Mowi launches strategic review of feed division, considers sale

NORWAY – Mowi ASA, the world’s largest salmon farmer, has announced a strategic review of its feed division (with the assistance of Arctic Securities) as part of efforts to optimise its operations and reinvest in its core business. 

This decision comes shortly after its feed production facilities in Norway and Scotland received Aquaculture Stewardship Council (ASC) certification in January 2025, as a mark of the firm’s commitment to sustainable aquafeed production.

Now, the Norwegian seafood giant is assessing various options for its feed division, including a potential sale, as it seeks to streamline its structure and free up working capital.

Mowi’s salmon production has seen significant growth in recent years, rising from approximately 400,000 metric tons (mt) to nearly 600,000 mt, with significant demand increase for quality feed. 

This expansion has prompted the company to reconsider the organisation of its feed business, which currently has a total production capacity of 700,000 mt. 

The division, which employs 140 people, operates mills in Norway and Scotland, supplying almost all of Mowi’s European salmon farming operations.

“Our feed division has seen substantial growth in recent years, and with Nova Sea on board (now owned 95% by Mowi), we will need additional feed capacity to sustain our expansion,” said Mowi CEO Ivan Vindheim. “To streamline our operations, we feel the time is ripe to assess how our feed division will be organised in the future.”

Impressive financial results for feed division 

Mowi’s feed business has played a critical role in the company’s record-breaking financial performance. In 2024, the division generated revenues of EUR 1.12 billion (US$1.22 billion) and achieved an operational EBITDA of EUR 62 million (US$66 million). 

Notably, Q4 2024 marked a milestone for the division, with an all-time high operational EBITDA of EUR 20.5 million (US$21.38 million), a 28% increase from the previous year. 

Record production volumes, increased demand, and favorable raw material prices drove the division’s strong performance.

To support its continued expansion, Mowi has already announced a 60,000-mt capacity expansion at its Bjugn feed plant in Norway, expected to be operational by Q2 2026. 

While Mowi has initiated a structured process, it has not committed to a specific outcome, and there is no certainty regarding whether a transaction will occur.

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