Mowi Asa Stock Earnings Reports

Q1 2026 highlights: Mowi delivered a strong operational quarter driven by record seasonal harvest volumes (136,000 tonnes, +26% y/y) and solid operational EBIT of EUR 221 million, supported by a blended farming cost of EUR 5.46/kg (down 7.3% y/y). The quarter was impacted by pronounced industry supply growth (adjusted +14% in Q1), which pressured prices early in the quarter but improved toward Easter. Regional performance varied: Norway (the largest region) produced 76,000 tonnes with a margin of EUR 2.40/kg despite algae issues in Southern Norway; Region North delivered the strongest margins. Scotland, Chile, Canada, Ireland, Faroe Islands and Iceland showed mixed results driven by local prices and harvest timing. Consumer Products sold record volumes (70,000 tonnes product weight) though EBIT was lower y/y after contract effects; Feed was seasonally weak but capacity expansion finished and 2026 feed production target is 650,000 tonnes. Balance sheet and liquidity: net interest-bearing debt EUR 2.74bn in line with target, equity ratio 46%, 100% green/sustainability-linked financing, and quarterly dividend NOK 2.30 declared. Guidance: 2026 farming volume guidance maintained at 605,000 tonnes; blended farming cost expected to be stable Q2 then decline in H2; industry supply growth expected to normalize to ~0% for the remainder of 2026 and ~1% in 2027 (Kontali). Management reiterates focus on cost leadership, volume delivery, and improving license utilization (post-smolt, smolt stockings) to reach longer-term targets (>=650,000 t by 2029).