Mowi has made losses of €72.8m in Canada this year

Salmon farmer Mowi has warned that biological challenges that occurred during the third quarter in Atlantic Canada will have an impact on the current quarter’s results.

Mowi Canada West made a Q3 operating profit of €9.6 million, reversing a €-3.9m loss in the same period last year when British Columbia was impacted by algal blooms. But those earnings couldn’t compensate for an operating loss of €-34.9m by Mowi Canada East.

In all, Mowi Canada's operating EBIT in Q3 was €-31.3 million (CAD 50.8m) and EBIT was €-72.8m. Mowi’s loss in Canada for the first nine months of the year amounts to €-102.8m.

“In Canada West, earnings improved on lower cost, higher volumes and slightly improved prices,” wrote Mowi in its Q3 2025 report.

“Biological key performance indicators improved, including mortality, feed conversion ratio, average harvest weight and superior share. Production was relatively stable.”

A difficult quarter

But Q3 was a “difficult quarter” for Mowi Canada East, with a very warm summer and autumn season creating difficult environmental conditions including low oxygen levels.

“These conditions resulted in high mortality at several sites, in addition to early harvesting related to management of the biological pressure with poor price achievement as a consequence, wrote Mowi.

“The above mentioned environmental challenges negatively impacted biological KPIs, and estimated 2026 harvest volumes have been reduced.

“The biological situation has recovered in Q4. Nevertheless, we expect earnings for Mowi Canada to be negatively impacted by €3m in Q4 driven by elevated mortality in Canada East in October.”

Overall, Mowi harvested 15,646 gutted weight tonnes in Canada in Q3: 9,571 gwt in Canada West, and 6,075 gwt in Canada East, which was above guidance of 4,000 tonnes due to early harvesting related to environmental challenges.

Mowi expects to harvests 21,000 gwt in Canada West in 2026 – up by 2,000 gwt this year - and 13,000 gwt in Canada East, down by 4,000 gwt from 2025.

Globally, Mowi harvested a record-high 166,000 tonnes in Q3, and made revenues of €1.39 billion and an operating profit of €112m, down from €173m in the same quarter last year. It has raised its volume guidance for 2025 from 545,000 gwt to 554,000 gwt following its acquisition of Norwegian salmon farmer Nova Sea, and Mowi expects to harvest 605,000 gwt in 2026.