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1. Company Snapshot

1.a. Company Description

Mowi ASA, a seafood company, produces and supplies farmed salmon products worldwide.The company operates through three segments: Feed, Farming, and Sales and Marketing.It is involved in the salmon feed production, salmon farming and primary processing, and seafood secondary processing activities.


The company offers whole gutted fish, including Label Rouge and organic salmon; and white fish and other seafood products, as well as fillets, steaks, cutlets, portions, loins, kebabs, and steak combos.It also provides value added products, such as breaded, pre-fried, dusted, marinated, grilled, battered, topped, filled with sauce, delicatessen, fresh fish ready meal, and smoked fish products.The company offers its products under the Mowi, Mowi Salmon, Donegal Silver, Admiral's, Pieters, Laschinger, Kritsen, Ducktrap River, Harbour Salmon Co., Rebel Fish, Supreme Salmon, Olav's, Northern Harvest, and Mowi Nutrition brand names.


The company was formerly known as Marine Harvest ASA and changed its name to Mowi ASA in December 2018.Mowi ASA was founded in 1964 and is headquartered in Bergen, Norway.

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1.b. Last Insights on MOWI

Mowi ASA's recent performance was driven by record-high revenues and volumes in Q2 2025, with operating revenues reaching EUR 1.39 billion and an operational profit of EUR 189 million. The company's strong biological and operational performance, particularly in its Farming division, contributed to the positive results. Harvest volumes reached 133,000 tonnes, exceeding guidance of 130k GWT. Insider confidence is evident, with Board members purchasing shares and senior executives granted 1.74 million options. A strong quarterly earnings release and decreasing costs further bolstered the company's position.

1.c. Company Highlights

2. Mowi's Q4 2025 Earnings: A Strong Finish to the Year

Mowi reported a robust operational profit of EUR 213 million in Q4 2025, accompanied by record-high operating revenues of EUR 1.59 billion, driven primarily by seasonally record-high harvest volumes of 152,000 tonnes. The company's realized weighted production costs were EUR 5.36 per kilo, down 5.8% year-over-year, indicating effective cost management. Underlying earnings per share were EUR 0.26 in Q4, and EUR 0.92 for the year, while actual EPS came out at 3.08, beating estimates of 2.85. For 2025, Mowi reported turnover of EUR 5.73 billion, operational EBITDA of EUR 949 million, and operational profit of EUR 727 million. The company's net interest-bearing debt stood at EUR 2.65 billion.

Publication Date: Feb -15

📋 Highlights
  • Q4 2025 Operational Profit:: EUR 213M with record revenues of EUR 1.59B, driven by 152,000 tonnes harvest.
  • Cost Reduction:: Production costs fell to EUR 5.36/kg (-5.8% YoY), saving EUR 176M in 2025 and EUR 55M annually via Skretting partnership.
  • 2026 Farming Growth:: Guidance of 605,000 tonnes (+8.3% YoY) with 650,000 tonnes by 2029 target.
  • 2025 Full-Year Performance:: EUR 727M operational profit, EUR 5.73B turnover, and EUR 0.92 underlying EPS.
  • Norwegian Operations:: Q4 profit of EUR 199M (EUR 2.02/kg margin) and 2026 harvest guidance of 380,000 tonnes.

Operational Highlights

Mowi's farming volume guidance for 2026 is 605,000 tonnes, representing an 8.3% growth year-over-year, outpacing the expected industry supply growth of 1%. The company reaffirmed its organic farming volume targets of at least 650,000 tonnes by 2029. Mowi's Consumer Products and Feed divisions delivered reasonably good quarters, with the feed business seeing a record-breaking year with operational EBITDA of EUR 20 million in Q4 and EUR 67 million for the year. The strategic feed partnership with Skretting/Nutreco is anticipated to save at least EUR 55 million annually in Mowi Farming.

Cost Reductions and Future Prospects

Mowi's focus on cost containment and cost leadership has led to a cost reduction potential of EUR 300-400 million until 2029. In 2025, Mowi identified EUR 65 million in annualized cost savings, with farming P&L costs decreasing by EUR 176 million. The company expects further cost reductions in 2026, driven in part by the strategic feed partnership. Analysts estimate next year's revenue growth at 3.9%, indicating a positive outlook.

Valuation Metrics

With a P/E Ratio of 26.02, P/B Ratio of 2.82, and EV/EBITDA of 11.72, Mowi's valuation appears to reflect a mix of growth expectations and industry challenges. The Dividend Yield stands at 2.92%, and the Free Cash Flow Yield is 5.38%. ROE is 10.66%, and ROIC is 7.58%, indicating a reasonable return on equity and invested capital. The Net Debt / EBITDA ratio is 2.1, suggesting a manageable debt position.

3. NewsRoom

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Michelin trained chef joins Mowi to inspire salmon lovers

Mar -02

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Evolving Story For Mowi (OB:MOWI) As Cautious Analysts Meet A Higher Fair Value Target

Feb -28

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Assessing Mowi (OB:MOWI) Valuation After Mixed Recent Share Price Performance

Feb -27

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Mowi ASA (OSE:MOWI): Board changes

Feb -27

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Mowi showcases innovation at Natural Products Expo West

Feb -24

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

Feb -11

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A record fourth quarter ends a record year for Mowi

Feb -11

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European Growth Companies With Insider Ownership Up To 37%

Feb -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.75%)

6. Segments

Consumer Products

Expected Growth: 5%

Mowi ASA's Consumer Products segment growth is driven by increasing demand for sustainable and healthy seafood, expanding distribution channels, and strategic acquisitions. Additionally, the company's focus on product innovation, such as value-added and ready-to-eat products, contributes to growth. Furthermore, Mowi's strong brand portfolio and efficient supply chain management also support the segment's growth.

Markets

Expected Growth: 4%

Mowi ASA's 4% growth is driven by increasing global demand for sustainable and healthy seafood, supported by rising consumer awareness of omega-3 benefits and growing popularity of plant-based diets. Additionally, the company's strategic expansion into new markets, cost-saving initiatives, and investments in aquaculture technology have contributed to its growth momentum.

Farming

Expected Growth: 7%

Mowi ASA's 7% growth in farming is driven by increasing global demand for salmon, improved operational efficiency, and strategic acquisitions. Additionally, the company's focus on sustainable and responsible aquaculture practices, as well as its strong market position, contribute to its growth momentum.

Feed

Expected Growth: 5%

Mowi ASA's 5% growth is driven by increasing global demand for sustainable seafood, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, cost savings initiatives, and operational efficiencies contribute to its growth momentum.

7. Detailed Products

Atlantic Salmon

Fresh and frozen Atlantic salmon fillets, portions, and whole fish, sold to retailers, wholesalers, and processors.

Value-Added Products

Prepared and processed seafood products, such as smoked salmon, gravlax, and marinated salmon.

Fish Feed

Nutritionally balanced feed for farmed fish, sold to fish farmers and aquaculture companies.

Recirculating Aquaculture Systems (RAS)

Land-based fish farming systems that recycle water and minimize waste, sold to fish farmers and aquaculture companies.

Fish Oil and Fishmeal

Nutritious fish oil and fishmeal products, sold to animal feed manufacturers and nutritional supplement companies.

8. Mowi ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Mowi ASA operates in the aquaculture industry, which has a moderate threat of substitutes. While there are alternative sources of protein such as poultry and beef, salmon and other seafood products have a unique nutritional profile and taste that is difficult to replicate.

Bargaining Power Of Customers

Mowi ASA's customers are primarily wholesalers, retailers, and foodservice companies. While these customers have some bargaining power, Mowi's strong brand recognition and high-quality products give the company a competitive advantage.

Bargaining Power Of Suppliers

Mowi ASA relies on a network of suppliers for feed, equipment, and other inputs. While suppliers have some bargaining power, Mowi's scale and vertical integration mitigate this risk.

Threat Of New Entrants

The aquaculture industry has significant barriers to entry, including high capital costs, regulatory hurdles, and the need for specialized expertise. This limits the threat of new entrants.

Intensity Of Rivalry

The aquaculture industry is highly competitive, with several large players competing for market share. Mowi ASA must continually innovate and improve its operations to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.67%
Debt Cost 8.39%
Equity Weight 58.33%
Equity Cost 8.39%
WACC 8.39%
Leverage 71.44%

11. Quality Control: Mowi ASA passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

221.8$

Current Price

221.8$

Potential

-0.00%

Expected Cash-Flows