MOWI (+) : Q126 results and 15 questions for management

Research evidence excerpt

MOWI (+) : Q126 results and 15 questions for management

Refinitiv

Q126 results and 15 questions

Summary of our earnings revisions

Figure 1: Summary of our EPS revisions

EUR

FY26e FY27e FY27e

Revised 1.37 1.58 1.73

Previous 1.38 1.60 1.75

Variance -1% -1% -1%

Source: BNP Paribas Equity Research estimates

Key points of note

– Supply: Going back to April-2025, global biomass in sea was ~12% higher YOY;

currently, biomass is stable YOY. Harvest-ready generations are down globally.

– Cots: Mowi is seeing inflationary pressures from e.g. transportation, but that’s not a

significant cost driver (feed is). It is too early to say whether these pressures will become

a more noticeable headwind. Mowi is covered on marine ingredients until Q3.

– Dividend: The relatively high pay-out should be interpreted as the board’s confidence

in the future prospects.

Note: More detailed notes available upon request.

15 questions for management

1) Are you still observing elevated inventories in the market that may negatively impact

salmon prices despite your expectation for the industry harvest volume growth to be

between -3% and 0% in Q2?

2) Do you continue to expect blended farming cost per kg to decline YOY for FY26?

3) If current inflationary pressures were to last longer, in your view is there a material

risk to salmon demand in your key markets, and hence scope for salmon prices to

rebound this year?

4) Can you please remind us of the share of energy and freight in your cost base? How

should we think about the related headwinds in the remainder of the year?

5) Can you please provide some colour on the current biomass levels in producing

regions other than Norway and Chile?

6) How did you measure global salmon demand growth in Q1 (+7%) as opposed to

materially higher supply growth (+14%)?