Mowi (OB:MOWI) Stock Grapples With Record Revenue And A €164m Loss

Mowi stock came into today treading water after flat 30 day and softer 90 day returns, then investors were hit with a cold headline number. The salmon giant swung from a profit in recent quarters to a Q2 2026 loss of €164m, with basic earnings per share dropping to €0.31 in the red despite record quarterly revenue of €1.60b.

That short term shock sits against a very different multi year setup. Trailing 12 month earnings are still firmly positive and the stock trades on a P/E of 15x, below peer and industry averages. The real question now is how much weight you give this quarter versus that longer arc.

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Q2 2026 Earnings Summary

• Revenue (Q2 2026 vs. Q2 2025): €1,598.1m vs. €1,392.7m (up about 15%)
• Net Income/Loss (Q2 2026 vs. Q2 2025): loss of €164m vs. profit of €46m (swing into loss)
• Basic EPS (Q2 2026 vs. Q2 2025): loss of €0.31 per share vs. profit of €0.09 per share (earnings moved into the red)
• Operational EBIT (Q2 2026 vs. Q2 2025): €231m vs. about €188m (up 23% as highlighted by management)

Prefer clean, visual charts over another wall of earnings tables and raw figures? Get a full picture of Mowi, including how the recent Q2 2026 loss compares with its valuation backdrop, in our company report for Mowi.

Mowi bull story leans on volume and cost wins

The upbeat narrative claims Mowi can pair higher harvest volumes with tighter cost control so margins become more predictable despite choppy salmon prices. Q2 gives that view some real backing. Harvests hit a record 150,000 tonnes with operational EBIT up to €231m and realised production cost at €5.20/kg. Norway and Scotland both produced solid per kilo margins and the Bjugn feed expansion restores feed self sufficiency in Norway, which supports the idea of better cost control. The board also kept the quarterly dividend at NOK 2.30 per share, which fits the story of a shareholder focused payout. On the softer side, Consumer Products volume grew 14% yet profit dropped to €29m from €52m as contract terms weakened. That shows downstream integration is helping volume but has not fully delivered the smoother profit profile that the bullish case implies.

Mowi bear story tests earnings quality and risk

The cautious narrative focuses on earnings quality, biological and regulatory risk, and a balance sheet that could feel tight if results disappoint. Q2 offers some support for those worries. Reported net income swung to a loss of €164m, mainly tied to the Canada East sale and related write down, even as operational EBIT improved. That gap between operational profit and bottom line is exactly what critics highlight. Net interest bearing debt of €2.81b is now slightly above target, while working capital needs are guided higher because of feed inflation. Management also flagged SRS disease pressure in Chile, ISA incidents in Norway and rising sea temperatures. These are all reminders that biological events can quickly alter harvest outcomes and costs. The exit from Canada East may tidy the portfolio, yet it also underlines exposure to regulatory shifts when conditions turn less favourable.

Expose whether Mowi's high debt and biological issues are isolated setbacks or early warning signs. Review the full risk analysis for Mowi which shows 1 important warning sign.

Take Control Of Your Next Move

If Mowi's mix of record revenue and a one off earnings setback has your attention, register for free with Simply Wall St and add it to a Watchlist to track its share price against fair value and watch how the story develops. Once you decide to build or adjust a position, use the Portfolio Command Center to cut through noise and focus on the key developments that matter for your holdings. For a broader view on sentiment, tap into the Community to see how other investors are interpreting the same data and risks. By spotting potential catalysts and pressure points early, you give yourself a better chance of staying ahead of the market instead of reacting to it late.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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