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• Operational Revenue: EUR1.36 billion for Q1 2025.

• Operational Profit: EUR240 million for Q1 2025.

• Harvest Volumes: 108,000 tons, up 12% year-over-year.

• Farming Costs: EUR5.89 per kg for Q1 2025.

• Dividend: NOK1.70 per share for Q1 2025.

• Cash Position: EUR1.88 billion at the end of Q1 2025.

• Earnings Per Share: EUR0.29 for Q1 2025.

• Return on Capital Employed: 16% for Q1 2025.

• Norway Operational Profit: EUR155 million with a margin of EUR3.51 per kg.

• Scotland Operational Profit: EUR32 million with a margin of EUR1.78 per kg.

• Chile Operational Profit: EUR12 million with a margin of EUR0.88 per kg.

• Canada Profit: EUR4 million, improved from a EUR2 million loss in Q1 2024.

• Consumer Products Operational Profit: EUR33 million, up from EUR24 million in Q1 2024.

• Feed Volumes: 112,000 tons, up 14% year-over-year.

• Feed Operational EBITDA: EUR7 million for Q1 2025.

• Warning! GuruFocus has detected 4 Warning Signs with BOM:543573.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Mowi ASA (MHGVY) reported a record high operational profit of EUR 240 million for Q1 2025.

• The company achieved an operational revenue of EUR 1.36 billion, with harvest volumes up by 12% year-over-year.

• Mowi ASA (MHGVY) maintained a strong cash position with EUR 1.88 billion at the end of the quarter.

• The company announced a quarterly dividend of NOK 1.70 per share.

• Mowi ASA (MHGVY) expects a further decrease in production costs due to economies of scale and improved biological conditions.

Negative Points

• Prices in the quarter were lower than expected due to record high industry supply.

• The company faces potential indirect effects from tariff turmoil in the US, which could impact demand.

• Mowi ASA (MHGVY) experienced higher costs in some regions, such as Chile, due to high-cost sites.

• The Norwegian government's White Paper on agriculture suggests more taxes and fees, which could impact the industry.

• There is uncertainty regarding the long-term impact of tariffs and potential economic slowdowns on demand.

Q & A Highlights

Q: You had guided 2% to 3% industry supply growth in February, but now you expect 6%. What has changed? Is there a chance that 2026 supply growth could also be revised up? A: Kristian Ellingsen, CFO: The biological performance and recovery in Norway have been better than expected. The industry is operating at high capacity utilization, and given current regulations, there's limited growth potential beyond this. 2025 is a recovery year from previous modest growth, limiting future potential.