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Mowi ASA (MHGVY)
OTHER OTC:MHGVY
Earnings Data
Report Date
May 20, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.32Last Year’s EPS
0.33Same Quarter Last Year
Based on 0 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call was constructive: the company reported strong operational metrics (record volumes, notable cost reductions, solid quarterly profit and record downstream and feed-year performance) and presented strategic actions (Skretting partnership, continued cost-savings program) that materially improve margins and cash generation prospects. Key negatives relate to 2025 price weakness caused by last year's industry oversupply, a notable regional loss in Canada, biological issues in some regions, and near-term cash absorption from CapEx, working capital and integration of Nova Sea. On balance, the positives — sustainable volume growth, significant cost reductions, a clear feed partnership yielding expected annual savings (EUR 55M) and strong balance sheet metrics — outweigh the lowlights.Company Guidance
Quarterly Operational Profit and Record Revenues
Q4 operational EBIT of EUR 213 million on record-high operating revenues of EUR 1.59 billion; demonstrates strong quarter-level profitability despite market headwinds.
Record and Growing Harvest Volumes
Q4 harvest volumes of 152,000 tonnes (slightly above guidance). Full-year 2025 harvest of 559,000 tonnes, up 11.4% year-over-year; 2026 farming guidance of 605,000 tonnes (up 8.3% YoY) and reaffirmed organic target of at least 650,000 tonnes by 2029.
Lower Production Costs
Realized weighted production cost of EUR 5.36/kg in Q4, down 5.8% year-over-year. Farming P&L costs declined by EUR 176 million for 2025, improving competitiveness and margin base going into 2026.
Strong Farming Unit Performance (Norway)
Mowi Norway Q4 operational profit EUR 199 million with margin EUR 2.02/kg on 98,000 tonnes. Region North delivered EUR 2.61/kg margin and Region Mid EUR 2.26/kg, underscoring robust regional performance.
Full-Year Profitability and Returns
Full-year operational EBITDA EUR 949 million and operational profit EUR 727 million. Underlying EPS EUR 0.92 for 2025 and annualized return on capital employed 13.3% for the year (15.5% in the quarter), above the 12% requirement level.
Feed Partnership and Expected Savings
Strategic feed partnership with Skretting/Nutreco expected to deliver at least EUR 55 million annual savings in Mowi Farming while retaining earnings from feed operations; cash effects expected to begin in Q2 2026 with P&L benefits anticipated by 2027.
Downstream and Feed Businesses Performed Well
Consumer Products Q4 operational profit EUR 46 million (second-best Q4 ever) and full-year operational profit EUR 197 million with record sold volumes of 265,000 tonnes product weight. Feed business achieved Q4 operational EBITDA EUR 20 million and full-year EUR 67 million (585,000 tonnes sold volumes in 2025).
Balance Sheet and Financing Strength
Net interest-bearing debt EUR 2.65 billion (post Nova Sea consolidation); new long-term NIBD target EUR 2.70 billion. Equity ratio 45% (47% on covenant basis). Issued EUR 382 million 5-year green bonds at EURIBOR+1.18%, supporting attractive long-term financing.
Material Cost-Saving Track Record and Targets
Total cost savings 2018–2025 amount to EUR 392 million (EUR 251 million in farming). Realized P&L cost effect EUR 176 million in 2025. New 2026 annualized savings target EUR 30 million and productivity target to reduce FTEs by ~250 through automation and efficiency initiatives.
Market Outlook — Tighter Supply Expectations
Management expects industry supply growth to normalize to ~1% for 2026 (versus 12% in 2025) and foresees longer-term constrained supply (1%–2% p.a.) due to regulatory and technological limits, supporting a structurally tighter market vs. recent oversupply.
MHGVY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MHGVY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $23.57 | $24.03 | +1.95% |
Nov 05, 2025 | $21.51 | $21.88 | +1.71% |
Aug 20, 2025 | $19.59 | $19.67 | +0.45% |
May 14, 2025 | $17.84 | $17.89 | +0.29% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Mowi ASA (MHGVY) report earnings?
Mowi ASA (MHGVY) is schdueled to report earning on May 20, 2026, Before Open (Confirmed).
What is Mowi ASA (MHGVY) earnings time?
Mowi ASA (MHGVY) earnings time is at May 20, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MHGVY EPS forecast?
MHGVY EPS forecast for the fiscal quarter 2026 (Q1) is 0.32.