Marine Harvest Asa Stock Earnings Reports

Mowi reported a strong Q1 2026 driven by seasonally record-high harvest volumes (136,000 t, +26% YoY) and revenue of EUR 1.54bn, producing operational EBIT of EUR 221m (second-best Q1). Industry supply rose sharply (adjusted +14% in Q1), pressuring prices early in the quarter, but prices improved toward Easter. Blended farming cost across seven countries was EUR 5.46/kg (down 7.3% YoY), despite algae issues in Southern Norway (~EUR 10m impact). Net interest-bearing debt was EUR 2.74bn, in line with the long-term target, and equity ratio was 46%. Mowi maintained 2026 farming volume guidance at 605,000 t (organic target of >=650,000 t by 2029) and expects stable farming costs in Q2 with further cost declines in H2 2026 as volumes increase. Regional performance varied: Norway (especially Region North) delivered strong margins; Chile and Canada faced softer price environments; Iceland showed cost improvements but weaker price performance. Downstream: Consumer Products sold record volumes (70,000 t product weight) but EBIT was lower year‑on‑year after contract effects; Feed is seasonally weak in Q1 but capacity expansions and a Skretting partnership target ~EUR 55m annual savings and 650,000 t feed production in 2026. Board declared a quarterly dividend of NOK 2.30/share. Management highlights continued focus on cost leadership, capital efficiency (5‑year ROCE ~17.4% vs peers 12.7%), and a view that industry supply growth will normalize (0% for remainder of 2026, ~1% in 2027 per Kontali), which should support market balance going forward.