Mowi Q1 earnings rise as record harvest volumes offset weaker salmon prices – Image for illustrative purposes only (Image credits: Unsplash)
Mowi reported improved earnings for the first quarter of 2026, with record harvest volumes providing the decisive lift. The Norwegian salmon producer harvested 136,000 tonnes of gutted weight, a 26 percent increase from the same period a year earlier and well above its own earlier guidance. This volume surge helped offset softer salmon prices and delivered operational EBIT of approximately 221 million euros.
Volume Growth Across Key Regions
The company achieved its strongest first-quarter harvest on record through broad gains in several farming areas. Norway led the way with 75,500 tonnes, followed by Scotland at 20,500 tonnes and Chile at 21,000 tonnes. Smaller contributions came from Canada, Iceland, the Faroe Islands and Ireland, each showing mixed but overall supportive results. – Norway: 75,500 tonnes, up from 62,000 tonnes
– Scotland: 20,500 tonnes, up from 17,500 tonnes
– Chile: 21,000 tonnes, up from 14,000 tonnes
– Canada: 8,000 tonnes, up from 5,000 tonnes
– Iceland: 6,000 tonnes, up from 3,000 tonnes These figures reflect steady operational improvements and favorable biological conditions in most locations.
Financial Outcomes and Cost Efficiency
Revenue reached a seasonal record of 1.54 billion euros, supported by the higher volumes. Operational EBIT rose to 221 million euros from 214 million euros in the prior-year quarter. Blended farming costs fell to 5.46 euros per kilogram from 5.89 euros, even after an algae bloom in southern Norway reduced results by roughly 10 million euros. Consumer Products and Feed divisions also contributed positively, adding stability to the overall performance. Net interest-bearing debt stood at approximately 2.74 billion euros at quarter end.
Price Pressure and Market Context
Weaker salmon prices created headwinds throughout the period, yet the scale of the harvest limited their impact on the bottom line. Industry-wide supply reached seasonally high levels, which placed downward pressure on realized prices. Mowi’s ability to deliver more fish at lower unit costs proved essential in maintaining earnings growth.
Stakeholder Implications
Investors saw confirmation that volume discipline and cost control can protect margins even when market prices soften. Suppliers and processing partners benefit from steadier throughput, while coastal communities in Norway, Scotland and Chile gain from sustained employment tied to expanded operations. The results also signal to regulators and environmental groups that large-scale farming can achieve efficiency gains without proportional cost increases. Mowi’s first-quarter performance illustrates how operational scale continues to shape outcomes in the global salmon industry. With full results scheduled for release today, attention now turns to whether similar volume momentum can be sustained through the rest of 2026.
