Mowi Raises 2025 Output Forecast Despite Decline In Q2 Earnings

Norwegian salmon farming elephantine Mowi has raised its output forecast for 2025, moreover arsenic it reported a diminution successful second-quarter earnings.   

The company’s net earlier liking and taxes (EBIT) for nan 4th fell by 8.7% year-on-year to €81.8m ($95.2m).

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Operational EBIT declined 17% to €188.5m owed to “lower prices”.

Mowi, which operates successful Norway, Chile, Canada, Iceland, nan Faroes, Scotland, and Ireland, reported operational gross of €1.39bn for nan 2nd quarter, marking a 4% summation compared to nan erstwhile year.

For nan 4th ended 30 June, nan institution recorded a profit of €41.5m, up 10% from past year.

The institution harvested a “record” 133,000 tonnes successful nan 2nd quarter, representing a 21% maturation compared to past year.

“2025 has truthful acold been a bully twelvemonth for nan farming section pinch very bully operations and beardown growth,” Mowi CEO Ivan Vindheim said.

In ray of these results, Mowi has raised its measurement guidance for 2025 to 545,000 tonnes, reflecting “strong” seawater growth, which equates to an yearly maturation of 9% from 2024.

Vindheim added: “With nan precocious concluded statement to summation our ownership liking successful Nova Sea from 49% to 95%, we expect to harvest astatine slightest 600,000 tonnes arsenic early arsenic adjacent year, balanced to a maturation of 10% successful 2026, and we are quickly approaching our adjacent milestone of 400,000 tonnes successful Norway alone.”

In January, Mowi acquired Vigner Olaisen’s 46% liking successful section adjacent Nova Sea for Nkr7.4bn ($655m), efficaciously giving it power of nan business. The seafood group has held a number liking successful Nova Sea since 1995. Following nan transaction, Mowi’s ownership successful Nova Sea will summation from 49% to 95%.

For nan first half of 2025, Mowi’s operational gross roseate astir 3% to €2.75bn.

However, EBIT for nan first six months plummeted to €123m from €328.5m a twelvemonth earlier, pinch profit declining to €59m from €208.2m successful nan first half of 2024.

In September past year, Mowi said it aimed to realise up to €400m ($446.3m) successful costs savings over nan adjacent 5 years, mostly done caller technologies. In ray of its financial performance, Mowi’s Board of Directors has decided to salary a quarterly dividend of Nkr1.45 per share.