Q2 2025 Mowi ASA Earnings Call Transcript
Key Points
- Mowi ASA (MHGVY) achieved seasonally record-high harvest volumes of 133,000 tonnes in Q2 2025, marking a 21% increase year-over-year.
- The company reported seasonally record-high sales of EUR 1.39 billion and an operational profit of EUR 189 million.
- Lower realized blended farming costs contributed EUR 49 million to earnings in Q2 and EUR 67 million year-to-date.
- Mowi ASA (MHGVY) increased its farming volume guidance for 2025 from 530,000 tonnes to 545,000 tonnes, indicating an 8.7% growth year-over-year.
- The Consumer Products division achieved a seasonally record-high operational profit of EUR 52 million, more than doubling from the previous year.
- The industry faced pressure on prices due to a record-high industry supply growth of 18% year-over-year, the highest since 2012.
- Despite lower costs and higher volumes, operational EBIT declined due to lower prices compared to Q2 2024.
- Mowi Canada experienced a drop in operational profit from EUR 7 million in Q2 2024 to EUR 2 million in Q2 2025 due to stable costs and volumes not offsetting lower prices.
- Arctic Fish, Mowi's Icelandic operation, reported a negative profit of minus EUR 5 million due to low harvest volumes and soft prices.
- The company anticipates a EUR 5 million impact on Q3 numbers due to seasonal issues with algae in British Columbia and a low DO incident in Newfoundland.
Good morning, everyone, both in the room and online, and thank you very much for joining us this morning in connection with release and the presentation of Mowi's second quarter results of 2025. My name is Ivan Vindheim, and 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 fit to them.
And after presentation, our IRO, Kim Dosvig, will routinely host a Q&A session. For those of you who are following the presentation online can submit your questions or comments in advance as we go along by e-mail. Please refer to website at mowi.com for necessary details.
Disclaimer. I think we leave for a self-study. So with pleasantries, practicalities and the disclaimer out of the way, I think we are ready for the highlights of the quarter. And to begin with, and on a general note, I think it's fair to say that the second quarter was like the first quarter, characterized by well supplied markets
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