Bergen, Norway-headquartered salmon-farming firm Mowi harvested approximately 136,000 metric tons (MT) of gutted weight (GWT) farmed salmon in the first quarter of this year, which was 26 percent, or 28,000 GWT, more than in the corresponding period of 2025 and surpassed its previous guidance for the period by 8,000 GWT.
According to the group’s latest trading update, in Q1 2026, its Farming Norway operations harvested 75,500 GWT, which was up from 62,000 GWT in Q1 2025; Farming Scotland contributed 20,500 GWT, which was up from 17,500 GWT; Farming Chile harvested 21,000 GWT, which was up from 14,000 GWT; Farming Canada harvested 8,000 GWT, which was up from 5,000 GWT; Farming Iceland, through its majority-owned Arctic Fish venture, harvested 6,000 GWT, which was up from 3,000 GWT; Farming Faroes contributed 3,000 GWT, which was down from 4,000 GWT; and Farming Ireland contributed 2,000 GWT, which was down from 2,500 GWT.
During the three-month period, Mowi’s salmon of Norwegian origin achieved an operational EBIT per kilogram of EUR 2.40 (USD 2.82) – down from EUR 2.50 (USD 2.93) in Q1 2025. The operational EBITs for salmon of Scottish, Chilean, Canadian, Irish, and Faroese, and Icelandic origin also decreased to EUR 1.50 (USD 1.76), EUR 0.35 (USD 0.41), EUR -0.10 (USD -0.11), EUR 0.10 (USD 0.11), and EUR 0.95 (USD 1.11) per kilogram, respectively, while the operational EBIT for salmon of Icelandic origin increased to EUR 0.35 per kilogram.
An algae bloom in Southern Norway during Q1 negatively impacted the firm’s costs by approximately EUR 10 million (USD 11.8 million).
The update also estimated the group’s operational EBIT to be approximately EUR 221 million (USD 259.9 million) for the quarter, representing an increase of around EUR 7 million (USD 8.2 million) compared to the corresponding period of 2025.
Meanwhile, the Q1 2026 operational EBIT recorded for Mowi’s Consumer Products segment was around EUR 20 million (USD 23.5 million), which was EUR 13 million (USD 15.3 million) less than in the same period of 2025. Its operational EBITDA for its Feed business was EUR 6 million (USD 7.1 million), which was down EUR 1 million (USD 1.2 million) on the previous year.
At the end of the quarter, the reported financial net interest-bearing debt (NIBD) for the group was approximately EUR 2.74 billion (USD 3.2 billion).
Mowi’s complete Q1 2026 report will be released on 13 May.
