Norway · Delayed Price · Currency is NOK Mowi ASA Earnings Call Transcripts
Fiscal Year 2025
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Record harvest volumes and operational improvements drove record revenues and profits despite industry-wide soft prices. Cost reductions, a strategic feed partnership, and strong demand position the company for continued outperformance and margin leadership in 2026.
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Q3 saw record harvest volumes and strong downstream results despite soft prices and industry oversupply. Nova Sea acquisition boosts 2025 guidance, with cost reductions and productivity gains supporting future growth. Downside risks remain for 2026 supply and input costs.
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Record-high harvest volumes and strong operational performance offset industry-wide price pressure from an 18% supply surge. Costs declined significantly, supporting earnings, and 2025 volume guidance was raised, with further growth and cost reductions expected.
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Record Q1 revenue and profit driven by strong biological and operational performance, with harvest volumes up 12% year-over-year. Despite lower-than-expected prices due to high supply, cost reductions and robust demand support a positive outlook, with volume guidance maintained and further growth expected.
Fiscal Year 2024
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Record 2024 harvest volumes and revenue were achieved, with operational EBIT up year-over-year and strong performance across most regions. 2025 guidance was raised, cost reductions are expected to continue, and the Nova Sea acquisition is set to accelerate growth.
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Record Q3 revenues and harvest volumes drove strong operational profit, with continued organic growth outpacing the industry. Lower feed prices and tight market supply are expected to support margins, while biological challenges and market uncertainties remain.
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Plans call for 100,000 tons organic volume growth and EUR 8.5 billion revenue by 2029, driven by post-smolt expansion, digitalization, and cost savings of EUR 300-400 million. Branded sales and sustainability leadership are key, with Smart Farming and Mowi 4.0 central to future gains.
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Q2 2024 saw strong operational results with record-high harvest volumes and improved cost efficiency, despite softer prices in Americas and regulatory headwinds in Canada. Full-year volume guidance was reiterated at 500,000 tons, outpacing industry growth.