Mowi Reports Strong Operational Performance in Q2
Mowi has announced impressive revenues of 1.34 billion euros and an operational EBITDA of 230 million euros for the second quarter.
The company experienced notable advancements during this period, driven by outstanding operational performances, record seasonal harvest volumes, growth, and reduced costs.
Record Harvest Volumes
– In the second quarter, Mowi harvested a record 110,000 tons of salmon, the highest for this time of year. Additionally, the company has 9.4% more salmon in the sea compared to last year. This achievement is a strong indicator that we are on track to meet our target of 500,000 tons by 2024. In 2018, we harvested 375,000 tons, says CEO Ivan Vindheim.
Growth Strategy and Sustainability
Volume growth is a cornerstone of Mowi's strategy, and Vindheim is optimistic that the company will continue to outpace the industry in growth for 2024, projecting a 5.3% annual increase compared to just 0.8% for the industry overall.
– Our aim is to maintain this growth trajectory beyond 2024, leveraging increased use of post-smolt in Norway and Scotland, along with higher smolt releases across our global aquaculture operations to maximize available capacity, Vindheim adds.
Sustainability is another vital aspect of Mowi's strategy. The respected magazine TIME recognized Mowi as one of the world's 500 most sustainable companies in 2024, underscoring the company's commitment to social responsibility and sustainable practices. Mowi has also been honored as the world’s most sustainable protein producer by the prestigious Coller FAIRR for five consecutive years.
– We are delighted that Mowi's sustainability initiatives and the unique qualities of salmon are acknowledged globally, making it one of the most sustainable animal proteins available, Vindheim states.
Financial Performance and Market Challenges
Mowi Consumer Products, the company’s processing division, reported increased earnings compared to the first quarter, thanks to solid operational performance.
– The rise in earnings during the second quarter reflects strong underlying performances. However, we are facing challenges in the U.S. market and general margin pressures in Europe due to high raw material costs. Despite this, the demand for European salmon remains robust. We also anticipate an uptick in demand for U.S. salmon as the economy improves and store prices decrease, Vindheim explains.
Mowi's feed production division, Mowi Feed, also had a strong quarter, achieving record volumes and earnings for this part of the year.
– Our feed operations excelled in the second quarter, leading to record growth for our aquaculture business. We expect to see further increases in both volumes and earnings in the third quarter, Vindheim affirms.
The board of Mowi has announced a dividend of 1.70 Norwegian kroner per share for the second quarter.
About Mowi ASA
Mowi is recognized as one of the world’s leading seafood companies and the largest producer of Atlantic salmon, with an estimated harvest volume of 500,000 tons planned for 2024 across seven farming countries. Mowi operates as a fully integrated global seafood company, supplying salmon and other seafood products to customers worldwide, including under its own brand – MOWI. The company has been ranked as the world’s most sustainable producer of animal protein by Coller FAIRR.
Headquartered in Bergen, Mowi employs 11,500 individuals across 25 countries and is publicly traded on the Oslo Stock Exchange. In 2023, the company reported revenues of 5.5 billion euros.
For further inquiries, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
Ola Helge Hjetland, Communications Director, +47 970 67 932
Frequently Asked Questions
What were Mowi's revenues in the second quarter?
Mowi reported revenues of 1.34 billion euros in the second quarter.
How much salmon did Mowi harvest in the second quarter?
Mowi harvested 110,000 tons of salmon in the second quarter.
What is Mowi's growth target for 2024?
Mowi aims to achieve a harvest target of 500,000 tons for 2024.
What did the TIME magazine recognize Mowi for?
TIME named Mowi one of the world's 500 most sustainable companies in 2024.
What is the recently declared dividend per share by Mowi?
Mowi's board declared a dividend of 1.70 Norwegian kroner per share for the second quarter.
