Mowi Scotland made £16.4m in Q3
Lower harvest volume was partly offset by higher achieved prices
Salmon farmer Mowi Scotland made a reduced operating profit of €19.6 million (£16.4m) in the third quarter of this year, due to a lower harvest of 11,615 gutted weight tonnes (Q3 2025: 17,399 gwt).
The reduced Q3 volume followed record-high harvesting in the first half of the year, which is part of a strategy to reduce biomass in the sea when the seasonal risk increases.
“Consequently, biomass available for harvesting in Q3 has been low, resulting in low harvest volumes and consequently higher cost. However, achieved prices improved from Q3 2025,” Mowi reported in its Q3 2026 report published today.
Higher prices
Although operating profit was down from the €26.8m earned in Q3 last year, EBIT per kilo increased to €1.69 (£1.41), up from €1.54, as previously reported in a trading update in October.
“Achieved prices increased from Q3 2025 on the back of improved spot prices, strong superior share and sale of differentiated products including Wester Ross brand, organic and Label Rouge products sold to the US and Europe respectively,” wrote Mowi.
“Contracts had a positive effect on price achievement. The contract share was 45% (51%),” added the company, which supplies retailer Sainsbury’s.
Increased mortality costs
Even with reduced biomass, Mowi Scotland was unable to completely avoid seasonal biological challenges in the sea.
“Biological conditions were affected by seasonally higher seawater temperatures. This, combined with negative scale effects from lower harvest volumes, led to somewhat higher cost vs. Q3 2025. Incident-based mortality costs of €4.2 million (Q3 2025: €2.9m) were recognised in the quarter,” the company wrote.
“Nevertheless, Mowi Scotland continues to perform significantly better than its peers across key operational and financial metrics, including biological performance, cost and margins.”
74,000 gwt this year
Mowi Scotland is maintaining its harvest guidance of 74,000 gwt for 2026, and guding for 76,000 gwt next year.
Mowi Ireland harvested 2,315 gwt in Q3, down from 3,010 gwt in the same period last year but higher than guided. It made an operating loss of €0.9m (£0.75m) compared with an operating profit of €0.7m in Q3 2025.
“Realised seawater cost was relatively stable from Q3 2025, but non-seawater costs were positively impacted by generally better biology than last year,” reported Mowi.
