Mowi chief executive Ivan Vindheim: "2025 marked another record year for Mowi, and in 2026 we expect to harvest 605,000 tonnes. This represents an annual growth of 8.3% compared to 1% expected growth for the industry."

Record quarter ends record year for Mowi

The world's biggest salmon producer delivered its strongest performance ever in 2025, with 559,000 tonnes of salmon harvested and £1.38 billion in revenue

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Salmon farmer Mowi today reported record revenues of €1.59 billion (£1.38bn / NOK 18.7bn) and an operating profit of €213 million  in the fourth quarter in 2025.

Mowi ended last year with a number of records, both in Q4 and for the full year. It has never had higher revenues and harvest volumes in a year than it did last year, with sales of €5.73bn from previously announced harvest volumes of 559,000 tonnes, which corresponds to an annual growth of 11.4%. Harvest volumes of 152,000 gutted weight tonnes in Q4 were also a record for the fourth quarter.

"I am very pleased that we are delivering on our strategy, and am impressed by the organisation, which is once again delivering both record volumes and record revenues throughout the value chain. It is also gratifying that costs have been reduced in the aquaculture business by a total of €176m in 2025, and are expected to decrease further in 2026," said Mowi chief executive Ivan Vindheim in a press release.

As Mowi had expected, salmon prices increased in Q4 in a year that was characterised by low salmon prices as a result of very high supply growth of 12%. Despite this, Mowi delivered relatively satisfactory results of €213m for Q4 and €727m for the full year, which corresponds to a return on capital employed of 13.3%.

Volume growth continues

Volume growth is one of Mowi's strategic pillars, and growth in the business has been strong in recent years. In just a few years, Mowi has gone from being a 400,000 tonnes-per-year farmer to a 600,000 tonnes-per-year farmer. It farms in Norway, Scotland, Chile, Canada, Iceland, Ireland, and the Faroe Islands.

"2025 marked another record year for Mowi, and in 2026 we expect to continue the development and harvest 605,000 tonnes. This represents an annual growth of 8.3% compared to 1% expected growth for the industry. In addition, we have never had more fish in the sea at this time of year, with 8.7% more than at the same time last year. This makes us well positioned for further growth," said Vindheim.

Mowi expects to harvest more than 600,000 gwt of Atlantic salmon next year, and has grown its volume more quickly than rivals.

Record year for Consumer Products

Mowi Consumer Products, the group's downstream business which includes a secondary processing facility at Rosyth in Scotland, delivered another solid quarter and an impressive 2025 with both financial and operational records. The division ended the year with an operational operating profit of €197m and record volumes of 265,000 tonnes of product weight.

Global demand for salmon continued to develop positively in 2025, with growth particularly strong in Asia and the Americas. Mowi said that with its global sales and processing footprint, it is in a unique position to benefit from the growth trends. In 2025, Mowi strengthened its global brand presence, and the MOWI brand is now present in 23 countries.

“Our strategy is to continue to develop the salmon category and change the way salmon is sold. In 2025, we continued to expand the MOWI brand's product portfolio and increased volumes by 30%,” said Vindheim.

Mowi increased volumes of MOWI-branded products by 30% in 2025.

2025 was a year of abnormally high supply growth, which has been capped by several years of challenging biology for the industry. Supply growth has now normalised and is expected to be around 1% in 2026. And further ahead, current regulations and technological limitations suggest limited growth of around 1-2% per year. Combined with good market prospects, Mowi therefore expects a tighter market balance going forward.

Feed division made €67m in 2025

Mowi's feed production division, which has feed mills in Norway and Scotland, also delivered another strong quarter with high volumes and record earnings. The same applies for the year as a whole with a gross operating profit of €67m on 585,000 tonnes of feed.

Mowi recently entered into a strategic and industrial partnership with Nutreco-owned feed company Skretting, which Mowi said ensures that its fish receive the best feed at the lowest cost in the industry. Mowi expects the partnership to deliver at least €55m in net annual cost savings.

The board of directors of Mowi has decided on a dividend of NOK 1.50 (£0.12) per share for the fourth quarter.

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