Mowi ASA (MHGVY) Q3 2026 Earnings Call Highlights: Record Harvest Volumes and 2. ...

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Release Date: November 04, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Record-high harvest volume of 186,000 tons, up 12% year-over-year, driving operational profit of EUR275 million, 2.5 times higher than Q3 2025.

• Realized cost decreased by EUR0.31 per kilo year-over-year, supported by lower feed prices and operational improvements.

• Strong demand and price recovery: prices up 18% year-over-year in Q3 and 13% in Q4, with industry supply growth normalized at low-single-digit rates.

• Mowi Feed and Consumer Products divisions achieved record-high sales volumes and earnings, with Feed EBITDA of EUR34 million and Consumer Products operational profit of EUR45 million.

• Increased farming volume guidance for 2026 to 620,000 tons (11% growth) and 630,000 tons for 2027, maintaining global market share of 21% and solid financial position with 43% equity ratio.

Negative Points

• Rising feed prices due to weak pelagic fisheries are expected to increase realized costs in 2027, with Q4 2026 costs somewhat higher than Q3.

• Chile operations face soft prices and tariffs, resulting in a modest margin of EUR0.53 per kilo despite record harvest volumes.

• Algae issues in Canada cost EUR8 million in Q3, and Ireland operations were roughly break-even due to challenging farming conditions.

• Arctic Fish in Iceland recorded a small loss of EUR3 million due to weak prices and higher costs.

• Industry supply expected to decline by 3% in Q4 2026 and grow only around 1% in 2027, with potential El Nino risks in Chile and lower harvest volumes affecting fixed cost dilution.

Q & A Highlights

Q: How does Mowi view the risk to Chilean production from El Nino, given the government alert and rising sea temperatures? A: CEO Ivan Vindheim acknowledged the risk is real following the government emergency measures, but noted no deterioration in KPIs yet beyond higher sea temperatures. He said Mowi Chile's mortality rate the prior week was the second lowest in the group, only behind Region North, though he cautioned this offers no guarantees going forward "so far, so good."

Q: With standing biomass slightly down year over year, how will Mowi deliver its guided volume growth in Norway and group-wide in 2027? A: CEO Ivan Vindheim explained that although biomass in tonnage is down, Mowi has 5.5 million more individuals in the sea and expects to be close to last year's level by year-end. He pointed to Mowi's track record of delivering on volume guidance and expressed confidence, while noting harvest weights remain a factor with several months still ahead.

Q: Is the expected Norwegian volume growth into 2027 broad-based across regions or concentrated in specific areas? A: CEO Ivan Vindheim said the growth is "quite linear," with no particular region standing out as the main driver.

Q: Chilean prices are described as soft, yet the chart shows them up 20% year over year why are they still considered soft? A: CEO Ivan Vindheim explained that, converted to pound per kilogram, Chilean prices remain below what Mowi achieves for European salmon, even though Mowi Chile has the group's second-lowest cost base after Region North. He said the issue is price achievement after tariffs, not cost or volume, and flagged a possible comeback for Chilean salmon if a double tariff on Norwegian salmon into the US materializes.

Q: How will rising Feed costs impact Mowi's cost level in 2027? A: CFO Kristian Ellingsen said Mowi maintains the cost-increase guidance for 2027 provided at the Q2 presentation, with no changes to the underlying numbers used to calculate the effect. CEO Ivan Vindheim added that, as a Feed producer, Mowi absorbs feed price changes immediately with no lag, unlike peers, and that feed prices are exactly in line with what was assumed in August.

Q: Has Mowi lifted its Feed price assumptions since the Q2 presentation, given the slightly higher cost curve shown today? A: CFO Kristian Ellingsen reiterated that the numbers used to guide the overall cost effect for Mowi are stable and prior guidance is maintained. CEO Ivan Vindheim confirmed that work on next year's budget shows nothing has changed for Mowi's part, while noting feed prices are indeed up just not more than previously communicated, though the picture could differ for other industry players.

Q: What drove the record third-quarter results, and how did costs develop? A: CEO Ivan Vindheim credited record harvest volumes of 186,000 tons (up 12% year over year), realized costs of EUR5.11 per kilo (slightly below guidance and down EUR0.31 per kilo year over year), and reasonably good seasonal prices. This produced operational profit of EUR275 million 2.5 times the EUR112 million posted a year earlier and record quarterly turnover of EUR1.73 billion.

Q: What is the outlook for prices and industry supply? A: CEO Ivan Vindheim said the forecasted market recovery is playing out, with prices up 18% year over year in Q3 and 13% so far in Q4, driven by strong demand and industry supply growth normalized at a low-single-digit rate as previously untapped capacity is now largely utilized. CFO Kristian Ellingsen added that global supply is expected to decline about 3% in Q4 2026 and grow only around 1% in 2027.

Q: How are Mowi's downstream divisions, Feed and Consumer Products, performing? A: CEO Ivan Vindheim reported new records for both divisions. Mowi Feed posted record operational EBITDA of EUR34 million (up 33%) on record sales volumes of 211,000 tons (up 19%), while Consumer Products delivered operational profit of EUR45 million on record sales volumes of 84,000 tons product weight (up 18%), with the year-over-year earnings decline solely attributable to weaker contracts.

Q: What is the status of Mowi's volume guidance and long-term growth targets? A: CEO Ivan Vindheim raised 2026 Farming guidance to 620,000 tons from 600,000 tons (up 11% year over year, about one-third organic) on exceptionally good sea growth, with 630,000 tons expected in 2027 assuming normal conditions. He noted the 2029 organic target of 650,000 tons was removed as Mowi is nearly there, with 700,000 tons the natural new long-term ambition subject to profitable growth, smolt stockings, and post-smolt use.

Q: How did the regional farming operations perform in the third quarter? A: CEO Ivan Vindheim highlighted Mowi Norway's operational profit of EUR239 million and margin of EUR1.79 per kilo on 134,000 tons, with Region North achieving EUR2.07 per kilo and Region Mid EUR1.94 per kilo. Scotland posted EUR20 million (EUR1.69 per kilo), Canada EUR9 million (EUR1.24 per kilo) despite an EUR8 million algae hit, the Faroes EUR2.5 million, Ireland roughly break-even, and Arctic Fish a EUR3 million loss on weak prices.

Q: What is the dividend and balance sheet position? A: CEO Ivan Vindheim said the Board decided on a quarterly dividend of NOK2.30 per share. Net interest-bearing debt stood at EUR2.89 billion, slightly above the EUR2.70 billion long-term target, with a healthy 43% equity ratio, and approximately EUR140 million in proceeds expected from the Canada East divestment once antitrust approval is received.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .