Aquaculture Magazine reports:
Mowi announced that the company generated record-high operating revenues of USD 1.55 billion in the third quarter which translated into an operational profit of USD 186.70 million. Mowi is well positioned to meet its harvest volume guidance for 2024 of a milestone 500,000 tons. Furthermore, record-high biomass in sea supports 2025 volume guidance of 520,000 tons, the first step towards Mowi’s next milestone of harvesting 600,000 tons of salmon, expected in 2029.
“This was yet another good quarter for Mowi, with our best ever seawater production and harvest volumes of 161,000 tons. We’ve never had more fish in the sea, with biomass in sea up 4.4% year-on-year at quarter end,” Mowi CEO Ivan Vindheim said.
520,000 tons in 2025 represents growth of 145,000 tons since 2018, equivalent to 4.8% CAGR vs. 2.7% average for the industry. Continued growth in Mowi’s farming operations will in turn lead to growth in the company’s other two divisions – Consumer Products and Feed.
Aim to continue growing faster than the wider industry
According to Vindheim, “it is a privilege to work in an organization that is always striving to improve and take the company to the next level. We aim to continue growing faster than the wider industry, by expanding our use of post smolt and through increased smolt release. We expect another year with limited supply growth for the wider industry at 2% or lower”.
Mowi’s farming costs fell in the third quarter vs the first and second quarters on the back of lower feed prices and economies of scale on higher volumes. A continuing downward trend in feed prices is expected to contribute to further cost reductions, in addition to savings all across the value chain on the back of Mowi’s own cost savings program worth USD 323.76-431.68 million over the next five years.
Group’s value-added business
Mowi Consumer Products, the group’s value-added business, delivered record-high results in the third quarter on good operational performance, strong volumes and seasonally lower raw material prices.
“We see good retail demand for our products, and expect demand in the restaurant sector to improve as consumer purchasing power increases fueled by falling interest rates and rising wages,” Vindheim said.
Mowi Feed delivered the best quarterly result ever, on all-time high earnings and record-high volumes. This positive volume development was driven by good seawater growth and demand from Farming.
One of the largest seafood companies in the world
Mowi is one of the largest seafood companies in the world, and the world’s largest producer of Atlantic salmon with harvest volumes of 475,000 tons in 2023, equivalent to a global market share of approximately 20%.
Mowi has been ranked the most sustainable protein producer by the Coller FAIRR Protein Producer Index for the fifth year in a row. From 2019 to 2023 the company was highlighted by Coller FAIRR Index, a comprehensive assessment of the largest animal protein producers on critical environmental, social and governance (ESG) issues
Mowi is the world’s largest producer of farm-raised salmon measured by both volume and turnover. We offer seafood products to more than 70 countries, are represented in 26 countries and employ 11,500 people. Mowi is organized in three business areas: Feed, Farming and Sales & Marketing. We are providing our customers with 8 million meals a day.
They say they are the only salmon producer with full internal control of its own genetics, feed, farming operations, harvesting, processing, logistics, sales and marketing.
“Our holistic approach to aquaculture has earned us a position as the world’s largest salmon producer. And that size gives us real strength. It enables us to lead aquaculture and ensure that everyone farming the sea adopts higher standards in every aspect of their activities. It means we can invest in innovation and improvements that deliver healthier lives for salmon, minimal impact on the environment and perfect food for our customers.”
