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1. Company Snapshot

1.a. Company Description

Mowi ASA, a seafood company, produces and supplies farmed salmon products worldwide.The company operates through three segments: Feed, Farming, and Sales and Marketing.It is involved in the salmon feed production, salmon farming and primary processing, and seafood secondary processing activities.


The company offers whole gutted fish, including Label Rouge and organic salmon; and white fish and other seafood products, as well as fillets, steaks, cutlets, portions, loins, kebabs, and steak combos.It also provides value added products, such as breaded, pre-fried, dusted, marinated, grilled, battered, topped, filled with sauce, delicatessen, fresh fish ready meal, and smoked fish products.The company offers its products under the Mowi, Mowi Salmon, Donegal Silver, Admiral's, Pieters, Laschinger, Kritsen, Ducktrap River, Harbour Salmon Co., Rebel Fish, Supreme Salmon, Olav's, Northern Harvest, and Mowi Nutrition brand names.


The company was formerly known as Marine Harvest ASA and changed its name to Mowi ASA in December 2018.Mowi ASA was founded in 1964 and is headquartered in Bergen, Norway.

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1.b. Last Insights on MOWI

Mowi ASA's recent performance was driven by record-high revenues and volumes in Q2 2025, with operating revenues reaching EUR 1.39 billion and an operational profit of EUR 189 million. The company's strong biological and operational performance, particularly in its Farming division, contributed to the positive results. Harvest volumes reached 133,000 tonnes, exceeding guidance of 130k GWT. Insider confidence is evident, with Board members purchasing shares and senior executives granted 1.74 million options. A strong quarterly earnings release and decreasing costs further bolstered the company's position.

1.c. Company Highlights

2. Mowi's Q3 2025 Earnings: Soft Prices, Record Volumes

Mowi reported operating revenues of EUR 1.39 billion and an operational profit of EUR 112 million in Q3 2025, with a weighted realized production cost of EUR 5.42 per kilo, stable quarter-over-quarter and down 5% year-over-year. The company's underlying earnings per share were EUR 0.13, significantly lower than analyst estimates of EUR 3.47, and actual EPS came out at EUR 1.52. Revenue growth is expected to be 19.3% next year, indicating a potential recovery.

Publication Date: Nov -15

📋 Highlights
  • Record Harvest Volumes:: Achieved 166,000 tonnes in Q3 2025, driving EUR 1.39 billion in operating revenues despite soft prices.
  • Cost Efficiency:: Production cost stabilized at EUR 5.42/kg, down 5% YoY, reducing P&L costs by EUR 50 million annually.
  • Volume Guidance Increase:: 2025 harvest guidance raised to 554,000 tonnes (+10.5% YoY), with 2026 targeting 605,000 tonnes (+9.2%).
  • Strategic Cost Savings:: Identified EUR 300–400 million in potential savings over 5 years via automation and productivity gains.
  • Consumer Segment Growth:: Consumer Products recorded a record EUR 66 million operating EBIT, driven by low raw material costs.

Operational Highlights

Mowi achieved record high harvest volumes of 166,000 tonnes in Q3 2025, driven by strong performance in Norway and Scotland. The company's farming volume guidance has been updated to 554,000 tonnes for 2025, representing a 10.5% year-over-year growth, and 605,000 tonnes for 2026, a 9.2% increase. As Ivan Vindheim, CEO of Mowi, noted, "Industry supply growth has normalized, which should pave the way for better prices going forward."

Segment Performance

Mowi's business entities delivered mixed results, with Mowi Norway and Mowi Scotland posting operational profits of EUR 111 million and a margin of EUR 1.5 per kilo, and EUR 1.54 per kilo, respectively. Mowi Chile reported an operational profit of EUR 12 million, while Mowi Canada suffered a loss due to challenging biology. Consumer Products delivered a record-high operating EBIT of EUR 66 million, driven by low raw material costs.

Valuation and Outlook

With a P/E Ratio of 28.79 and an EV/EBITDA of 12.02, Mowi's valuation appears to be relatively high. However, the company's expected revenue growth of 19.3% next year and potential cost savings of EUR 300-400 million over the next 5 years could drive future profitability. The company's Net Debt / EBITDA ratio of 2.39 and ROE of 9.03% indicate a relatively stable financial position. As Mowi continues to optimize its operations and navigate the challenges of the salmon farming industry, investors will be watching closely for signs of improvement in profitability and returns.

Cost Savings and Efficiency

Mowi has identified potential savings of EUR 300-400 million over the next 5 years through its postsmolt Mowi 4.0, yield, automation, and cost-saving programs. Since 2020, the company has reduced 3,500 FTEs on a like-for-like basis, with a 7% decrease in nominal FTEs despite significant volume increases. Productivity has improved, with a 38% increase in tonnes per employee in Mowi Farming, indicating a strong focus on operational efficiency.

3. NewsRoom

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Mowi ASA – Successful placement of new senior unsecured green bonds

Nov -27

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Mowi (OSE:MOWI): Share purchase program for employees in Mowi

Nov -26

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Mowi ASA – Green Bond Mandate Announcement and Fixed Income Investor Meetings

Nov -25

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European Growth Stocks With Strong Insider Ownership

Nov -11

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Has Mowi’s 18.6% Rally Priced In Its Sustainability Push?

Nov -10

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Is Mowi (OB:MOWI) Undervalued After Recent Share Price Gains? A Fresh Look at Valuation

Nov -09

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Mowi ASA (MHGVY) Q3 2025 Earnings Call Highlights: Record Harvests and Strategic Growth Amid ...

Nov -06

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Record-high volumes for Mowi in Q3

Nov -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.75%)

6. Segments

Consumer Products

Expected Growth: 5%

Mowi ASA's Consumer Products segment growth is driven by increasing demand for sustainable and healthy seafood, expanding distribution channels, and strategic acquisitions. Additionally, the company's focus on product innovation, such as value-added and ready-to-eat products, contributes to growth. Furthermore, Mowi's strong brand portfolio and efficient supply chain management also support the segment's growth.

Markets

Expected Growth: 4%

Mowi ASA's 4% growth is driven by increasing global demand for sustainable and healthy seafood, supported by rising consumer awareness of omega-3 benefits and growing popularity of plant-based diets. Additionally, the company's strategic expansion into new markets, cost-saving initiatives, and investments in aquaculture technology have contributed to its growth momentum.

Farming

Expected Growth: 7%

Mowi ASA's 7% growth in farming is driven by increasing global demand for salmon, improved operational efficiency, and strategic acquisitions. Additionally, the company's focus on sustainable and responsible aquaculture practices, as well as its strong market position, contribute to its growth momentum.

Feed

Expected Growth: 5%

Mowi ASA's 5% growth is driven by increasing global demand for sustainable seafood, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, cost savings initiatives, and operational efficiencies contribute to its growth momentum.

7. Detailed Products

Atlantic Salmon

Fresh and frozen Atlantic salmon fillets, portions, and whole fish, sold to retailers, wholesalers, and processors.

Value-Added Products

Prepared and processed seafood products, such as smoked salmon, gravlax, and marinated salmon.

Fish Feed

Nutritionally balanced feed for farmed fish, sold to fish farmers and aquaculture companies.

Recirculating Aquaculture Systems (RAS)

Land-based fish farming systems that recycle water and minimize waste, sold to fish farmers and aquaculture companies.

Fish Oil and Fishmeal

Nutritious fish oil and fishmeal products, sold to animal feed manufacturers and nutritional supplement companies.

8. Mowi ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Mowi ASA operates in the aquaculture industry, which has a moderate threat of substitutes. While there are alternative sources of protein such as poultry and beef, salmon and other seafood products have a unique nutritional profile and taste that is difficult to replicate.

Bargaining Power Of Customers

Mowi ASA's customers are primarily wholesalers, retailers, and foodservice companies. While these customers have some bargaining power, Mowi's strong brand recognition and high-quality products give the company a competitive advantage.

Bargaining Power Of Suppliers

Mowi ASA relies on a network of suppliers for feed, equipment, and other inputs. While suppliers have some bargaining power, Mowi's scale and vertical integration mitigate this risk.

Threat Of New Entrants

The aquaculture industry has significant barriers to entry, including high capital costs, regulatory hurdles, and the need for specialized expertise. This limits the threat of new entrants.

Intensity Of Rivalry

The aquaculture industry is highly competitive, with several large players competing for market share. Mowi ASA must continually innovate and improve its operations to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.67%
Debt Cost 8.39%
Equity Weight 58.33%
Equity Cost 8.39%
WACC 8.39%
Leverage 71.44%

11. Quality Control: Mowi ASA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

236.8$

Current Price

236.8$

Potential

-0.00%

Expected Cash-Flows