MOWI (+) : Q126 results: tight supply in 2026/27

研报英文原文证据摘录

MOWI (+) : Q126 results: tight supply in 2026/27

EQUITIES

FOOD & HPC

MOWI OUTPERFORMPRICE* NOK194.5  TARGET PRICE NOK250 (UPSIDE 29%)

FLASH NOTE

Q126 results: tight supply in 2026/27

13 MAY 2026 Securities Research Report Production time: 06:28* (London time)

Research Analyst & Publishing Entities

Mikheil Omanadze BNP Paribas London Branch (+44) 203 430 8616 mikheil.omanadze@uk.bnpparibas.com

BNPP View

Mowi’s comments on industry growth expectations are rather supportive for the supply-demand outlook,

which, combined with better-than-expected dividend, should warrant a slightly positive share price reaction

relative to the market.

What really matters numbers-wise?

With EBIT and harvest volumes provided in April, today’s release is all about the outlook – Mowi continuing to expect

very tight supply in the remainder of 2026, but now also in 2027 is supportive for the supply-demand balance outlook.

Any important guidance changes?

For 2026, Mowi now expects global salmon industry growth of +2.1% at mid-point vs. +1.2% before – 0% growth for

the remainder of the year after very high supply growth of +14% in Q1 (incl. inventory movements), mainly on “temporary

high” supply growth from Norway and Chile. Mowi now also comments on 2027 industry growth expected at +1% and

2028 onwards at +1-2%. Costs are expected to be stable in Q2, and further down in H2.

What is likely to happen to consensus earnings?

We don’t expect material consensus earnings revisions on the back of this release per se, however there may be some

modest downgrades as a result of the sell-side updating for the recent salmon price and FX moves.

What will be important for the call?

We believe that the important points for the call at 08:00 CET (click here) are: