Mowi reports another record year including its feed business

Mowi Feed celebrates its best year so far with an operational EBITDA of EUR 52 million.

Credits: Mowi
February 14, 2024

The 2023 fourth quarter concluded another record-breaking year for Mowi. Revenues of EUR 5.5 billion, operational profit of EUR 1,028 million and harvest volumes of 475,000 tonnes in 2023 were all record-high.

“I am extremely grateful for the hard work and dedication of my 11,500 colleagues around the world that has led to record results and stellar performance in Mowi’s three business areas – Farming, Consumer Products and Feed – in 2023,” Mowi CEO Ivan Vindheim said.

All-time high farming volumes

Volume growth across the value chain is one of Mowi’s strategic pillars. Growth within Mowi Farming has been strong in recent years, and 2023 marked another good year with all-time high harvest volumes of 475,000 tonnes, equivalent to growth of 2.4% vs global supply contraction of 2.5%.

Mowi harvested 129,234 tonnes of salmon in the quarter. Full-year harvest volume guidance for 2024 is maintained at 500,000 tonnes.

“As recently as 2018, harvest volumes were 375,000 tonnes, hence we will have grown our farming volumes by as much as 125,000 tonnes by 2024. This is equivalent to annual growth of 4.9% versus a projected growth rate for the industry of 2.9%. This is mainly organic growth, and Mowi still has further organic growth initiatives that are expected to contribute to additional volume growth, of which the most important one is perhaps the post-smolt program we launched at our Capital Markets Day in 2021,” Vindheim said.

By the end of 2024, Mowi’s post-smolt capacity will be almost 40 million post-smolt, equivalent to approximately 25% of the group’s total smolt. In Norway, Mowi’s post-smolt share will be approximately 50% when the naturally more resilient Region North is excluded from the equation. This is expected to drive license utilization higher and improve Mowi’s sustainability credentials yet further through shorter production time in the sea and improved survival rate.

Record year also for Consumer Products and Feed

Consumer Products had another solid quarter and an outstanding 2023, yet again setting operational and financial records on strong consumer demand. Operational profit of 152 million euros and volumes of 232,000 tonnes product weight in 2023 were both new records for the group.

“These are impressive results, and I think it is fair to say that Consumer Products’ relentless focus on operational excellence over the past few years has really started to pay off,” Vindheim said.

Mowi Feed delivered a good fourth-quarter result and can also celebrate its best year so far with an operational EBITDA of EUR 52 million. “Volumes produced in Norway reached the impressive milestone of 405,000 tonnes for the full year following strong growth in the sea and consequently good feed demand,” Vindheim said. The total amount of feed sold reached 523,000 tonnes for the year.