on feed ingredient prices among the factors associated with the increase from the third-quarter level.
On distributions, the company announced 2.30 Norwegian kroner per share for the third quarter, compared with 1.45 kroner per share in the third quarter of 2025. The announced distribution, which was paid, comes as operating profit and net profit rise year on year. The company also raised its harvest forecast for the current year after pointing to strong production at sea. Mowi set its 2027 harvest guidance at 630,000 tonnes of gutted weight, assuming normal ocean growth conditions. This guidance remains subject to the assumption about growth conditions stated in the report.
Second-quarter results provide a basis for comparison with the latest period’s performance: Mowi recorded operating profit of 231 million euros then, up 23% from the second quarter of 2025. Salmon harvest in that quarter was 150,000 tonnes, up 7.4% year on year. The company said salmon prices rose 6% in the second quarter and were then 21% higher so far in the third quarter compared with 2025. The value of demand for salmon also rose 9% in the second quarter year on year, with stronger growth in Asia led by China. The consumer products segment recorded quarterly volumes of 74,000 tonnes, a record, up 14% from the corresponding period a year earlier.
Looking ahead, Mowi listed its fourth-quarter 2026 report on its calendar for 10 February 2027. It will follow the company’s guidance for a harvest of 630,000 tonnes in 2027, assuming normal ocean growth conditions. The company also expects industry supply to grow between 0% and 1% next year, according to the Kontali estimate cited in its report. In the near term, Mowi expects realized farming costs in the fourth quarter to be at the same level as in the fourth quarter of 2025. The company cited lower volumes and temporary pressure on feed ingredient prices among the factors that will make costs somewhat higher than the third-quarter level.