Solid result for Mowi Scotland despite year of lower prices
Contract share, lower feed costs, and efficiencies helped fish farmer continue to make millions
Salmon farmer Mowi Scotland made a reduced operating profit of €17.2 million (£9.75m) in the fourth quarter of last year, down from €23.3m in Q4 2024. Revenue in Q4 was €110.1m, down from €152.2m in the same period the year before.
However, operational EBIT per kilo in Q4 worked out at €1.39, marginally higher than the €1.37 per kilo made in the same period in 2024, and overall profit for Q4 increased from €32m in 2024 to €35.5m. Overall profit for the year was €75.5m, down from €105.9m in 2024.
“Following very good financial performance in Q3, the fourth quarter saw higher cost driven by environmental challenges due to high seasonal water temperatures,” Mowi wrote in its Q4 2025 report published today.
“Also, lower volumes led to operational EBIT being reduced to €17.2m in Q4 2025 from €23.3m in Q4 2024, partly offset by improved achieved prices.”
Those achieved prices increased from Q4 2024 on the back of a strong superior share and sale of differentiated products including Wester Ross brand, organic and Label Rouge products sold to the United States. Contracts for Mowi Scotland, which supplies retail heavyweight Sainsbury, had a positive effect on price achievement. The contract share was 64% (Q4 2024: 58%).
Lower harvest in Q4
Harvest volume in the quarter was 12,348 gwt (16,953 gwt), with some fish left in the sea until this year on expectations of a stronger market as global supply normalised following a big increase from Norway in 2025.
Mowi Scotland’s 2025 harvest volume of 71,603 gwt (2024: 65,977 gwt) crossed the 70,000 gwt mark for the first time for a Scottish salmon farmer. Mowi said 60% of the annual volumes in 2025 were harvested before Q3 and the onset of the more difficult biological season.
Operating profit for 2025 was €106.7m (£92.8m), a little less than the €110.6m made in 2024, when market prices were higher. The company’s operating margin was 15.6% (15.3%) for Q4 and 18.7% (17.8%) for the full year.
€9.2m mortality cost
Incident based mortality cost Mowi Scotland €9.2m in Q4, up from €5.5m in the same period in 2024.
“Biology was negatively impacted by gill issues and bacterial infections. Accordingly, cost increased from Q4 2024 driven by mortality cost and lower harvest volumes,” reported Mowi.
For the full year, cost was reduced vs. 2024 due to lower feed prices, operational improvements and positive scale effects from higher volumes.
Mowi Scotland said its post-smolt strategy, combined with completion of a new broodstock facility at Ardessie in Wester Ross to become 100% self-sufficient with eggs of the Mowi strain, are important measures to address more challenging environmental conditions in Scotland over time.
Feed conversion ratio and superior share improved vs. Q4 2024. For the full year, seawater production and average harvest weight also improved.
