Marine Harvest Asa Stock Earnings Reports

Mowi reported Q3 2025 operating revenues of EUR 1.39 billion and operational profit of EUR 112 million on record harvests (166,000 t). Markets were oversupplied and prices were weak (notably below industry cost in Q3), but Mowi outperformed reference prices by ~15% thanks to contracts (21% group contract share), good harvest weights and quality. Farming realized production cost for seven countries was stable at EUR 5.42/kg in Q3, down 5% y/y, driven largely by lower feed prices and productivity measures (year-to-date cost savings of EUR 126m). The Nova Sea acquisition closed in October and will be consolidated from Q4, increasing 2025 volume guidance to 554,000 t (up from 545,000) and 2026 guidance to 605,000 t; Nova Sea also brings integration synergies target (~EUR 34m). Consumer Products and Feed delivered record quarterly results. Net interest-bearing debt was EUR 1.76bn at quarter-end (would be ~EUR 2.51bn post Nova Sea) with an equity ratio around mid-40s. Management expects Q4 P&L production costs to remain around EUR 5.4/kg and sees further potential cost reductions for 2026. They highlighted a sizeable identified cost-savings potential (EUR 300–400m over 5 years) through post-smolt, automation, yield improvements and other productivity programs. Board approved a NOK 1.50/share quarterly dividend.