This article first appeared on GuruFocus .
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Revenue:All-time high revenue of EUR1.6 billion in Q2 2026, a quarterly record.
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Operational Profit:EUR231 million in Q2 2026, up 23% year over year from EUR189 million.
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Harvest Volumes:Seasonally record high of 150,000 tonnes in Q2 2026.
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Realized Weighted Production Costs:EUR5.20 per kilo in Q2 2026, down 3.5% year over year.
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Underlying Earnings Per Share:EUR0.28 in Q2 2026.
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Return on Capital Employed:13.6% annualized in Q2 2026.
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Net Interest-Bearing Debt:EUR2.81 billion at the end of Q2 2026.
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Equity Ratio:43.2% at the end of Q2 2026.
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Mowi Norway Operational Profit:EUR159 million in Q2 2026, with a margin of EUR1.86 per kilo on harvest volumes of 85,000 tonnes.
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Mowi Scotland Operational Profit:EUR48 million in Q2 2026, with a margin of EUR1.80 per kilo on record harvest volumes of 27,000 tonnes.
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Mowi Chile Operational Profit:EUR6 million in Q2 2026, with a margin of EUR0.34 per kilo on harvest volumes of 17,000 tonnes.
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Mowi Canada Operational Profit:EUR20 million in Q2 2026, with a margin of EUR2.05 per kilo on harvest volumes of 10,000 tonnes.
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Mowi Ireland Operational Profit:Breakeven result on 3,000 tonnes of harvest volume in Q2 2026.
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Mowi Faroes Operational Profit:EUR4 million in Q2 2026, with a margin of EUR1.58 per kilo on 2,500 tonnes of harvest volume.
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Arctic Fish (Iceland) Operational Profit:Loss of EUR2 million in Q2 2026 on record harvest volumes of almost 6,000 tonnes.
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Consumer Products Operational Profit:EUR29 million in Q2 2026, down from EUR52 million in Q2 2025.
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Consumer Products Sales Volumes:Quarterly record high of 74,000 tonnes, up 14% year over year.
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Mowi Feed Operational EBITDA:Seasonally record high of EUR16 million in Q2 2026.
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Mowi Feed Sales Volumes:Seasonally record high of 147,000 tonnes, up 9% year over year.
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Dividend:Quarterly dividend of NOK2.30 per share declared for Q2 2026.
Release Date: August 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Operational profit rose 23% year-over-year to EUR231 million, driven by record-high harvest volumes of 150,000 tonnes and a 3.5% reduction in production costs.
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Industry supply growth normalized to 2.6% (6.1% adjusted for inventory) in Q2, with expectations of near-zero growth for the rest of 2026 and 0-2% in 2027, supporting a tighter market and better prices.
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Prices improved, with spot prices up 6% year-over-year in Q2 and 21% in Q3-to-date, indicating a recovery from the low-price environment.
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Mowi Norway delivered a strong quarter with an operational profit of EUR159 million and a margin of EUR1.86 per kilo, benefiting from good cost performance and record-high harvest volumes.
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The company is on track with its cost-saving program, having realized EUR16 million in annualized savings year-to-date, and has achieved a total of EUR408 million since 2018.
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Mowi Feed completed a 100,000-tonne expansion at its Bjugn factory, improving self-sufficiency and supporting growth, with sales volumes up 9% year-over-year.
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The divestment of Canada East for CAD225 million sharpens the farming portfolio, focusing on higher-return geographies.
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Strong balance sheet with an equity ratio of 43.2% and a quarterly dividend of NOK2.30 per share declared.
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Consumer Products saw record-high sales volumes of 74,000 tonnes, up 14% year-over-year, despite weaker contract prices.
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Mowi Scotland and Canada delivered strong operational results, with margins of EUR1.80 and EUR2.05 per kilo, respectively.
Negative Points
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Soft prices in Q2 and through the summer, particularly in June, pressured earnings, especially in Region West Norway.
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Feed prices are rising due to weak pelagic fisheries, leading to an inflationary environment that may increase costs in the near term.
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Consumer Products earnings nearly halved year-over-year to EUR29 million, impacted by weaker contracts from last year's sluggish market.
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Mowi Chile's earnings were modest at EUR6 million, weighed down by soft prices and US tariffs on Chilean salmon.
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Mowi Ireland broke even due to soft prices, and Arctic Fish in Iceland made a small loss of EUR2 million due to low price achievement and harsh weather.
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Net interest-bearing debt increased to EUR2.81 billion, slightly above the long-term target of EUR2.70 billion.
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The company faces potential biological risks from rising sea temperatures and a brewing El Nino, which could impact operations in Chile and Canada.
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Working capital tie-up guidance was increased to EUR150 million due to feed inflation, and tax payments were raised to EUR220 million.
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The volume guidance for 2026 was reduced to 600,000 tonnes from 605,000 tonnes due to the Canada East divestment.
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Costs are expected to remain stable in Q3, but the underlying trend is upward, with potential for further increases in 2027.
Q & A Highlights
Q: What gives you confidence in the low industry supply growth outlook for the remainder of 2026 and beyond, given that supply has exceeded expectations over the past 12-18 months? A: Kristian Ellingsen (CFO) and Ivan Vindheim (CEO) stated that the confidence is driven by a stable global biomass composition year-over-year, with a stable number of individuals, and lower biomass in Chile. They emphasized that the industry is now producing at full capacity, and the high growth seen recently was merely the utilization of previously untapped production capacity. The primary constraint is regulation, particularly in Norway and Chile, and without regulatory changes or material technological shifts, growth will remain limited. They expect 0% growth for the rest of 2026 and 0-2% for 2027.
Q: Can you elaborate on the measures taken to prepare for the potential El Nino, particularly in Chile? A: Ivan Vindheim (CEO) explained that Mowi has implemented upwelling and oxygen systems in Chile, learning from the issues encountered in 2016. He noted that algae are a seasonal problem in Chile and Canada, but the company is prepared. He also expressed confidence that the industry as a whole is better prepared this time around, though the ultimate impact depends on how severe the El Nino becomes.
Q: What is driving the very strong export value and demand growth seen recently? Is it specific countries, retail versus foodservice, or inventory buildup? A: Kristian Ellingsen (CFO) attributed the growth to very good retail demand in Europe, particularly strong in the UK, Germany, Southern and Eastern Europe. He noted that the period of low prices since 2025 has helped build demand and markets. He also mentioned that frozen inventories, especially in Chile, have been built down, and there is no out-of-the-ordinary inventory buildup. Asia, particularly China, has also shown solid demand due to a structural shift in consumption.
Q: How do you see the Consumer Products division performing in the second half of 2026 compared to the second half of 2025? A: Ivan Vindheim (CEO) stated that the division will likely see the same development as the first half, with very good operations and underlying operational performance, but weaker contracts will continue to weigh on earnings. He expressed a personal view that the outlook for next year would be better.
Q: Can you quantify the feed formulation flexibility to offset rising feed prices? A: Ivan Vindheim (CEO) declined to provide specific details, citing the competitive nature of the feed business and the collaboration with a major partner. He asked for understanding, stating that such information cannot be discussed publicly.
Q: Have you had any positive effects from US tariff refunds in Q2, as some Chilean competitors have claimed? A: Kristian Ellingsen (CFO) confirmed that there was nothing significant in Mowi's Q2 numbers related to tariff refunds.
Q: How have the colder sea temperatures in Norway recently impacted your operations? A: Ivan Vindheim (CEO) noted that environmental conditions have been great last year and so far this year, leading to extremely strong KPIs. However, he acknowledged that sea temperatures are now rising, which could present a different challenge, but so far, things are going well.
Q: What is the outlook for feed prices, and how is Mowi mitigating the inflationary pressure? A: Kristian Ellingsen (CFO) explained that feed prices are increasing after a positive trend from 2023-2025, driven by marine ingredients and a poor pelagic fishery season. Mowi is partly offsetting this through its Skretting partnership and by hedging raw materials for the current growth season. The company has also increased its working capital tie-up guidance to EUR150 million due to feed inflation. Ivan Vindheim (CEO) added that the driver behind the increase is weak fisheries, which are cyclical and not necessarily permanent.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
