Mowi ASA: Global Leader in Atlantic Salmon Aquaculture

Quick Facts / Company Snapshot

• Company Name: Mowi ASA
• Headquarters: Bergen, Norway
• Chief Executive Officer: Ivan Vindheim
• Industry: Seafood / Aquaculture
• Primary Product: Atlantic Salmon
• 2024 Operational Revenue: EUR 5,616.6 million
• 2024 Harvest Volume: 501,530 tonnes gutted weight (GWT)
• 2025 Harvest Guidance: 530,000 tonnes GWT
• Global Market Share: Approximately 20%
• Employees (FTE): 13,806
• Presence: Operations in 26 countries; Sales to ~70 countries
• Operational EBIT (2024): EUR 828.9 million
• Return on Capital Employed (ROCE): 15.5%
• Total Assets: EUR 8,554.7 million
• Equity Ratio: 49.8% (Covenant equity ratio)
• Dividend Paid (2024): NOK 6.60 per share
• Sustainability Ranking: #1 Coller FAIRR Protein Producer Index (6th consecutive year)
• Feed Production Capacity: 700,000 tonnes (Norway and Scotland)
• Consumer Products Volume: 247,333 tonnes product weight
• Key Strategic Pillars: Volume Growth, Cost Competitiveness, Sustainability

Company Overview

Mowi ASA stands as the world’s largest producer of farm-raised Atlantic salmon, holding a commanding position in the global seafood industry relative to both volume and turnover. The company controls approximately 20% of the global market share for Atlantic salmon, a testament to its scale and operational reach. Mowi operates a fully integrated value chain that spans the entire lifecycle of the salmon, from “roe to plate.” This vertical integration allows the company to maintain strict control over genetics, feed, farming operations, harvesting, processing, and logistics, ensuring quality and traceability at every stage.

The company’s vision, “Leading the Blue Revolution,” drives its ambition to be a world-leading, integrated producer of seafood proteins. Mowi aims to supply a growing global population with healthy, nutritious, and climate-friendly food from the ocean. This vision is underpinned by four guiding principles: Profit, Planet, Product, and People. Mowi believes that by farming the ocean sustainably, it can produce food that is beneficial for human health while respecting planetary boundaries and allowing local communities to flourish.

Mowi’s operations are vast, with representation in 26 countries and sales relationships extending to approximately 70 nations. The workforce comprises 13,806 full-time equivalent employees who are united by the company’s core values: Passion, Change, Trust, and Share. These values shape the corporate culture and operational approach, encouraging innovation, transparency, and a commitment to delivering on promises.

Financially, Mowi focuses on creating long-term value for shareholders through positive share price development and a growing dividend in line with long-term earnings. The company targets a Return on Capital Employed (ROCE) above 12% per annum and maintains a robust financial position with a long-term net interest-bearing debt target. In 2024, the company achieved record-breaking operational revenue of EUR 5.62 billion and an all-time high harvest volume of 501,530 tonnes, demonstrating its ability to deliver on its strategic pillars of volume growth, cost competitiveness, and sustainability.

Business Segments

Mowi organises its operations into three primary business areas: Sales & Marketing, Farming, and Feed. Each segment plays a critical role in the integrated value chain, contributing to the company’s overall operational revenue and profitability. The financial figures below reflect Operational Revenue, which includes both external sales and internal transfers between segments.

Sales & Marketing

Operational Revenue (2024): EUR 7,718.7 million (Combined Markets and Consumer Products) Percentage of Gross Segment Revenue: 62.6% Operational EBIT: EUR 352.3 million

The Sales & Marketing business area is the downstream engine of Mowi, responsible for bridging the gap between production and the consumer. It consists of two distinct reporting segments: Markets and Consumer Products.

• Markets: This segment handles the trading-related activities. It is responsible for the sale of primary processed products obtained from Mowi’s Farming operations and, to a lesser extent, products purchased from third parties. The Markets division manages logistics and delivery to third-party customers as well as to internal secondary processing operations. In 2024, the Markets segment generated an Operational EBIT of EUR 206.5 million.
• Consumer Products: This segment comprises the company’s secondary processing and value-added operations in Europe, the Americas, and Asia. It transforms gutted fish into finished products such as fillets, steaks, smoked salmon, sushi, and other prepared meals. Consumer Products focuses on quality, innovation, brand building, and customer service. In 2024, this segment achieved record-high volumes of 247,333 tonnes product weight and an Operational EBIT of EUR 145.8 million. The segment is instrumental in Mowi’s strategy to de-commoditise the salmon category through branding and product differentiation.

Farming

Operational Revenue (2024): EUR 3,506.4 million Percentage of Gross Segment Revenue: 28.4% Operational EBIT: EUR 443.8 million

Farming is the core production segment of Mowi, encompassing the biological lifecycle of the salmon. This business area includes farming operations in seven key geographies: Norway, Scotland, Canada, Chile, Ireland, the Faroe Islands, and Iceland. It also houses the Breeding & Genetics programme, which is essential for securing the selection of the best genetic properties for future generations of fish.

The Farming segment covers broodstock management, egg production, smolt rearing in freshwater facilities, and grow-out in seawater sites. It also includes primary processing activities, such as harvesting and gutting, and some filleting activities. In 2024, the Farming segment achieved an all-time high harvest volume of 501,530 tonnes gutted weight. The segment focuses relentlessly on biological performance, cost control, and license utilisation to drive profitability.

Feed

Operational Revenue (2024): EUR 1,121.7 million Percentage of Gross Segment Revenue: 9.1% Operational EBIT: EUR 46.8 million

The Feed business area is the upstream foundation of Mowi’s integrated model. It comprises two state-of-the-art feed mills located in Valsneset, Norway, and Kyleakin, Scotland. These facilities enable Mowi to be self-sufficient for feed in Europe, supplying 96% of the European farming operations’ requirements in 2024.

Mowi Feed focuses on producing high-performing, sustainable feed that is tailored to the specific nutritional needs of the Mowi salmon strain. This integration ensures quality control over the most important input factor in salmon production. In 2024, the segment produced a record 582,061 tonnes of feed and achieved its highest-ever Operational EBITDA of EUR 62.2 million. The combined capacity of the feed mills stands at 700,000 tonnes, with an ongoing expansion in Norway set to add another 60,000 tonnes of capacity by 2026.

History and Evolution

The history of Mowi is a story of pioneering aquaculture that traces back to the very inception of the salmon farming industry. The journey began in 1964, when a few pioneers started farming fish in their backyards. This marked the start of the Mowi adventure, utilizing salmon from the rivers Vosso and Årøy.

In 1969, a significant milestone was reached with the first stocking of salmon smolt in seawater. Recognizing the potential of this nascent industry, Norsk Hydro acquired 50% of Mowi. Throughout the 1970s, the company solidified its presence, becoming a recognised local brand by 1975-1976, which also marked the beginning of the Mowi breeding adventure.

The period from 1980 to 2005 was characterized by consolidation and corporate restructuring. Norsk Hydro took 100% ownership of Mowi and subsequently changed the name to Marine Harvest. This era saw several mergers and acquisitions that shaped the modern industry.

A transformative event occurred in 2006-2007 with the establishment of the Marine Harvest Group. This powerhouse was formed through the merger of three independent companies: Pan Fish, Marine Harvest, and Fjord Seafood. This consolidation created the world’s largest salmon farming company, setting the stage for global leadership.

The company continued to expand its downstream capabilities. In 2013, Morpol, a leading secondary processor, became part of the Group. This acquisition secured Mowi’s position as a clear leader in value-added processing and downstream activities, significantly enhancing its ability to serve retail and foodservice customers directly.

In 2018, the company rebranded from Marine Harvest back to its roots, adopting the name Mowi. This change reflected a strategic shift towards building a global consumer brand and honouring its heritage.

The recent years have been defined by continued growth and sustainability leadership. Between 2019 and 2024, Mowi was ranked the “Most Sustainable Protein Producer” by the Coller FAIRR Index for six consecutive years. In 2024, the company exceeded the 500,000 tonnes harvest volume milestone for the first time.

Looking ahead, 2025 is set to be another pivotal year. Mowi has entered into a share purchase agreement to increase its ownership in Nova Sea from 49% to 95%. This strategic move is expected to further boost harvest volumes and consolidate Mowi’s position in Northern Norway.

Products and Services

Mowi’s product portfolio is designed to meet diverse consumer needs, ranging from raw commodities to convenient, value-added meal solutions. The company’s sales are dominated by salmon products, which accounted for 94.7% of total revenues in 2024.

Fresh Whole Salmon (Primary Processed)

Percentage of Total Revenue: 50.7%

Fresh whole salmon represents the core commodity product for Mowi. These are salmon that have been harvested, gutted, and packed for transport. This product category serves as the raw material for secondary processors, smokers, and distributors worldwide. The sale of primary processed salmon is driven by global demand for high-quality protein and is sensitive to spot market prices. In 2024, fresh whole salmon constituted slightly more than half of the company’s total revenue, reflecting the massive scale of its farming operations.

Elaborated Salmon (Secondary Processed)

Percentage of Total Revenue: 49.3%

Elaborated salmon products include a wide array of value-added items designed for ease of use and consumer enjoyment. This category encompasses:

• Smoked and Marinated Products: Traditional smoked salmon, gravlax, and marinated varieties.
• Modified Atmosphere Packaging (MAP): Fresh fillets and portions packaged to extend shelf life and maintain quality for retail.
• Ready-to-Eat and Ready-to-Heat: Convenience products such as sushi, poke bowls, and prepared meals that require minimal preparation.
• Other Value-Added Products: This includes steaks, portions, and bespoke cuts tailored to customer specifications.

The elaborated salmon category is central to Mowi’s strategy of de-commoditisation. By processing the fish further, Mowi captures more value and creates products that offer stable prices and higher margins compared to whole fish. The company continuously innovates in this space, launching hundreds of new products annually to cater to evolving consumer trends like healthy eating and convenience.

Other Species and Products

While Atlantic salmon is the primary focus, Mowi also deals in other seafood species to a lesser extent, including cod, pangasius, saithe, Alaska pollock, sockeye, and haddock. These products complement the salmon offering, allowing Mowi to provide a comprehensive seafood range to its retail and foodservice partners. The company also generates revenue from the sale of fish feed to external parties, although the vast majority of feed production is used internally.

Brand Portfolio

Mowi has strategically shifted from being a pure commodity producer to a branded consumer goods company. The centrepiece of this strategy is the MOWI brand.

The MOWI Brand

The MOWI brand represents the company’s premium offering, guaranteeing consumers high quality, traceability, and sustainability.

• Market Presence: The brand has been launched in 16 countries across Europe, the United States, and Asia.
• Strategic Goal: Mowi has set a long-term target of achieving EUR 1 billion in turnover with a 10% earnings margin for the MOWI brand.
• Product Lines: The brand encompasses various product lines such as the “MOWI Pure” range, “MOWI Gourmet,” and specific regional variations like “MOWI Bistro” in the UK and “MOWI Burgers” in Germany.
• Innovation: The brand serves as a vehicle for launching innovative products. For example, recent launches include MOWI Bistro Scottish Salmon Fillets with Lemon & Herb Butter and MOWI Viking Burgers.
• Performance: Demand for MOWI-branded products is increasing, supporting the company’s goal to de-commoditise the salmon category and build consumer loyalty.

Geographical Presence

Mowi operates a truly global footprint, with production facilities and sales offices strategically located to serve the world’s major seafood markets.

Europe

Percentage of Total Revenue: 70% Revenue (2024): EUR 3,906.5 million

Europe is Mowi’s largest and most important market. The region is home to the majority of the company’s farming operations and processing capacity.

• Farming: Major operations in Norway, Scotland, Ireland, the Faroe Islands, and Iceland. Norway is the powerhouse of the group, producing the bulk of the harvest volume.
• Processing: Extensive secondary processing network including major plants in Poland (Ustka), Belgium (Bruges), France (Boulogne), and Scotland (Rosyth).
• Market: The European market showed good demand development in 2024, particularly in the retail segment. Key markets include France, Germany, and the UK.

Americas

Percentage of Total Revenue: 20% Revenue (2024): EUR 1,103.4 million

The Americas region is a significant contributor to Mowi’s global operations, both in terms of production and consumption.

• Farming: Operations in Chile and Canada (West and East). Chile is a major producer, while Canada provides strategic access to the North American market.
• Processing: Processing facilities located in the United States (Miami, Dallas, Arlington), Canada, and Chile.
• Market: The US market consumed close to 600,000 tonnes of salmon in 2024. While consumption decreased slightly due to cost-of-living pressures, the retail channel saw volume growth, driven by fresh pre-packed categories.

Asia

Percentage of Total Revenue: 9% Revenue (2024): EUR 513.7 million

Asia represents a growing market with high potential for premium seafood products.

• Operations: Processing and sales presence in countries including Japan, Vietnam, Taiwan, China, and South Korea.
• Market: Consumption in the Asian market increased by 6.2% in 2024. The region saw strong demand in the foodservice segment, supported by improved availability of larger-sized salmon.

Rest of the World

Percentage of Total Revenue: 1% Revenue (2024): EUR 60.1 million

This category includes sales to other global markets not covered by the three main regions, ensuring Mowi’s products reach customers in approximately 70 countries worldwide.

Financial Performance Analysis

Mowi’s financial performance in 2024 was characterised by record-breaking revenues and robust operational earnings, despite market headwinds such as lower prices and biological challenges in certain regions.

Profit and Loss Analysis

• Operational Revenue: Mowi achieved an all-time high operational revenue of EUR 5,616.6 million in 2024, a 1.9% increase from EUR 5,513.4 million in 2023. This growth was driven by record harvest volumes and increased sales in Consumer Products.
• Operational EBIT: The Group delivered an Operational EBIT of EUR 828.9 million. This represents a decrease from the EUR 1,027.5 million achieved in 2023. The decline was primarily due to lower achieved prices and the realisation of higher costs from previous inflation.
• Operational EBIT Margin: The Group’s Operational EBIT margin for 2024 was 14.8%, compared to 18.6% in the previous year.
• Earnings Per Share (Underlying): Underlying EPS stood at EUR 1.05 (NOK 12.23), providing a solid basis for shareholder returns.
• Cost of Materials: This remains the largest cost component, stable at 50% of revenue. The cost in box per kg increased slightly to EUR 5.80 from EUR 5.62, mainly due to feed inflation, though feed prices trended downwards during the year.

Balance Sheet Analysis

• Total Assets: At the end of 2024, total assets stood at EUR 8,554.7 million, an increase from EUR 8,239.0 million in 2023.
• Equity: Total equity attributable to owners of Mowi ASA was EUR 3,839.2 million, up from EUR 3,593.3 million. The equity ratio (Covenant Equity Ratio) improved to 49.8%, well above the minimum requirement of 35%, indicating a very strong financial position.
• Net Interest-Bearing Debt (NIBD): NIBD excluding IFRS 16 effects was EUR 1,867.1 million, up from EUR 1,790.3 million. This level is slightly above the long-term target of EUR 1,700 million, a target which is set to be revised following the Nova Sea acquisition.
• Liquidity: The company holds cash and cash equivalents of EUR 290.2 million. The Group’s financing is secured through a syndicated loan facility and green bonds, providing ample liquidity for operations and strategic investments.

Cash Flow Analysis

• Cash Flow from Operations: Mowi generated a strong cash flow from operations of EUR 916.6 million in 2024, compared to EUR 992.2 million in 2023.
• Cash Flow from Investments: Net cash outflow for investments was EUR 332.1 million. Capital expenditures (Capex) were EUR 290.0 million, focused on Farming growth initiatives like postsmolt facilities and seawater expansions.
• Cash Flow from Financing: The net cash outflow from financing was EUR 598.3 million, which included dividend payments of EUR 292.2 million and interest payments.
• Free Cash Flow: The net cash flow per share was EUR 0.43.

Board of Directors and Leadership Team

Mowi’s governance structure is led by an experienced Board of Directors and a Group Management Team with deep industry expertise.

Board of Directors

• Ørjan Svanevik (Chair): Elected Chair in November 2024. Director at Seatankers Management Norway AS with broad operational and M&A experience.
• Kristian Melhuus (Deputy Chair): Partner at Sandwater. Experience in investment and finance.
• Lisbet K. Nærø: Chair of the Audit Committee. CEO of Fana Sparebank with comprehensive experience in banking and finance.
• Kathrine Astrup Fredriksen: Director. Employed by Seatankers Services. Extensive board experience in associated companies.
• Peder Strand: Director. Investment Director at Seatankers Management Norway AS.
• Leif Teksum: Director. Partner at Vest Corporate Advisors AS, with extensive banking experience.
• Kjersti Hobøl: Director. CEO of Nille AS.
• Employee Representatives: Marit Øvergård Utnes, Eivind Kallbekken, and John Olav Johansen represent the workforce on the Board.

Group Management Team

• Ivan Vindheim: Chief Executive Officer (CEO) since 2019. Formerly CFO. Has extensive experience in the seafood industry.
• Kristian Ellingsen: Chief Financial Officer (CFO). Responsible for financial reporting, treasury, and investor relations.
• Catarina Martins: Chief Technology Officer (CTO) and Chief Sustainability Officer (CSO). Leads global R&D and sustainability strategies.
• Ola Brattvoll: Chief Operating Officer (COO) Sales & Marketing. Oversees global sales and consumer products.
• Øyvind Oaland: COO Farming Norway and Iceland. Responsible for the largest farming region.
• Ben Hadfield: COO Farming Scotland, Ireland, Faroes, and Canada East.
• Fernando Villarroel: COO Farming Americas (Chile and Canada West).
• Atle Kvist: COO Feed. Manages feed operations in Norway and Scotland.
• Kjersti Eikeseth: Chief Human Resources Officer (CHRO).

Subsidiaries, Associates, Joint Ventures

Mowi comprises a vast network of subsidiaries and associated companies that execute its global strategy.

Major Subsidiaries

Mowi owns 100% of the following major operating subsidiaries (list not exhaustive):

• Mowi Seawater Norway AS: The primary farming entity in Norway.
• Mowi Scotland Ltd: Farming and processing operations in the UK.
• Mowi Chile S.A.: Farming operations in Chile.
• Mowi Canada West Inc. & Mowi Canada East Inc.: Farming operations in North America.
• Mowi Feed AS: Feed production entity in Norway.
• Mowi Poland S.A.: Large-scale secondary processing.
• Mowi Belgium NV: Processing operations.
• Mowi USA LLC: Sales and processing in the US.
• Arctic Fish Holding AS: Mowi owns 51.28%. A leading salmon farmer in Iceland.

Major Associates

• Nova Sea AS: A leading integrated salmon farmer in Northern Norway. Mowi currently owns 49% and has entered into an agreement to increase this ownership to 95% in 2025. Nova Sea reported a turnover of EUR 484.1 million and a net profit of EUR 128.4 million in 2024. It is known for industry-leading margins and excellent biological performance.

Physical Properties

Mowi’s physical asset base is extensive, designed to support its fully integrated value chain.

Feed Plants

• Valsneset, Norway: A state-of-the-art feed mill with a capacity of 460,000 tonnes. An expansion adding 60,000 tonnes is underway.
• Kyleakin, Scotland: A modern feed mill with a capacity of 240,000 tonnes.

Processing Facilities

Mowi operates 21 secondary processing facilities globally. Key locations include:

• Ustka, Poland: One of the world’s largest seafood processing plants.
• Bruges and Ostend, Belgium: Key hubs for fresh and value-added products.
• Rosyth, Scotland: Major processing facility serving the UK market.
• Boulogne, France: Strategic location for the French and European markets.
• Miami and Dallas, USA: Facilities serving the North American market.
• Lemmer, Netherlands: Processing coating products.
• Additional facilities in Chile, Canada, Ireland, Spain, Turkey, Japan, Vietnam, Taiwan, China, and South Korea.

Farming Sites

Mowi holds a vast portfolio of licenses and farming sites across its seven production countries.

• Norway: 236.7 licenses with a total capacity of 350,000 tonnes.
• Chile: 181 licenses.
• Scotland: 101 licenses.
• Canada: 111 licenses.
• Ireland: 20 licenses.
• Arctic Fish (Iceland): 10 licenses.
• Faroes: 3 licenses.

Segment-wise Performance

Farming

• Harvest Volume: 501,530 tonnes GWT (Record High).
• Operational EBIT: EUR 443.8 million.
• Performance: Farming Norway achieved record volumes of 303,501 tonnes. Farming Scotland also saw record volumes of 65,977 tonnes with improved biological performance. Chile achieved record volumes of 72,694 tonnes. Costs increased slightly due to inflation but were mitigated by scale effects.

Sales & Marketing

• Operational EBIT: EUR 352.3 million (Markets: EUR 206.5m, Consumer Products: EUR 145.8m).
• Performance: Consumer Products delivered record-high volumes of 247,333 tonnes product weight. The segment demonstrated resilience with a ROCE of 19.0%, driven by operational excellence and strong demand in European retail.

Feed

• Operational EBITDA: EUR 62.2 million (Record High).
• Volume Sold: 584,586 tonnes (12% increase year-on-year).
• Performance: The segment benefited from strong growth in sea farming, leading to high feed demand. Operational EBIT was EUR 46.8 million.

Founders

The Mowi adventure began in 1964 with a few pioneers who started farming fish in their backyards using salmon from the rivers Vosso and Årøy. While the modern corporate entity is the result of mergers between Pan Fish, Marine Harvest, and Fjord Seafood, the company explicitly honours these early pioneers as the founders of the industry and the Mowi legacy. Their experimental efforts in the 1960s laid the groundwork for what would become the global aquaculture industry.

Shareholding Pattern

Mowi is a publicly listed company on the Oslo Stock Exchange (Ticker: MOWI).

• Largest Shareholder: Geveran Trading Co Ltd (indirectly controlled by trusts established by John Fredriksen). Holding: 14.37%.
• Institutional Investors:
  • Folketrygdfondet: 9.93%
  • BlackRock, Inc.: 5.45%
  • DNB ASA: 4.19%
  • Vanguard Group Holdings: 3.45%
• Public Holdings: The remaining shares are held by a diverse mix of international and Norwegian investors. The top 20 shareholders control 62.88% of the company.

Parent Company

Mowi ASA is the ultimate parent company of the Group. It is headquartered in Bergen, Norway. There is no separate parent entity above Mowi ASA; however, Geveran Trading Co Ltd acts as the principal shareholder with significant influence.

Investments and Capital Expenditure Plans

Mowi continues to invest heavily to drive future growth and operational efficiency.

• 2025 Capex Budget: Approximately EUR 310 million.
• Strategic Priorities:
  • Postsmolt Strategy: Mowi is investing in postsmolt facilities (large smolt) to reduce production time in the sea, improve survival, and increase license utilisation. In Norway, facilities like Fjæra, Nordheim, and Haukå have been completed, and further investments in closed containment systems are planned.
  • Seawater Expansion: Selected expansions across the farming footprint.
  • Broodstock: Finalising a new broodstock and egg facility in Scotland to ensure self-sufficiency.
  • Feed: Expansion of the Norwegian feed plant with a new production line (60k tonnes capacity).
  • Processing: Automation and packaging technology projects in Consumer Products.
• R&D Spending: EUR 44.9 million in 2024. Focus areas include sea lice control, fish health, and Smart Farming technologies.

Future Strategy

Mowi’s strategy is centred on three pillars: Volume Growth, Cost Competitiveness, and Sustainability.

• Volume Targets: The company has set a target to reach 600,000 tonnes harvest volume by 2026 and 650,000 tonnes by 2029 (including Nova Sea). This represents a significant increase from the 2018 volume of 375,000 tonnes.
• Organic Growth: Focus on postsmolt production to improve biological performance and license turnover. By end of 2024, postsmolt capacity was nearly 40 million smolt.
• Acquisitions: The acquisition of a controlling stake in Nova Sea is a key strategic move to consolidate production in Northern Norway.
• Cost Reduction: A new global cost savings programme targeting EUR 30 million in 2025. Mowi identifies a total cost reduction potential of EUR 300-400 million over the next five years.
• Mowi 4.0 / Smart Farming: Implementation of digital technologies, remote operation centres, and underwater AI to optimise feeding and fish welfare.
• Branding: Continuing the roll-out of the MOWI brand to de-commoditise the category, with a target of EUR 1 billion turnover.

Key Strengths

• Integrated Value Chain: Mowi controls the entire process from feed and genetics to farming and sales, allowing for superior quality control, logistics optimisation, and margin capture.
• Scale: As the world’s largest producer, Mowi benefits from economies of scale in procurement, R&D, and market reach.
• Sustainability Leadership: Ranked #1 Sustainable Protein Producer by Coller FAIRR for six years running. 100% of harvest volume is certified sustainable.
• Genetic Expertise: Proprietary breeding programme ensures robust fish stocks with desirable traits.
• Global Brand: The MOWI brand provides a platform for product differentiation and premium pricing.
• Financial Robustness: Strong balance sheet and investment-grade credit profile allow for strategic investments and consistent dividends.

Key Challenges and Risks

• Biological Risks: Sea lice, diseases (e.g., SRS, CMS), and algae blooms remain significant risks that can impact mortality and costs.
• Market Risk: Fluctuations in global salmon prices directly impact profitability.
• Regulatory Risk: Changes in tax regimes, such as the resource rent tax in Norway, and licensing regulations (e.g., in Canada West) create uncertainty.
• Feed Costs: Volatility in the prices of raw materials for feed affects production costs.
• Climate Change: Rising sea temperatures and extreme weather events pose physical risks to farming operations.

Conclusion and Strategic Outlook

Mowi ASA has firmly established itself as the titan of the aquaculture industry. With a record-breaking performance in 2024, the company has demonstrated the resilience of its integrated business model and the efficacy of its strategic focus on volume, cost, and sustainability. By aggressively pursuing organic growth through postsmolt investments and strategic acquisitions like Nova Sea, Mowi is poised to expand its production capacity significantly in the coming years.

The company’s commitment to “Leading the Blue Revolution” is not just a slogan but a proven operational reality, evidenced by its top-tier sustainability rankings and innovative approach to farming. As Mowi moves towards its ambitious harvest targets of 650,000 tonnes by 2029 and continues to build its global consumer brand, it is well-positioned to capitalise on the growing global demand for healthy, sustainable protein. Despite facing inherent biological and regulatory challenges, Mowi’s robust financial position and forward-thinking leadership ensure it remains at the forefront of the global seafood industry.

Official Site: https://mowi.com/

FAQ Section

1. What is Mowi ASA’s primary business? Mowi ASA is the world’s largest producer of farm-raised Atlantic salmon. The company operates a fully integrated value chain that includes fish feed production, salmon farming, primary processing, and secondary value-added processing and sales.

2. What was Mowi’s revenue in 2024? In 2024, Mowi achieved an all-time high operational revenue of EUR 5,616.6 million.

3. Who is the CEO of Mowi? The Chief Executive Officer of Mowi is Ivan Vindheim.

4. How much salmon does Mowi produce annually? In 2024, Mowi harvested a record 501,530 tonnes gutted weight of Atlantic salmon. The company has guided a harvest volume of 530,000 tonnes for 2025.

5. Where does Mowi operate? Mowi has farming operations in Norway, Scotland, Canada, Chile, Ireland, the Faroe Islands, and Iceland. It also has sales and processing operations in 26 countries worldwide.

6. What is Mowi’s sustainability ranking? Mowi has been ranked the number one most sustainable protein producer by the Coller FAIRR Protein Producer Index for six consecutive years (2019–2024).

7. Does Mowi pay dividends? Yes, Mowi aims to provide a competitive return to shareholders through dividends. In 2024, the company paid a total dividend of NOK 6.60 per share.

8. What are Mowi’s main business segments? Mowi’s operations are divided into three main business areas: Farming (cultivating salmon), Feed (producing fish feed), and Sales & Marketing (processing and selling seafood).

9. What is the Mowi Smart Farming strategy? Mowi 4.0, or Smart Farming, involves the use of advanced technologies such as underwater cameras, sensors, remote operation centres, and artificial intelligence to improve fish health, welfare, and operational efficiency.

10. Who are the largest shareholders of Mowi? The largest shareholder is Geveran Trading Co Ltd (indirectly controlled by John Fredriksen), holding 14.37%, followed by Folketrygdfondet with 9.93%.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.