Mowi reports improved harvest and operating profit in first quarter
Costs also fell compared to same period last year
The world’s biggest Atlantic salmon farmer, Mowi, harvested more fish, made a higher operating profit, and recorded lower costs in the first quarter of 2025, compared to the same period last year.
Mowi harvested 108,000 gutted weight tonnes in Q1, up from 96,500 gwt in Q1 2024. Operational EBIT (operating profit) was €214 million, up from €201m in Q1 2024, and blended farming cost was €5.89 (Q1 2024: €6.05) per kilo.
Harvest volumes were:
- Norway: 62,000 gwt (Q1 2024: 51,700 gwt)
- Scotland: 17,500 gwt (14,200 gwt)
- Chile: 14,000 gwt (12,500 gwt)
- Canada: 5,000 gwt (8,800 gwt)
- Ireland: 2,500 gwt (1,100 gwt)
- Faroes: 4,000 gwt (2,600 gwt)
- Iceland (Arctic Fish): 3,000 gwt (2,500 gwt)
- Total: 108,000 gwt
The Faroes produced the most profitable fish per kilo, followed by Norway, and then Scotland. All regions made money except Iceland, which broke even.
Total Q1 Operational EBIT per kg through the value chain was approximately as follows:
- Norway: €2.50
- Scotland: €1.80
- Chile: €0.90
- Canada: €0.80
- Ireland: €0.95
- Faroes: €2.75
- Iceland: €0.00
Mowi’s Consumer Products secondary processing business made an operating profit of €33m, and its feed division made EBITDA of €7m.
Mowi’s full Q1 2025 report will be released on May 14.
