Mowi ASA (OSE:MOWI): Q4 2025 Trading update

Harvest volumes Q4 2025 (1)

Farming Norway 98.0 thousand tonnes   (FY: 332 thousand tonnes)

Farming Scotland 12.5 thousand tonnes   (FY: 72 thousand tonnes)

Farming Chile 26.5 thousand tonnes   (FY: 78 thousand tonnes)

Farming Canada 6.5 thousand tonnes   (FY: 37 thousand tonnes)

Farming Ireland 1.0 thousand tonnes   (FY: 11 thousand tonnes)

Farming Faroes 3.5 thousand tonnes   (FY: 15 thousand tonnes)

Farming Iceland (Arctic Fish) 4.0 thousand tonnes (FY: 15 thousand tonnes)

Total 152.0 thousand tonnes   (FY: 559 thousand tonnes)

Full year harvest volumes were record-high 559 thousand tonnes in 2025 vs 502 thousand tonnes in 2024, equivalent to a growth of 11.4%.

In connection with the presentation of the Q3 2025 results, Mowi guided a total harvest volume of 147k GWT for Q4 2025.

Note: (1) The harvest volumes are provided in gutted weight equivalents (GWT).

Additional information

Operational EBIT for the Group was approx. EUR 213 million in Q4 2025 (NOK 2.5 billion). Blended farming cost was EUR 5.36 per kg in the quarter, down by 5.8% from Q4 2024 and slightly better than guidance. Standing biomass cost was also further down in the quarter.

Total Q4 Operational EBIT per kg through the value chain was approximately as follows:

Norway EUR 2.00

Scotland EUR 1.40

Chile EUR 0.35

Canada EUR (2.30)

Ireland EUR n.a.

Faroes EUR 1.65

Iceland EUR 0.10

Operational EBIT in Consumer Products was EUR 46 million. Operational EBITDA in Feed was EUR 20 million in Q4 2025. Reported financial net interest-bearing debt (NIBD) for the group was approximately EUR 2 650 million at the end of the quarter (excluding IFRS 16 effects). The complete Q4 2025 report will be released on 11 February at 06:30 CET.

Please refer to the Annual Report for detailed descriptions and reconciliations of non-IFRS measures such as Operational EBIT and NIBD.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.