Mowi ASA Announces Record Harvest and Financial Highlights in Q4 2025 Trading Update
Mowi ASA (OSE:MOWI) Q4 2025 Trading Update
January 21, 2026 – Mowi ASA, one of the world’s largest seafood companies, released its trading update for the fourth quarter of 2025, reporting strong operational results, record harvest volumes, and improved cost efficiencies across multiple regions. The update highlights both the company’s production performance and financial indicators ahead of the full quarterly report.
Record Harvest Volumes in Q4 and Full Year 2025
During the fourth quarter of 2025, Mowi achieved a total harvest volume of 152.0 thousand tonnes expressed in gutted weight equivalents (GWT).
Regional Harvest Breakdown
- Farming Norway: 98.0 thousand tonnes
- Farming Scotland: 12.5 thousand tonnes
- Farming Chile: 26.5 thousand tonnes
- Farming Canada: 6.5 thousand tonnes
- Farming Ireland: 1.0 thousand tonnes
- Farming Faroes: 3.5 thousand tonnes
- Farming Iceland (Arctic Fish): 4.0 thousand tonnes
This quarterly performance contributed to a record total harvest of 559 thousand tonnes for the full year 2025, compared with 502 thousand tonnes in 2024 — representing an approximate growth of 11.4% year-over-year.
Operational Earnings and Cost Performance
Mowi reported an Operational EBIT (Earnings Before Interest and Taxes) for the Group of approximately EUR 213 million in Q4 2025 (equivalent to about NOK 2.5 billion). This result reflects improved profitability from core farming activities and tighter cost control.
Blended farming cost for the quarter was approximately EUR 5.36 per kg, which is down roughly 5.8% from the same quarter in 2024 and slightly better than earlier guidance provided by the company. In addition, standing biomass cost also declined during the period, indicating deeper cost efficiencies across the value chain.
Operational EBIT by Region
| Region | Operational EBIT per kg |
|---|---|
| Norway | EUR 2.00 |
| Scotland | EUR 1.40 |
| Chile | EUR 0.35 |
| Canada | EUR (2.30) |
| Ireland | Not available |
| Faroes | EUR 1.65 |
| Iceland | EUR 0.10 |
These data illustrate how profitability varies by region, with strong gains in Norway and Scotland, modest margins in Chile and Iceland, and negative results in Canada during this quarter.
Other Key Financial Metrics
The company also disclosed performance in segments beyond farming:
- Consumer Products: Operational EBIT of EUR 46 million
- Feed Division: Operational EBITDA of EUR 20 million
Reported Net Interest-Bearing Debt (NIBD) stood at approximately EUR 2,650 million at the end of the quarter, excluding effects from IFRS 16 accounting standards.
Guidance and Next Steps
Earlier in 2025, when Mowi reported Q3 results, the company had guided an expected Q4 harvest of roughly 147 thousand GWT. The actual outcome of 152.0 thousand tonnes exceeded that estimate, demonstrating resilient operational execution.
Mowi confirmed that the full Q4 2025 financial report will be released on February 11, 2026 at 06:30 CET. Investors and stakeholders are encouraged to review that report for more detailed financial data, reconciliations, and explanatory notes on non-IFRS measures.
Outlook
With record harvest volumes and improved cost control, Mowi continues to strengthen its position in the global seafood market. The positive trends in operational performance suggest that the company’s strategic initiatives — including sustainable farming practices, regional diversification, and product segment growth — are contributing to long-term value creation.
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