Mowi Scotland harvested a record-high volume in Q2
But lower prices led to 28% drop in operating profit
Salmon farmer Mowi Scotland harvested a highest-ever quarterly volume of 24,199 gutted weight tonnes in Q2 2025 – up by almost 24% from the 19,591 gwt harvested in Q2 last year - and is on course to produce 73,000 gwt for the full year, the company reported today.
But lower prices caused by a global increase in supply meant that its operating profit fell by 28% from €43.6 million (£37.6m) in Q2 2024 to €31.3m in the same period this year, despite the company achieving 122% of the reference price (Q2 2024: 104%) for its fish.
Operational EBIT per kilo was €1.29, down from €2.22 in Q2 2024.
“The effects of all-time high harvest volumes and lower cost were offset by lower prices,” Mowi said in its Q2 2025 report.
“Market spot prices were reduced following high industry supply. The overall price achieved by Mowi for salmon of Scottish origin was 22% above the reference price on improved harvest weights, sale of differentiated products and positive contribution from contracts. The contract share was 33% (50%).”
Increased stocking
Mowi said the increase in harvest volume was driven by increased smolt stocking and good production. Superior share was also good.
“Harvest volumes in the first half of 2025 were 42k gwt. To put this into perspective, this is higher than the annual harvest volume in 2018 of 38k gwt,” wrote the company.
Cost decreased from the comparable quarter on the back of good biological performance, and lower realised feed prices, as well as reductions in other cost items including mortality cost.
Good FCR
As previously reported, feeding performance was good, and feed conversion ratio improved from Q2 2024.
Mowi Scotland said its post-smolt operations in Loch Etive were reaching a more steady rhythm of two outputs per year.
“Sea lice levels have been very low when compared to how the loch system operated under its past ownership and postsmolt survival and quality are considered high,” said the fish farmer.
In Loch Awe, which will provide increased supply of large smolt, Mowi has fallowed two sites previously used by Dawnfresh for trout, and has replaced all the farming equipment. Smolts are being stocked this month.
Farming costs are expected to increase somewhat in the current quarter due to harvesting lower volumes. Mowi Scotland is guiding for 17,000 gwt in Q3.
Ireland and Faroes
Mowi Ireland harvested a seasonally record-high 5,0565 gwt in Q2, up from 3,287 gwt in the same period last year, and made an operating profit of €900,000 (Q2 2024: €7.3m).
“Earnings were negatively impacted by lower prices and less contribution from ova sales to Scotland. These effects were partly offset by higher volumes. Cost was stable,” wrote Mowi.
Mowi Faroes harvested 4,471 gwt (2,541 gwt) and made an operating profit of €4m (€10.5m).
“The decrease in earnings was driven by lower spot prices for salmon, partly offset by all-time high volumes. Cost was relatively stable and biology continues to be good in our Faroese operations,” stated Mowi.
Canada
The company’s operations on the east and west coasts of Canada harvested a combined total of 9,527 gwt (9,707), and made an operating profit of €2.2m (€6.8m). Operational EBIT for Canada West, which harvested 5,335 gwt (8,437 gwt), was €4.7m (€6.4m). Canada East, which harvested 4,192 gwt (1,270 gwt) made a loss of €2.5m.
“In Canada West, earnings were reduced due to lower volumes and prices, partly offset by lower cost. Cost improved from Q2 2024 driven by lower feed cost and lower mortality cost,” wrote Mowi.
“Incident-based mortality recognised in the period was €0.9m (€5.7m). Biological KPIs improved from Q2 2024, including seawater production, mortality rate, feed conversion ratio, average harvest weight and superior share.
“In Canada East, the earnings reduction was price-driven following difficult market conditions in the Northeast American market. Cost decreased from Q2 2024 due to operational improvements and various cost measures, but was nevertheless still higher than realised cost from Canada West.”
Mowi said Q3 costs will be negatively impacted by approximately €5m by an algal bloom in Canada West and a low oxygen incident in Canada East.
