Norway’s Mowi slips as seafood firm flags underwhelming operating earnings

Investing.com - Mowi has said it will post fourth-quarter operational income below recent market forecasts, sending shares down by more than 2% in mid-morning European trading.

In a securities filing on Wednesday, the Norwegian seafood firm, whose operations primarily revolve around salmon production, said it will report operational earnings before interest and taxes of roughly 213 million euros.

Writing in a note, analysts at Kepler Cheuvreux including Niklas Helgheim said this figure was 7% below the latest consensus estimates, “driven by lower downstream margin and farming margin.”

The firm said blended farming cost was 5.36 euros per kilogram in the quarter, sliding by 5.8% from the corresponding period a year earlier. Standing biomass cost was also further down.

Meanwhile, full-year harvest volumes stood at a record high of 559,000 tons in 2025, up by 11.4% from the prior year, Mowi said.

Mowi previously said it is aiming to farm 582,000 in 2025, rising to an estimated 650,000 tons in 2029.

The Kepler analysts predicted that Mowi’s volume will grow at a 5% compound annual rate over the coming years, but flagged a margin squeeze in the short- to medium-term from lower prices.

“The salmon market is currently experiencing soft spot prices, driven by a supply shock, coupled with threats from U.S. tariffs, which negatively impact supply distribution and demand,” the analysts said.

Mow will report its complete fourth-quarter returns on February 11.

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