Mowi: Post Results Agenda

Research evidence excerpt

Mowi: Post Results Agenda

Equity Research

European Consumer Staples

13 May 2026

Mowi

Post Results Agenda

First LookSupply is moderating from an unsustainably strong Q1, with

growth expected to slow sharply, although inventory

overhang implies a gradual rebalancing. Management MOWI.OL/MOWI NO OVERWEIGHT European Consumer

Staplesindicated middle East disruptions posing only limited, NEUTRAL

Price Target NOK 245.00

manageable risk given stable demand and modest freight Price (12-May-26) NOK 194.50

exposure. Potential Upside/Downside +26.0%

Source: Bloomberg, Barclays Research

April supply data point to moderation: Industry supply growth of c.+14% in Q1 (adj.) was well

European Consumer Staplesabove market capacity, weighing on pricing despite solid operational delivery, with Mowi

Setu Sharda

explicitly flagging this as a key driver of weakness. Importantly, management characterised this

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surge as temporary, driven by “exceptionally good growth in the sea last year,” with supply now setu.sharda@barclays.com

“finally normalised.” Looking ahead, both Mowi and Kontali expect growth to slow materially, to Barclays, UK

~0% for the remainder of 2026 and ~1% in 2027. This is supported by stable biomass YoY and

Alex Sloane

fewer harvest-ready cohorts globally, underpinning confidence that volume growth will “come a

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lot down” from here. April data was indicated to be in line with these expectations. That said, alexander.sloane@barclays.com

management cautioned that supply dynamics are not solely a function of biology, flagging Barclays, UK

elevated inventory levels that will still need to clear into the market. As such, the rebalancing is

Warren Ackerman

likely to be gradual, though early signs remain constructive.

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