Bergen, Norway-headquartered salmon-farming firm Mowi closed out 2025 with record-breaking revenues and harvest volumes, capping a year of strong operational delivery despite a challenging global salmon market.
During Q4, the firm reported revenues of EUR 1.59 billion (USD 1.9 billion) and operational EBIT of EUR 213 million (USD 253.5 million). In the corresponding period of 2024, these totals stood at EUR 1.5 billion (USD 1.8 billion) and EUR 225.9 million (USD 268.9 million), respectively.
For the full year of 2025, Mowi delivered sales turnover of EUR 5.73 billion (USD 6.8 billion) – up 2 percent year over year – and harvested 558,870 GWT of salmon – an increase of 11.4 percent. At the same time, farming costs fell by EUR 197 million (USD 234.5 million) and are expected to decline further in 2026.
The company’s Q4 harvest volume reached a seasonal record high of 151,927 gutted weight tons (GWT), compared to 133,595 GWT a year previously – an increase of 14 percent.
In Norway, Mowi’s largest farming region, the firm harvested 98,174 GWT of salmon, which was up from 83,649 GWT in Q4 2024, with Mowi CEO Ivan Vindheim noting this was achieved despite it being a “troublesome” quarter for its two southernmost regions due to gill and plankton challenges. For the full year of 2025, the region achieved a record harvest of 331,922 GWT – up from 303,501 GWT previously.
Mowi’s Scottish operations harvested 12,348 GWT in Q4 and 71,603 GWT over the course of the year.
“Last year was a milestone year for us in Scotland in terms of harvest volumes, as we crossed the 70,000 GWT mark for the first time,” Vindheim said. “Also, our standing biomass was at a record high at the end of the year, with costs back at 2022’s levels. This is a good starting point for new records in 2026.”
As for its other farming regions, Chile harvested 226,471 GWT for the year and 78,137 GWT in Q4, Canada harvested 36,584 GWT for the year and 6,415 GWT in Q4, Ireland harvested 11,240 GWT for the year and 757 GWT in Q4, the Faroes harvested 14,594 GWT for the year and 3,533 GWT in Q4, and Iceland – via Mowi’s Arctic Fish subsidiary, of which it owns a little over 51 percent – produced 14,790 GWT for the year and 4,229 GWT in Q4.
Elsewhere in Q4, Mowi Consumer Products delivered a strong finish to the year and set new operational and financial records. The division reported operational EBIT of EUR 197.3 million (USD 234.8 million) for 2025, alongside record volumes of 264,698 metric tons (MT) in product weight.
“Once again, our downstream business clocked up record high earnings, demonstrating the strength of our integrated chain, especially when the going gets tough, like last year,” Vindheim said.
Mowi Feed also delivered record revenues and strong volumes in Q4 and the full year, with earnings of EUR 66.5 million (USD 79.1 million) on feed sales of 585,402 MT in 2025. During Q4, Mowi entered into a strategic partnership with Nutreco-owned Skretting, aimed at securing high-performance feed at lower cost.
“By piggybacking Skretting, we’re offsetting the weaknesses that come with being a small feed producer like ourselves, with limited resources including R&D – perhaps the most important input factor in salmon farming,” Vindheim said. “We expect to save at least EUR 55 million [USD 65.5 million] annually in Mowi Farming while also retaining our earnings in a highly profitable feed business. This is an important element because we expect the feed market to tighten in the years to come after a decade of overcapacity.”
Delivering Mowi’s year-end results on 11 February, Vindheim said with 2025 being yet another record harvest year, starting 2026 with record biomass at sea, and having its controlling stake acquisition in fellow salmon-farming firm Nova Sea completed, the firm expects to continue its growth in 2026 aiming for a 605,000-GWT total harvest. If achieved, this would represent growth of 8.3 percent – far above the roughly 1 percent growth expected for the industry as a whole.
Vindheim said its longer-term target is to reach 650,000 GWT by 2029, much of which will be achieved through increased smolt stocking and post-smolt strategies.
“We still have unutilized license capacity in Mowi in several countries where we operate, and with post-smolt, we can increase the productivity of sites already in operation – cementing our number one position in the market for Atlantic salmon,” he said.
For 2026, Mowi is maintaining its production guidance for Norway at 380,000 GWT, which would translate into 14.5 percent growth year over year.
“The short-term goal on these assets is still 400,000 GWT, which we hope to reach in the not-too-distant future and which would be our next milestone in Mowi Norway, at least in terms of harvest volumes,” he said.
Regarding market outlook, Vindheim said the oversupply that occurred in 2025 that dropped global prices should soften, with the industry’s supply growth holding at around 0 percent, which is in stark contrast to the 12 percent seen last year.
“If you look further ahead, in our view, there’s no way the industry can manage to replicate the previous decades’ 3 percent annual supply growth in the coming years because of the current regulatory limitations and technological constraints,” he said. “One to 2 percent will be more than hard enough, and demand was 5 percent last year, so demand should far outstrip supply in the coming years.”
