Mowi, a salmon farming company, achieved record financial results last year with an operational EBIT of just over €1bn, but cost inflation remains a concern for the industry.

CEO Ivan Vindheim stated that Mowi was one of the best cost performers compared to its peers, with stable farming costs per kg since 2017. However, post-Covid inflation, primarily driven by feed prices, has negatively impacted costs.

Mowi achieved €48m in annualised savings in 2022 and has initiated another cost savings programme for 2023 with a target of €25m in savings.

Despite cost concerns, Mowi’s financial success was brought about by strong operational performance and good market conditions. Demand for salmon improved significantly on the reopening of the foodservice segment and continued strong retail demand. Mowi’s revenue was the highest ever at €4,946m, with Consumer Products achieving its best year financially.