Mowi-Q2’26 TU: Solid beat on volume and farming margins-07/15/2026

Research evidence excerpt

Mowi-Q2’26 TU: Solid beat on volume and farming margins-07/15/2026

guidance at 13.5kt), with lower-than-expected margins at EUR 0.35/kg (PAS EUR 0.77/kg,

BB cons EUR 1/kg). Canada also had a major beat with a margins of EUR 2.05/kg (PAS 0.12/kg), on 10kt in volumes vs. 7.8kt expected.

• Non-farming: Feed reported an EBIT of EUR 12m (PAS/cons. EUR 11/10m), better than expected. CP (EUR 29m) was below consensus

despite of the higher volumes, likely due continued margin pressure. We would expect some negative CP estimate revisions for H2’26

following this report.

• NIBD: NIBD ex.lease came in at EUR 2,807m, above PAS expectations at EUR 2,688m, which we pin to working capital tie up due to

higher biomass and front-end loaded capex.

• Estimate revisions: Following the report we expect positive consensus estimate revisions. The Q2 beat lifts FY26e consensus ~3% in

isolation, implies less volumes in H2 all else equal. We do however expect Mowi to lift its volume guidance, and hence “offset” some of

the mechanical H2 volume revisions. Hence, a 2%+ EBIT uplift seems likely. AFISH continue to struggle despite higher volumes.

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