Second-quarter revenues hit an all-time high for Mowi this year, driven by strong biological and operational performance, according to its latest results.
Revenues at the world’s largest producer of farm-raised salmon increased 15% year on year to €1.6bn (£1.4bn) in Q2 2026. Combined with lower costs, this helped to propel operational EBIT 23% year on year to €231.3m (£197.9m).
Mowi also harvested a Q2-record 150,000 tonnes of salmon – up 7.4% year on year.
Mowi CEO Ivan Vindheim noted Norwegian and Scottish operations had performed particularly strongly “with record volumes and reduced costs”.
“Volume growth is one of Mowi’s strategic pillars, and growth within our farming operations has been strong in recent years,” Vindheim said. “In just a few years, Mowi has grown from a 400,000-tonne producer to a 600,000-tonne producer.”
The Bergen-based multinational’s balance sheet was further aided by higher salmon prices, which strengthened 6% in the second quarter after having been depressed by exceptionally high supply.
And this trend has so far continued into Q3, according to the multinational, with salmon spot prices up 21% thanks to a global supply slowdown and healthy demand.
“We believe this will result in a more balanced supply-demand situation than we have seen over the past 18 months, supporting our positive market outlook going forward,” Vindheim continued.
“Growth is strongest in Asia, led by China, but developments are also positive in Europe, followed by the US,” he continued, adding that he expected market growth to continue through 2026 and beyond.
Vindheim said this would be driven by “megatrends” such as healthier lifestyles, increased demand for protein and salmon’s ”unique and broad appeal”.
Barclays analysts said: “As supply growth normalises, the market is entering a much tighter supply-demand environment than investors may currently appreciate.”
Mowi’s feed business also delivered seasonally high earnings and volumes despite warnings that a lower supply of marine ingredients, driven by poor pelagic fisheries, could drive up costs.
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