'We're now the biggest seafood company in the world'
Salmon giant Mowi achieved record revenues of €1.73 billion (£1.44bn) and seasonally record operating profit of €275 million (£299m) in the third quarter of the year.
Salmon farming giant Mowi set a record in both revenue and harvest volume in the third quarter of 2026, the company said in a stock exchange release. The operating profit was the highest Mowi has ever had in a third quarter.
The company harvested 186,000 tonnes of salmon, 12% more than in the same quarter last year. At the same time, costs fell by €51m (£42.5m).
"It is very pleasing to see that we continue to deliver on key parameters such as volume growth, price achievement and, not least, cost control, and thus competitive margins," said Mowi chief executive Ivan Vindheim.
According to the company, volume growth is one of Mowi's strategic pillars, and the company will continue its growth in 2026. The expected harvest volume for the year has therefore increased from 600,000 tonnes to 620,000 tonnes. This represents an 11% increase from last year, compared to the 4% expected growth for the industry.
With the growth in volume and revenue in recent years, Mowi is now not only the world's largest salmon farmer, but also the world's largest seafood company measured in revenue
"With the growth in volume and revenue in recent years, Mowi is now not only the world's largest salmon farmer, but also the world's largest seafood company measured in revenue. I am proud of the way we as a company have managed to develop together over time and look forward to the future," said Vindheim.
Became one of the most profitable
Mowi says that even though it continues to grow, it believes that through good cost control and efficient operations it has become one of the aquaculture industry's most profitable companies.
"It is positive to see that our farming costs have been reduced by a full €51 million in the third quarter of this year compared to the same quarter last year, and €122 million so far this year," said Vindheim.
Secondary processing
Mowi Consumer Products, the group's downstream business, delivered another strong quarter with record-high revenues on good operations and record volumes of 84,000 tonnes, an increase of 18% from the same time last year.
The strategy of being fully integrated "from fjord to table" has been a strength for Mowi. The company has secondary processing operations all over the world and close collaboration with many of the world's leading grocery chains and large-scale catering players.
"Being integrated gives us, among other things, greater flexibility and makes it easier to build demand in the market. The underlying demand for our products was very good in the third quarter, and we expect a positive development going forward," said Vindheim.
More feed
Mowi's feed production division, Mowi Feed, also delivered record earnings sales volumes, up 33% and 19% from the same time last year, driven by good biological conditions for the company's farming operations in Norway and Scotland.
Over a billion in dividends
The board of directors of Mowi has decided on a dividend of NOK 2.30 per share for the third quarter, a total sum of just over NOK 1.2 billion.
