Photo: Mowi ASA

Mowi Secures Strategic Partnership with Skretting to Boost Feed Efficiency

Global Salmon Leader to Realize Over $60 Million in Annual Savings Through Industrial Collaboration

BERGEN — Mowi ASA, the world’s largest producer of Atlantic salmon, has officially concluded its strategic review of its Feed Division by entering into a landmark industrial partnership with Skretting, the aquaculture arm of Nutreco. The agreement integrates Skretting’s advanced nutritional formulations into Mowi’s existing production infrastructure, aiming to solidify Mowi’s position as the industry’s lowest-cost producer.

Financial and Operational Highlights

The partnership is designed to leverage Skretting’s R&D and procurement scale while maintaining Mowi’s internal manufacturing assets in Norway and Scotland.

• Cost Savings: The collaboration is expected to deliver more than $60.1 million (NOK 650 million) in annualized net cost savings.

• Total Earnings Impact: The combined EBITDA contribution from the Skretting partnership and the retained Mowi Feed unit is projected to exceed $136.5 million (NOK 1,475 million).

• Production Retained: Mowi Feed will keep its two state-of-the-art factories, which are forecasted to contribute $76.3 million (NOK 825 million) in EBITDA for 2026E.

• Shareholder Value: The deal is estimated to yield $0.16 (NOK 1.7) in earnings per share.

"The Best of Both Worlds"

The strategic review, which began on March 4, 2025, sought to optimize Mowi’s feed value chain. By partnering with Skretting, Mowi gains access to proprietary data and global procurement capabilities without divesting its physical assets.

"Mowi and Skretting are a great match for each other," said Ivan Vindheim, CEO of Mowi. "This partnership model presents a low-risk solution while ensuring cost savings from day one. We are securing the best-performing feed at the lowest cost in the industry."

Skretting, a global leader in aquafeed, will provide the nutritional "recipes" that Mowi will then manufacture. This allows Mowi to retain the "embedded profit" of the manufacturing process while benefiting from Skretting’s superior R&D.

Strengthening Global Operations

The move comes as the global feed market is expected to tighten, making internal production capacity increasingly valuable. Mowi remains a powerhouse in the seafood sector, with significant operations across:

• Norway

• Scotland

• Ireland

• The Faroe Islands

• Iceland

• Chile

• Canada

With a projected 2026 harvest of 605,000 tonnes, the improved feed efficiency is expected to translate to an EBIT per kg of $0.24 (NOK 2.6) for its Norwegian operations.

editorial@seafood.media
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