Norwegian salmon farming giant Mowi has raised its output forecast for 2025, even as it reported a decline in second-quarter earnings.
The company’s earnings before interest and taxes (EBIT) for the quarter fell by 8.7% year-on-year to €81.8m ($95.2m).
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Operational EBIT declined 17% to €188.5m due to “lower prices”.
Mowi, which operates in Norway, Chile, Canada, Iceland, the Faroes, Scotland, and Ireland, reported operational revenue of €1.39bn for the second quarter, marking a 4% increase compared to the previous year.
For the quarter ended 30 June, the company recorded a profit of €41.5m, up 10% from last year.
The company harvested a “record” 133,000 tonnes in the second quarter, representing a 21% growth compared to last year.
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By GlobalData“2025 has so far been a good year for the farming division with very good operations and strong growth,” Mowi CEO Ivan Vindheim said.
In light of these results, Mowi has raised its volume guidance for 2025 to 545,000 tonnes, reflecting “strong” seawater growth, which equates to an annual growth of 9% from 2024.
Vindheim added: “With the recently concluded agreement to increase our ownership stake in Nova Sea from 49% to 95%, we expect to harvest at least 600,000 tonnes as early as next year, equivalent to a growth of 10% in 2026, and we are rapidly approaching our next milestone of 400,000 tonnes in Norway alone.”
In January, Mowi acquired Vigner Olaisen’s 46% stake in local peer Nova Sea for Nkr7.4bn ($655m), effectively giving it control of the business. The seafood group has held a minority stake in Nova Sea since 1995. Following the transaction, Mowi’s ownership in Nova Sea will increase from 49% to 95%.
For the first half of 2025, Mowi’s operational revenue rose nearly 3% to €2.75bn.
However, EBIT for the first six months plummeted to €123m from €328.5m a year earlier, with profit declining to €59m from €208.2m in the first half of 2024.
In September last year, Mowi said it aimed to realise up to €400m ($446.3m) in cost savings over the next five years, largely through new technologies. In light of its financial performance, Mowi’s Board of Directors has decided to pay a quarterly dividend of Nkr1.45 per share.
