Q1 2026 Mowi ASA Earnings Call Transcript
Key Points
- Mowi ASA (MHGVY) reported a record high turnover of EUR1.54 billion for the first quarter, driven by seasonally record high harvest volumes of 136,000 tonnes, up 26% year-over-year.
- The company achieved an operational profit of EUR221 million, marking its second-best first quarter to date.
- Mowi ASA (MHGVY) successfully reduced its realized blended farming cost to EUR5.46 per kilo, down 7.3% from the previous year.
- The acquisition of Torghatten Aqua's sea-based salmon farming operation in Northern Norway was completed at attractive terms, enhancing Mowi's position in a prime salmon farming location.
- The Board of Directors declared a quarterly dividend of NOK2.30 per share, reflecting confidence in the company's future prospects.
- The high industry supply growth of 14% negatively impacted salmon prices, particularly in the first part of the quarter.
- Mowi ASA (MHGVY) faced biological challenges in Southern Norway due to algae issues, costing approximately EUR10 million.
- Consumer Products division earnings were significantly lower compared to the previous year, despite adjustments for weaker contracts.
- Mowi Chile experienced soft prices due to a 25% increase in industry supply growth, resulting in a modest operational profit.
- Mowi Canada reported a small loss due to higher costs and soft prices, despite good biological performance.
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I think that sets the mood. Good morning, everyone, and welcome to the presentation of Mowi's First Quarter Results of 2026, both to those of you physically present in the room here this morning at The Salmon, our combined exhibition center and fish restaurant at Aker Brygge in the heart of Oslo, and to those of you following the presentation online across the world. And to those of you physically present in the room, I hope you have all settled in well, had something to drink and grabbed a bite to eat, a bite of some of our delicious Mowi salmon. And to those of you following the presentation online, I hope you have made yourself comfortable, so you can follow along at your leisure.
Otherwise, my name is Ivan Vindheim, I'm the CEO of Mowi. And together with our CFO, Kristian Ellingsen, I will take you through the numbers and the fundamentals this morning, and to the best of my and our ability, add a few appropriate comments to them. And after presentation, our IRO, Kim Dosvig, will routinely host a Q&A session. So
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