Investing.com -- Mowi ASA (OL:MOWI), the world's largest salmon farmer, more than doubled third-quarter operating profit to €275 million on a 15% jump in salmon prices, but said farming cost savings would stall in the fourth quarter and guided to just about 2% volume growth in 2027.
Mowi reported operating profit of €274.5 million, versus €111.7 million a year earlier, on better prices, lower costs and higher volumes. It called the result "seasonally record-high."
Salmon spot prices rose 18% from a year earlier in the quarter and are up 13% so far in the fourth, as global supply growth slowed and demand stayed strong, the company said. Spot prices in Europe rose 15% in euros.
The price Mowi achieved was 7% above the reference price, versus 15% above a year earlier.
Research agency Kontali expects industry supply growth of -3% in the fourth quarter and 0-1% next year, Mowi said. The company named El Niño as a downside risk to 2027 industry volumes.
Mowi's average farming cost across its seven farming countries was €5.11 per kg, versus €5.42 a year earlier and better than it had guided.
For the fourth quarter, it expects cost at the same level as a year earlier, somewhat above the third quarter, because of lower harvest volumes and temporary inflationary pressure on feed raw materials from poor pelagic fisheries this year.
Mowi harvested a record 185,641 tonnes gutted weight, versus 165,640 tonnes, and revenue hit a record €1.73 billion, versus €1.39 billion.
It raised 2026 harvest guidance to 620,000 tonnes from 600,000 tonnes after strong seawater production, an increase of 11% from 2025. It guided to 630,000 tonnes in 2027, assuming normal growth conditions in the sea, and 148,000 tonnes in the fourth quarter.
Consumer Products operating profit fell to €45.3 million from €65.7 million a year earlier on lower 2026 contract prices, even as revenue and volumes hit record highs, with 84,359 tonnes sold, up 17.8%.
Earnings before financial items and taxes were €312.0 million, versus €172.4 million a year earlier. Profit for the period was €182.5 million, versus €108.9 million.
Net debt was €2.89 billion, versus €1.76 billion a year earlier, above Mowi's long-term target of €2.70 billion. Cash flow from operations was €193.0 million, versus €255.2 million, with €67.8 million tied up in working capital, driven by its sales and marketing business.
The company declared a quarterly dividend of NOK 2.30 per share, versus NOK 1.45 a year earlier.
Mowi expects about €140 million in proceeds from the sale of its Canada East farming operations to Cooke Inc. once the deal closes, subject to competition clearance. Closing is expected at the end of 2026.
Original Article
Mowi Q3 profit more than doubles on higher salmon prices
Heidelberg Materials raises cost savings target by €300 mln after Q3 profit beat
Fresenius raises 2026 earnings outlook after Q3 profit beats estimates
