Mowi stock (NO0003054108): Q1 2026 earnings show record revenue amid feed expansion

Mowi ASA, the world's largest farmed salmon producer, released first-quarter 2026 earnings on May 13, 2026, posting record revenue despite operational headwinds. The company's EBIT performance lagged analyst expectations, according to SmartKarma as of May 13, 2026, yet management signaled confidence in near-term expansion initiatives.

As of: May 13, 2026

By the editorial team – specialized in equity coverage.

Mowi ASA: core business model

Mowi operates as a vertically integrated salmon farming company, controlling production from feed manufacturing through processing and distribution. The company farms Atlantic salmon in Norway, Scotland, Ireland, Canada, and Chile, serving retail, foodservice, and industrial customers globally. This integrated model allows Mowi to manage costs and quality across the supply chain, a competitive advantage in the commodity-driven seafood market. US investors gain exposure to global protein demand and aquaculture consolidation through Mowi's diversified geographic footprint.

Q1 2026 results and feed factory expansion

Mowi completed expansion of its Norwegian feed factory in the first quarter, with management projecting total feed volumes of 650,000 tonnes in 2026, representing 11% year-over-year growth, according to Investing.com as of May 13, 2026. The feed segment supplies both internal farming operations and external customers, creating a secondary revenue stream. CEO Ørjan Vindheim indicated the company aims to expand production capacity further, though specific timelines and capital requirements were not detailed in initial disclosures. Record Q1 revenue reflects higher salmon prices and increased sales volumes, though elevated feed costs and supply chain pressures offset margin gains.

Market position and US investor relevance

Mowi holds approximately 13% of global farmed salmon production, making it the sector leader. The company's US listing exposure comes through its Oslo-traded shares and significant North American farming operations in Canada and Chile, which supply the US market. Farmed salmon represents a growing protein category in US retail and foodservice, with consumption trends supporting long-term demand. Aquaculture consolidation and feed efficiency improvements are key industry tailwinds that directly benefit large-scale operators like Mowi.

Conclusion

Mowi's Q1 2026 results reflect the dual dynamics of the farmed salmon sector: strong demand and pricing offset by operational cost pressures. The feed factory expansion signals management confidence in medium-term volume growth, though EBIT shortfalls warrant monitoring of margin trends. For US investors seeking exposure to global aquaculture and protein production, Mowi remains the largest pure-play farmed salmon producer, though commodity price volatility and regulatory risks in key markets remain material considerations.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.