Mowi-Q1 first take: Cost guidance a bit softer than expected-05/13/2026

Research evidence excerpt

Mowi-Q1 first take: Cost guidance a bit softer than expected-05/13/2026

ons at 139kt. More volumes in H1 would normally be the preferred choice, but with Q2 prices off to a slow start we don’t see any

meaningful changes to FY estimates from altering the volume distribution through the year. Mowi will harvest 84kt from Norway, some

+11.4kt higher Y/Y which is basically the addition of Nova Sea volumes.

• Global supply: Mowi see global supply of +1-3% for FY26e, with Norway at +2-3% This now aligns better with PAS estimates (PAS; +2%

Norway and +3% globally). They believe in ~0% growth for the remaining of 2026, followed by +1% in 2027e (in line with PAS).

• Demand is described as good – “~7% growth adjusted for tariffs on 14% increased consumption”. Asia in particular is highlighted as a

strong market (“Exceptionally good”). Mowi does not raise any red flags on neither the US nor Europe, although noting that US foodservice

is a bit slower. Retail prices in Europe has come down ~4% Y/Y.

• Biology is described as strong (ex the challenges in Southern Norway).

• Biomass is flat Y/Y – 341.5kt vs 340.1kt – which points to “underlying Mowi ex Nova Sea being lower (~8% lower Y/Y). Mowi is not set

for a material harvest uplift in Q2-Q4 and volume guidance should therefore not be at risk, but the softer biomass print limits the upside.

• Cost is expected to trend down, in line with previous guidance that FY26e cost will come down. This should be well reflected in estimates,

but nevertheless positive that its no change to previous communication. However, for Q2 Mowi guides flat cost, which might be a source

of disappointment given that they had extraordinary algae related costs in Q1 – hence, adjusting for this Q1 cost would have been lower,