Mowi (OSE: MOWI) Shares Rise 3.4% as Q2 Salmon Harvest Tops Guidance and EBIT Climbs 23%

Mowi shares rose 3.4% Wednesday after the salmon farmer’s Q2 trading update beat expectations. Mowi reported operational EBIT of EUR 231 million, up 23% from EUR 189 million. The company harvested 150,000 tonnes during the quarter, a record for any second quarter. That volume topped Mowi’s own guidance of 140,000 tonnes by a wide margin. 

Blended farming costs fell to EUR 5.21 per kilogram, down from EUR 5.39. Mowi shares had closed at NOK 188.40 on Tuesday, ahead of Wednesday’s update. The Bergen-based company remains the world’s largest Atlantic salmon producer.

Mowi’s Q2 2026 Trading Update in Detail

Mowi reported operational EBIT of approximately EUR 231 million for the second quarter. That marks a 23% increase from EUR 189 million recorded in Q2 2025. Higher harvest volumes drove most of this improvement across Mowi’s farming operations. The result significantly exceeded analyst expectations heading into Wednesday’s announcement.

Mowi’s key Q2 2026 figures at a glance:

• Operational EBIT reached EUR 231 million, up 23% year-over-year.
• Harvest volumes hit 150,000 tonnes, a record for any second quarter.
• That figure beat Mowi’s own guidance of 140,000 tonnes by 10,000 tonnes.
• Blended farming costs fell to EUR 5.21 per kilogram from EUR 5.39.

Why Harvest Volumes Topped Guidance

Mowi’s 150,000-tonne harvest represented a 13% increase from 133,000 tonnes last year. That growth outpaced the company’s own guidance issued after Q1 results. Strong biology and favorable growing conditions across farming regions supported the beat. Mowi’s volume growth continues outpacing both the broader industry and listed peers.

Mowi Shares Respond to Wednesday’s Update

Mowi shares climbed 3.4% Wednesday following the trading update’s release. That built on Tuesday’s close of NOK 188.40, itself up 0.6%. Mowi’s market capitalization stands near NOK 105.77 billion currently. The stock remains well within its 52-week range of NOK 182.60 to NOK 245.80.

Mowi’s stock metrics following the rally:

• Mowi trades at a trailing price-to-earnings ratio of roughly 13.63.
• The stock carries a dividend yield near 3.07% on a trailing basis.
• Mowi’s last quarterly dividend totaled NOK 2.30 per share.
• Ten analysts currently rate Mowi shares a buy, with zero sell ratings.

Cost Reductions Added to the Positive Result

Mowi’s EUR 0.18 per kilogram cost reduction saved roughly EUR 24 million. Lower feed costs and improved operational efficiency both contributed to the decline. Consumer Products contributed EUR 29 million in operational EBIT during the quarter. Mowi Feed added EUR 16 million in operational EBITDA over the same period.

Mowi’s Broader Financial Position

Mowi’s net interest-bearing debt stood at approximately EUR 2,807 million at quarter-end. That figure excludes IFRS 16 lease accounting adjustments from the calculation. The company’s full Q2 2026 report arrives August 18, 2026, with complete financials. That release will include detailed segment breakdowns beyond today’s headline figures.

Recent strategic moves shaping Mowi’s outlook:

• Mowi agreed to sell its Canada East operations to Cooke Inc. in June.
• That divestment covers 9,000 tonnes of salmon farming capacity for CAD 225 million.
• Mowi targets full-year 2026 harvest volumes of 605,000 tonnes.
• The company’s 2029 harvest target now stands at 650,000 tonnes.

Analyst Price Targets Reflect Growing Confidence

Analyst price targets for Mowi cluster between NOK 220 and NOK 245. The average fair value estimate has climbed to NOK 245.31 from NOK 238.44. Bullish analysts point to Mowi’s attractive dividend yield as a key support. Bearish voices note limited room for further multiple expansion near current levels.

Where Mowi Stands Against SalMar and Lerøy Seafood

By both production volume and market capitalization, Mowi remains the world’s largest publicly listed Atlantic salmon producer. Rivals SalMar and Lerøy Seafood also compete across Norway’s salmon farming industry. Mowi’s harvest growth has consistently outpaced both peers over recent reporting periods. That scale advantage helps explain the stock’s premium valuation among sector investors.

Key Takeaways 

Mowi’s 3.4% share price gain reflects genuine operational strength beneath the headline numbers. Record Q2 harvest volumes and falling costs both beat what analysts expected. The 23% EBIT growth shows Mowi’s scale advantages continuing to compound across regions. August’s full report should confirm whether this momentum extends into the second half. For now, Mowi remains the clear leader among listed Atlantic salmon producers.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.