Mowi Sets Record Q3 Harvest of 186,000 Tonnes, Raises 2026 Guidance to 620,000 Tonnes

Mowi released its third-quarter results on 5 November 2026, raising its full-year 2026 harvest guidance to 620,000 tonnes gutted weight (GWT). The company's third-quarter revenue was EUR 1.73 billion (about USD 1.9 billion), and its harvest reached a record 186,000 tonnes GWT, up 12% year on year. Farming costs in the same period fell by EUR 51 million (about USD 57.4 million) year on year.

Speaking at the results presentation, Mowi CEO Ivan Vindheim said this "amazing" harvest came with solid underlying production costs across the company's seven salmon-producing countries, averaging EUR 5.11 (about USD 5.75) per kilogram. Helped by good seasonal prices, this translated into an operational profit of EUR 275 million (about USD 309.8 million), though slightly below previous guidance. "This is a good result – a seasonal record, two and a half times last year's third quarter of EUR 112 million (about USD 126.2 million)," Vindheim said.

On the decline in farming costs, which fell EUR 122 million (about USD 137.4 million) year on year in the first nine months of 2026, the company attributed this to strong cost control and more efficient operations while continuing to expand production. Vindheim also explained that average salmon prices rose by as much as 18% year on year in the third quarter and are up 13% so far in the fourth quarter, driven by strong demand in most markets and industry supply growth that has now normalized to low single-digit rates. "With very favorable sea conditions last year and this year, the industry's previously untapped production capacity has now more or less been fully utilized. These price increases also confirm the historic supply-demand ratio, and although the weak pelagic fishery this year has pushed feed prices up again, this bodes well for the coming quarters and years," he said. "The latter is expected to be temporary, as fisheries fluctuate naturally. But at the same time, higher feed prices inevitably mean higher underlying costs. In the end, unfortunately, this cannot be avoided."

By production location, Mowi Norway harvested a record 133,788 tonnes GWT of salmon in the third quarter of 2026, up from 99,444 tonnes in the third quarter of 2025. Its Chile operations harvested 23,638 tonnes, up from 22,374 tonnes; Scotland contributed 11,615 tonnes, down from 17,399 tonnes; Canada produced 7,443 tonnes, down from 15,646 tonnes; Iceland – through Arctic Fish, in which Mowi holds more than 50% – produced 3,989 tonnes, down from 5,400 tonnes; the Faroe Islands contributed 2,853 tonnes, up from 2,367 tonnes; and Ireland contributed 2,315 tonnes, down from 3,010 tonnes.

"I think it's fair to say we are well established in Norway. Particularly in the north, we continue to perform extremely well... This is by far our largest farming region, so it is extremely important to us. We expect close to 190,000 tonnes GWT harvested in this region this year," Vindheim said.

Mowi Consumer Products, the group's value-added processing division, also delivered a strong quarter, recording its highest-ever operational revenue of EUR 1.06 billion (about USD 1.2 billion) and a processed volume of 84,359 metric tonnes, up 18% year on year. Similarly, Mowi Feed recorded its strongest-ever results and sales volumes. Its revenue rose 33%, and volumes increased 19% from EUR 387.2 million (about USD 436.1 million) and 211,246 metric tonnes in the third quarter of 2025, with the growth attributed to favorable biological conditions in the company's Norwegian and Scottish farming operations.

Looking ahead, if Mowi achieves its new year-end harvest estimate, which is 20,000 tonnes GWT more than previously forecast, this would represent 11% year-on-year growth, against an industry growth expectation of 4%. "As for 2027, assuming normal growing conditions, we expect to harvest 630,000 tonnes GWT. So not the amazing growth we have seen this year, because we cannot count on hitting the biological jackpot three years in a row, especially with El Niño on the horizon," Vindheim said. "Now, I think we need a new long-term volume target, and the number that naturally comes to mind is 700,000 tonnes GWT. It is more a question of the timeframe to reach that target, not to mention the investment and resources required, because any growth must be profitable. Otherwise, growth makes no sense."

Vindheim noted that with the volume and revenue growth the company has achieved, Mowi is now not only the world's largest salmon farming company but also the world's largest seafood company by all measures. "That is quite remarkable, just 60 years after we started in a closed bay outside the city of Bergen," he said.