Mowi: Q2 EBIT beat on harvest and cost

Research evidence excerpt

Mowi: Q2 EBIT beat on harvest and cost

Equity Research

European Consumer Staples

15 July 2026

Mowi

Q2 EBIT beat on harvest and cost

First LookMowi delivered a Q2 EBIT beat driven by record harvest

volumes and lower farming costs. While Canada and Scotland

impressed, Chile remained weak on profitability. Focus now MOWI.OL/MOWI NO OVERWEIGHT European Consumer

Staplesshifts to H2 supply trends, salmon price recovery and whether NEUTRAL

Price Target NOK 225.00

recent cost and profitability gains can be sustained. Price (14-Jul-26) NOK 188.40

Potential Upside/Downside +19.4%

Source: Bloomberg, Barclays Research

Mowi delivered a strong Q2 trading update, with harvest volumes reaching a record 150kt GWT,

up 13% YoY, beating both consensus (141kt) and the company's prior 140kt guidance. The

volume beat was broad-based, driven by stronger-than-expected harvests in Chile, Canada and European Consumer Staples

Scotland, while Norway was broadly in line. Setu Sharda

+ 91 (0)22 6175 1934

Operational EBIT of EUR231m was approximately 11% ahead of consensus, with value-chain setu.sharda@barclays.com

EBIT/kg of EUR1.54/kg versus consensus of EUR1.44/kg. In our view, the earnings beat was Barclays, UK

driven not only by higher volumes but also by a stronger-than-expected cost performance. Alex Sloane

Blended farming costs declined to EUR5.21/kg from EUR5.39/kg in Q2 2025, representing a +44 (0)20 3555 0645

EUR0.18/kg YoY improvement and approximately EUR24m of cost savings. More importantly, alexander.sloane@barclays.com

costs were around EUR0.25/kg lower than Q1 levels, despite management previously guiding for Barclays, UK

broadly flat sequential costs, suggesting a meaningful operational outperformance. Warren Ackerman

+44 (0)20 3134 1903