Mowi ASA (MHGVY) Q4 2025 Earnings Call Highlights: Record Revenues and Strategic Partnerships …

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Wed, February 11, 2026 at 10:01 PM GMT+9 4 min read

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**Operating Revenue:** 1.59 billion for the quarter.

**Operational Profit:** 230 million for the quarter.

**Harvest Volumes:** 152,000 tons for the quarter.

**Production Costs:** 5.36 per kg, down 5.8% year-over-year.

**Annual Turnover:** 5.73 billion for the year.

**Annual Operational EBITDA:** 949 million.

**Annual Operational Profit:** 727 million.

**Net Interest-Bearing Debt:** 2.65 billion at year-end.

**Equity Ratio:** 45%.

**Underlying Earnings Per Share:** 0.26 for the quarter, 0.92 for the year.

**Return on Capital Employed:** 15.5% for the quarter, 13.3% for the year.

**Quarterly Dividend:** 1.50 per share.

**Farming Volume Guidance for 2026:** 605,000 tons, an 8.3% growth year-over-year.

**Cost Savings:** Expected annual savings of at least 55 million from feed partnership.

**Consumer Products Operational Profit:** 46 million for the quarter.

**Feed Business Operational EBITDA:** 20 million for the quarter.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Mowi ASA (MHGVY) reported a quarterly operational profit of 230 million on record high operating revenues of 1.59 billion, driven by seasonal record high harvest volumes.

Production costs decreased by 5.8% year-over-year, with further cost reductions expected in 2026 due to strategic partnerships and improved efficiencies.

The company announced a strategic feed partnership with Skretting/Nutreco, expected to save at least 55 million annually while retaining earnings in their profitable feed business.

Mowi ASA (MHGVY) maintained its farming volume guidance for 2026 at 605,000 tons, representing an 8.3% growth year-over-year, indicating strong operational performance.

The board of directors declared a quarterly dividend of 1.50 per share, reflecting confidence in the company's financial health and future prospects.

Negative Points

The company faced a challenging year with soft prices due to unprecedented industry supply growth, impacting overall profitability.

Biological issues in certain regions, such as gill and plankton problems in Norway's southernmost regions, affected operational performance.

Mowi ASA (MHGVY) experienced losses in Canada due to high costs and biological issues, highlighting regional operational challenges.

The company anticipates a temporary increase in P&L costs in the first half of 2026 due to seasonal factors and volume impacts.

Despite strategic improvements, the feed cost savings will not fully impact the P&L until 2027, indicating a delay in realizing financial benefits.

 






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Q & A Highlights

Q: With your new net debt target, do you plan to stay around that target and distribute excess cash flow, or are there plans for further growth beyond current guidance? A: Ivan Vindheim, CEO: Over time, we will continue to grow, but any additional financing will be handled separately.

Q: In Chile, there’s optimism about deregulation with the new government. Could you discuss potential impacts on costs and growth? Also, when will feed savings impact the P&L? A: Ivan Vindheim, CEO: Growth in Chile has been slow historically, and while there is optimism, changes take time. We expect feed savings to impact cash flow by March and the P&L by 2027.

Q: You forecast 1% global supply growth in 2026 but 5-8% in Q1. What gives you confidence in tightening supply? A: Kristian Ellingsen, CFO: Our forecast is based on biomass composition and recent temperature trends. While there may be short-term growth, we expect 1% growth for the year overall.

Q: Can the 5% global demand growth seen in 2025 be sustained in 2026? Which regions show better or worse demand? A: Kristian Ellingsen, CFO: We expect continued strong demand, particularly in Asia and the US, with significant growth in the pre-packed segment.

Q: Could you explain the EUR 400 million CapEx target for 2026 in a long-term context? A: Ivan Vindheim, CEO: The 2026 CapEx is a one-off related to the Nova Sea acquisition. Future investments should align with last year’s levels, adjusted for size.

Q: Could you elaborate on your biomass status in Norway, specifically with or without Nova Sea? A: Ivan Vindheim, CEO: This is a complex question, and we will address it after the session.

Q: Do tariffs impact American demand, and how do they affect new contracts for 2026? A: Ivan Vindheim, CEO: Tariffs do impact demand, but this effect is already accounted for in our 5% demand growth figure. Despite tariffs, we expect a tight market.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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