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Mowi named most sustainable protein producer by Coller’s FAIRR Protein Producer Index for fifth consecutive year

Mowi named most sustainable protein producer by Coller’s FAIRR Protein Producer Index for fifth consecutive year

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The ranking top three is completed with two other Norwegian aquaculture companies, Lerøy Seafood Group and Grieg Seafood

The Coller FAIRR Protein Producer Index, the most detailed assessment of the largest meat, dairy and farmed fish producers in the world, has ranked for the fifth consecutive year Mowi as the most sustainable animal protein producer. Rankings for each of the 60 companies assessed are determined by a risk and opportunity score across environmental, social, and governance-related criteria including greenhouse gas emissions, deforestation and food safety.

Mowi has consistently scored at the top of the index since its inception, due to its robust policies on responsible sourcing, animal welfare, environmental sustainability and more. “This shows again that Mowi is at the forefront of sustainable food production. I am proud and humbled to lead an organization that is a recognized leader in sustainable food production,” said Ivan Vindheim, CEO of the company.

For her part, Chief Sustainability and Technology Officer, Catarina Martins, assured: “Our ultimate goal is to unlock the potential of the ocean to produce more food for a growing world population in a way that respects our planet, so we are extremely proud to be named the most sustainable protein producer and see our hard work recognized once again.”

Better performance than land animal producers

The Coller FAIRR Protein Producer Index 2023 report found that aquaculture companies, primarily salmon companies, continue to perform better than land animal protein producers. In fact, Mowi is joined in the top three ranked companies by fellow aquaculture companies Lerøy Seafood Group and Grieg Seafood, both also headquartered in Bergen, Norway.

“Three Norwegian salmon companies on top is impressive and reinforces the recognition of Norwegian salmon farming as frontrunners on sustainability,” Martins said.

The Index is designed to provide financial institutions with best-in-class data, analytics and trends on the protein sector to integrate into their investment decisions and engagement strategies and is positively shaping trends in the global protein market, by shedding light on where corporate policy or disclosure is behind the curve.

It has become the go-to resource for investors to assess how well key suppliers in the food chain are managing environmental, social and governance (ESG) risks as greenhouse gas emissions; deforestation and biodiversity; water use and scarcity; waste and pollution; antibiotics; working conditions; animal welfare; food safety; sustainability governance; and alternative proteins.

Mowi named most sustainable protein producer by Coller’s FAIRR Protein Producer Index for fifth consecutive year

New record-breaking quarter

Just a day after the announcement, Mowi reported that the company recorded record-high operational revenue of EUR 1.36 billion in the third quarter, compared with EUR 1.26 billion in the corresponding quarter of 2022. Operational profit was 203 million euros in the quarter.

The third quarter was another record-breaking quarter for Mowi on strong operational execution. Quarterly revenues were all-time high at EUR 1.36 billion driven by record-high volumes across the group and seasonally favorable salmon prices on solid demand.

“Record-high volumes and favorable salmon prices, coupled with outstanding operational performance from my 11,500 colleagues worldwide, have culminated in another record-setting quarter for Mowi,” said Vindheim.

Mowi harvested an all-time high 135,000 tons of salmon in the quarter. Full-year harvest volume guidance for 2023 is maintained at a record-high 484,000 tons. Guidance for 2024 of 500,000 tons marks a new all-time high and a milestone achievement for the company. As recently as 2018 harvest volumes were 375,000 tons, hence the group has grown its farming volumes by 125,000 tons in the period, mostly organically. Mowi’s annual growth of 4.9% in the period is surpassing that of the industry of 3.2%.

“Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been impressive in recent years where crossing 500,000 tons in farming volumes particularly stands out,” Vindheim said.

In Mowi Farming Norway, Mowi’s most important farming entity, volume guidance for 2023 has been increased to a record-high 295,000 tons from 290,000 tons, following good seawater growth and operational performance. Volume guidance for 2024 has been set to 305,000 tons and crosses the 300,000 tons mark for the first time in Mowi’s 60-year history.

“Crossing the 300,000 tons mark in Norway is a milestone for the company and is cementing Mowi Norway’s strong license utilization and production efficiency. I am deeply impressed with our Norwegian organization that continues to deliver growth and results,” Vindheim added.

“The strong results were driven by first-rate operational performance, increased volumes and continued good demand for salmon. Despite a challenging economic environment with generally higher cost of living, demand for salmon remained robust,” Vindheim said.

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