Mowi CEO Ivan Vindheim said Q1 2025 was another strong quarter for the Bergen, Norway-headquartered salmon-farming firm – both operationally and biologically – with record-high growth in the sea for a first quarter and improved biological metrics across the board.
“This has continued in the second quarter, which seems to have been mirrored across the industry, leading to record-high industry supply growth and pressure on prices,” he said while sharing Mowi’s Q1 2025 results on 14 May.
Regarding that industry-wide supply growth, Vindheim confirmed that many salmon farmers enjoyed “very favorable environmental conditions,” resulting in a 13 percent increase in European salmon supply in the quarter, while global supply grew 8 percent.
This, he said, should be considered a one-off situation after three consecutive years of challenging biology.
“There is nothing in the number of individuals in the sea or in the regulations that has changed our view on the limited supply growth in the coming years,” he said.
For the full year of 2025, Mowi is expecting supply to be 6 percent above last year before returning to a growth level of around 2 percent to 3 percent annually due to regulatory constraints.
Nevertheless, Mowi hasn’t seen such Q1 production numbers since the start of 2021, and the increased production helped the firm secure increased revenues year over year.
According to its Q1 report, Mowi recorded group revenues of EUR 1.36 billion (USD 1.5 billion), which was up 2 percent on the corresponding period of 2024 and translated into operational EBIT of EUR 214 million (USD 241 million), 7 percent higher year over year.
This came on the back of a 108,000-metric-ton (MT) harvest of salmon in the period, a 12 percent increase on Q1 2024. After the quarter, Mowi has maintained its harvest volume guidance for 2025 of 530,000 MT.
Taking into consideration the recent agreement to increase its ownership of Nova Sea from 49 percent to 95 percent, Mowi expects to harvest …
