Mowi Scotland has published strong results for the first half of 2025. The Q2 results, announced this week, were driven by significant improvements in fish biology thanks to strategic shifts and significant investments.
The half year results continue the positive trend for the company since Q1 2024 with regards to cost, volumes and operations. Operational EBIT for Mowi Scotland amounted to EUR 31.3 million (EUR 43.6 million in Q2 2024), the equivalent of EUR 1.29 per kg (EUR 2.22 per kg in Q2 2024). The effects of all-time high harvest volumes and lower costs were offset, however, by spot prices.
Ben Hadfield, COO for Mowi Scotland, Ireland, Faroes & Canada East, explained the story behind the financial results: “Our costs decreased from the comparable quarter in 2024 on the back of good biological performance, lower realised feed prices and reductions in other expense items. As a farming company we know that focusing on improving fish survival, welfare and product quality will ultimately lead to excellent financial results, and we are now seeing the benefits of this.”
Improved biology
The strong financial results directly correlate to the fact that Mowi Scotland recorded the best fish health for the first six months of this year compared to the same period of the last five years.
Improvements have been made across a number of factors including:
- Reduction in overall mortality
- Improved management of plankton blooms
- Improvement in treatment of gill infections
- Reduction in bacterial infections
- Sea lice levels at the lowest since 2017
- Improved feed conversion ratio
- Increase in average weight – the best year since 2017
- Post smolt having a highly impactful effect on production
- Excellent performance across freshwater sites
Strategic shift
Mowi’s post smolt strategy has played an important role in the overall improvement of fish health this year with the first ever crop harvested within 11 to 14 months at sea. Post smolt salmon describes farm-raised salmon that are delayed in their transfer from freshwater to saltwater and are therefore a larger than average size of smolt.
In traditional salmon farming, smolts are moved directly from freshwater hatcheries and lochs to seawater sites at a size of about 130 grams, where they are grown for 18-24 months before harvest. With post smolt salmon, they are moved to sea when they are larger and more robust at a size of up to 1.0 kg. This reduces the on-growing time at offshore sea sites to 12 months, avoiding a second summer of warm temperatures and resulting algae blooms that can create significant health challenges for large salmon.
Mowi Scotland has had success with post smolts at its loch system at Loch Etive, purchased from Dawnfresh in 2023.
Investment
Mowi Scotland has made a significant investment in a new broodstock hatchery at Ardessie near Ullapool which will be operational later this year and will mean the company’s total egg supply will be sourced from broodfish grown locally in Scotland.
Ben Hadfield highlights the significance of both the post smolt strategy and the broodstock facility: “Post smolts partially mitigate summer water quality challenges but we know eggs of the Mowi strain correlate strongly with higher robustness and lower mortality in Scottish marine conditions, which is why we have made these considerable investments.”
Largest wellboat in Europe
Mowi Scotland has also made a significant investment in a 6,000m3wellboat. Arriving in October, the vessel will be the third addition to Mowi’s fleet and the largest wellboat operating in Scotland. This will be another boost to the company’s freshwater treatment capacity and a vital tool to remove parasites such as sea lice, as well as Neoparamoeba perurans which can cause Amoebic Gill Disease (AGD).
Significant employer
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Mowi Scotland employs 1,600 dedicated staff located in the Scottish Highlands and Fife, who raise, process and market fresh Atlantic salmon for domestic and export markets around the world. “We operate in some very remote, rural and often fragile communities in the Highlands and Islands, and it’s important that we recognise the commitment and passion of our employees as they play a large part in our success,” concludes Hadfield.
Mowi Scotland is a division of Mowi ASA. To access the company’s full results, click here.
