Norwegian salmon-farming firm Mowi delivered record second-quarter revenues and operational earnings, driven by a higher salmon harvest, improved biological performance, and lower costs.
Mowi reported Q2 2026 revenues of EUR 1.6 billion (USD 1.9 billion), which were up from less than EUR 1.4 billion (USD 1.6 billion) in Q2 2025, as well as an operational EBIT of EUR 231.3 million (USD 267.7 million), up 23 percent.
Delivering Mowi’s financial report for the period, CEO Ivan Vindheim pointed out the EUR 1.6 billion turnover figure was not only a Q2 best, but also a record for any quarter to date.
“This says a lot about the volumes that went through our value chain in the second quarter,” he said.
Harvest volumes were a major contributor to the result, with Mowi harvesting a seasonal record 149,911 gutted weight tons (GWT) of salmon in the quarter, which was up 7.4 percent year over year.
“In particular, our Norwegian and Scottish operations are performing strongly, with record volumes and reduced costs, which is very encouraging,” he said.
According to the Q2 report, Mowi Norway harvested 85,231 GWT of salmon in the three-month period, compared to 72,600 GWT in Q2 2025.
Elsewhere, operations in Scotland contributed 26,680 GWT, compared to 24,199 GWT previously; Chile harvested 17,240 GWT, compared to 15,356 GWT; Canada stood at 9,734 GWT, compared to 9,527 GWT; Ireland produced 2,838 GWT, compared to 5,065 GWT; the Faroe Islands stood at 2,594 GWT, compared to 4,471 GWT; and Iceland through its Arctic Fish venture produced 5,595 GWT, compared to 2,021 GWT.
Besides volume, price also played a part in the record results, as Vindheim advised that salmon prices increased 6 percent in Q2, and are up 21 percent so far in Q3 compared with the same period in 2025, supported by strong demand across multiple markets and a normalization of industry supply growth of around 2.6 percent.
“We expect limited supply growth for the industry in the years ahead,” he said. “In combination with continued strong underlying demand for salmon, we believe this will result in a more balanced supply-demand situation than we have seen over the past 18 months.”
Mowi's Q1 results guided approximately 605,000 GWT in total 2026 harvests, but factoring in the firm’s divestment of its Canada East operations, it has revised down the total harvest guidance to 600,000 GWT.
“But, 600,000 tons is still equivalent to a growth of as high as 7.4 percent year over year,” Vindheim said.
Commenting on the firm’s sale of its Canada East holdings to salmon-farming firm Cooke in June, Vindheim remarked that the 9,000-GWT farming operation was in an area where Mowi had “never truly succeeded” and that this move should be seen as a “measure to further sharpen our farming portfolio and become even more focused on our remaining farming geographies.”
He also insisted the divestment wouldn’t impact Mowi’s Canada West operations.
“They are created completely separately,” he said.
The company also reported strong performance from its downstream Consumer Products business in Q2, which generated seasonal record-high revenues of EUR 996.7 million (USD 1.2 billion) – up from EUR 917.3 million (USD 1.1 billion) in Q2 2025 – and processed a record 73,600 GWT, which was up 14 percent year over year.
The group's Feed division recorded its strongest-ever Q2, with record seasonal revenues of EUR 248.3 million (USD 288 million) and a total sales volume of 147,307 metric tons (MT) – up from 135,439 MT in Q2 2025.
Meanwhile, the firm’s board has approved a Q2 dividend of NOK 2.30 (USD 0.24, EUR 0.21) per share.
