Mowi's Q2 2026: Supply Normalization, Cost Discipline, and a Sharper Portfolio

Record harvest and revenue despite soft prices, as Mowi sharpens its farming footprint and navigates feed inflation.

MOWI.OL · Earnings Call · 2026-08-18

A Quarter of Record Volumes and Soft Prices

Mowi reported Q2 2026 with record revenue of EUR 1.6 billion and record harvest volumes of 150,000 tonnes, translating into an operational profit of EUR 231 million, up 23% year-over-year. “industry supply growth dropped finally back to a more normal level in the second quarter, down to a relatively low single-digit rate of 2.6% unadjusted for inventory and 6.1% adjusted for inventory after a year of unprecedented double-digit industry supply growth.” — Ivan Vindheim, CEO · 2026-08-18 This normalization is central to the company's outlook. Despite soft prices in Q2, prices were up 6% year-over-year, and so far in Q3, they have surged 21% from a low base. Demand grew 9% year-over-year, with strong retail in Europe and Asia, including a structural shift in China. The company's quarterly record harvest volumes were a key driver of the top line.

Cost Discipline: The Backbone of the Quarter

Cost performance was a bright spot. “There was a cost reduction of EUR 26 million in the quarter and EUR 70 million year-to-date compared with last year.” — Kristian Ellingsen, CFO · 2026-08-18 The company remains on track to deliver EUR 30 million in annualized cost savings in 2026, part of a broader cost focus that has yielded EUR 408 million in savings since 2018. However, the company is now confronting a feed side inflation driven by weak pelagic fisheries, which is partly offset by hedging and feed basket changes. CFO Kristian Ellingsen noted that the underlying trend is upward, but "the driver behind this feed price increase is weak pelagic fisheries and fisheries, they come and go."

A Sharper Portfolio: Canada East Divestiture

A defining move was the agreement to divest Mowi's farming operations in Canada East for CAD 225 million. CEO Ivan Vindheim stated,

This is a 9,000 tonnes farming operation in Atlantic Canada, an area where we have never truly succeeded, I think it's fair to say. So this should be seen as a measure to further sharpen our farming portfolio and become even more focused on our remaining farming geographies.
Ivan Vindheim, CEO · 2026-08-18

This was a new Canada East theme in the company's discussion, reflecting a strategic reallocation. The divestiture trims 2026 volume guidance slightly from 605,000 to 600,000 tonnes, still representing 7.4% growth year-over-year.

Downstream and Feed: Mixed but Manageable

Consumer Products saw operational profit nearly halve to EUR 29 million due to weaker contracts, although sales volumes reached a quarterly record of 74,000 tonnes, up 14%. CEO Ivan Vindheim commented, “we will see the same development, right? So very good operations, very good underlying operational performance, good growth, but weaker contracts will continue to weigh on our earnings also in the second half of the year.” — Ivan Vindheim, CEO · 2026-08-18 In contrast, Mowi Feed delivered a seasonally record quarter, with an expansion at Bjugn adding 100,000 tonnes of capacity.

Outlook: Tight Supply and Taming Inflation

The company expects limited industry supply growth for the remainder of 2026 and into 2027, citing regulatory and technological constraints. “We are expecting limited industry supply growth for the remainder of this year, but also in the coming years due to regulatory and resultant technological constraints.” — Ivan Vindheim, CEO · 2026-08-18 This should tighten market balance and support prices. However, a brewing El Niño poses a biological risk, and feed inflation remains a watch item. The company's good price achievement, 5% above reference price, underscores its competitive positioning. Prior calls highlighted the same supply normalization narrative: “If you go back 1 year to April '25, then you saw 12% higher global biomass in sea. If you look at the numbers this year, it's stable.” — Kristian Ellingsen, CFO · 2026-05-13 And the favorable biology that drove recent results was echoed earlier: “It has gone fantastically well in the sea so far this year. In my almost 20 years in the industry, I can't remember we have seen this before.” — Ivan Vindheim, CEO · 2025-05-14 The company's sales volumes and harvest records suggest that its growth strategy is paying off, even as it navigates cost inflation and portfolio adjustments.