Mowi is a salmon aquaculture company that farms, processes, and sells salmon across multiple regions including Norway, Scotland, and Canada. It also produces fish feed at its own facilities and sells finished consumer products, with harvest volumes and feed raw material costs being key drivers of its operations.
Disclosures dated 2026-06-04 → 2026-09-04.
| Demeter reads | Value | Group rank |
|---|---|---|
| LTM revenue | $6.9bn | 1 of 3 |
| Revenue growth (y/y) | +4.9% | 2 of 3 |
| Market cap | $10.8bn |
Ranks are within the 3 Aquaculture companies of the Demeter Ag Aggregate (DAA) universe, as of 2026-09-30.
Source: analysis of Demeter Ag Aggregate universe
# Headline
Mowi's 18 August half-year disclosure reported second-quarter salmon harvest volumes up 7.4% year on year to 150,000 tonnes, salmon prices up 6% in the quarter and up 21% in the third quarter versus 2025, and demand value up 9% in the quarter led by Asia. Consumer Products and the feed division both recorded record volumes, while 2026 harvest guidance was trimmed to 600,000 GWT from 605,000 GWT following the divestment of Canada East. Against that, Mowi flagged expected inflation in feed raw materials, particularly marine ingredients, on the back of poor pelagic fisheries this year.
# Forces
# Salmon harvest volumes and the 2026 guidance cut
In its 18 August half-year disclosure, Mowi reported a 7.4% year-on-year increase in salmon harvest volumes to 150,000 tonnes, which it said supported revenue growth. Consumer Products handled record volumes of 74,000 tonnes, up 14% on the same period last year, alongside record revenues for that unit. Full-year 2026 harvest guidance was reduced to 600,000 GWT from 605,000 GWT, which Mowi attributed to the divestment of its 9,000 GWT farming operation in Canada East.
"Mowi's harvest volume guidance for 2026 was reduced to 600,000 tonnes from 605,000 tonnes due to the divestment of the 9,000 GWT farming operation in Canada East."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Feed volumes from Mowi's own farming operations
Mowi reported on 18 August that its feed division delivered record-high revenues and sales volumes, driven by growth in the company's farming operations. It also reported record-high feed production volumes and earnings on the same demand from those farming operations.
"The feed division delivered record-high revenues and sales volumes, driven by strong growth in the company's farming operations."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Salmon prices up 6% in Q2 and 21% in Q3
Mowi reported on 18 August that salmon prices rose 6% in the second quarter of 2026 against 2025 and were 21% higher in the third quarter, citing strong demand and a normalisation of supply growth. Intrafish reported the same day that prices climbed after a stretch of weakness, and that Mowi's value-added processing arm struggled to keep pace with the rest of the group in the quarter.
"The increase in salmon prices by 6% in Q2 2026 was driven by strong demand across many markets and a normalization of supply growth."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Limited industry supply growth from regulatory and technological constraints
Mowi told the market on 18 August that it expects limited supply growth in the salmon industry in the coming years, attributing the constraint to regulatory and technological factors. It said that limited growth, set against strong underlying demand, will support a more balanced supply-demand situation.
"Mowi expects limited supply growth in the salmon industry in the coming years due to regulatory and technological constraints."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Salmon demand value up 9%, led by China
Mowi's 18 August disclosure put demand value 9% higher in the second quarter than the same period last year, with the increase particularly in Asia led by China. Mowi said it expects that strength to continue supporting market growth through 2026.
"The salmon market is developing positively, with demand value increasing by 9% in the second quarter compared to the same period last year, particularly in Asia led by China."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Marine ingredient feed costs and poor pelagic fisheries
In the same 18 August disclosure, Mowi said inflationary pressure on feed raw materials, particularly marine ingredients, is expected to increase because of poor pelagic fisheries this year. Undercurrent News reported on 20 August that the marine ingredient squeeze is expected to raise salmon farming costs.
"Inflationary pressure on feed raw materials, particularly marine ingredients, is expected to increase due to poor pelagic fisheries this year."
— Mowi (MOWI.OL), Half-Year Report, 2026-08-18
# Record second-quarter harvest across Norway and Scotland
Mowi disclosed on 15 July that its record-high second-quarter harvest was driven by increased farming activities across multiple regions, including Norway and Scotland. Inderes reported that at the time of the first-quarter presentation Mowi had guided total second-quarter harvest volume of 140,000 GWT.
"Record-high harvest volumes of 150 thousand tonnes in Q2 2026 were driven by increased farming activities across multiple regions, including Norway and Scotland."
— Mowi (MOWI.OL), Inside-information notice, 2026-07-15
# What they talk about
Long-running themes — Salmon price (since 2002); Salmon volume (since 2007); Salmon supply (since 2005); Salmon demand (since 2008).
New this year — Algae bloom (first raised 2026-04); Biomass cost (first raised 2026-02); Feed division growth (first raised 2026-05).
Themes almost no other DAA company raises — Salmon volume; Salmon demand; Supply growth.
No longer mentioned — Feed price (last 2025-03).
# Sources — wider web
- Salmon Volume: Mowi Reports Record Q2 2026 Revenues and Volumes — mowi.com, 2026-08-18
- Salmon Volume: Mowi ASA (OSE:MOWI): Q2 2026 Trading update - Inderes — inderes.fi, 2026-08-12
- Feed Demand: Mowi Reports Record Q2 2026 Revenues and Volumes — mowi.com, 2026-08-18
- Feed Demand: Mowi, Leroy warn marine ingredient squeeze will raise salmon farming costs - Undercurrent News — undercurrentnews.com, 2026-08-20
- Salmon Price: Mowi Reports Record Q2 2026 Revenues and Volumes — mowi.com, 2026-08-18
- Salmon Price: Downstream stumble fails to dent Mowi's Q2 surge — intrafish.com, 2026-08-18
Demeter Public Companies Briefing · 2026-09-04 · grounded in companies' own filing disclosures.
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