Bergen, Norway-headquartered salmon-farming firm Mowi has increased its harvest guidance for the full year of 2025 after recording yet another record harvest in the second quarter of the year.
Delivering Mowi’s Q2 results on 20 August, Mowi CEO Ivan Vindheim said the firm has increased its harvest guidance for the year by 15,000 gutted weight tons (GWT) to 545,000 GWT. Beyond that, the target for 2026 is a harvest of 600,000 GWT, and the target for 2029 is now at least 650,000 GWT.
To achieve this, Mowi plans to increase smolt stocking and take advantage of some underutilized license capacity. Added to this is Mowi’s agreement to increase its ownership stake in Nova Sea from 49 percent to 95 percent, which should be finalized near the end of 2025.
“Our farming volume growth is surpassing that of the wider industry and our listed peers by a large margin, cementing our number one position in the market for Atlantic salmon,” Vindheim said.
Q2 2025 ended with Mowi harvesting a record 133,000 GWT, which represented a 21 percent increase year over year. This generated record-high operating revenues of EUR 1.39 billion (USD 1.6 billion), which was up slightly from EUR 1.34 billion (USD 1.56 billion), and an operating profit of EUR 188.5 million (USD 219.4 million), which was down from EUR 230 million (USD 268 million) in Q2 2024.
Its high harvest volume, as well as lower production costs that included reduced feed prices, helped the company partially offset falling prices in the global salmon market, which caused the drop in profits.
Q2 2025 was very similar to Q1, according to Vindheim, as strong biology across global operations led to huge spikes in salmon supply, with harvest volume growth up 18 percent year over year in Q2 alone.
“It is a number we haven't seen in many years. I think we have to go back to 2012 to see something similar. This, of course, put pressure on prices in the quarter,” Vindheim said. “In our view, 2025 is just an anomaly and an exception to the limited supply growth we've seen in recent years and which we expect to see for a long time to come, and [also] on which our entire growth strategy is grounded.”
By farming location, Mowi Norway harvested 72,600 GWT of salmon in Q2 2025, compared to 59,364 GWT in Q2 2024), while operations in Scotland contributed 24,199 GWT, Chile supplied 15,356 GWT, Canada at 9,527 GWT, Ireland at 5,065 GWT, the Faroes at 4,471 GWT, and Mowi’s Arctic Fish operations in Iceland supplying 2,021 GWT.
The group’s value-added business, Mowi Consumer Products, recorded an operational EBIT of EUR 52.2 million (USD 60.7 million) – up from EUR 25.1 million (USD 29.2 million) previously. It also recorded operating revenues of EUR 917.3 million (USD 1.1 billion) compared to EUR 889.2 million (USD 1 billion) in Q2 2024. Around 64,850 metric tons (MT) of products were sold by the division in the quarter.
Mowi Feed, meanwhile, recorded Q2 sales of 135,459 MT, compared to around 132,000 MT in Q2 2024, operational revenues of EUR 240.8 million (USD 280.2 million), which was down from EUR 253 million (USD 295 million), and an operational EBIT of EUR 9.8 million (USD 11.4 million), which was up from EUR 6.7 million (USD 7.8 million).
Vindheim advised that Mowi’s strategic review of its feed division is progressing. The company announced in March that it’s considering selling that part of the business to streamline and optimize strategy, among other options.
