Mowi ASA, the world's largest salmon farmer, reported a €212.50 million Q4 operating profit, down from €225.90 million year-on-year, as lower salmon prices offset record harvest volumes and cost savings. Despite achieving 151,927 tonnes of gutted-weight salmon—surpassing annual guidance—the company’s operational earnings per kilogram fell to €1.40 from €1.69, reflecting global supply pressures.

Norway drove growth with €198.70 million operational EBIT, up from €183.70 million, fueled by higher volumes and lower feed costs, though earnings per kilogram dipped to €2.02. Conversely, Scotland saw a decline to €17.20 million from €23.30 million due to cost hikes, while Chile reported a nearly halved operational EBIT of €9.70 million as prices plummeted despite record annual volumes. Canada shifted to a €14.70 million loss from a prior €2.40 million profit, citing elevated mortality in Canada East.

Revenue hit a record €1.59 billion, driven by consumer product sales and seasonal demand. Consumer Products EBIT fell to €46.20 million from €52.80 million amid margin pressures, while Feed Operations EBITDA remained stable at €20.00 million. Blended farming costs dropped to €5.36 per kilogram—a 7.10% YoY decline—supported by cheaper feed and operational efficiencies. Global salmon supply rose 9.30%, with consumption up 8%, though prices rebounded late in the quarter as supply growth slowed to 1% in 2026.

Mowi maintained its 2026 harvest guidance of 605,000 tonnes, up 8.30% YoY. The board upheld a NOK 1.50 per share dividend, unchanged from 2025, as net profit surged to €538.70 million from €214.40 million. Financial EBIT jumped to €665.10 million, buoyed by biomass revaluations and gains from the Nova Sea acquisition. Net interest-bearing debt rose to €2.65 billion, with an equity ratio of 44.60%.