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Note 1 \u2013 General information
Mowi ASA is a Norwegian company headquartered at
Sandviksboder 77A/B, 5035 Bergen. Mowi ASA is a publicly
listed company on the Oslo Stock Exchange, with the ticker
symbol MOWI.
The Group\u2019s operations are described in Note 4. Mowi is a
global company and has structured its operations in three
Business Areas: Feed, Farming and Sales & Marketing. The
Feed factories are located in Norway and Scotland. The Group\u2019s
farming activities are located in Norway, Scotland, Canada, Chile,
Ireland, Iceland and the Faroe Islands. Sales & Marketing
comprises the global sales organisation, in addition to the value-
added operations in Consumer Products.
Mowi farms Atlantic salmon (Salmo salar), both in seawater using
pens or semi-closed containment systems and in freshwater
using lochs (in Scotland only), flow-through and Recirculating
Aquaculture Systems (for smolts and postsmolts). Mowi does not
use juvenile seeds stocks captured in the wild as input to our
salmon production. Production volumes are presented in Part 1.
Production countries and location of assets are disclosed also in
Part 1 and in our Capital Markets Day presentation (2024).
Comparable information for one year is presented in this year's
Annual Report.
The financial statements were authorised by the Board of
Directors on March 24, 2026.
Foreign currency translation
The financial statements for the Group are presented in EUR,
which is the functional currency of the parent company. The
functional currency of the subsidiaries is their local currency, with
the exception of the holding companies in Norway in addition to
Mowi ASA, Mowi Seawater Norway AS, Mowi Markets Norway
AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading
AS which have EUR as their functional currency, subsidiaries in
Chile, Singapore, and Vietnam which have USD as their
functional currency, and subsidiaries in Iceland which have EUR
as their functional currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "Note 1 \u2013 General informationThe Group\u2019s operations are described in Note 4. Mowi is a global company and has structured its operations in three Business Areas: Feed, Farming and Sales & Marketing. The Feed factories are located in Norway and Scotland. The Group\u2019s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands. Sales & Marketing comprises the global sales organisation, in addition to the value-added operations in Consumer Products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "Sandviksboder 77A/B, 5035 Bergen", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "publicly listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
The financial statements were authorised by the Board of
Directors on March 24, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
Note 2 \u2013 Accounting policies
The material accounting policies applied in the preparation of
these consolidated financial statements are described below.
These policies have been consistently applied to all periods
presented.
Statement of compliance and basis of
preparation
As of December\u00a031, 2025, the consolidated financial statements
of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have
been prepared in accordance with IFRS\u00ae Accounting Standards
as adopted by the EU IFRS. In compliance with the Norwegian
Accounting Act, additional disclosures are included in the notes
to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in
2025 are described in Note 33. At the end of 2025, new
standards and changes to existing standards and interpretations
have been enacted but are not yet effective. Any relevant
effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on
the historical cost basis, except when IFRS requires recognition
at fair value. This relates to the measurement of certain financial
instruments and valuation of the biomass as further described
below. The reporting period follows the calendar year.
Consolidation
Consolidated financial statements present the Group\u2019s financial
position, comprehensive income, changes in equity and cash
flow. Transactions between group companies are priced in
accordance with OECD guidelines and the arm's length
principle. All intragroup transactions, receivables and liabilities
are eliminated.
When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies into
line with the Group's accounting policies.
Subsidiaries
The Group\u2019s consolidated financial statements comprise the
financial statements of the parent and its subsidiaries as at
December\u00a031, 2025. Control is achieved when the Group is
exposed, or is entitled, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights in an
investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an
investee.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary.
Investment in associated companies
Associated companies are companies in which the Group has a
significant non-controlling interest (normally ownership of
20-50%). Significant influence is the power to participate in the
financial and operating policy decisions of the investee, but not
to exercise control or joint control over those policies.
The Group's investments in its associated companies are
accounted for using the equity method. The financial statements
of the associate are prepared for the same reporting period as
the Group. When necessary, adjustments are made to bring their
accounting policies in line with those of the Group.
The statement of comprehensive income reflects the Group's
share of the results deriving from the associate's operations.
Foreign currency translation
The financial statements for the Group are presented in EUR,
which is the functional currency of the parent company. The
functional currency of the subsidiaries is their local currency, with
the exception of the holding companies in Norway in addition to
Mowi ASA, Mowi Seawater Norway AS, Mowi Markets Norway
AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading
AS which have EUR as their functional currency, subsidiaries in
Chile, Singapore, and Vietnam which have USD as their
functional currency, and subsidiaries in Iceland which have EUR
as their functional currency.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities are
recognised in other comprehensive income. When a foreign
operation is sold the associated exchange differences are
reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of
a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the closing rate.
Translation of transactions in foreign
subsidiaries
Profit or loss transactions in foreign subsidiaries are translated to
the presentation currency using the average exchange rate for
the reporting month, unless exchange rates in the period have
fluctuated significantly, in which case the exchange rates in
effect on the transaction dates are applied. Assets and liabilities
of foreign subsidiaries are translated at the exchange rate at the
end of the reporting period.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange
rate at the time of the transaction. Receivables, debt and other
monetary items in foreign currency are measured at the
exchange rate at the end of the reporting period, and the
translation differences are recognised in profit or loss. Other
assets in foreign currencies are translated at the exchange rate
in effect on the transaction date.
Financial instruments \u2013 initial and
subsequent measurement
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity
instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition
depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing
them. Except for trade receivables that do not contain a
significant financing component, the Group initially measures a
financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories:
financial assets at amortised cost and financial asset at fair value
through profit and loss. The Group does not apply hedge
accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans
and borrowings, payables, or as financial liabilities at fair value
through profit and loss (derivatives), as appropriate. Financial
liabilities are recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly attributable
transaction costs.
Derivatives are financial liabilities when the fair value is negative,
and financial assets when positive.
Financial liabilities that arise from supplier finance arrangement
are classified within Trade payables in the statement of financial
position if they have a similar nature and function to trade
payables. This is the case if the supplier finance arrangement is
part of the working capital used in the normal operating cycle,\u00a0
and the terms of the liabilities that are part of the supply chain
finance arrangement are not substantially different from the
terms of trade payables that are not part of the arrangement.
Cash flows related to liabilities arising from supplier finance
arrangements that are classified in Trade payables in the
statement of financial position are included in operating activities
in the statement of cash flow.
Revenue
Revenue from contracts with customers is recognised when
control of the goods are transferred to the customer at an
amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods. The Group
has generally concluded that it is the principal in its revenue
arrangements, because it typically controls the goods before
transferring them to the customer.
Sale of fish products
Revenue for the Group derives mainly from the sale of fish and
elaborated fish products either on spot sales or from contracts.
The Group recognises revenue from the sale of fish and
elaborated fish products at the point in time when control of the
goods is transferred to the customer. Revenue is generally
recognised on delivery of the goods (i.e. a certain point in time).
Based on group business of sale of fish and elaborated fish
products the customers do not pay any advances. The normal
credit term is 30 days upon delivery, and based on the nature of
the product there is generally no right of return or warranties.
Refund is only given if delivered goods is damaged or delivered
with discrepancy compared to agreement, such is immaterial.
The Group considers whether there are other promises in the
contract that are separate performance obligations to which a
portion of the transaction price needs to be allocated, currently
no multiple performance obligations have been identified. In
determining the transaction price for the sale of goods, the
Group considers the effects of variable consideration, the
existence of significant financing components and consideration
payable to the customer (if any). At the balance sheet date the
group has no outstanding performance obligations in contracts
that have original duration of more than 1 year.
Biomass
Changes in the estimated fair value of the biomass are
recognised in profit or loss. The fair value adjustment is
presented in the statement of comprehensive income as \u201cNet
fair value adjustment biomass\u201d. The net fair value adjustment
consists of \u201cfair value adjustment on biological assets\u201d, \u201cfair
value adjustment on harvested fish\u201d and \u201cfair value on incident
based mortality\u201d, see Note 6. The fair value adjustment on
biological assets represents the change in fair value of the
biomass less the change in accumulated cost of production for
the biomass. The fair value adjustment on harvested fish is the
release from stock of the fair value adjustment related to the fish
harvested in the period. The fair value adjustment on incident
based mortality is the release from stock of the fair value
adjustment related to the fish recognised as incident based
mortality in the period. The accumulated cost of incident based
mortality is included in \u201ccost of materials\u201d in the statement of
comprehensive income.
Goodwill and licenses
Goodwill
Goodwill is initially measured at cost, and is the excess of the
aggregate of the consideration transferred and the amount
recognised for a non-controlling interest in the net identifiable
assets acquired and liabilities assumed through a business
combination.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s cash-
generating units (CGU) that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount of
the operation when determining the gain or loss on disposal.
Goodwill disposed of in such circumstance is measured on the
basis of the relative values of the disposed operation and the
portion of the cash-generating unit retained. Goodwill is tested
for impairment annually as at December 31, and when
circumstances otherwise indicate that the carrying value may be
impaired. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial
recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and accumulated impairment
losses. The useful lives of intangible assets are assessed as
either finite or indefinite. The value of licenses acquired by Mowi
(mainly licenses for salmon farming) in Norway, Chile, Ireland, the
Faroe Islands, Scotland, Canada, and Iceland are considered
indefinite. Intangible assets with indefinite useful lives are not
amortised, but are tested for impairment annually or when
circumstances otherwise indicate that the carrying value may be
impaired at the cash-generating unit level. The indefinite life
classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from
indefinite to finite is made on a prospective basis.
Property, plant and equipment
Property, plant and equipment are measured at acquisition cost
less accumulated depreciation and any impairment. Costs
associated with normal maintenance and repairs are expensed
as incurred. Costs of major replacements and renewals that
substantially extend the economic life and functionality of the
asset are capitalised. Assets are normally considered property,
plant and equipment if the useful economic life exceeds one
year. Borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset form
part of the cost of that asset. Straight-line depreciation is applied
over the useful life of property, plant and equipment, based on
the asset\u2019s historical cost and estimated residual value at
disposal. If a substantial part of an asset has an individual and
different useful life, this part is depreciated separately. The
asset\u2019s residual value and useful life are evaluated annually. The
gain or loss arising from the disposal or retirement of an asset is
determined as the difference between the sales proceeds and
the carrying amount of the asset.
At the end of the reporting period, the carrying amounts of the
Group\u2019s assets are reviewed to determine whether there are
indications that specific assets have suffered an impairment loss.
If such indications exist, the recoverable amount of the asset is
estimated in order to determine the extent of net present value
of discounted cash flows (value in use). If estimated recoverable
amount is lower than book value impairment is recognised.
Impairment of Non-current assets
Upon indication, each cash generating unit, CGU, is tested for
impairment. If the recoverable amount of a cash-generating unit
is estimated to be less than the carrying amount of the net
assets of the cash-generating unit, impairment to the
recoverable amount is recognised. If impairment is required,
goodwill is written down first, thereafter other intangible assets. If
further impairment is required, other assets will be written down
on a pro-rata basis.
Impairment losses recognised in previous periods are reversed
if the recoverable amount in a later period exceeds the carrying
amount. The reversal will not exceed the carrying amount that
would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
Leasing
The determination of whether a contract is, or contains, a lease
is assessed at the inception of the lease and is based on
whether the contract conveys a right to control the use of an
identified asset or assets for a period of time in exchange for
consideration. For contracts where the Group is the lessee, right-
of-use assets and lease liabilities are recognised at the
commencement of the lease.
Right-of-use assets are measured at cost, less accumulated
depreciation and impairment losses. Right-of-use assets are
depreciated over the shorter of the lease term and the useful life
of the asset. When a purchase option has been included in the
cost at recognition, the right-of-use asset is depreciated over the
estimated useful life of the asset.
The lease liabilities at commencement date is measured at the
present value of the lease payments. The lease payments are
discounted using the Group's incremental borrowing rate as the
interest rate implicit in the lease is not readily determinable. The
incremental borrowing rate for each business unit is based on
SOFR with an addition of a country specific margin reflecting the
interest the group would have had to pay to borrow the funds to
purchase a similar asset in a similar economic environment .
Short term leases (lease term less than 12 months) and leases of
low-value assets are not recognised as right-of-use assets and
lease liabilities, as the recognition exemptions for these leases is
applied. Lease payments of such leases are recognised as
expense over the lease term.
For leasing contracts with optional renewal period, and where
we are reasonably certain to exercise this option, the renewal
periods are included in the calculation of the lease liability and
asset.
The Group has lease contracts for various assets used in its
operation, the main asset group being transportation. Lease
terms and other conditions vary. Refer to note 29 for further
information.
Inventory
Inventories mainly comprise feed, goods in progress, packaging
materials and finished goods. Inventories of goods are
measured at the lower of cost and net realisable value.
The cost of finished goods includes direct material costs, direct
personnel expenses and indirect processing costs (full
production cost). Interest costs are not included in the inventory
value. The cost price of purchased goods is the actual purchase
price. The cost is based on the principle of first-in first-out,
except for feed and value-added-products, where a weighted
average is used.
If fish farmed by the Group is included in inventory as a raw
material for further processing in one of the Group's processing
entities, such fish is included in inventory at fair value less cost to
sell at harvest.
Biological assets
Fair value of biological assets is calculated based on a present
value model which does not rely on historical cost. Fish ready for
harvest (mature fish), are valued at expected sales price with a
deduction of cost related to harvest, transport etc. For fish not
ready for harvest (immature fish), cost to completion is also
deducted. The model uses an interpolation methodology where
the known data points are the value of the fish when put to sea
and when recognised as mature fish. Technically, the
interpolation is calculated per location. The effect of this is that
fish that have the same weight and quality are valued similarly.
The interpolation model has a natural interpretation in the form
of a present value calculation where an imputed rent of assets
(i.e. theoretical license rent) per location is included as part of
the rate of return. Thus, the value is to a lesser degree affected
by the site because low production cost at a high quality site is
offset by a higher imputed rent and vice versa. All surplus return
in the future is assigned to the licenses through a similarly high
imputed rent of assets, and where any shortage in return is
recognised in profit and loss immediately. The interpolation
model is updated every month, with best estimates for time of
harvest, remaining months at sea, expected price at time of
harvest and estimated residual cost to grow the fish to harvest
weight. The methodology has the effect that any changes in
price will have full effect on the biomass at hand, while the price
effect on increased weight going forward will be allocated to the
license and recognised over time as remaining time at sea
decreases. An effect of this is that even with high salmon prices
there is no profit at the time the fish is put to sea because all
surplus return is assigned to future periods (licenses).
Correspondingly the fair value of small fish is rather insensitive to
price fluctuations.
An interpolation model as described works best if important
variables such as pace of growth, mortality and feed conversion
ratios are constant per unit of time or weight increase.
Experience shows that in particular there is a deviation from an
even development during the first period in sea relating to
increased value due, among other things to reduced risk after
handling of the fish, vaccination and mortality related to the
transfer to sea. This has been adjusted for.
Biological assets comprise eggs, juveniles, smolt and fish in the
sea. Biological assets are, in accordance with IAS 41 and IFRS 13,
measured at fair value less cost to sell. In line with IFRS 13, the
highest and best use of the biological assets is applied for the
valuation. In accordance with the principle for highest and best
use, the fish is considered to have optimal harvest weight at 4 kg
gutted. This corresponds to that a live weight of approximately
4.8 kg (there may be regional variances) or more are classified
as mature fish, while fish that have still not achieved this weight
are classified as immature fish. All fish at sea are subject to a fair
value calculation, while broodstock and smolt are measured at
cost less impairment losses.\u00a0
The calculation of the estimated fair value is based on market
prices for harvested fish and adjusted for estimated differences
in accordance with IFRS 13. The prices are reduced for
harvesting costs and freight costs to market, to arrive at a net
value back to farm. The valuation reflects the expected quality
grading and size distribution. The valuation is completed for
each Business Unit and is based on the biomass in sea for each
seawater site and the estimated market price in each market
derived from the development in recent contracts as well as
spot prices. Where reliable forward prices are available, those
have been used. The change in estimated fair value is
recognised in profit or loss based on measurement as of each
period, and is classified separately. At harvest, the fair value
adjustment is classified as fair value adjustment on harvested
fish. In cases of incident based mortality, the fair value
adjustment is classified as fair value adjustment on incident
based mortality when occurring. Both are included in net fair
value adjustment of biological assets in the statement of
comprehensive income.
Onerous contracts
At each reporting date, management assesses if there are
contracts in which the unavoidable costs of meeting the Group's
obligations under the contract exceed the economic benefits
expected to be received in accordance with IAS 37. Fair value
adjustment of biological assets is included in the unavoidable
cost. This implies that the contract may be considered onerous
even though the actual production cost of the products sold is
lower than the contract price. Volumes used in the calculation is
based on estimated remaining volumes for the contracts.
Onerous contracts are classified as provisions in the statement
of financial position.
Taxes
Income taxes comprise taxes on the taxable profit for the year,
changes in deferred taxes and any adjustments in prior years'
taxes. Taxes on transactions that are recorded in other
comprehensive income or directly in equity do not form part of
the tax expense in profit or loss and are recorded with the
related transaction in other comprehensive income or directly in
equity.
Tax payable is calculated using the nominal tax rate for the
relevant tax jurisdiction at the end of the reporting period.
Deferred tax is calculated on the basis of temporary differences
between accounting and taxation values at the close of the
accounting year. Deferred tax assets arise from temporary
differences that give rise to future tax deductions. Deferred tax
assets are recognised to the extent that it is probable that a
taxable profit will arise, against which the deductible temporary
differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are
offset against each other to the extent that the taxes can be
netted within one tax regime.
Restructuring cost
Provisions for restructuring costs will be recognised if the
Company has, within the reporting period, published or initiated
a restructuring plan, which identifies which parts of the Company
and approximately how many employees will be affected, the
actions that will be taken and when the plan will be
implemented. Provisions are recognised only for costs that
cannot be associated with future earnings. Costs related to
restructuring are presented on a separate line in the statement
of comprehensive income.
Share option schemes
The Group has share option schemes from 2022, 2023, 2024
and 2025 which will be settled in shares (equity settlement). The
cost of equity-settled transactions is recognised as a payroll
expense over the vesting period. The cumulative expense is
recognised in other equity reserves within equity.
Cash flow statement and cash
The cash flow statement is prepared in accordance with the
indirect method. Cash comprises cash and bank deposits,
except funds which based on restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
Statement of compliance and basis of
preparation
As of December\u00a031, 2025, the consolidated financial statements
of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have
been prepared in accordance with IFRS\u00ae Accounting Standards
as adopted by the EU IFRS. In compliance with the Norwegian
Accounting Act, additional disclosures are included in the notes
to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in
2025 are described in Note 33. At the end of 2025, new
standards and changes to existing standards and interpretations
have been enacted but are not yet effective. Any relevant
effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on
the historical cost basis, except when IFRS requires recognition
at fair value. This relates to the measurement of certain financial
instruments and valuation of the biomass as further described
below. The reporting period follows the calendar year.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
Statement of compliance and basis of
preparation
As of December\u00a031, 2025, the consolidated financial statements
of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have
been prepared in accordance with IFRS\u00ae Accounting Standards
as adopted by the EU IFRS. In compliance with the Norwegian
Accounting Act, additional disclosures are included in the notes
to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in
2025 are described in Note 33. At the end of 2025, new
standards and changes to existing standards and interpretations
have been enacted but are not yet effective. Any relevant
effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on
the historical cost basis, except when IFRS requires recognition
at fair value. This relates to the measurement of certain financial
instruments and valuation of the biomass as further described
below. The reporting period follows the calendar year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
Consolidation
Consolidated financial statements present the Group\u2019s financial
position, comprehensive income, changes in equity and cash
flow. Transactions between group companies are priced in
accordance with OECD guidelines and the arm's length
principle. All intragroup transactions, receivables and liabilities
are eliminated.
When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies into
line with the Group's accounting policies.
Subsidiaries
The Group\u2019s consolidated financial statements comprise the
financial statements of the parent and its subsidiaries as at
December\u00a031, 2025. Control is achieved when the Group is
exposed, or is entitled, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights in an
investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an
investee.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
Subsidiaries
The Group\u2019s consolidated financial statements comprise the
financial statements of the parent and its subsidiaries as at
December\u00a031, 2025. Control is achieved when the Group is
exposed, or is entitled, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights in an
investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an
investee.
Consolidation of a subsidiary begins when the Group obtains
control over the subsidiary and ceases when the Group loses
control of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "
Investment in associated companies
Associated companies are companies in which the Group has a
significant non-controlling interest (normally ownership of
20-50%). Significant influence is the power to participate in the
financial and operating policy decisions of the investee, but not
to exercise control or joint control over those policies.
The Group's investments in its associated companies are
accounted for using the equity method. The financial statements
of the associate are prepared for the same reporting period as
the Group. When necessary, adjustments are made to bring their
accounting policies in line with those of the Group.
The statement of comprehensive income reflects the Group's
share of the results deriving from the associate's operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
Investment in associated companies
Associated companies are companies in which the Group has a
significant non-controlling interest (normally ownership of
20-50%). Significant influence is the power to participate in the
financial and operating policy decisions of the investee, but not
to exercise control or joint control over those policies.
The Group's investments in its associated companies are
accounted for using the equity method. The financial statements
of the associate are prepared for the same reporting period as
the Group. When necessary, adjustments are made to bring their
accounting policies in line with those of the Group.
The statement of comprehensive income reflects the Group's
share of the results deriving from the associate's operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
Foreign currency translation
The financial statements for the Group are presented in EUR,
which is the functional currency of the parent company. The
functional currency of the subsidiaries is their local currency, with
the exception of the holding companies in Norway in addition to
Mowi ASA, Mowi Seawater Norway AS, Mowi Markets Norway
AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading
AS which have EUR as their functional currency, subsidiaries in
Chile, Singapore, and Vietnam which have USD as their
functional currency, and subsidiaries in Iceland which have EUR
as their functional currency.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities are
recognised in other comprehensive income. When a foreign
operation is sold the associated exchange differences are
reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of
a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the closing rate.
Translation of transactions in foreign
subsidiaries
Profit or loss transactions in foreign subsidiaries are translated to
the presentation currency using the average exchange rate for
the reporting month, unless exchange rates in the period have
fluctuated significantly, in which case the exchange rates in
effect on the transaction dates are applied. Assets and liabilities
of foreign subsidiaries are translated at the exchange rate at the
end of the reporting period.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange
rate at the time of the transaction. Receivables, debt and other
monetary items in foreign currency are measured at the
exchange rate at the end of the reporting period, and the
translation differences are recognised in profit or loss. Other
assets in foreign currencies are translated at the exchange rate
in effect on the transaction date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
Foreign currency translation
The financial statements for the Group are presented in EUR,
which is the functional currency of the parent company. The
functional currency of the subsidiaries is their local currency, with
the exception of the holding companies in Norway in addition to
Mowi ASA, Mowi Seawater Norway AS, Mowi Markets Norway
AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading
AS which have EUR as their functional currency, subsidiaries in
Chile, Singapore, and Vietnam which have USD as their
functional currency, and subsidiaries in Iceland which have EUR
as their functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
Financial instruments \u2013 initial and
subsequent measurement
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity
instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition
depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing
them. Except for trade receivables that do not contain a
significant financing component, the Group initially measures a
financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories:
financial assets at amortised cost and financial asset at fair value
through profit and loss. The Group does not apply hedge
accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans
and borrowings, payables, or as financial liabilities at fair value
through profit and loss (derivatives), as appropriate. Financial
liabilities are recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly attributable
transaction costs.
Derivatives are financial liabilities when the fair value is negative,
and financial assets when positive.
Financial liabilities that arise from supplier finance arrangement
are classified within Trade payables in the statement of financial
position if they have a similar nature and function to trade
payables. This is the case if the supplier finance arrangement is
part of the working capital used in the normal operating cycle,\u00a0
and the terms of the liabilities that are part of the supply chain
finance arrangement are not substantially different from the
terms of trade payables that are not part of the arrangement.
Cash flows related to liabilities arising from supplier finance
arrangements that are classified in Trade payables in the
statement of financial position are included in operating activities
in the statement of cash flow.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity
instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition
depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing
them. Except for trade receivables that do not contain a
significant financing component, the Group initially measures a
financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories:
financial assets at amortised cost and financial asset at fair value
through profit and loss. The Group does not apply hedge
accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include
financial assets held for trading, financial assets designated
through profit or loss, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held
for trading if they are acquired for the purpose of selling or
repurchasing in the near terms. Derivatives, including embedded
derivatives, are also classified as held for trading.
The category includes derivatives instruments such as foreign
exchange contracts, interest rate swaps and salmon derivatives.
The Group trades in salmon derivatives, both as an operational
hedging activity and a financial activity. Operational trading of
salmon derivatives is presented as other operating income,
while financial trading of salmon derivatives is presented as
other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans
and borrowings, payables, or as financial liabilities at fair value
through profit and loss (derivatives), as appropriate. Financial
liabilities are recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly attributable
transaction costs.
Derivatives are financial liabilities when the fair value is negative,
and financial assets when positive.
Financial liabilities that arise from supplier finance arrangement
are classified within Trade payables in the statement of financial
position if they have a similar nature and function to trade
payables. This is the case if the supplier finance arrangement is
part of the working capital used in the normal operating cycle,\u00a0
and the terms of the liabilities that are part of the supply chain
finance arrangement are not substantially different from the
terms of trade payables that are not part of the arrangement.
Cash flows related to liabilities arising from supplier finance
arrangements that are classified in Trade payables in the
statement of financial position are included in operating activities
in the statement of cash flow.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
Revenue
Revenue from contracts with customers is recognised when
control of the goods are transferred to the customer at an
amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods. The Group
has generally concluded that it is the principal in its revenue
arrangements, because it typically controls the goods before
transferring them to the customer.
Sale of fish products
Revenue for the Group derives mainly from the sale of fish and
elaborated fish products either on spot sales or from contracts.
The Group recognises revenue from the sale of fish and
elaborated fish products at the point in time when control of the
goods is transferred to the customer. Revenue is generally
recognised on delivery of the goods (i.e. a certain point in time).
Based on group business of sale of fish and elaborated fish
products the customers do not pay any advances. The normal
credit term is 30 days upon delivery, and based on the nature of
the product there is generally no right of return or warranties.
Refund is only given if delivered goods is damaged or delivered
with discrepancy compared to agreement, such is immaterial.
The Group considers whether there are other promises in the
contract that are separate performance obligations to which a
portion of the transaction price needs to be allocated, currently
no multiple performance obligations have been identified. In
determining the transaction price for the sale of goods, the
Group considers the effects of variable consideration, the
existence of significant financing components and consideration
payable to the customer (if any). At the balance sheet date the
group has no outstanding performance obligations in contracts
that have original duration of more than 1 year.
Biomass
Changes in the estimated fair value of the biomass are
recognised in profit or loss. The fair value adjustment is
presented in the statement of comprehensive income as \u201cNet
fair value adjustment biomass\u201d. The net fair value adjustment
consists of \u201cfair value adjustment on biological assets\u201d, \u201cfair
value adjustment on harvested fish\u201d and \u201cfair value on incident
based mortality\u201d, see Note 6. The fair value adjustment on
biological assets represents the change in fair value of the
biomass less the change in accumulated cost of production for
the biomass. The fair value adjustment on harvested fish is the
release from stock of the fair value adjustment related to the fish
harvested in the period. The fair value adjustment on incident
based mortality is the release from stock of the fair value
adjustment related to the fish recognised as incident based
mortality in the period. The accumulated cost of incident based
mortality is included in \u201ccost of materials\u201d in the statement of
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
Goodwill and licenses
Goodwill
Goodwill is initially measured at cost, and is the excess of the
aggregate of the consideration transferred and the amount
recognised for a non-controlling interest in the net identifiable
assets acquired and liabilities assumed through a business
combination.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s cash-
generating units (CGU) that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount of
the operation when determining the gain or loss on disposal.
Goodwill disposed of in such circumstance is measured on the
basis of the relative values of the disposed operation and the
portion of the cash-generating unit retained. Goodwill is tested
for impairment annually as at December 31, and when
circumstances otherwise indicate that the carrying value may be
impaired. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial
recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and accumulated impairment
losses. The useful lives of intangible assets are assessed as
either finite or indefinite. The value of licenses acquired by Mowi
(mainly licenses for salmon farming) in Norway, Chile, Ireland, the
Faroe Islands, Scotland, Canada, and Iceland are considered
indefinite. Intangible assets with indefinite useful lives are not
amortised, but are tested for impairment annually or when
circumstances otherwise indicate that the carrying value may be
impaired at the cash-generating unit level. The indefinite life
classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from
indefinite to finite is made on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
Goodwill
Goodwill is initially measured at cost, and is the excess of the
aggregate of the consideration transferred and the amount
recognised for a non-controlling interest in the net identifiable
assets acquired and liabilities assumed through a business
combination.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s cash-
generating units (CGU) that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount of
the operation when determining the gain or loss on disposal.
Goodwill disposed of in such circumstance is measured on the
basis of the relative values of the disposed operation and the
portion of the cash-generating unit retained. Goodwill is tested
for impairment annually as at December 31, and when
circumstances otherwise indicate that the carrying value may be
impaired. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
Goodwill
Goodwill is initially measured at cost, and is the excess of the
aggregate of the consideration transferred and the amount
recognised for a non-controlling interest in the net identifiable
assets acquired and liabilities assumed through a business
combination.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s cash-
generating units (CGU) that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount of
the operation when determining the gain or loss on disposal.
Goodwill disposed of in such circumstance is measured on the
basis of the relative values of the disposed operation and the
portion of the cash-generating unit retained. Goodwill is tested
for impairment annually as at December 31, and when
circumstances otherwise indicate that the carrying value may be
impaired. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
Goodwill
Goodwill is initially measured at cost, and is the excess of the
aggregate of the consideration transferred and the amount
recognised for a non-controlling interest in the net identifiable
assets acquired and liabilities assumed through a business
combination.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s cash-
generating units (CGU) that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the
operation within that unit is disposed of, the goodwill associated
with the disposed operation is included in the carrying amount of
the operation when determining the gain or loss on disposal.
Goodwill disposed of in such circumstance is measured on the
basis of the relative values of the disposed operation and the
portion of the cash-generating unit retained. Goodwill is tested
for impairment annually as at December 31, and when
circumstances otherwise indicate that the carrying value may be
impaired. Impairment is determined for goodwill by assessing
the recoverable amount of each CGU (or group of CGUs) to
which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be
reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial
recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value at the date of acquisition.
Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and accumulated impairment
losses. The useful lives of intangible assets are assessed as
either finite or indefinite. The value of licenses acquired by Mowi
(mainly licenses for salmon farming) in Norway, Chile, Ireland, the
Faroe Islands, Scotland, Canada, and Iceland are considered
indefinite. Intangible assets with indefinite useful lives are not
amortised, but are tested for impairment annually or when
circumstances otherwise indicate that the carrying value may be
impaired at the cash-generating unit level. The indefinite life
classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from
indefinite to finite is made on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
Property, plant and equipment
Property, plant and equipment are measured at acquisition cost
less accumulated depreciation and any impairment. Costs
associated with normal maintenance and repairs are expensed
as incurred. Costs of major replacements and renewals that
substantially extend the economic life and functionality of the
asset are capitalised. Assets are normally considered property,
plant and equipment if the useful economic life exceeds one
year. Borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset form
part of the cost of that asset. Straight-line depreciation is applied
over the useful life of property, plant and equipment, based on
the asset\u2019s historical cost and estimated residual value at
disposal. If a substantial part of an asset has an individual and
different useful life, this part is depreciated separately. The
asset\u2019s residual value and useful life are evaluated annually. The
gain or loss arising from the disposal or retirement of an asset is
determined as the difference between the sales proceeds and
the carrying amount of the asset.
At the end of the reporting period, the carrying amounts of the
Group\u2019s assets are reviewed to determine whether there are
indications that specific assets have suffered an impairment loss.
If such indications exist, the recoverable amount of the asset is
estimated in order to determine the extent of net present value
of discounted cash flows (value in use). If estimated recoverable
amount is lower than book value impairment is recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
Impairment of Non-current assets
Upon indication, each cash generating unit, CGU, is tested for
impairment. If the recoverable amount of a cash-generating unit
is estimated to be less than the carrying amount of the net
assets of the cash-generating unit, impairment to the
recoverable amount is recognised. If impairment is required,
goodwill is written down first, thereafter other intangible assets. If
further impairment is required, other assets will be written down
on a pro-rata basis.
Impairment losses recognised in previous periods are reversed
if the recoverable amount in a later period exceeds the carrying
amount. The reversal will not exceed the carrying amount that
would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
Impairment of Non-current assets
Upon indication, each cash generating unit, CGU, is tested for
impairment. If the recoverable amount of a cash-generating unit
is estimated to be less than the carrying amount of the net
assets of the cash-generating unit, impairment to the
recoverable amount is recognised. If impairment is required,
goodwill is written down first, thereafter other intangible assets. If
further impairment is required, other assets will be written down
on a pro-rata basis.
Impairment losses recognised in previous periods are reversed
if the recoverable amount in a later period exceeds the carrying
amount. The reversal will not exceed the carrying amount that
would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
Leasing
The determination of whether a contract is, or contains, a lease
is assessed at the inception of the lease and is based on
whether the contract conveys a right to control the use of an
identified asset or assets for a period of time in exchange for
consideration. For contracts where the Group is the lessee, right-
of-use assets and lease liabilities are recognised at the
commencement of the lease.
Right-of-use assets are measured at cost, less accumulated
depreciation and impairment losses. Right-of-use assets are
depreciated over the shorter of the lease term and the useful life
of the asset. When a purchase option has been included in the
cost at recognition, the right-of-use asset is depreciated over the
estimated useful life of the asset.
The lease liabilities at commencement date is measured at the
present value of the lease payments. The lease payments are
discounted using the Group's incremental borrowing rate as the
interest rate implicit in the lease is not readily determinable. The
incremental borrowing rate for each business unit is based on
SOFR with an addition of a country specific margin reflecting the
interest the group would have had to pay to borrow the funds to
purchase a similar asset in a similar economic environment .
Short term leases (lease term less than 12 months) and leases of
low-value assets are not recognised as right-of-use assets and
lease liabilities, as the recognition exemptions for these leases is
applied. Lease payments of such leases are recognised as
expense over the lease term.
For leasing contracts with optional renewal period, and where
we are reasonably certain to exercise this option, the renewal
periods are included in the calculation of the lease liability and
asset.
The Group has lease contracts for various assets used in its
operation, the main asset group being transportation. Lease
terms and other conditions vary. Refer to note 29 for further
information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
Inventory
Inventories mainly comprise feed, goods in progress, packaging
materials and finished goods. Inventories of goods are
measured at the lower of cost and net realisable value.
The cost of finished goods includes direct material costs, direct
personnel expenses and indirect processing costs (full
production cost). Interest costs are not included in the inventory
value. The cost price of purchased goods is the actual purchase
price. The cost is based on the principle of first-in first-out,
except for feed and value-added-products, where a weighted
average is used.
If fish farmed by the Group is included in inventory as a raw
material for further processing in one of the Group's processing
entities, such fish is included in inventory at fair value less cost to
sell at harvest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
Biological assets
Fair value of biological assets is calculated based on a present
value model which does not rely on historical cost. Fish ready for
harvest (mature fish), are valued at expected sales price with a
deduction of cost related to harvest, transport etc. For fish not
ready for harvest (immature fish), cost to completion is also
deducted. The model uses an interpolation methodology where
the known data points are the value of the fish when put to sea
and when recognised as mature fish. Technically, the
interpolation is calculated per location. The effect of this is that
fish that have the same weight and quality are valued similarly.
The interpolation model has a natural interpretation in the form
of a present value calculation where an imputed rent of assets
(i.e. theoretical license rent) per location is included as part of
the rate of return. Thus, the value is to a lesser degree affected
by the site because low production cost at a high quality site is
offset by a higher imputed rent and vice versa. All surplus return
in the future is assigned to the licenses through a similarly high
imputed rent of assets, and where any shortage in return is
recognised in profit and loss immediately. The interpolation
model is updated every month, with best estimates for time of
harvest, remaining months at sea, expected price at time of
harvest and estimated residual cost to grow the fish to harvest
weight. The methodology has the effect that any changes in
price will have full effect on the biomass at hand, while the price
effect on increased weight going forward will be allocated to the
license and recognised over time as remaining time at sea
decreases. An effect of this is that even with high salmon prices
there is no profit at the time the fish is put to sea because all
surplus return is assigned to future periods (licenses).
Correspondingly the fair value of small fish is rather insensitive to
price fluctuations.
An interpolation model as described works best if important
variables such as pace of growth, mortality and feed conversion
ratios are constant per unit of time or weight increase.
Experience shows that in particular there is a deviation from an
even development during the first period in sea relating to
increased value due, among other things to reduced risk after
handling of the fish, vaccination and mortality related to the
transfer to sea. This has been adjusted for.
Biological assets comprise eggs, juveniles, smolt and fish in the
sea. Biological assets are, in accordance with IAS 41 and IFRS 13,
measured at fair value less cost to sell. In line with IFRS 13, the
highest and best use of the biological assets is applied for the
valuation. In accordance with the principle for highest and best
use, the fish is considered to have optimal harvest weight at 4 kg
gutted. This corresponds to that a live weight of approximately
4.8 kg (there may be regional variances) or more are classified
as mature fish, while fish that have still not achieved this weight
are classified as immature fish. All fish at sea are subject to a fair
value calculation, while broodstock and smolt are measured at
cost less impairment losses.\u00a0
The calculation of the estimated fair value is based on market
prices for harvested fish and adjusted for estimated differences
in accordance with IFRS 13. The prices are reduced for
harvesting costs and freight costs to market, to arrive at a net
value back to farm. The valuation reflects the expected quality
grading and size distribution. The valuation is completed for
each Business Unit and is based on the biomass in sea for each
seawater site and the estimated market price in each market
derived from the development in recent contracts as well as
spot prices. Where reliable forward prices are available, those
have been used. The change in estimated fair value is
recognised in profit or loss based on measurement as of each
period, and is classified separately. At harvest, the fair value
adjustment is classified as fair value adjustment on harvested
fish. In cases of incident based mortality, the fair value
adjustment is classified as fair value adjustment on incident
based mortality when occurring. Both are included in net fair
value adjustment of biological assets in the statement of
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "
Onerous contracts
At each reporting date, management assesses if there are
contracts in which the unavoidable costs of meeting the Group's
obligations under the contract exceed the economic benefits
expected to be received in accordance with IAS 37. Fair value
adjustment of biological assets is included in the unavoidable
cost. This implies that the contract may be considered onerous
even though the actual production cost of the products sold is
lower than the contract price. Volumes used in the calculation is
based on estimated remaining volumes for the contracts.
Onerous contracts are classified as provisions in the statement
of financial position.
Restructuring cost
Provisions for restructuring costs will be recognised if the
Company has, within the reporting period, published or initiated
a restructuring plan, which identifies which parts of the Company
and approximately how many employees will be affected, the
actions that will be taken and when the plan will be
implemented. Provisions are recognised only for costs that
cannot be associated with future earnings. Costs related to
restructuring are presented on a separate line in the statement
of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "
Taxes
Income taxes comprise taxes on the taxable profit for the year,
changes in deferred taxes and any adjustments in prior years'
taxes. Taxes on transactions that are recorded in other
comprehensive income or directly in equity do not form part of
the tax expense in profit or loss and are recorded with the
related transaction in other comprehensive income or directly in
equity.
Tax payable is calculated using the nominal tax rate for the
relevant tax jurisdiction at the end of the reporting period.
Deferred tax is calculated on the basis of temporary differences
between accounting and taxation values at the close of the
accounting year. Deferred tax assets arise from temporary
differences that give rise to future tax deductions. Deferred tax
assets are recognised to the extent that it is probable that a
taxable profit will arise, against which the deductible temporary
differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are
offset against each other to the extent that the taxes can be
netted within one tax regime.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "
Taxes
Deferred tax is calculated on the basis of temporary differences
between accounting and taxation values at the close of the
accounting year. Deferred tax assets arise from temporary
differences that give rise to future tax deductions. Deferred tax
assets are recognised to the extent that it is probable that a
taxable profit will arise, against which the deductible temporary
differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "
Share option schemes
The Group has share option schemes from 2022, 2023, 2024
and 2025 which will be settled in shares (equity settlement). The
cost of equity-settled transactions is recognised as a payroll
expense over the vesting period. The cumulative expense is
recognised in other equity reserves within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "
Cash flow statement and cash
The cash flow statement is prepared in accordance with the
indirect method. Cash comprises cash and bank deposits,
except funds which based on restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "
Cash flow statement and cash
The cash flow statement is prepared in accordance with the
indirect method. Cash comprises cash and bank deposits,
except funds which based on restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
Note 3A \u2013 Estimates and judgements
Estimates
The preparation of financial statements in accordance with IFRS
requires management to make accounting estimates and
judgments that affect the recognised amounts of assets and
liabilities, income and expenses. The estimates and underlying
assumptions are based on past experience and information
perceived to be relevant and probable when the judgments are
made. Estimates are reviewed on an on-going basis and actual
values and results may deviate from these estimates.
Adjustments to accounting estimates are recognised in the
period in which the estimates are revised.
Mowi is exposed to a number of underlying economic factors
which affect the overall results, such as salmon prices, foreign
exchange rates and interest rates, as well as financial
instruments with fair values derived from changes in these
factors.
The matters described below are considered to be the most
important in understanding the key sources of estimation
uncertainty that are involved in preparing these consolidated
financial statements and the uncertainties that could most
significantly impact the amounts reported on the result of
operations, financial position and cash flows.
Intangible assets \u2013 goodwill and
farming licenses
The annual impairment test on intangible assets is based on a
discounted cash flow model per cash-generating unit (CGU). The
cash flows used in the calculations represent management\u2019s
best estimate at the time of reporting. The assumptions used
rest on uncertainty with regard to product prices, input prices,
biological performance and future regulatory frameworks. Costs
can normally be estimated with a higher degree of accuracy
than income.
As profitability in the salmon farming industry historically has
been very volatile, depending on developments in the price of
salmon, Mowi uses budgets and long-term plans for the analysis.
The WACC model is used for estimating the discount rate. The
input data for the model is updated every year for the annual
impairment test. The choice of input data for the model
significantly influences the outcome of the model, and to ensure
that there is as little uncertainty as possible with regards to the
calculation of the WACC, third-party sources are used where
available (interest, inflation, beta). The WACC is calculated
separately for the different CGUs. Indications of impairment that
initiate testing beyond the year-end test include a significant
reduction in the profitability of the CGU compared to previous
periods, negative deviations from budgets, changes in the use of
assets, market changes and regulatory changes.
For further information about uncertainty in the valuation of
intangible assets and impairment testing, please see Note 8,
Impairment testing. Note 9, Intangible assets, illustrates the
specification of intangible assets in the Group.
Biological assets
Biological assets comprise eggs, juveniles, smolt and fish in the
sea. These assets are measured at fair value less cost to sell,
unless the fair value cannot be measured reliably. The
estimation of the fair value relies on a series of uncertain
assumptions, e.g., biomass volume, biomass quality, size
distribution, market prices, expected future costs, remaining time
to harvest and total time to harvest.
Mowi measures all deviations in biomass volume compared to
estimates when a site is harvested out. Except for situations
where there has been an incident causing mass mortality,
particularly early in the cycle, combined with an inability to count
and weigh fish after the event in fear of further stressing the fish,
volume deviations are normally minor. Similarly, excluding the
effects of soft flesh and melanin, the quality of the fish can
normally be estimated with a relatively high degree of accuracy.
Categorisation of quality is normally set per country based on
averages, but can be set individually per site when needed. The
size distribution shows some degree of variation but normally
not to an extent that significantly changes the estimated value of
the biomass (the value of two fish at five kg is very similar to the
value of two fish weighing four and six kg, respectively).
The accumulated cost of the fish per kg will only deviate from
the estimate if the volume is different from the estimate. For the
estimation of future costs, there is uncertainty with regard to
feed prices, other input costs and biological development. Mowi
measures cost deviations vs. budget as part of the follow up of
business units. Excluding special situations (incidents etc.), the
deviations in costs vs budgets are normally limited for a group of
sites, although individual sites might show deviations. The
estimation of costs influences the biomass value through the
recognised fair value adjustment in the statements of
comprehensive income and financial position (calculated as fair
value less accumulated biological costs).
The key element in the estimation of fair value is the assumed
market price. The assumed market price is the price that we
expect to receive on the future date when the live fish is
harvested. We derive these prices from a variety of sources,
normally a combination of the prices achieved in the previous
month and the contracts most recently entered into. For salmon
of Norwegian, Scottish, Icelandic and Faroese origin, quoted
forward prices (Sisalmon) are normally used in the estimation,
see Note 2. The use of third-party forward prices improves the
reliability and comparability of the price estimation.
For further information about biological asset values please see
Note 6, Biological assets.
Judgments
The matters described below are considered to be the most
important in understanding the key sources of judgments that
are involved in preparing these consolidated financial
statements and the uncertainties that could most significantly
impact the amounts reported on the result of operations,
financial position and cash flows.
Licenses
The Group has assessed that all fish farming licenses have
indefinite lives and, as such, are not amortised. Most of the
jurisdictions in which the Group operates require us to obtain a
license for each fish farm owned and operated in that
jurisdiction. The Group has obtained and currently holds a
license to own and operate each of our fish farms where a
license is required. These licenses have indefinite lives or
require renewal after a specific time period, but normally with
automatic renewal and, as such, we have assessed that they
have indefinite lives. However, the Group\u2019s licenses in each
country are subject to certain requirements, and we risk
penalties (including, in some cases, criminal charges), sanctions
or even license revocation if we fail to comply with license
requirements or related regulations. Also, local government may
change the way licenses are renewed.
Supply chain financing
Two companies in the Group hold Supply Chain Finance (SCF)
agreements meaning that some vendors will indirectly offer
extended credit terms to the company through a separate
agreement with a financial institution. The vendors sell their
trade receivables to the financial institution in order to receive
payment immediately. Payment terms under the SCF agreement
have been determined to be in line with industry practice. The
transaction is still between the company and its suppliers, and
the company does not waive the right to claim any refund on
quality issues, return goods etc. towards the supplier.
The refinancing by vendors has no cash-flow impact on the
company, and only when the trade payable is settled with the
bank will the cash flow statement be impacted, with a operating
cash flow charge. The group's assessment is that the liabilities
under these SCF agreements are to be presented as trade
payables. Please refer to note 18 for further information.
Note 3B \u2013 Environmental risk
Climate change represents both risks and opportunities for
Mowi. We recognise the growing significance of climate change
on our business and the increasing role of producing food from
the ocean as a solution to climate change. Mowi has developed
a sustainability strategy, the Leading the Blue Revolution Plan. It
sets ambitious goals to ensure our salmon is raised in the ocean
in harmony with nature, using an eco-efficient value chain while
offering solutions to global challenges such as climate change
and food security.
Climate change has been identified as an operational, strategic,
reporting and compliance risk to Mowi which can potentially
impact our business in the short, medium, and long term. Mowi
follows the COSO (Committee of Sponsoring Organisations)
enterprise risk framework to assess and identify risks, including
climate change risks. The risk of climate change on Mowi's
financial position can be classified into two types of risks;
physical risk and transition risk. Physical risks are related to the
increase and severity of extreme weather and long-term
environmental changes. The physical related climate risks relate
mainly to extreme weather events and increased seawater
temperatures which can impact the risk of escape incidents, the
frequency of algae blooms, and the availability of the raw
materials for our fish feed (medium to long term impact).
Transition risks refer to the changes in technological
advancements within clean energy, shifts in consumer behaviour
and political interventions, such as restrictions and costs related
to emissions etc. The transition risks and opportunities include
legislation or regulations imposing overall caps or taxes on
greenhouse gas emissions (short-medium term impact). An
increased recognition of seafood as a low carbon footprint
protein is a transitional opportunity for Mowi.
These risks can affect Mowi in multiple ways, such as winters
storms or El Ni\u00f1o giving tougher conditions, an increase of algae
blooms and jelly fish due to increased water temperature can
reduce quality and cause mortality on fish reducing revenue, or
result in increased operating expenses with increased level of
maintenance on nets and pens with tougher climate and
expenses based on access to raw material in our fish feed,
additional expenses for taxes with new regulation, or expenses
to adapt our way of business to changed expectations from
stakeholders. The changes, however, can also provide
opportunities with faster growing fish in higher sea temperatures
and increased revenues as well on the uptake of new
technology. The risk can also impact the carrying amount and
useful life of both tangible and intangible assets as weather tear
or regulation might require earlier replacements.
These risks and opportunities are part of our risk assessment as
part of the annual budget and long term plan process and
considered in our impairment testing at year end. The long-term
effects of climate change are uncertain, but we believe that
Mowi will play an increasing role in producing healthy nutritious
food through an eco-efficient value chain. No impairment related
to environmental risk is recognised as of year end and there has
been no change in useful life for our assets.
Assumptions used for determining fair
value of live fish
The estimated fair value of the biomass will always be based on
uncertain assumptions, even though the group has built
substantial expertise in assessing these factors. Estimates are
applied to the following factors; biomass volume, the quality of
the biomass, size distribution, cost, mortality and market prices.
Biomass volume: The biomass volume is in itself an estimate
based on the number of smolt released into the sea, the
estimated growth from the time of stocking, estimated mortality
based on observed mortality in the period, etc. There is normally
little uncertainty with regard to biomass volume.
The level of uncertainty will, however, be higher if an incident
has resulted in mass mortality, especially early in the cycle, or if
the fish's health status restricts handling. If the total biomass at
sea was 1% lower than our estimates, this would result in an
change in value of EUR -6.9 million.
The quality of the biomass: The quality of the biomass can be
difficult to assess prior to harvesting, if the reason for
downgrading is related to muscle quality (e.g. the effect of
Kudoa in Canada). In Norway downgraded fish is normally priced
according to standard rates of deduction compared to a
Superior quality fish. In our fair value model for salmon of
Norwegian origin, we have used EUR 2.00 as deduction from
Superior to Production grade quality. In other countries the price
deductions related to quality are not as standardised. Due to the
challenging winter sore situation in Norway in the first half, group
superior rate was 91% in 2025 (87% in 2024). A one percentage
point change from Superior quality to Production grade quality
would result in a change in value of EUR -6.8 million.
The size distribution: Fish in sea grow at different rates, and
even in a situation with good estimates for the average weight of
the fish there can be a considerable spread in the quality and
weight of the fish. The size distribution affects the price achieved
for the fish, as each size category of fish is priced separately in
the market. When estimating the biomass value, a normal size
distribution is applied.
Cost: For the estimation of future costs, there is uncertainty with
regard to feed prices, other input costs and biological
development. Mowi measures cost deviations vs. budget as part
of the follow up of business units. Excluding special situations
(incidents etc.), the deviations in costs vs budgets are normally
limited for a group of sites, although individual sites might show
deviations. The estimation of costs influences the biomass value
through the recognised fair value adjustment in the statements
of comprehensive income and financial position (calculated as
fair value less accumulated biological costs).
Mortality: Normalised mortality will affect the fair value estimates
both as a reduction of estimated harvesting volumes and
because cost to completion includes cost incurred on fish that
eventually will perish.
Market price: The market price assumption is very important for
the valuation and even minor changes in the market price will
result in significant changes in the valuation. The methodology
used for establishing the market price is explained in Note 2. A
EUR 0.1 decrease in the market price would result in a decrease
in value of EUR 24.6 million.
The market price risk is reduced through fixed price/volume
customer contracts and financial contracts, as well as our
downstream integration as explained in Note 13.
Climate Risk : Climate risk is included in the assessment for
calculating the Fair value of live fish. Due to the short time period
relevant for the Fair value uplift (maximum of 2 years) climate risk
has not had a material effect on the valuation of biomass in sea.
Key assumptions
The key assumptions used in the calculation of value in use are
harvested volume, EBIT(DA)/margins, capital expenditure,
discount rates and the terminal growth rates. Please see the
table below for a summary of the key assumptions for each
CGU.
Harvest volume
The expected harvest volume is based on the fish currently
being held at sea, forward stocking plan and adjusted for the
expected future increase in production given today's licenses.
This evaluation has been performed CGU by CGU and is
updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg,
while value-added operations are measured in terms of EBIT/
EBITDA in % of sales. EBIT per kg is highly volatile due to
fluctuations in the price of salmon. Costs can under normal
circumstances be forecast with a relatively high level of
accuracy. As Mowi has entered into long-term sales contracts for
a proportion of the volume to be harvested in 2026, the margin
for 2026 can be forecasted with a higher level of accuracy than
the margin for the years beyond (2027-2030). With regards to
the terminal, an expected long-term EBIT pr. kg has been used
in the Farming entities and an expected EBIT in % of sales has
been used for other operations.
Capital expenditure
In the five-year forecast period, the capital expenditure
necessary to meet the expected growth in revenue and profit is
taken into consideration. Consistent with the Group\u2019s plan, the
capital expenditure level for 2026 is high to further grow the
operations. Beyond 2026, capital expenditures are aligned with
growth and replacement plans. Capital expenditure to comply
with current laws and regulations has been included. Capital
expenditure related to committed and approved efficiency
improvement programmes has also been included to support
the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future
estimated capital expenditure needs; this is not reflected in the
figures used in the impairment test. Beyond the forecast period,
capital expenditure will in general equal depreciation and relate
to maintenance investments.
Discount rate
The discount rates are based on the Weighted Average Cost of
Capital (WACC) methodology. The cost of equity is based on
Capital Asset Pricing Model (CAPM). The cost of debt is based
on the risk-free rate in the applicable country. In the model, a
ten-year risk-free rate has been used. Calculation of the final
discount rates (WACC) also takes into account market risk
premium, debt risk premium, gearing and beta value. In the
calculations, the Group has applied estimated cash flows before
tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been
set independently for each cash-generating unit. The
assessment includes historical views of inflation rates, growth
compared to risk free rate as well as long term government
inflation targets. The maximum growth rate applied beyond the
forecast period is 2%. This is lower than the expected growth
rates in the first five years and lower than the historic growth rate
in salmon demand.
Impairment of goodwill in CGU Farming
Canada
In 2025, an impairment loss of EUR 33 million related to goodwill
in Canada, was recognised. This is based on an updated
assessment and scenarios on the operational performance in
the region. The main changes in the assumptions for Mowi
Canada are changes in the estimated harvest volumes and
profitability in the future periods and the corresponding negative
effects on the cash flow projections. Mowi's ambitions for the
region have not changed, but given the recent performance,
estimates of operational results in the short term have been
lowered somewhat..
Sensitivity
With regard to the assessment of recoverable amount, the
Group is of the view that no reasonably likely change in any of
the above key assumptions would cause the carrying value to
materially exceed the recoverable amount for any of the CGUs
except for Canada. With regards to environmental changes, we
have performed a sensitivity analysis, and the Group is in the
view that likely climate changes will not materially change the
outcome of the impairment test. Regarding climate risk, the
Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors
in the budget assumptions for 2026 and as part of the
budgeting process for the long term plan for 2026-2030. For
further information regarding environmental risk, references are
made to Note 3B.
The significant key assumptions with regards to sensitivity are
expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2025
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2025
2024
2025
2024
Mowi Norway Farming
331\u00a0922
10.2%
10.5%
2.0%
2.0%
Mowi Chile Farming
78\u00a0137
12.1%
13.5%
2.0%
2.0%
Mowi Canada Farming
36\u00a0584
11.2%
12.3%
2.0%
2.0%
Mowi Scotland Farming
71\u00a0603
11.4%
11.8%
2.0%
2.0%
Mowi Ireland Farming
11\u00a0240
10.0%
10.8%
2.0%
2.0%
Mowi Faroe Islands Farming
14\u00a0594
10.0%
10.8%
2.0%
2.0%
Arctic Fish
14\u00a0790
9.1%
9.3%
2.0%
2.0%
Mowi Consumer Products Europe
\u2014
9.8%
10.0%
2.0%
2.0%
Mowi Asia
\u2014
10.7%
11.9%
2.0%
2.0%
Mowi USA
\u2014
10.7%
11.5%
2.0%
2.0%
Mowi Feed
\u2014
9.3%
9.5%
2.0%
2.0%
TOTAL
558\u00a0870
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
Note 4 \u2013 Business segments
For management purposes, Mowi is organised into three
Business Areas: Feed, Farming and Sales & Marketing.
Business segments are components of a business that are
regularly reviewed by its chief operating decision-makers for the
purpose of assessing performance and allocating resources.
The term business segments corresponds to operating
segments as defined in IFRS 8. The Group Management Team is
the Group\u2019s \"chief operating decision-maker\" (\"CODM\").
In Mowi the Feed Business Area consist of the feed factories in
Norway and Scotland. Feed is considered to be a separate
business segment due to the nature of the business (different
economic characteristics (e.g similar long term average gross
margin) compared to other business segments in the Group and
separate management follow up).
The Farming Business Area consists of the farming and primary
processing operations in Norway, Scotland, Canada, Chile,
Ireland, the Faroe Islands and Iceland which are reported
separately to CODM. The Farming operations are, due to similar
production processes, a global market for both salmon feed and
sales of salmon, in addition to similar biological risk factors,
considered to have similar economic characteristics (e.g similar
long term average gross margin).
The Sales & Marketing Business Area consists of the Markets
operations in the Americas and Europe, as well as Consumer
Products. As the Markets operations (trading-related activities)
are considered to have similar economic characteristics (e.g
similar long term average gross margin), due to similar
production processes and operational risk factors, and a
common set of key performance indicators, they are presented
as one reporting segment. Consumer Products, which comprises
the value-added operations in Europe, Asia and America, is
presented as a single separate reporting segment due to similar
production processes, operational risk factors and a common set
of key performance indicators (e.g similar long term average
gross margin).
The business segments' performance is monitored in order to
achieve the overall objective of maximising the operational EBIT
per kg and margins. Consequently, reporting focuses on
measuring and illustrating the overall profitability of the
harvested volume, based on source of origin (operational EBIT
per kg) and operational EBIT margin for the business segments
Markets and Consumer Products. Legal entities with activities in
both Farming and Sales & Marketing do not split their financial
items or their statement of financial position. The CAPEX in these
entities are recognised in the business segment Farming.
The pricing principle between Feed and Farming is set at market
terms and benchmarked against third parties. The pricing
principle between Farming and Sales & Marketing is based on
market reference prices for spot sales, while contracts are at
market terms, with the target for Sales & Marketing to maximise
profit beyond these terms.
The same accounting principles as described for the
consolidated financial statements have been applied to the
business segment reporting. Inter-segment transfers or
transactions are entered into under normal commercial terms
and conditions, and the measurements used in the business
segment reporting are the same as those used for the third-party
transactions.
In the business segment reporting, internal profit related to
unrealised gains from intra-group transactions are included in
Operational EBIT for the relevant business segments, but
eliminated in EBIT.
Operational EBIT and Operational EBITDA are non-IFRS financial
measures. Operational EBIT is calculated by excluding certain
items, according to the reconciliation below, from earnings
before financial items and taxes (EBIT). Operational EBITDA is
calculated by adding depreciation and amortisation to
Operational EBIT, however Operational EBITDA excludes the
effects of IFRS 16. For further explanations, see section Analytical
information in this report.
The sustainability reporting follows the same reporting structure
as the financial reporting structure described above.
KEY BUSINESS SEGMENT FIGURES\u00a0
2025 (EUR million)
FEED
FARMING
MARKETS
CONSUMER
PRODUCTS
OTHER1)
ELIMINATIONS
TOTAL
External revenue
4.2
90.8
1\u00a0891.1
3\u00a0743.1
\u2014
\u2014
5\u00a0729.1
Internal revenue
1\u00a0005.6
3\u00a0458.7
2\u00a0186.5
12.5
16.1
-6\u00a0679.3
\u2014
OPERATIONAL REVENUE
1\u00a0009.7
3\u00a0549.5
4\u00a0077.6
3\u00a0755.5
16.1
-6\u00a0679.3
5\u00a0729.1
Derivatives and other items
\u2014
-3.3
-2.8
-2.9
\u2014
\u2014
-8.9
REVENUE AND OTHER INCOME
1\u00a0009.7
3\u00a0546.2
4\u00a0074.8
3\u00a0752.7
16.1
-6\u00a0679.3
5\u00a0720.2
OPERATIONAL EBITDA
66.5
519.0
151.5
225.3
-13.3
\u2014
948.9
OPERATIONAL EBIT
51.0
341.4
151.3
197.3
-14.4
\u2014
726.8
Change in unrealised internal margin
\u2014
\u2014
\u2014
\u2014
\u2014
-0.5
-0.5
Gain/loss from derivatives
\u2014
3.3
-2.8
-2.9
0.2
\u2014
-2.2
Net fair value adjustment biomass
\u2014
-14.2
\u2014
\u2014
\u2014
\u2014
-14.2
Net fair value adjustment on biological
assets from acquisition2)
-16.2
-16.2
Onerous contract provisions
\u2014
-2.1
\u2014
\u2014
\u2014
\u2014
-2.1
Restructuring cost and other provisions
-17.5
\u2014
-1.0
\u2014
\u2014
-18.5
Production/license/sales taxes
\u2014
-55.1
\u2014
\u2014
\u2014
\u2014
-55.1
Other non-operational items
\u2014
-20.7
-0.7
-2.2
-5.8
\u2014
-29.4
Income from associated companies and
joint ventures
\u2014
13.2
\u2014
\u2014
412.9
\u2014
426.1
Impairment losses and write-downs
\u2014
-51.4
\u2014
-2.8
\u2014
\u2014
-54.3
EBIT
51.0
180.8
147.9
188.4
393.0
-0.5
960.5
Gross investments
11.5
322.9
2.1
39.3
0.5
\u2014
376.2
Number of FTEs 31.12
137
5\u00a0401
254
9\u00a0220
47
\u2014
15\u00a0059
1) Corporate functions and holding companies are presented as \"Other\".
2) Fair value adjustment of harvested fish from the acquisition of Nova Sea is recognised as Cost of Materials in Consolidated Statement of Comprehensive
Income. To reflect actual cost of materials and operational results the fair value of harvested fish is not included in Operational EBIT for the quarter or full year
2025.
KEY BUSINESS SEGMENT FIGURES\u00a0
2024 (EUR MILLION)
FEED
FARMING
MARKETS
CONSUMER
PRODUCTS
OTHER1)
ELIMINATIONS
TOTAL
External revenue
3.8
98.1
1\u00a0817.1
3\u00a0697.7
\u2014
\u2014
5\u00a0616.6
Internal revenue
1\u00a0117.9
3\u00a0408.3
2\u00a0188.5
15.4
21.4
-6\u00a0751.6
\u2014
OPERATIONAL REVENUE
1\u00a0121.7
3\u00a0506.4
4\u00a0005.6
3\u00a0713.1
21.4
-6\u00a0751.6
5\u00a0616.6
Derivatives and other items
\u2014
2.1
-5.5
-9.4
\u2014
\u2014
-12.9
REVENUE AND OTHER INCOME
1\u00a0121.7
3\u00a0508.5
4\u00a0000.1
3\u00a0703.6
21.4
-6\u00a0751.6
5\u00a0603.8
OPERATIONAL EBITDA
62.2
601.8
207.2
171.7
-12.9
\u2014
1\u00a0030.1
OPERATIONAL EBIT
46.8
443.8
206.5
145.8
-13.9
\u2014
828.9
Change in unrealised internal margin
\u2014
\u2014
\u2014
\u2014
\u2014
-3.2
-3.2
Gain/loss from derivatives
\u2014
8.8
-5.5
-9.4
-3.9
\u2014
-10.1
Net fair value adjustment biomass
\u2014
40.6
\u2014
\u2014
\u2014
\u2014
40.6
Onerous contract provisions
\u2014
27.6
\u2014
\u2014
\u2014
\u2014
27.6
Restructuring cost and other provisions
\u2014
-13.8
-1.2
-4.6
\u2014
\u2014
-19.5
Production/license/sales taxes
\u2014
-50.6
\u2014
\u2014
\u2014
\u2014
-50.6
Other non-operational items
\u2014
-7.5
\u2014
5.6
-16.6
\u2014
-18.4
Income from associated companies and
joint ventures
\u2014
29.5
\u2014
\u2014
\u2014
\u2014
29.5
Impairment losses and write-downs
\u2014
-66.4
\u2014
0.2
\u2014
\u2014
-66.2
EBIT
46.8
412.0
199.8
137.6
-34.4
-3.2
758.6
Gross investments
7.2
338.0
1.9
27.1
\u2014
\u2014
374.2
Number of FTEs 31.12
140
4\u00a0961
236
8\u00a0710
48
\u2014
14\u00a0095
1) Corporate functions and holding companies are presented as \"Other\".
NON-CURRENT ASSETS BY COUNTRY LOCATION (EUR MILLION)
2025
2024
Norway
3\u00a0858.7
2\u00a0264.3
Poland
169.2
146.9
Scotland
595.2
613.6
Iceland
405.8
407.6
Belgium
77.8
77.9
France
39.6
42.9
Rest of Europe
96.3
101.4
Chile
273.4
296.3
Canada/USA
295.6
392.5
Asia
10.7
8.8
NON-CURRENT ASSETS
5\u00a0822.3
4\u00a0352.1
OTHER NON-CURRENT ASSETS1)
96.4
90.4
TOTAL NON-CURRENT ASSETS
5\u00a0918.7
4\u00a0442.5
1) Deferred tax assets and other non-current financial assets", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
Note 5 \u2013 Disaggregation of revenue
BUSINESS AREAS
FEED
FARMING
SALES & MARKETING
TOTAL
(EUR million)
NOTE
2025
2024
2025
2024
2025
2024
2025
2024
GEOGRAPHICAL MARKETS
Europe
2.3
3.4
64.7
44.5
3\u00a0802.7
3\u00a0858.6
3\u00a0869.6
3\u00a0906.5
Americas
\u2014
\u2014
4.7
22.8
1\u00a0165.6
1\u00a0080.6
1\u00a0170.4
1\u00a0103.4
Asia
\u2014
\u2014
\u2014
1.2
570.0
512.4
570.0
513.7
Rest of the world
\u2014
\u2014
\u2014
\u2014
92.7
60.1
92.7
60.1
REVENUE FROM CONTRACTS WITH
CUSTOMERS
2.3
3.4
69.4
68.6
5\u00a0631.0
5\u00a0511.8
5\u00a0702.7
5\u00a0583.7
Other income
1.9
0.4
21.4
29.5
3.2
3.0
26.5
32.9
OPERATIONAL REVENUE
4
4.2
3.8
90.8
98.1
5\u00a0634.2
5\u00a0514.8
5\u00a0729.1
5\u00a0616.6
Source of revenue
The main source of revenue for the Group is sales of Atlantic
salmon, including elaborated products.
The business area Sales & Marketing represents the majority of
the Group's external revenue. The revenue distribution for Sales
& Marketing according to product categories was as follows in
2025 (2024): ready to eat 16% (17%), fresh prepacked 23% (23%) ,
fresh bulk 52% (51%) , frozen 4% (4%), other species 5% (5%). The
revenue distribution for Sales & Marketing according to
customer categories was as follows in 2025 (2024): Retail 53%
(56%), Distributors 23% (21%), Industry 11% (11%), Foodservice 8%
(8%) and Smoke houses 4% (4%).
Revenue for the Farming business area includes other income
as insurance income, government grants, rental income from
sales of surplus primary processing capacity, as well as revenue
from sales of fish, eggs, smolt and cleanerfish. Revenue from
customers in the Business Area Feed is related to sales of feed
to external parties.
No customers accounts for 10% or more of the Group's
revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
Note 5 \u2013 Disaggregation of revenue
BUSINESS AREAS
FEED
FARMING
SALES & MARKETING
TOTAL
(EUR million)
NOTE
2025
2024
2025
2024
2025
2024
2025
2024
GEOGRAPHICAL MARKETS
Europe
2.3
3.4
64.7
44.5
3\u00a0802.7
3\u00a0858.6
3\u00a0869.6
3\u00a0906.5
Americas
\u2014
\u2014
4.7
22.8
1\u00a0165.6
1\u00a0080.6
1\u00a0170.4
1\u00a0103.4
Asia
\u2014
\u2014
\u2014
1.2
570.0
512.4
570.0
513.7
Rest of the world
\u2014
\u2014
\u2014
\u2014
92.7
60.1
92.7
60.1
REVENUE FROM CONTRACTS WITH
CUSTOMERS
2.3
3.4
69.4
68.6
5\u00a0631.0
5\u00a0511.8
5\u00a0702.7
5\u00a0583.7
Other income
1.9
0.4
21.4
29.5
3.2
3.0
26.5
32.9
OPERATIONAL REVENUE
4
4.2
3.8
90.8
98.1
5\u00a0634.2
5\u00a0514.8
5\u00a0729.1
5\u00a0616.6
Source of revenue
The main source of revenue for the Group is sales of Atlantic
salmon, including elaborated products.
The business area Sales & Marketing represents the majority of
the Group's external revenue. The revenue distribution for Sales
& Marketing according to product categories was as follows in
2025 (2024): ready to eat 16% (17%), fresh prepacked 23% (23%) ,
fresh bulk 52% (51%) , frozen 4% (4%), other species 5% (5%). The
revenue distribution for Sales & Marketing according to
customer categories was as follows in 2025 (2024): Retail 53%
(56%), Distributors 23% (21%), Industry 11% (11%), Foodservice 8%
(8%) and Smoke houses 4% (4%).
Revenue for the Farming business area includes other income
as insurance income, government grants, rental income from
sales of surplus primary processing capacity, as well as revenue
from sales of fish, eggs, smolt and cleanerfish. Revenue from
customers in the Business Area Feed is related to sales of feed
to external parties.
No customers accounts for 10% or more of the Group's
revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
Note 6 \u2013 Biological assets
Valuation of biological assets
Biological assets are, in accordance with IAS 41, measured at fair
value less cost to sell. All fish at sea are subject to a fair value
calculation, while broodstock and smolt are measured at cost
less impairment losses.
Biomass measured at fair value, is categorised at Level 3 in the
fair value hierarchy, as the input is mostly unobservable. In line
with IFRS 13, the highest and best use of the biological assets is
applied for the valuation. In accordance with the principle for
highest and best use, we consider that the fish have optimal
harvest weight at 4 kg gutted. This corresponds to a live weight
of approximately 4.8 kg (there may be regional variances). Fish
of this weight or above are classified as ready for harvest
(mature fish), while fish that have still not achieved this weight
are classified as not ready for harvest (immature fish). The
valuations are carried out at business unit level based on a
common model and basis for assumptions established at group
level. All assumptions are subject to monthly quality assurance
and analysis at the group level.
The valuations are based on an income approach and takes into
consideration unobservable input based on biomass in the sea,
the estimated growth rate and cost to completion at site level.
Mortality, quality of the fish going forward and market price are
considered at business unit level. A special assessment is
performed for sites with high/low performance due to disease or
other deviating factors. The market prices are derived from
observable market prices where available.
Assumptions used for determining fair
value of live fish
The estimated fair value of the biomass will always be based on
uncertain assumptions, even though the group has built
substantial expertise in assessing these factors. Estimates are
applied to the following factors; biomass volume, the quality of
the biomass, size distribution, cost, mortality and market prices.
Biomass volume: The biomass volume is in itself an estimate
based on the number of smolt released into the sea, the
estimated growth from the time of stocking, estimated mortality
based on observed mortality in the period, etc. There is normally
little uncertainty with regard to biomass volume.
The level of uncertainty will, however, be higher if an incident
has resulted in mass mortality, especially early in the cycle, or if
the fish's health status restricts handling. If the total biomass at
sea was 1% lower than our estimates, this would result in an
change in value of EUR -6.9 million.
The quality of the biomass: The quality of the biomass can be
difficult to assess prior to harvesting, if the reason for
downgrading is related to muscle quality (e.g. the effect of
Kudoa in Canada). In Norway downgraded fish is normally priced
according to standard rates of deduction compared to a
Superior quality fish. In our fair value model for salmon of
Norwegian origin, we have used EUR 2.00 as deduction from
Superior to Production grade quality. In other countries the price
deductions related to quality are not as standardised. Due to the
challenging winter sore situation in Norway in the first half, group
superior rate was 91% in 2025 (87% in 2024). A one percentage
point change from Superior quality to Production grade quality
would result in a change in value of EUR -6.8 million.
The size distribution: Fish in sea grow at different rates, and
even in a situation with good estimates for the average weight of
the fish there can be a considerable spread in the quality and
weight of the fish. The size distribution affects the price achieved
for the fish, as each size category of fish is priced separately in
the market. When estimating the biomass value, a normal size
distribution is applied.
Cost: For the estimation of future costs, there is uncertainty with
regard to feed prices, other input costs and biological
development. Mowi measures cost deviations vs. budget as part
of the follow up of business units. Excluding special situations
(incidents etc.), the deviations in costs vs budgets are normally
limited for a group of sites, although individual sites might show
deviations. The estimation of costs influences the biomass value
through the recognised fair value adjustment in the statements
of comprehensive income and financial position (calculated as
fair value less accumulated biological costs).
Mortality: Normalised mortality will affect the fair value estimates
both as a reduction of estimated harvesting volumes and
because cost to completion includes cost incurred on fish that
eventually will perish.
Market price: The market price assumption is very important for
the valuation and even minor changes in the market price will
result in significant changes in the valuation. The methodology
used for establishing the market price is explained in Note 2. A
EUR 0.1 decrease in the market price would result in a decrease
in value of EUR 24.6 million.
The market price risk is reduced through fixed price/volume
customer contracts and financial contracts, as well as our
downstream integration as explained in Note 13.
Climate Risk : Climate risk is included in the assessment for
calculating the Fair value of live fish. Due to the short time period
relevant for the Fair value uplift (maximum of 2 years) climate risk
has not had a material effect on the valuation of biomass in sea.
Write-down of biomass and incident-
based mortality
Incident-based mortality is accounted for when a site either
experiences elevated mortality over time or substantial mortality
due to an incident at the farm (outbreak of disease, lack of
oxygen etc). The cost of incident based mortality is included in
\u201ccost of materials\u201d in the statement of comprehensive income.
The fair value element is adjusted through fair value adjustment
on incident based mortality, and included in net fair value
adjustment in the statement of comprehensive income.
RECONCILIATION OF CHANGES IN THE CARRYING AMOUNT OF BIOLOGICAL ASSETS (EUR MILLION)
2025
2024
Carrying amount as of 01.01
2\u00a0309.6
2\u00a0143.6
Cost to stock
2\u00a0660.5
2\u00a0674.2
Net fair value adjustment
-14.2
40.6
Mortality for fish in sea
-113.1
-104.0
Cost of harvested fish expensed
-2\u00a0594.7
-2\u00a0468.0
Write-downs
-14.6
-5.4
Effects of business combinations
162.1
\u2014
Currency translation differences
-51.6
28.7
TOTAL CARRYING AMOUNT OF BIOLOGICAL ASSETS AS OF 31.12
2\u00a0344.1
2\u00a0309.6
FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSETS IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2025
2024
Mowi Norway
390.1
331.2
Mowi Chile
31.3
35.2
Mowi Canada
-4.6
38.6
Mowi Scotland
83.4
84.7
Mowi Faroe Islands
13.5
25.3
Mowi Ireland
3.1
5.8
Arctic Fish
23.5
18.8
TOTAL FAIR VALUE ADJUSTMENT INCLUDED IN CARRYING AMOUNT IN THE STATEMENT OF
FINANCIAL POSITION
540.4
539.6
Biomass at cost
1\u00a0803.7
1\u00a0770.0
TOTAL BIOLOGICAL ASSETS
2\u00a0344.1
2\u00a0309.6
FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSETS IN THE STATEMENT OF COMPREHENSIVE
INCOME\u00a0 (EUR MILLION)
2025
2024
Mowi Norway
480.4
550.7
Mowi Chile
45.8
94.2
Mowi Canada
-18.2
40.5
Mowi Scotland
89.8
122.9
Mowi Faroe Islands
12.2
33.7
Mowi Ireland
9.0
15.6
Arctic Fish
12.5
21.3
TOTAL FAIR VALUE ADJUSTMENT IN THE STATEMENT OF COMPREHENSIVE INCOME
631.5
878.9
FAIR VALUE ADJUSTMENT ON HARVESTED FISH IN THE STATEMENT OF COMPREHENSIVE INCOME
(EUR MILLION)
2025
2024
Mowi Norway
-431.3
-558.7
Mowi Chile
-45.8
-85.8
Mowi Canada
-27.3
-24.2
Mowi Scotland
-83.2
-96.8
Mowi Faroe Islands
-24.0
-21.6
Mowi Ireland
-10.4
-11.9
Arctic Fish
-6.8
-17.3
TOTAL FAIR VALUE UPLIFT IN THE STATEMENT OF COMPREHENSIVE INCOME
-628.8
-816.4
FAIR VALUE ADJUSTMENT ON INCIDENT BASED MORTALITY IN THE STATEMENT OF
COMPREHENSIVE INCOME\u00a0 (EUR MILLION)
2025
2024
Mowi Norway
-16.0
-15.4
Mowi Chile
0.3
-0.8
Mowi Canada
4.5
-2.2
Mowi Scotland
-3.4
-2.1
Mowi Faroe Islands
\u2014
-0.3
Mowi Ireland
-1.3
-1.1
Arctic Fish
-1.0
\u2014
TOTAL FAIR VALUE UPLIFT IN THE STATEMENT OF COMPREHENSIVE INCOME
-16.8
-21.9
NET FAIR VALUE ADJUSTMENT IN THE STATEMENT OF COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Mowi Norway
33.1
-23.4
Mowi Chile
0.3
7.5
Mowi Canada
-41.0
14.2
Mowi Scotland
3.2
24.0
Mowi Faroe Islands
-11.8
11.8
Mowi Ireland
-2.7
2.6
Arctic Fish
4.7
3.9
TOTAL FAIR VALUE UPLIFT IN THE STATEMENT OF COMPREHENSIVE INCOME
-14.2
40.6
VOLUMES OF BIOMASS\u00a0 (TONNES)
2025
2024
Volume of biomass harvested during the year (gutted weight)
558\u00a0870
501\u00a0530
Volume of biomass in the sea at year-end (live weight)
371\u00a0441
341\u00a0844
SENSITIVITY EFFECT ON FAIR VALUE (SALMON ONLY) AT YEAR-END (EUR MILLION)
PRICE
-0.1 EUR
BIOMASS
-1% LWT
QUALITY
-1% SUP
Mowi Norway
-12.0
-4.6
-2.4
Mowi Chile
-3.0
-0.6
-0.5
Mowi Canada
-4.5
-0.2
-2.1
Mowi Scotland
-3.0
-0.7
-1.5
Mowi Faroe Islands
-0.4
-0.3
\u2014
Mowi Ireland
-0.5
\u2014
-0.2
Arctic Fish
-1.3
-0.6
-0.1
TOTAL SENSITIVITY EFFECT ON FAIR VALUE
-24.6
-6.9
-6.8
INCIDENT-BASED MORTALITY 2025 (SALMON ONLY)
INCIDENT-BASED
MORTALITY
(1000 TONNES)
INCIDENT-BASED
MORTALITY IN % OF
TOTAL MORTALITY
(VOLUME)
Mowi Norway
11.6
31.8%
Mowi Chile
0.8
11.5%
Mowi Canada
4.2
30.6%
Mowi Scotland
2.4
30.5%
Mowi Faroe Islands
\u2014
\u2014%
Mowi Ireland
1.7
38.7%
Arctic Fish
0.5
\u2014
MOWI GROUP
21.2
29.3%
FORWARD PRICES USED IN FAIR VALUE CALCULATION1) QUARTER
EUR/KG
Q1 2026
8.52
Q2 2026
8.25
Q3 2026
6.47
Q4 2026
7.07
Q1 2027
8.40
Q2 2027
8.07
1) Norway, Faroe Islands and Arctic Fish only. Before reduction of export costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
Note 7 \u2013 Inventory
INVENTORY (EUR MILLION)
2025
2024
Raw materials and goods in process
393.9
371.3
Finished goods
206.5
216.0
TOTAL INVENTORY
600.4
587.3
The amounts above are net after provision for obsolete goods, EUR 33.0 million (EUR 30.5 million).
The amount of inventory recognised as an expense during the period totalled EUR 2 445.1 million (EUR 2 434.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
Note 8 \u2013 Impairment testing of intangible assets
At year-end 2025, the market value of the Group\u2019s equity was
significantly higher than the carrying amount of equity, which is
an indication that the market considers the value of the Group\u2019s
assets to exceed the carrying amount. For all cash generating
units (CGUs), the recoverable amount has been determined
based on a value-in-use calculation using cash flow projections
based on approved budgets for the first year. The four next
years are based on the approved long-term plan, followed by a
terminal value calculation. The net present value of the cash flow
is compared to the carrying amount in the CGU. If the carrying
amount is higher than the calculated value in use, an impairment
loss is recognised in profit and loss, reducing the asset value to
the calculated value in use. The estimated cash flows are based
on the assumption of continued operation as part of the Mowi
Group.
There has been no changes in the identified CGUs for the year
2025.
Key assumptions
The key assumptions used in the calculation of value in use are
harvested volume, EBIT(DA)/margins, capital expenditure,
discount rates and the terminal growth rates. Please see the
table below for a summary of the key assumptions for each
CGU.
Harvest volume
The expected harvest volume is based on the fish currently
being held at sea, forward stocking plan and adjusted for the
expected future increase in production given today's licenses.
This evaluation has been performed CGU by CGU and is
updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg,
while value-added operations are measured in terms of EBIT/
EBITDA in % of sales. EBIT per kg is highly volatile due to
fluctuations in the price of salmon. Costs can under normal
circumstances be forecast with a relatively high level of
accuracy. As Mowi has entered into long-term sales contracts for
a proportion of the volume to be harvested in 2026, the margin
for 2026 can be forecasted with a higher level of accuracy than
the margin for the years beyond (2027-2030). With regards to
the terminal, an expected long-term EBIT pr. kg has been used
in the Farming entities and an expected EBIT in % of sales has
been used for other operations.
Capital expenditure
In the five-year forecast period, the capital expenditure
necessary to meet the expected growth in revenue and profit is
taken into consideration. Consistent with the Group\u2019s plan, the
capital expenditure level for 2026 is high to further grow the
operations. Beyond 2026, capital expenditures are aligned with
growth and replacement plans. Capital expenditure to comply
with current laws and regulations has been included. Capital
expenditure related to committed and approved efficiency
improvement programmes has also been included to support
the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future
estimated capital expenditure needs; this is not reflected in the
figures used in the impairment test. Beyond the forecast period,
capital expenditure will in general equal depreciation and relate
to maintenance investments.
Discount rate
The discount rates are based on the Weighted Average Cost of
Capital (WACC) methodology. The cost of equity is based on
Capital Asset Pricing Model (CAPM). The cost of debt is based
on the risk-free rate in the applicable country. In the model, a
ten-year risk-free rate has been used. Calculation of the final
discount rates (WACC) also takes into account market risk
premium, debt risk premium, gearing and beta value. In the
calculations, the Group has applied estimated cash flows before
tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been
set independently for each cash-generating unit. The
assessment includes historical views of inflation rates, growth
compared to risk free rate as well as long term government
inflation targets. The maximum growth rate applied beyond the
forecast period is 2%. This is lower than the expected growth
rates in the first five years and lower than the historic growth rate
in salmon demand.
Impairment of goodwill in CGU Farming
Canada
In 2025, an impairment loss of EUR 33 million related to goodwill
in Canada, was recognised. This is based on an updated
assessment and scenarios on the operational performance in
the region. The main changes in the assumptions for Mowi
Canada are changes in the estimated harvest volumes and
profitability in the future periods and the corresponding negative
effects on the cash flow projections. Mowi's ambitions for the
region have not changed, but given the recent performance,
estimates of operational results in the short term have been
lowered somewhat..
Sensitivity
With regard to the assessment of recoverable amount, the
Group is of the view that no reasonably likely change in any of
the above key assumptions would cause the carrying value to
materially exceed the recoverable amount for any of the CGUs
except for Canada. With regards to environmental changes, we
have performed a sensitivity analysis, and the Group is in the
view that likely climate changes will not materially change the
outcome of the impairment test. Regarding climate risk, the
Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors
in the budget assumptions for 2026 and as part of the
budgeting process for the long term plan for 2026-2030. For
further information regarding environmental risk, references are
made to Note 3B.
The significant key assumptions with regards to sensitivity are
expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2025
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2025
2024
2025
2024
Mowi Norway Farming
331\u00a0922
10.2%
10.5%
2.0%
2.0%
Mowi Chile Farming
78\u00a0137
12.1%
13.5%
2.0%
2.0%
Mowi Canada Farming
36\u00a0584
11.2%
12.3%
2.0%
2.0%
Mowi Scotland Farming
71\u00a0603
11.4%
11.8%
2.0%
2.0%
Mowi Ireland Farming
11\u00a0240
10.0%
10.8%
2.0%
2.0%
Mowi Faroe Islands Farming
14\u00a0594
10.0%
10.8%
2.0%
2.0%
Arctic Fish
14\u00a0790
9.1%
9.3%
2.0%
2.0%
Mowi Consumer Products Europe
\u2014
9.8%
10.0%
2.0%
2.0%
Mowi Asia
\u2014
10.7%
11.9%
2.0%
2.0%
Mowi USA
\u2014
10.7%
11.5%
2.0%
2.0%
Mowi Feed
\u2014
9.3%
9.5%
2.0%
2.0%
TOTAL
558\u00a0870
Please see table below for an overview of the CGU's with allocated intangible assets as of December 31, 2025 and 2024.
CASH GENERATING UNITS
(EUR MILLION)
GOODWILL
LICENSES
2025
2024
2025
2024
Mowi Norway Farming
490.6
185.9
1\u00a0509.8
658.8
Mowi Scotland Farming
5.9
12.6
102.0
109.4
Mowi Canada Farming
\u2014
35.1
97.9
106.0
Mowi Chile Farming
\u2014
\u2014
100.9
117.4
Mowi Ireland Farming
\u2014
\u2014
2.2
2.2
Mowi Faroe Islands Farming
\u2014
\u2014
6.5
6.5
Arctic Fish
46.2
46.2
234.2
233.6
Mowi Consumer Products
90.2
90.0
\u2014
\u2014
TOTAL
632.9
369.6
2\u00a0053.5
1\u00a0233.9
Note 9 \u2013 Intangible assets
SPECIFICATION OF INTANGIBLE ASSETS 2025 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Additions in the year as a result of acquisitions2)
308.7
859.8
18.1
1\u00a0186.6
Additions in the year
\u2014
0.7
7.4
8.1
Disposals / scrapping in the year
-0.1
\u2014
-1.4
-1.5
Foreign currency adjustments
-21.7
-55.8
-2.5
-79.9
TOTAL ACQUISITION COST AS OF 31.12
926.8
2\u00a0283.8
99.5
3\u00a0310.1
Accumulated amortisation and impairment losses as of 01.01
270.2
245.2
49.5
564.9
Amortisation in the year
\u2014
\u2014
1.6
1.6
Impairment losses in the year3)
39.1
1.9
2.6
43.6
Disposals/ scrapping in the year
\u2014
2.7
\u2014
2.7
Foreign currency adjustments
-15.4
-19.6
-1.8
-36.8
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
293.8
230.2
51.9
576.0
TOTAL CARRYING AMOUNT AS OF 31.12
632.9
2\u00a0053.5
47.6
2\u00a0734.1
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Nova Sea.
3) Impairment losses in the year is mainly related to Canada, see note 8 for details.
SPECIFICATION OF INTANGIBLE ASSETS 2024 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Additions in the year as a result of acquisitions
4.1
\u2014
\u2014
4.1
Additions in the year2)
\u2014
65.9
1.0
66.8
Disposals / scrapping in the year
\u2014
-0.1
-0.3
-0.4
Foreign currency adjustments
0.1
18.1
1.1
19.5
TOTAL ACQUISITION COST AS OF 31.12
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Accumulated amortisation and impairment losses as of 01.01
267.5
181.3
43.7
492.6
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
2.7
56.3
3.5
62.4
Disposals/scrapping in the year
\u2014
\u2014
-0.3
-0.3
Foreign currency adjustments
-0.1
7.6
\u2014
7.5
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
270.2
245.2
49.5
564.9
TOTAL CARRYING AMOUNT AS OF 31.12
369.6
1\u00a0233.9
28.4
1\u00a0631.9
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Dawnfresh.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
272.8
212.8
405
MAB limitation per license
Mowi Chile
151
30-40
144-192
Mowi Scotland
75
57
131
MAB limitation per license
Mowi Canada
111
38
132
MAB limitation per license
Mowi Ireland
20
14
11
Mowi Faroe Islands2)
3
3
12
Arctic Fish
10
10
30
1) BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2025
TOTAL CURRENT
PRODUCTION
CAPACITY2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
405
331\u00a0922
82%
1\u00a0509.8
4.5
Mowi Chile
144-192
78\u00a0137
41%-54%
100.9
1.3
Mowi Scotland
131
71\u00a0603
54%
102.0
1.4
Mowi Canada
132
36\u00a0584
28%
97.9
2.7
Mowi Ireland
11
11\u00a0240
100%
2.2
0.2
Mowi Faroe Islands
12
14\u00a0594
122%
6.5
0.4
Arctic Fish
30
14\u00a0790
50%
234.2
15.8
TOTAL
558\u00a0870
2\u00a0053.5
3.7
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 2 053.5 million and EUR 1 233.9 million in
December\u00a031, 2025 and 2024 respectively. Measured in EUR per kg salmon harvested the values were EUR 3.7 and EUR 2.6 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
Note 8 \u2013 Impairment testing of intangible assets
At year-end 2025, the market value of the Group\u2019s equity was
significantly higher than the carrying amount of equity, which is
an indication that the market considers the value of the Group\u2019s
assets to exceed the carrying amount. For all cash generating
units (CGUs), the recoverable amount has been determined
based on a value-in-use calculation using cash flow projections
based on approved budgets for the first year. The four next
years are based on the approved long-term plan, followed by a
terminal value calculation. The net present value of the cash flow
is compared to the carrying amount in the CGU. If the carrying
amount is higher than the calculated value in use, an impairment
loss is recognised in profit and loss, reducing the asset value to
the calculated value in use. The estimated cash flows are based
on the assumption of continued operation as part of the Mowi
Group.
There has been no changes in the identified CGUs for the year
2025.
Key assumptions
The key assumptions used in the calculation of value in use are
harvested volume, EBIT(DA)/margins, capital expenditure,
discount rates and the terminal growth rates. Please see the
table below for a summary of the key assumptions for each
CGU.
Harvest volume
The expected harvest volume is based on the fish currently
being held at sea, forward stocking plan and adjusted for the
expected future increase in production given today's licenses.
This evaluation has been performed CGU by CGU and is
updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg,
while value-added operations are measured in terms of EBIT/
EBITDA in % of sales. EBIT per kg is highly volatile due to
fluctuations in the price of salmon. Costs can under normal
circumstances be forecast with a relatively high level of
accuracy. As Mowi has entered into long-term sales contracts for
a proportion of the volume to be harvested in 2026, the margin
for 2026 can be forecasted with a higher level of accuracy than
the margin for the years beyond (2027-2030). With regards to
the terminal, an expected long-term EBIT pr. kg has been used
in the Farming entities and an expected EBIT in % of sales has
been used for other operations.
Capital expenditure
In the five-year forecast period, the capital expenditure
necessary to meet the expected growth in revenue and profit is
taken into consideration. Consistent with the Group\u2019s plan, the
capital expenditure level for 2026 is high to further grow the
operations. Beyond 2026, capital expenditures are aligned with
growth and replacement plans. Capital expenditure to comply
with current laws and regulations has been included. Capital
expenditure related to committed and approved efficiency
improvement programmes has also been included to support
the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future
estimated capital expenditure needs; this is not reflected in the
figures used in the impairment test. Beyond the forecast period,
capital expenditure will in general equal depreciation and relate
to maintenance investments.
Discount rate
The discount rates are based on the Weighted Average Cost of
Capital (WACC) methodology. The cost of equity is based on
Capital Asset Pricing Model (CAPM). The cost of debt is based
on the risk-free rate in the applicable country. In the model, a
ten-year risk-free rate has been used. Calculation of the final
discount rates (WACC) also takes into account market risk
premium, debt risk premium, gearing and beta value. In the
calculations, the Group has applied estimated cash flows before
tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been
set independently for each cash-generating unit. The
assessment includes historical views of inflation rates, growth
compared to risk free rate as well as long term government
inflation targets. The maximum growth rate applied beyond the
forecast period is 2%. This is lower than the expected growth
rates in the first five years and lower than the historic growth rate
in salmon demand.
Impairment of goodwill in CGU Farming
Canada
In 2025, an impairment loss of EUR 33 million related to goodwill
in Canada, was recognised. This is based on an updated
assessment and scenarios on the operational performance in
the region. The main changes in the assumptions for Mowi
Canada are changes in the estimated harvest volumes and
profitability in the future periods and the corresponding negative
effects on the cash flow projections. Mowi's ambitions for the
region have not changed, but given the recent performance,
estimates of operational results in the short term have been
lowered somewhat..
Sensitivity
With regard to the assessment of recoverable amount, the
Group is of the view that no reasonably likely change in any of
the above key assumptions would cause the carrying value to
materially exceed the recoverable amount for any of the CGUs
except for Canada. With regards to environmental changes, we
have performed a sensitivity analysis, and the Group is in the
view that likely climate changes will not materially change the
outcome of the impairment test. Regarding climate risk, the
Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors
in the budget assumptions for 2026 and as part of the
budgeting process for the long term plan for 2026-2030. For
further information regarding environmental risk, references are
made to Note 3B.
The significant key assumptions with regards to sensitivity are
expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2025
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2025
2024
2025
2024
Mowi Norway Farming
331\u00a0922
10.2%
10.5%
2.0%
2.0%
Mowi Chile Farming
78\u00a0137
12.1%
13.5%
2.0%
2.0%
Mowi Canada Farming
36\u00a0584
11.2%
12.3%
2.0%
2.0%
Mowi Scotland Farming
71\u00a0603
11.4%
11.8%
2.0%
2.0%
Mowi Ireland Farming
11\u00a0240
10.0%
10.8%
2.0%
2.0%
Mowi Faroe Islands Farming
14\u00a0594
10.0%
10.8%
2.0%
2.0%
Arctic Fish
14\u00a0790
9.1%
9.3%
2.0%
2.0%
Mowi Consumer Products Europe
\u2014
9.8%
10.0%
2.0%
2.0%
Mowi Asia
\u2014
10.7%
11.9%
2.0%
2.0%
Mowi USA
\u2014
10.7%
11.5%
2.0%
2.0%
Mowi Feed
\u2014
9.3%
9.5%
2.0%
2.0%
TOTAL
558\u00a0870
Please see table below for an overview of the CGU's with allocated intangible assets as of December 31, 2025 and 2024.
CASH GENERATING UNITS
(EUR MILLION)
GOODWILL
LICENSES
2025
2024
2025
2024
Mowi Norway Farming
490.6
185.9
1\u00a0509.8
658.8
Mowi Scotland Farming
5.9
12.6
102.0
109.4
Mowi Canada Farming
\u2014
35.1
97.9
106.0
Mowi Chile Farming
\u2014
\u2014
100.9
117.4
Mowi Ireland Farming
\u2014
\u2014
2.2
2.2
Mowi Faroe Islands Farming
\u2014
\u2014
6.5
6.5
Arctic Fish
46.2
46.2
234.2
233.6
Mowi Consumer Products
90.2
90.0
\u2014
\u2014
TOTAL
632.9
369.6
2\u00a0053.5
1\u00a0233.9
Impairment testing of non-current
assets
Impairment tests for specific non-current assets are performed
when there are indications of impairment. In 2025, a net loss in
fixed assets of EUR 1.8 million was booked in Norway, EUR 1.2
million in Scotland and EUR 0.4 million in Canada. Based on
evaluation no additional impairment due to climate risk and no
changes in useful life have been deemed required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
Note 9 \u2013 Intangible assets
SPECIFICATION OF INTANGIBLE ASSETS 2025 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Additions in the year as a result of acquisitions2)
308.7
859.8
18.1
1\u00a0186.6
Additions in the year
\u2014
0.7
7.4
8.1
Disposals / scrapping in the year
-0.1
\u2014
-1.4
-1.5
Foreign currency adjustments
-21.7
-55.8
-2.5
-79.9
TOTAL ACQUISITION COST AS OF 31.12
926.8
2\u00a0283.8
99.5
3\u00a0310.1
Accumulated amortisation and impairment losses as of 01.01
270.2
245.2
49.5
564.9
Amortisation in the year
\u2014
\u2014
1.6
1.6
Impairment losses in the year3)
39.1
1.9
2.6
43.6
Disposals/ scrapping in the year
\u2014
2.7
\u2014
2.7
Foreign currency adjustments
-15.4
-19.6
-1.8
-36.8
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
293.8
230.2
51.9
576.0
TOTAL CARRYING AMOUNT AS OF 31.12
632.9
2\u00a0053.5
47.6
2\u00a0734.1
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Nova Sea.
3) Impairment losses in the year is mainly related to Canada, see note 8 for details.
SPECIFICATION OF INTANGIBLE ASSETS 2024 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Additions in the year as a result of acquisitions
4.1
\u2014
\u2014
4.1
Additions in the year2)
\u2014
65.9
1.0
66.8
Disposals / scrapping in the year
\u2014
-0.1
-0.3
-0.4
Foreign currency adjustments
0.1
18.1
1.1
19.5
TOTAL ACQUISITION COST AS OF 31.12
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Accumulated amortisation and impairment losses as of 01.01
267.5
181.3
43.7
492.6
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
2.7
56.3
3.5
62.4
Disposals/scrapping in the year
\u2014
\u2014
-0.3
-0.3
Foreign currency adjustments
-0.1
7.6
\u2014
7.5
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
270.2
245.2
49.5
564.9
TOTAL CARRYING AMOUNT AS OF 31.12
369.6
1\u00a0233.9
28.4
1\u00a0631.9
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Dawnfresh.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
272.8
212.8
405
MAB limitation per license
Mowi Chile
151
30-40
144-192
Mowi Scotland
75
57
131
MAB limitation per license
Mowi Canada
111
38
132
MAB limitation per license
Mowi Ireland
20
14
11
Mowi Faroe Islands2)
3
3
12
Arctic Fish
10
10
30
1) BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2025
TOTAL CURRENT
PRODUCTION
CAPACITY2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
405
331\u00a0922
82%
1\u00a0509.8
4.5
Mowi Chile
144-192
78\u00a0137
41%-54%
100.9
1.3
Mowi Scotland
131
71\u00a0603
54%
102.0
1.4
Mowi Canada
132
36\u00a0584
28%
97.9
2.7
Mowi Ireland
11
11\u00a0240
100%
2.2
0.2
Mowi Faroe Islands
12
14\u00a0594
122%
6.5
0.4
Arctic Fish
30
14\u00a0790
50%
234.2
15.8
TOTAL
558\u00a0870
2\u00a0053.5
3.7
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 2 053.5 million and EUR 1 233.9 million in
December\u00a031, 2025 and 2024 respectively. Measured in EUR per kg salmon harvested the values were EUR 3.7 and EUR 2.6 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
Note 9 \u2013 Intangible assets
SPECIFICATION OF INTANGIBLE ASSETS 2025 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Additions in the year as a result of acquisitions2)
308.7
859.8
18.1
1\u00a0186.6
Additions in the year
\u2014
0.7
7.4
8.1
Disposals / scrapping in the year
-0.1
\u2014
-1.4
-1.5
Foreign currency adjustments
-21.7
-55.8
-2.5
-79.9
TOTAL ACQUISITION COST AS OF 31.12
926.8
2\u00a0283.8
99.5
3\u00a0310.1
Accumulated amortisation and impairment losses as of 01.01
270.2
245.2
49.5
564.9
Amortisation in the year
\u2014
\u2014
1.6
1.6
Impairment losses in the year3)
39.1
1.9
2.6
43.6
Disposals/ scrapping in the year
\u2014
2.7
\u2014
2.7
Foreign currency adjustments
-15.4
-19.6
-1.8
-36.8
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
293.8
230.2
51.9
576.0
TOTAL CARRYING AMOUNT AS OF 31.12
632.9
2\u00a0053.5
47.6
2\u00a0734.1
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Nova Sea.
3) Impairment losses in the year is mainly related to Canada, see note 8 for details.
SPECIFICATION OF INTANGIBLE ASSETS 2024 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Additions in the year as a result of acquisitions
4.1
\u2014
\u2014
4.1
Additions in the year2)
\u2014
65.9
1.0
66.8
Disposals / scrapping in the year
\u2014
-0.1
-0.3
-0.4
Foreign currency adjustments
0.1
18.1
1.1
19.5
TOTAL ACQUISITION COST AS OF 31.12
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Accumulated amortisation and impairment losses as of 01.01
267.5
181.3
43.7
492.6
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
2.7
56.3
3.5
62.4
Disposals/scrapping in the year
\u2014
\u2014
-0.3
-0.3
Foreign currency adjustments
-0.1
7.6
\u2014
7.5
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
270.2
245.2
49.5
564.9
TOTAL CARRYING AMOUNT AS OF 31.12
369.6
1\u00a0233.9
28.4
1\u00a0631.9
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Dawnfresh.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
272.8
212.8
405
MAB limitation per license
Mowi Chile
151
30-40
144-192
Mowi Scotland
75
57
131
MAB limitation per license
Mowi Canada
111
38
132
MAB limitation per license
Mowi Ireland
20
14
11
Mowi Faroe Islands2)
3
3
12
Arctic Fish
10
10
30
1) BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2025
TOTAL CURRENT
PRODUCTION
CAPACITY2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
405
331\u00a0922
82%
1\u00a0509.8
4.5
Mowi Chile
144-192
78\u00a0137
41%-54%
100.9
1.3
Mowi Scotland
131
71\u00a0603
54%
102.0
1.4
Mowi Canada
132
36\u00a0584
28%
97.9
2.7
Mowi Ireland
11
11\u00a0240
100%
2.2
0.2
Mowi Faroe Islands
12
14\u00a0594
122%
6.5
0.4
Arctic Fish
30
14\u00a0790
50%
234.2
15.8
TOTAL
558\u00a0870
2\u00a0053.5
3.7
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 2 053.5 million and EUR 1 233.9 million in
December\u00a031, 2025 and 2024 respectively. Measured in EUR per kg salmon harvested the values were EUR 3.7 and EUR 2.6 respectively.
Note 10 \u2013 Property, plant and equipment
SPECIFICATION OF PPE 2025
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS &
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
1\u00a0222.5
1\u00a0411.5
483.6
641.9
349.0
88.8
4\u00a0197.3
Acquisitions through business
combinations1)
178.0
229.3
30.0
\u2014
\u2014
\u2014
437.3
Additions in the year
165.2
121.2
49.1
63.8
\u2014
4.6
403.8
Disposals / scrapping in the year
-4.7
-19.2
-4.3
-16.5
-47.2
-1.0
-92.8
Foreign currency adjustments
-34.4
-61.7
-11.2
-28.2
-18.1
-3.6
-157.3
TOTAL ACQUISITION COST AS OF
31.12
1\u00a0526.4
1\u00a0681.1
547.2
661.0
283.7
88.8
4\u00a0788.3
Accumulated depreciation and
impairment losses as of 01.01
474.3
1\u00a0021.1
242.5
386.7
27.2
61.9
2\u00a0213.7
Depreciation in the year
56.0
86.8
34.0
55.1
\u2014
5.5
237.3
Impairment losses and reversal of
previous write-downs in the year
2.0
1.7
\u2014
\u2014
\u2014
\u2014
3.7
Disposals / scrapping in the year
-1.5
-16.9
-3.5
-16.2
1.1
-0.9
-37.9
Acquisitions through business
combinations1)
21.8
-16.5
0.9
\u2014
-5.0
\u2014
1.2
Foreign currency adjustments
-14.0
-48.0
-5.6
-19.0
-10.2
-3.5
-100.3
TOTAL ACCUMULATED
DEPRECIATION AND IMPAIRMENT
LOSSES AS OF 31.12
538.6
1\u00a0028.2
268.3
406.7
13.1
62.9
2\u00a0317.7
TOTAL CARRYING AMOUNT AS OF
31.12
987.9
653.0
278.9
254.3
270.6
25.9
2\u00a0470.6
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
1) Acquisitions through business combinations are related to the purchase of Nova Sea.
SPECIFICATION OF PPE 2024
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS\u00a0&
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
1\u00a0103.9
1\u00a0333.7
437.8
589.1
389.6
79.8
3\u00a0933.9
Acquisitions through business
combinations
3.5
\u2014
\u2014
\u2014
0.5
\u2014
4.1
Additions in the year
114.3
94.9
44.0
66.9
\u2014
8.3
328.3
Reclassification
0.2
4.2
2.2
2.6
\u2014
\u2014
9.1
Disposals / scrapping in the year
-15.3
-55.2
-3.3
-28.3
-53.5
-0.8
-156.4
Foreign currency adjustments
15.9
34.0
3.0
11.7
12.4
1.5
78.5
TOTAL ACQUISITION COST AS OF
31.12
1\u00a0222.5
1\u00a0411.5
483.6
641.9
349.0
88.8
4\u00a0197.3
Accumulated depreciation and
impairment losses as of 01.01
431.4
967.8
217.4
360.4
17.7
55.6
2\u00a0050.0
Depreciation in the year
47.8
78.9
33.1
53.1
\u2014
5.5
218.3
Impairment losses and reversal of
previous write-downs in the year
1.0
\u2014
-1.4
-1.8
1.2
4.7
3.7
Reclassification
0.2
4.8
2.2
2.7
\u2014
-0.1
9.8
Disposals /scrapping in the year
-11.9
-55.3
-10.0
-35.5
\u2014
-5.3
-117.9
Foreign currency adjustments
5.8
25.2
1.2
7.9
8.3
1.5
49.8
TOTAL ACCUMULATED
DEPRECIATION AND IMPAIRMENT
LOSSES AS OF 31.12
474.3
1\u00a0021.1
242.5
386.7
27.2
61.9
2\u00a0213.7
TOTAL CARRYING AMOUNT AS OF
31.12
748.1
390.3
241.1
255.1
321.8
26.9
1\u00a0983.5
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
Sale of non-current assets
Non-current tangible assets have been sold during the year, and
the net gain on the sale of assets (included in the line item Other
operating expenses in the consolidated statement of
comprehensive income) amounts to EUR 1.3 million in 2025. The
corresponding figure for 2024 is EUR 3.6 million.
Impairment testing of non-current
assets
Impairment tests for specific non-current assets are performed
when there are indications of impairment. In 2025, a net loss in
fixed assets of EUR 1.8 million was booked in Norway, EUR 1.2
million in Scotland and EUR 0.4 million in Canada. Based on
evaluation no additional impairment due to climate risk and no
changes in useful life have been deemed required.
Contractual commitments
Mowi has entered into significant contractual commitments for
the acquisition of property, plant and equipment at year-end
2025. The significant commitments are related to Farming
Norway with EUR 71.6 million (included EUR 43.6 million related
to Nova Sea), Arctic Fish with 9.0 millions and Feed Norway with
EUR 7.9 millions, Farming Scotland with EUR 6.8 million and
Farming Faroes with EUR 2.3 million. .
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
Note 9 \u2013 Intangible assets
SPECIFICATION OF INTANGIBLE ASSETS 2025 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Additions in the year as a result of acquisitions2)
308.7
859.8
18.1
1\u00a0186.6
Additions in the year
\u2014
0.7
7.4
8.1
Disposals / scrapping in the year
-0.1
\u2014
-1.4
-1.5
Foreign currency adjustments
-21.7
-55.8
-2.5
-79.9
TOTAL ACQUISITION COST AS OF 31.12
926.8
2\u00a0283.8
99.5
3\u00a0310.1
Accumulated amortisation and impairment losses as of 01.01
270.2
245.2
49.5
564.9
Amortisation in the year
\u2014
\u2014
1.6
1.6
Impairment losses in the year3)
39.1
1.9
2.6
43.6
Disposals/ scrapping in the year
\u2014
2.7
\u2014
2.7
Foreign currency adjustments
-15.4
-19.6
-1.8
-36.8
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
293.8
230.2
51.9
576.0
TOTAL CARRYING AMOUNT AS OF 31.12
632.9
2\u00a0053.5
47.6
2\u00a0734.1
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Nova Sea.
3) Impairment losses in the year is mainly related to Canada, see note 8 for details.
SPECIFICATION OF INTANGIBLE ASSETS 2024 (EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS1)
TOTAL
Acquisition cost as of 01.01
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Additions in the year as a result of acquisitions
4.1
\u2014
\u2014
4.1
Additions in the year2)
\u2014
65.9
1.0
66.8
Disposals / scrapping in the year
\u2014
-0.1
-0.3
-0.4
Foreign currency adjustments
0.1
18.1
1.1
19.5
TOTAL ACQUISITION COST AS OF 31.12
639.8
1\u00a0479.1
77.9
2\u00a0196.8
Accumulated amortisation and impairment losses as of 01.01
267.5
181.3
43.7
492.6
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
2.7
56.3
3.5
62.4
Disposals/scrapping in the year
\u2014
\u2014
-0.3
-0.3
Foreign currency adjustments
-0.1
7.6
\u2014
7.5
TOTAL ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES AS OF 31.12
270.2
245.2
49.5
564.9
TOTAL CARRYING AMOUNT AS OF 31.12
369.6
1\u00a0233.9
28.4
1\u00a0631.9
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Dawnfresh.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
272.8
212.8
405
MAB limitation per license
Mowi Chile
151
30-40
144-192
Mowi Scotland
75
57
131
MAB limitation per license
Mowi Canada
111
38
132
MAB limitation per license
Mowi Ireland
20
14
11
Mowi Faroe Islands2)
3
3
12
Arctic Fish
10
10
30
1) BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2025
TOTAL CURRENT
PRODUCTION
CAPACITY2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
405
331\u00a0922
82%
1\u00a0509.8
4.5
Mowi Chile
144-192
78\u00a0137
41%-54%
100.9
1.3
Mowi Scotland
131
71\u00a0603
54%
102.0
1.4
Mowi Canada
132
36\u00a0584
28%
97.9
2.7
Mowi Ireland
11
11\u00a0240
100%
2.2
0.2
Mowi Faroe Islands
12
14\u00a0594
122%
6.5
0.4
Arctic Fish
30
14\u00a0790
50%
234.2
15.8
TOTAL
558\u00a0870
2\u00a0053.5
3.7
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 2 053.5 million and EUR 1 233.9 million in
December\u00a031, 2025 and 2024 respectively. Measured in EUR per kg salmon harvested the values were EUR 3.7 and EUR 2.6 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
Note 10 \u2013 Property, plant and equipment
SPECIFICATION OF PPE 2025
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS &
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
1\u00a0222.5
1\u00a0411.5
483.6
641.9
349.0
88.8
4\u00a0197.3
Acquisitions through business
combinations1)
178.0
229.3
30.0
\u2014
\u2014
\u2014
437.3
Additions in the year
165.2
121.2
49.1
63.8
\u2014
4.6
403.8
Disposals / scrapping in the year
-4.7
-19.2
-4.3
-16.5
-47.2
-1.0
-92.8
Foreign currency adjustments
-34.4
-61.7
-11.2
-28.2
-18.1
-3.6
-157.3
TOTAL ACQUISITION COST AS OF
31.12
1\u00a0526.4
1\u00a0681.1
547.2
661.0
283.7
88.8
4\u00a0788.3
Accumulated depreciation and
impairment losses as of 01.01
474.3
1\u00a0021.1
242.5
386.7
27.2
61.9
2\u00a0213.7
Depreciation in the year
56.0
86.8
34.0
55.1
\u2014
5.5
237.3
Impairment losses and reversal of
previous write-downs in the year
2.0
1.7
\u2014
\u2014
\u2014
\u2014
3.7
Disposals / scrapping in the year
-1.5
-16.9
-3.5
-16.2
1.1
-0.9
-37.9
Acquisitions through business
combinations1)
21.8
-16.5
0.9
\u2014
-5.0
\u2014
1.2
Foreign currency adjustments
-14.0
-48.0
-5.6
-19.0
-10.2
-3.5
-100.3
TOTAL ACCUMULATED
DEPRECIATION AND IMPAIRMENT
LOSSES AS OF 31.12
538.6
1\u00a0028.2
268.3
406.7
13.1
62.9
2\u00a0317.7
TOTAL CARRYING AMOUNT AS OF
31.12
987.9
653.0
278.9
254.3
270.6
25.9
2\u00a0470.6
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
1) Acquisitions through business combinations are related to the purchase of Nova Sea.
SPECIFICATION OF PPE 2024
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS\u00a0&
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
1\u00a0103.9
1\u00a0333.7
437.8
589.1
389.6
79.8
3\u00a0933.9
Acquisitions through business
combinations
3.5
\u2014
\u2014
\u2014
0.5
\u2014
4.1
Additions in the year
114.3
94.9
44.0
66.9
\u2014
8.3
328.3
Reclassification
0.2
4.2
2.2
2.6
\u2014
\u2014
9.1
Disposals / scrapping in the year
-15.3
-55.2
-3.3
-28.3
-53.5
-0.8
-156.4
Foreign currency adjustments
15.9
34.0
3.0
11.7
12.4
1.5
78.5
TOTAL ACQUISITION COST AS OF
31.12
1\u00a0222.5
1\u00a0411.5
483.6
641.9
349.0
88.8
4\u00a0197.3
Accumulated depreciation and
impairment losses as of 01.01
431.4
967.8
217.4
360.4
17.7
55.6
2\u00a0050.0
Depreciation in the year
47.8
78.9
33.1
53.1
\u2014
5.5
218.3
Impairment losses and reversal of
previous write-downs in the year
1.0
\u2014
-1.4
-1.8
1.2
4.7
3.7
Reclassification
0.2
4.8
2.2
2.7
\u2014
-0.1
9.8
Disposals /scrapping in the year
-11.9
-55.3
-10.0
-35.5
\u2014
-5.3
-117.9
Foreign currency adjustments
5.8
25.2
1.2
7.9
8.3
1.5
49.8
TOTAL ACCUMULATED
DEPRECIATION AND IMPAIRMENT
LOSSES AS OF 31.12
474.3
1\u00a0021.1
242.5
386.7
27.2
61.9
2\u00a0213.7
TOTAL CARRYING AMOUNT AS OF
31.12
748.1
390.3
241.1
255.1
321.8
26.9
1\u00a0983.5
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
Sale of non-current assets
Non-current tangible assets have been sold during the year, and
the net gain on the sale of assets (included in the line item Other
operating expenses in the consolidated statement of
comprehensive income) amounts to EUR 1.3 million in 2025. The
corresponding figure for 2024 is EUR 3.6 million.
Impairment testing of non-current
assets
Impairment tests for specific non-current assets are performed
when there are indications of impairment. In 2025, a net loss in
fixed assets of EUR 1.8 million was booked in Norway, EUR 1.2
million in Scotland and EUR 0.4 million in Canada. Based on
evaluation no additional impairment due to climate risk and no
changes in useful life have been deemed required.
Contractual commitments
Mowi has entered into significant contractual commitments for
the acquisition of property, plant and equipment at year-end
2025. The significant commitments are related to Farming
Norway with EUR 71.6 million (included EUR 43.6 million related
to Nova Sea), Arctic Fish with 9.0 millions and Feed Norway with
EUR 7.9 millions, Farming Scotland with EUR 6.8 million and
Farming Faroes with EUR 2.3 million. .
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
Contractual commitments
Mowi has entered into significant contractual commitments for
the acquisition of property, plant and equipment at year-end
2025. The significant commitments are related to Farming
Norway with EUR 71.6 million (included EUR 43.6 million related
to Nova Sea), Arctic Fish with 9.0 millions and Feed Norway with
EUR 7.9 millions,
Note 27 \u2013 Contingent liabilities and provisions
Update on the allegations of price
collusion
On 25 January 2024, Mowi received a Statement of Objections
from the European Commission as a result of the Commission's
inspections in February 2019 of several Norwegian producers of
farmed Atlantic salmon, including Mowi. The Statement of
Objections is not a final decision, but rather the Commission's
preliminary view that the companies under investigation may
have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the
characteristics of the alleged behaviour in the market for farmed
Norwegian Atlantic salmon, and strongly believes there has
been no infringement of the competition rules. Issuing a
Statement of Objections and opening a formal procedure does
not in any way prejudge the outcome. The Commission will first
after the parties have exercised their rights of defence conclude
on whether the alleged behaviour amounts to a violation of the
EU competition rules.
A hearing in the matter was held in September 2024. The
commission is now going through the information and
documentation received and is expected to request more
information from Mowi if found necessary. The commission will
work forward until they have a final conclusion/adopt a decision.
A conclusion is expected in 2026.
Furthermore, Mowi has been named a defendant in civil law
proceedings by a group of claimants in the UK, including
Scotland. Mowi disputes the allegations, which suggest a breach
of applicable competition law on Mowi's part. The civil law claims
clearly lack merit and are entirely unsubstantiated.
Decommissioning cost
Mowi has Farming operations in 7 countries. In all countries the
useful life of our licences is considered indefinite (ref. note 2).
Mowi has an obligation to decommission and remove all
equipment when the use of a site/license comes to an end. In
accordance with IAS 37.14 a provision shall be recognised when
an entity has a present obligation as a result of a past event,
such as setting up a site. However, due to the nature of our
business and the assessed useful life of our licenses, such an
obligation does not exist in the foreseeable future. In order to
calculate a present value of decommissioning costs, a life span
of at least 50 years should be applied in the calculation
(although licenses have indefinite useful life) due to our plan of
continued operations on the sites. Mowi considers a present
value of such a cost of 50 years and beyond cannot be reliably
measured. This is because the settlement dates are
indeterminate; and other estimates, such as very long-term
discount rates for which there is no observable measure, cannot
be reliably determined. Consequently, the decommissioning
obligation that exists cannot be reliably quantified and is
disclosed as a contingent liability. There remains a high degree
of uncertainty concerning such obligations. If and when there is
a known change in our planned operations an updated
assessment of any provision will be made for the related sites
and decommissioning cost. Even though the licenses are
indefinite there will be the need to change the equipment on our
locations from time to time. The expected life span on our
equipment is long (app. 20 years) with appropriate maintenance
performed. The cost related to changing equipment is limited. All
costs related to running maintenance is expensed and
investment in any new equipment including removal/moving to
site is accounted as addition to PPE.
Based on the above, no provisions related to decommissioning
or rehabilitation cost is recognised in the financial statement.
Other cases
We are routinely involved in various legal matters arising from
the course of our business.
While the outcome of these proceedings cannot be predicted
with certainty, we believe that, when resolved, they will not have
any material adverse effect on our results, financial position or
liquidity.
Please refer to note 30 for an overview of the financial impact of
provisions recognised in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
Contractual commitments
Mowi has entered into significant contractual commitments for
the acquisition of property, plant and equipment at year-end
2025. The significant commitments are related to Farming
Norway with EUR 71.6 million (included EUR 43.6 million related
to Nova Sea), Arctic Fish with 9.0 millions and Feed Norway with
EUR 7.9 millions,", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
Note 11 \u2013 Interest-bearing debt
INTEREST-BEARING DEBT (EUR MILLION)
2025
2024
Non-current interest-bearing bank debt
2\u00a0119.9
1\u00a0513.1
Green bonds
670.2
294.6
Schuldschein loan
\u2014
149.6
TOTAL NON-CURRENT INTEREST-BEARING DEBT
2\u00a0790.1
1\u00a0957.3
Current interest-bearing bank debt
149.9
200.0
CURRENT INTEREST-BEARING DEBT
149.9
200.0
TOTAL INTEREST-BEARING DEBT
2\u00a0940.0
2\u00a0157.3
Financing of the Mowi Group is mainly carried out through the
parent company Mowi ASA. External financing is obtained by
subsidiaries only if this is optimal for the Group. Mowi complied
with its loan covenants at the end of 2025.
The following programmes are the main sources of financing for
the Mowi Group as of December\u00a031, 2025:
EUR 2 600 million sustainability-linked
revolving credit facility
In June 2025, Mowi entered into a senior secured five-year, EUR
2 600 million multicurrency sustainability-linked revolving credit
facility (the \"Facility Agreement\") with DNB, Nordea, ABN Amro,
Rabobank, Danske Bank, SEB and Cr\u00e9dit Agricole. The Facility
Agreement includes an accordion increase option, which
provides flexibility for the parties to agree to increase the size of
the Facility Agreement by up to EUR 400 million during the
remaining term. The principal financial covenant of the Facility
Agreement is an equity ratio of minimum 35%, with the
calculation of the ratio being adjusted for the effects of IFRS 16.
Furthermore, the ability of the Group to take on new debt is
regulated by the loan agreement. The facility has final maturity in
June 2030.
The facility is available to Mowi ASA and selected subsidiaries. In
addition, the revolving credit facility may be allocated in part as
bilateral credits (including overdraft facilities and facilities for the
issuance of guarantees) between syndicate banks and group
companies.
Drawings at year end 2025 on the syndicated credit facility
amount to EUR 1661.5 million, up from 1 371.9 million at year end
2024.
EUR 150 million Schuldschein loan
In May 2019, Mowi entered into a EUR 120 million, seven-year
senior unsecured loan in the German Schuldschein market,
increased to EUR 150 million in August 2019. The loan consists
of two floating-rate tranches of EUR 99 million and EUR 30
million, and a fixed-rate tranche of EUR 21 million, and the sole
financial covenant is an equity ratio of minimum 30%. Mowi pays
semi-annual interest of six-month EURIBOR (floored at 0%) plus
1.70% p.a. on the floating-rate tranches and, through a
corresponding interest rate swap, six-month EURIBOR plus
1.705% p.a. on the fixed-rate tranche. All tranches are non-
amortising and are repayable in May 2026.
NOK 2 500 million green bond (2029)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 2 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.13% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.4715% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in May 2029 with no interim
instalments, and the sole financial covenant is an equity ratio of
minimum 30%. Proceeds is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220897.
NOK 1 000 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 1 000 million. While the bond issue carries a
fixed annual\u00a0coupon of 4.95% p.a., Mowi pays quarterly interest
of three-month EURIBOR (floored at 0%) plus 1.1359% p.a.
through corresponding cross-currency and interest rate swaps
entered into at the time of issue. The green bond is unsecured
and is repayable in December 2030 with no interim instalments,
and the sole financial covenant is an equity ratio of minimum
30%. Proceeds from the green bond issue is used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699041.
NOK 3 500 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 3 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.10% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.1883% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in December 2030 with no
interim instalments, and the sole financial covenant is an equity
ratio of minimum 30%. Proceeds will be used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699033.
NOK 1 000 million green bond (2032)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 1 000 million. While the bond issue carries a fixed
annual\u00a0coupon of 5.407% p.a., Mowi pays quarterly interest of
three-month EURIBOR (floored at 0%) plus 1.195% p.a. through
corresponding cross-currency and interest rate swaps entered
into at the time of issue. The green bond is unsecured and is
repayable in May 2032 with no interim instalments, and the sole
financial covenant is an equity ratio of minimum 30%. Proceeds
from the green bond issue is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220905.
EUR 170 million Arctic Fish
sustainability-linked credit facilities
In October 2023, Arctic Fish signed a senior secured three-year,
EUR 170 million sustainability-linked credit facilities agreement
(the \"Arctic Fish Facilities Agreement\") with Danske Bank, DNB,
Nordea and Rabobank. The Arctic Fish Facilities Agreement
comprises a EUR 120 million term loan and a EUR 50 million
revolving credit facility to finance day-to-day operations and
future growth of the company. The term loan is repayable by
quarterly instalments of EUR 3 million beginning in December
2025, and the facilities have final maturity in November 2028
following exercising of two one-year extension options during
2024 and 2025.
Drawings on the aggregated facilities at year end 2025 amount
to EUR 155.0 million, up from EUR 137.5 million in 2024.
NOK 2 300 million Nova Sea credit
facility
In November 2024, Nova Sea AS signed a senior secured five-
year, NOK 2 300 million credit facility agreement (the \"Nova Sea
Facility Agreement\") with Danske Bank, Sparebank 1 Nord-
Norge, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The Nova
Sea Facility Agreement was repaid in full in January 2026.
Drawings on the facility at year end 2025 amount to NOK 1 920
million.
NOK 1 600 million Helgeland Smolt
green loan facilities
In September 2024, Helgeland Smolt AS signed a senior
secured five-year, green loan facilities agreement (the
\"Helgeland Smolt Facilities Agreement\") with Danske Bank,
Sparebank 1 Nord-Norge, Sparebank 1 S\u00f8r-Norge and
Sparebank 1 SMN. The Helgeland Smolt Facilities Agreement
comprises a NOK 400 million term loan repayable by quarterly
instalments of NOK 6.7 million and with maturity in September
2029, and a NOK 1 200 million construction loan which may be
converted in 2026 into a NOK 1 200 million term loan repaid by
quarterly instalments of NOK 20 million and with maturity in
September 2027. Proceeds from these facilities are used for
green projects, as agreed between the parties.
Drawings on the aggregated facilities at year end 2025 amount
to NOK 1 477 million.
CASH MOVEMENTS FINANCING ACTIVITIES
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2025
2\u00a0157.3
8.1
Proceeds from loans and borrowings
527.9
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
527.9
\u2014
Business combinations
257.1
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
257.1
1.8
Capitalised transaction cost
-2.3
\u2014
Interest expense
102.0
0.9
Interest paid
-102.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-2.3
\u2014
BALANCE AT DECEMBER 31, 2025
2\u00a0940.0
9.9
In addition Mowi has paid EUR 28.3 million in interest expenses for leasing during 2025. For cash details in regards to leasing, please see note 29.
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2024
2\u00a0092.6
6.3
Proceeds from loans and borrowings
55.4
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
55.4
\u2014
The effect of changes in foreign exchange rates
10.8
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
10.8
1.8
Capitalised borrowing cost
-1.5
\u2014
Interest expense
115.0
0.9
Interest paid
-115.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-1.5
\u2014
BALANCE AT DECEMBER 31, 2024
2\u00a0157.3
8.1
In addition Mowi has paid EUR 25.5 million in interest expenses for leasing during 2024. For cash details in regards to leasing, please see note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
Note 11 \u2013 Interest-bearing debt
INTEREST-BEARING DEBT (EUR MILLION)
2025
2024
Non-current interest-bearing bank debt
2\u00a0119.9
1\u00a0513.1
Green bonds
670.2
294.6
Schuldschein loan
\u2014
149.6
TOTAL NON-CURRENT INTEREST-BEARING DEBT
2\u00a0790.1
1\u00a0957.3
Current interest-bearing bank debt
149.9
200.0
CURRENT INTEREST-BEARING DEBT
149.9
200.0
TOTAL INTEREST-BEARING DEBT
2\u00a0940.0
2\u00a0157.3
Financing of the Mowi Group is mainly carried out through the
parent company Mowi ASA. External financing is obtained by
subsidiaries only if this is optimal for the Group. Mowi complied
with its loan covenants at the end of 2025.
The following programmes are the main sources of financing for
the Mowi Group as of December\u00a031, 2025:
EUR 2 600 million sustainability-linked
revolving credit facility
In June 2025, Mowi entered into a senior secured five-year, EUR
2 600 million multicurrency sustainability-linked revolving credit
facility (the \"Facility Agreement\") with DNB, Nordea, ABN Amro,
Rabobank, Danske Bank, SEB and Cr\u00e9dit Agricole. The Facility
Agreement includes an accordion increase option, which
provides flexibility for the parties to agree to increase the size of
the Facility Agreement by up to EUR 400 million during the
remaining term. The principal financial covenant of the Facility
Agreement is an equity ratio of minimum 35%, with the
calculation of the ratio being adjusted for the effects of IFRS 16.
Furthermore, the ability of the Group to take on new debt is
regulated by the loan agreement. The facility has final maturity in
June 2030.
The facility is available to Mowi ASA and selected subsidiaries. In
addition, the revolving credit facility may be allocated in part as
bilateral credits (including overdraft facilities and facilities for the
issuance of guarantees) between syndicate banks and group
companies.
Drawings at year end 2025 on the syndicated credit facility
amount to EUR 1661.5 million, up from 1 371.9 million at year end
2024.
EUR 150 million Schuldschein loan
In May 2019, Mowi entered into a EUR 120 million, seven-year
senior unsecured loan in the German Schuldschein market,
increased to EUR 150 million in August 2019. The loan consists
of two floating-rate tranches of EUR 99 million and EUR 30
million, and a fixed-rate tranche of EUR 21 million, and the sole
financial covenant is an equity ratio of minimum 30%. Mowi pays
semi-annual interest of six-month EURIBOR (floored at 0%) plus
1.70% p.a. on the floating-rate tranches and, through a
corresponding interest rate swap, six-month EURIBOR plus
1.705% p.a. on the fixed-rate tranche. All tranches are non-
amortising and are repayable in May 2026.
NOK 2 500 million green bond (2029)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 2 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.13% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.4715% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in May 2029 with no interim
instalments, and the sole financial covenant is an equity ratio of
minimum 30%. Proceeds is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220897.
NOK 1 000 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 1 000 million. While the bond issue carries a
fixed annual\u00a0coupon of 4.95% p.a., Mowi pays quarterly interest
of three-month EURIBOR (floored at 0%) plus 1.1359% p.a.
through corresponding cross-currency and interest rate swaps
entered into at the time of issue. The green bond is unsecured
and is repayable in December 2030 with no interim instalments,
and the sole financial covenant is an equity ratio of minimum
30%. Proceeds from the green bond issue is used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699041.
NOK 3 500 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 3 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.10% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.1883% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in December 2030 with no
interim instalments, and the sole financial covenant is an equity
ratio of minimum 30%. Proceeds will be used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699033.
NOK 1 000 million green bond (2032)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 1 000 million. While the bond issue carries a fixed
annual\u00a0coupon of 5.407% p.a., Mowi pays quarterly interest of
three-month EURIBOR (floored at 0%) plus 1.195% p.a. through
corresponding cross-currency and interest rate swaps entered
into at the time of issue. The green bond is unsecured and is
repayable in May 2032 with no interim instalments, and the sole
financial covenant is an equity ratio of minimum 30%. Proceeds
from the green bond issue is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220905.
EUR 170 million Arctic Fish
sustainability-linked credit facilities
In October 2023, Arctic Fish signed a senior secured three-year,
EUR 170 million sustainability-linked credit facilities agreement
(the \"Arctic Fish Facilities Agreement\") with Danske Bank, DNB,
Nordea and Rabobank. The Arctic Fish Facilities Agreement
comprises a EUR 120 million term loan and a EUR 50 million
revolving credit facility to finance day-to-day operations and
future growth of the company. The term loan is repayable by
quarterly instalments of EUR 3 million beginning in December
2025, and the facilities have final maturity in November 2028
following exercising of two one-year extension options during
2024 and 2025.
Drawings on the aggregated facilities at year end 2025 amount
to EUR 155.0 million, up from EUR 137.5 million in 2024.
NOK 2 300 million Nova Sea credit
facility
In November 2024, Nova Sea AS signed a senior secured five-
year, NOK 2 300 million credit facility agreement (the \"Nova Sea
Facility Agreement\") with Danske Bank, Sparebank 1 Nord-
Norge, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The Nova
Sea Facility Agreement was repaid in full in January 2026.
Drawings on the facility at year end 2025 amount to NOK 1 920
million.
NOK 1 600 million Helgeland Smolt
green loan facilities
In September 2024, Helgeland Smolt AS signed a senior
secured five-year, green loan facilities agreement (the
\"Helgeland Smolt Facilities Agreement\") with Danske Bank,
Sparebank 1 Nord-Norge, Sparebank 1 S\u00f8r-Norge and
Sparebank 1 SMN. The Helgeland Smolt Facilities Agreement
comprises a NOK 400 million term loan repayable by quarterly
instalments of NOK 6.7 million and with maturity in September
2029, and a NOK 1 200 million construction loan which may be
converted in 2026 into a NOK 1 200 million term loan repaid by
quarterly instalments of NOK 20 million and with maturity in
September 2027. Proceeds from these facilities are used for
green projects, as agreed between the parties.
Drawings on the aggregated facilities at year end 2025 amount
to NOK 1 477 million.
CASH MOVEMENTS FINANCING ACTIVITIES
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2025
2\u00a0157.3
8.1
Proceeds from loans and borrowings
527.9
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
527.9
\u2014
Business combinations
257.1
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
257.1
1.8
Capitalised transaction cost
-2.3
\u2014
Interest expense
102.0
0.9
Interest paid
-102.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-2.3
\u2014
BALANCE AT DECEMBER 31, 2025
2\u00a0940.0
9.9
In addition Mowi has paid EUR 28.3 million in interest expenses for leasing during 2025. For cash details in regards to leasing, please see note 29.
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2024
2\u00a0092.6
6.3
Proceeds from loans and borrowings
55.4
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
55.4
\u2014
The effect of changes in foreign exchange rates
10.8
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
10.8
1.8
Capitalised borrowing cost
-1.5
\u2014
Interest expense
115.0
0.9
Interest paid
-115.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-1.5
\u2014
BALANCE AT DECEMBER 31, 2024
2\u00a0157.3
8.1
In addition Mowi has paid EUR 25.5 million in interest expenses for leasing during 2024. For cash details in regards to leasing, please see note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
The following programmes are the main sources of financing for
the Mowi Group as of December\u00a031, 2025:
EUR 2 600 million sustainability-linked
revolving credit facility
In June 2025, Mowi entered into a senior secured five-year, EUR
2 600 million multicurrency sustainability-linked revolving credit
facility (the \"Facility Agreement\") with DNB, Nordea, ABN Amro,
Rabobank, Danske Bank, SEB and Cr\u00e9dit Agricole. The Facility
Agreement includes an accordion increase option, which
provides flexibility for the parties to agree to increase the size of
the Facility Agreement by up to EUR 400 million during the
remaining term. The principal financial covenant of the Facility
Agreement is an equity ratio of minimum 35%, with the
calculation of the ratio being adjusted for the effects of IFRS 16.
Furthermore, the ability of the Group to take on new debt is
regulated by the loan agreement. The facility has final maturity in
June 2030.
The facility is available to Mowi ASA and selected subsidiaries. In
addition, the revolving credit facility may be allocated in part as
bilateral credits (including overdraft facilities and facilities for the
issuance of guarantees) between syndicate banks and group
companies.
Drawings at year end 2025 on the syndicated credit facility
amount to EUR 1661.5 million, up from 1 371.9 million at year end
2024.
EUR 150 million Schuldschein loan
In May 2019, Mowi entered into a EUR 120 million, seven-year
senior unsecured loan in the German Schuldschein market,
increased to EUR 150 million in August 2019. The loan consists
of two floating-rate tranches of EUR 99 million and EUR 30
million, and a fixed-rate tranche of EUR 21 million, and the sole
financial covenant is an equity ratio of minimum 30%. Mowi pays
semi-annual interest of six-month EURIBOR (floored at 0%) plus
1.70% p.a. on the floating-rate tranches and, through a
corresponding interest rate swap, six-month EURIBOR plus
1.705% p.a. on the fixed-rate tranche. All tranches are non-
amortising and are repayable in May 2026.
NOK 2 500 million green bond (2029)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 2 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.13% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.4715% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in May 2029 with no interim
instalments, and the sole financial covenant is an equity ratio of
minimum 30%. Proceeds is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220897.
NOK 1 000 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 1 000 million. While the bond issue carries a
fixed annual\u00a0coupon of 4.95% p.a., Mowi pays quarterly interest
of three-month EURIBOR (floored at 0%) plus 1.1359% p.a.
through corresponding cross-currency and interest rate swaps
entered into at the time of issue. The green bond is unsecured
and is repayable in December 2030 with no interim instalments,
and the sole financial covenant is an equity ratio of minimum
30%. Proceeds from the green bond issue is used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699041.
NOK 3 500 million green bond (2030)
In December 2025, Mowi issued a green bond with a principal
amount of NOK 3 500 million. While the bond issue carries a
quarterly\u00a0coupon of three-month NIBOR (floored at 0%) plus
1.10% p.a., Mowi pays quarterly interest of three-month EURIBOR
(floored at 0%) plus 1.1883% p.a. through corresponding cross-
currency swaps entered into at the time of issue. The green
bond is unsecured and is repayable in December 2030 with no
interim instalments, and the sole financial covenant is an equity
ratio of minimum 30%. Proceeds will be used to finance or
refinance green projects as further defined by Mowi's green
finance framework, which received a medium green shading
from CICERO Shades of Green in May 2023. An application will
be made for the bond to be listed on the Euronext Oslo Stock
Exchange ESG Bonds section with ISIN: NO 0013699033.
NOK 1 000 million green bond (2032)
In May 2024, Mowi issued a green bond with a principal amount
of NOK 1 000 million. While the bond issue carries a fixed
annual\u00a0coupon of 5.407% p.a., Mowi pays quarterly interest of
three-month EURIBOR (floored at 0%) plus 1.195% p.a. through
corresponding cross-currency and interest rate swaps entered
into at the time of issue. The green bond is unsecured and is
repayable in May 2032 with no interim instalments, and the sole
financial covenant is an equity ratio of minimum 30%. Proceeds
from the green bond issue is used to finance or refinance green
projects as further defined by Mowi's green finance framework,
which received a medium green shading from CICERO Shades
of Green in May 2023. The bond is listed on the Euronext Oslo
Stock Exchange ESG Bonds section with ISIN: NO 0013220905.
EUR 170 million Arctic Fish
sustainability-linked credit facilities
In October 2023, Arctic Fish signed a senior secured three-year,
EUR 170 million sustainability-linked credit facilities agreement
(the \"Arctic Fish Facilities Agreement\") with Danske Bank, DNB,
Nordea and Rabobank. The Arctic Fish Facilities Agreement
comprises a EUR 120 million term loan and a EUR 50 million
revolving credit facility to finance day-to-day operations and
future growth of the company. The term loan is repayable by
quarterly instalments of EUR 3 million beginning in December
2025, and the facilities have final maturity in November 2028
following exercising of two one-year extension options during
2024 and 2025.
Drawings on the aggregated facilities at year end 2025 amount
to EUR 155.0 million, up from EUR 137.5 million in 2024.
NOK 2 300 million Nova Sea credit
facility
In November 2024, Nova Sea AS signed a senior secured five-
year, NOK 2 300 million credit facility agreement (the \"Nova Sea
Facility Agreement\") with Danske Bank, Sparebank 1 Nord-
Norge, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The Nova
Sea Facility Agreement was repaid in full in January 2026.
Drawings on the facility at year end 2025 amount to NOK 1 920
million.
NOK 1 600 million Helgeland Smolt
green loan facilities
In September 2024, Helgeland Smolt AS signed a senior
secured five-year, green loan facilities agreement (the
\"Helgeland Smolt Facilities Agreement\") with Danske Bank,
Sparebank 1 Nord-Norge, Sparebank 1 S\u00f8r-Norge and
Sparebank 1 SMN. The Helgeland Smolt Facilities Agreement
comprises a NOK 400 million term loan repayable by quarterly
instalments of NOK 6.7 million and with maturity in September
2029, and a NOK 1 200 million construction loan which may be
converted in 2026 into a NOK 1 200 million term loan repaid by
quarterly instalments of NOK 20 million and with maturity in
September 2027. Proceeds from these facilities are used for
green projects, as agreed between the parties.
Drawings on the aggregated facilities at year end 2025 amount
to NOK 1 477 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
CASH MOVEMENTS FINANCING ACTIVITIES
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2025
2\u00a0157.3
8.1
Proceeds from loans and borrowings
527.9
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
527.9
\u2014
Business combinations
257.1
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
257.1
1.8
Capitalised transaction cost
-2.3
\u2014
Interest expense
102.0
0.9
Interest paid
-102.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-2.3
\u2014
BALANCE AT DECEMBER 31, 2025
2\u00a0940.0
9.9
In addition Mowi has paid EUR 28.3 million in interest expenses for leasing during 2025. For cash details in regards to leasing, please see note 29.
CASH MOVEMENTS FINANCING ACTIVITIES (EUR MILLION)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INTEREST-BEARING DEBT
DERIVATIVES
BALANCE AT JANUARY 1, 2024
2\u00a0092.6
6.3
Proceeds from loans and borrowings
55.4
\u2014
TOTAL CHANGES FROM FINANCING CASH FLOWS
55.4
\u2014
The effect of changes in foreign exchange rates
10.8
\u2014
Changes in fair value
\u2014
1.8
LIABILITY-RELATED
10.8
1.8
Capitalised borrowing cost
-1.5
\u2014
Interest expense
115.0
0.9
Interest paid
-115.0
-0.9
TOTAL LIABILITY-RELATED OTHER CHANGES
-1.5
\u2014
BALANCE AT DECEMBER 31, 2024
2\u00a0157.3
8.1
In addition Mowi has paid EUR 25.5 million in interest expenses for leasing during 2024. For cash details in regards to leasing, please see note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
Note 12 \u2013 Financial instruments
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION (EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
DECEMBER 31, 2025
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
4.0
\u2014
4.0
Current assets
Trade receivables
716.8
\u2014
\u2014
716.8
Other receivables
202.2
\u2014
151.3
353.5
Other current financial assets
\u2014
5.7
\u2014
5.7
Cash
289.3
\u2014
\u2014
289.3
Non-current liabilities
Non-current interest-bearing debt
-2\u00a0790.1
\u2014
\u2014
-2\u00a0790.1
Current liabilities
Current interest-bearing debt
-149.9
\u2014
\u2014
-149.9
Trade payables
-558.8
\u2014
\u2014
-558.8
Other current financial liabilities
\u2014
-6.7
\u2014
-6.7
Other current liabilities
-162.9
\u2014
-252.0
-415.0
TOTAL
-2\u00a0453.4
3.0
FAIR VALUE1)
-2\u00a0458.8
3.0
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION (EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
31 DECEMBER 2024
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
2.8
\u2014
2.8
Current assets
Trade receivables
661.5
\u2014
\u2014
661.5
Other receivables
106.8
\u2014
149.1
255.9
Other current financial assets
\u2014
7.4
\u2014
7.4
Cash
290.2
\u2014
\u2014
290.2
Non-current liabilities
Non-current interest-bearing debt
-1\u00a0957.3
\u2014
\u2014
-1\u00a0957.3
Current liabilities
Current interest-bearing debt
-200.0
\u2014
\u2014
-200.0
Trade payables
-517.9
\u2014
\u2014
-517.9
Other current financial liabilities
\u2014
-8.1
\u2014
-8.1
Other current liabilities
-162.5
\u2014
-186.0
-348.5
TOTAL
-1\u00a0779.2
2.1
FAIR VALUE1)
-1\u00a0782.1
2.1
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
There has not been any reclassification between the categories of financial assets or liabilities in 2025, or 2024.
Details regarding the criteria for recognition and the basis for measurement of each class of financial instrument
are disclosed in Note 2 Significant accounting principles.
OTHER CURRENT FINANCIAL ASSETS (EUR MILLION)
2025
2024
Currency swaps
5.7
7.4
OTHER CURRENT FINANCIAL ASSETS AS OF 31.12
5.7
7.4
OTHER CURRENT FINANCIAL LIABILITIES (EUR MILLION)
2025
2024
Currency swaps
3.0
6.4
Interest rate swaps
0.3
0.7
Cross currency swap
3.4
1.0
OTHER CURRENT FINANCIAL LIABILITIES AS OF 31.12
6.7
8.1
Fair value of financial instruments
Fair value of financial instruments carried at
amortised cost
The Group considers that the carrying amount of financial assets
and liabilities recognised at amortised cost in the financial
statements approximates their fair value.
Fair value measurements recognised in the
statement of financial position
Financial instruments that are measured at fair value subsequent
to initial recognition are grouped into a hierarchy of three
different levels, based on the degree to which the fair value is
observable:
Level 1:
Fair value determined directly by reference to published
quotations.
Level 2:
Fair value estimated using valuation technique based on input
other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on
unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE (EUR MILLION)
2025
2024
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Current currency swaps
\u2014
5.7
\u2014
\u2014
7.4
\u2014
Interest swaps
\u2014
-0.3
\u2014
\u2014
-0.7
\u2014
Current currency swaps
\u2014
-3.0
\u2014
\u2014
-6.4
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-820.1
\u2014
\u2014
-644.6
\u2014
The own non-performance risk as at December\u00a031, 2025 was assessed to be insignificant.
There were no transfers between the levels in 2025 or 2024.
Financial risk management
The Group monitors and manages financial risks arising from
operations. These include currency risk, interest rate risk, credit
risk and price/liquidity risk.
The Group seeks to manage these risks through operational
measures or (where such measures are not available) through
the use of financial derivatives.
A policy on the management of these risks has been approved
by the Board of Directors. The policy includes principles on
currency risk, interest rate risk, price risk, the use of financial
instruments and other operational means as well as limits on the
maximum and minimum levels of these exposures.
Currency risk
In the Mowi Group, several Business Units carry out a\u00a0large
number of business transactions in currencies different from the
domestic currency. For the Group, the relative importance of
these transactions is substantially larger on the revenue side
than on the cost side. To mitigate the potential fluctuation effects
on its cash flows, the Group maintains a foreign exchange
strategy designated to manage these exposures both in the
short and long term. For each of Mowi\u2019s units, the Group has
defined a\u00a0hedging strategy not designated for hedge
accounting. According to the hedging strategy, units located in
the following regions generate cash flow in currencies (main
hedging currencies) according to the below table.
REGION
HEDGING CURRENCY
Europe ex. UK
EUR
UK
GBP
Americas
USD
Asia
USD
For some units the main hedging currency is different from the
functional currency.
Transaction exposures arise from firm commitments made to
transact in a currency different from the hedging currency. Each
transaction exposure depends on the duration of the associated
commitment, but these are normally of relatively short duration.
Hedging transactions undertaken to manage transaction
exposures are referred to as transaction hedges.
Through hedging of transaction exposures, each Business Unit
aims to ensure that its net cash flows in currencies other than its
hedging currency are hedged towards this currency. Further
exposures arise from structural imbalances between the main
currencies on the revenue side and those on the expense side.
These imbalances are predominantly a result of production
taking place in a different country from that in which the product
is sold. Due to their structural nature, such exposures are of a
longer duration than transaction exposures and are therefore
quantified based on estimates of future revenues and expenses.
For these purposes, the focus is on the underlying currency
structure of the individual revenue and cost item while the actual
currency in which transactions are invoiced is of lesser
importance.
The Mowi Group normally has a net positive cash flow exposure
towards EUR, GBP, USD and JPY and a net negative cash flow
exposure towards NOK, CAD and CLP. To hedge Group cash
flows against exchange rate fluctuations Mowi has a policy for
long-term hedging of the most predominant net exposures. The
Group currently hedges up to 30% of its underlying exposure
between EUR/NOK and USD/CAD with a horizon of up to two
years. As of December 31, 2025 the Group held a portfolio of
derivative instruments designed to mitigate transaction and cash
flow exposure with a total contract value of EUR 711.0 million
(EUR 924.7 million). Instruments equivalent to 98% (95%) of the
contract value mature in 2026 and no instrument matures after
December 2027. The portfolio had a net market value of EUR
3.4 million (EUR 1.0 million) at year end.
Currency exposure in the statement of
financial position
As a consequence of the Group\u2019s net cash flows being
generated in EUR, GBP and USD, the interest-bearing debt
should reflect this currency structure. On December\u00a031, 2025,
the portfolio was in line with policy. The carrying amount of
interest-bearing debt has been reduced by EUR 19.3 million (EUR
5.7 million) in transaction costs. There are no significant
differences between the carrying amount and the fair value of
non-current interest-bearing debt and leasing.
Sensitivity analysis - change in
exchange rates impact on result
The main sources of sensitivity to exchange rate movements are
long-term EUR/NOK forward currency contracts and loans in
NOK, USD and GBP under the multicurrency revolving credit
facility. Based on the exposure as of December\u00a031, 2025, the
effect of a 15% change in exchange rates on the long-term
currency hedges and the multicurrency loan positions has been
estimated. As hedge accounting is not used there is no impact
on other comprehensive income.
CURRENCY STRUCTURE OF
NET INTEREST-BEARING DEBT*
NOK
USD
EUR
GBP
JPY
DKK
CAD
PLN
OTHER
TOTAL
Cash and cash equivalents
115.3
11.5
195.8
-22.9
-9.5
6.5
-10.0
-16.6
19.1
289.3
Current interest-bearing debt
\u2014
\u2014
149.9
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149.9
Non-current interest-bearing debt
374.2
51.1
2\u00a0322.3
45.9
\u2014
\u2014
\u2014
\u2014
\u2014
2\u00a0793.5
NET INTEREST-BEARING DEBT
258.8
39.6
2\u00a0276.5
68.8
9.5
-6.5
10.0
16.6
-19.1
2\u00a0654.1
CURRENCY PAIR*
EUR/NOK
EUR/USD
EUR/GBP
Effect in EUR from a 15% increase in the value of
EUR
EUR
EUR
Effect on profit before tax
15.2
6.7
6.0
Interest rate risk
Mowi ASA shall over time hedge 0%-35% of the Group\u2019s long-
term interest bearing debt by currency with fixed interest or
interest rate derivatives for the first 5 years, and 0% thereafter.
Interest-bearing debt includes external interest-bearing debt and
leasing in the parent company or subsidiaries. The interest rate
hedges shall be based on the targeted currency composition.
Interest rate exposure in other currencies than EUR, USD, GBP
and NOK shall not be hedged. All interest rate hedging shall be
executed from the parent company. At year end 2025 the Group
did not have any interest rate swaps outstanding for interest rate
hedging. Based on the debt and interest rate swaps outstanding
as of December\u00a031, 2025 a 0.50% point parallel increase in all
relevant yield curves would result in an estimated increase in the
Group's annual interest cost of EUR 14.8 million (EUR 9.8 million).
Credit risk
The Group trades only with recognised, creditworthy third
parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification
procedures. In addition, receivable balances are monitored on
an ongoing basis and as a rule the Group\u2019s trade receivables are
fully credit insured. The Group monitors exposure towards
individual customers closely and is not substantially exposed to
any individual customer or contractual partner as of
December\u00a031, 2025. The maximum exposure to credit risk at the
reporting date is the carrying value of trade receivables, with
reference to Note 17. The Group considers the concentration of
risk with respect to trade receivables as low, as its customers
are located in various jurisdictions and operate in different
markets. The Group only enters into derivative transactions with
counterparties with an established business relationship and a
minimum credit rating acceptable to the Group.
Price/liquidity risk
The Group is continuously monitoring liquidity and estimates
expected liquidity development on the basis of budgets and
monthly updated forecasts from the business units. Mowi\u2019s
financial position and development depend significantly on spot
price developments for salmon, and these prices have
historically been volatile. As such Mowi is exposed to
movements in supply and demand for salmon. Mowi has to
some extent mitigated its exposure to spot prices by entering
into bilateral fixed price/volume contracts with its customers. The
contract share has normally varied between 20% and 50% of our
sold volume, however hedged volumes can increase up to 65%
under special circumstances, and the duration of contracts has
typically been three to eighteen months. Furthermore Mowi
reduces its exposure to spot price movements through value-
added processing activities and tailoring of products for its
customers. Other key liquidity risks are fluctuations in production
and harvest volumes, biological issues, and changes in the feed
price, feed being the most important individual factor on the cost
side. Feed costs are correlated to the marine and agricultural
commodity prices of the ingredients.
A portion of the Group\u2019s trade payables are included in the
Group\u2019s supply chain financing agreements and thus have
financial institutions as counterparties, rather than individual
suppliers. This results in the Group being required to settle a
certain amount with a single counterparty, rather than less
significant amounts with several counterparties. Management
does not consider the supply chain finance agreements to result
in excessive concentrations of liquidity risk.
Mowi\u2019s aim is to maintain a balance between long-term financing
and flexibility by using credit facilities, new borrowings and
bonds.
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2025
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0662.7
-1\u00a0935.1
-58.5
-57.7
-1\u00a0818.8
\u2014
Unsecured green bond NO 0013220897
213.1
-237.2
-6.9
-6.8
-223.5
\u2014
Unsecured green bond NO 0013220905
83.5
-104.6
-3.0
-3.0
-8.9
-89.8
Unsecured green bond NO 0013699033
294.4
-331.7
-7.5
-6.8
-317.4
\u2014
Unsecured green bond NO 0013699041
84.9
-98.2
-2.7
-2.7
-92.9
\u2014
Unsecured schuldschein loan
148.8
-152.9
-152.9
\u2014
\u2014
\u2014
Arctic Fish syndicated loan
151.5
-174.1
-20.7
-19.9
-133.5
\u2014
Nova Sea syndicated loan
162.1
-169.4
-169.4
\u2014
\u2014
\u2014
Helgeland Smolt syndicated loans
124.7
-144.8
-14.1
-14.7
-116.0
\u2014
Other debt and leasing
20.4
-28.7
-4.1
-2.7
-7.2
-14.8
Trade payables and other liabilities
558.8
-558.8
-558.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
1.4
-1.4
-1.4
\u2014
\u2014
\u2014
Transaction instruments
1.6
-1.6
-1.5
-0.1
\u2014
\u2014
TOTAL FINANCIAL LIABILITIES1)
3\u00a0507.9
-3\u00a0938.5
-1\u00a0001.5
-114.4
-2\u00a0718.2
-104.6
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2024
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0373.4
-1\u00a0459.7
-50.0
-1\u00a0409.7
\u2014
\u2014
Unsecured green bond NO 0013220897
213.6
-247.6
-8.2
-7.5
-231.9
\u2014
Unsecured green bond NO 0013220905
84.0
-109.8
-3.5
-3.2
-9.7
-93.4
Unsecured green bond NO 0010874050
201.6
-202.4
-202.4
\u2014
\u2014
\u2014
Unsecured schuldschein loan
151.6
-159.6
-6.6
-153.0
\u2014
\u2014
Arctic Fish syndicated loan
137.9
-161.2
-11.8
-20.6
-128.8
\u2014
Other debt
0.7
-0.7
-0.1
-0.2
-0.1
-0.4
Trade payables and other liabilities
521.8
-521.8
-521.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
3.2
-3.2
-3.2
\u2014
\u2014
\u2014
Transaction instruments
3.2
-3.2
-2.8
-0.2
-0.1
\u2014
TOTAL FINANCIAL LIABILITIES1)
2\u00a0691.0
-2\u00a0869.2
-810.4
-1\u00a0594.4
-370.6
-93.8
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Interest expenses
-96.8
-113.9
Interest expenses leasing
-28.3
-25.5
Amortised interest cost
-4.9
-4.1
INTEREST EXPENSES
-130.0
-143.5
Net currency effects on interest-bearing debt
13.3
-0.9
Net currency effects on cash, trade receivables and trade payables
-20.8
-2.2
Gain/loss on short-term currency swaps
8.3
7.2
Gain/loss on long-term currency swaps
5.9
-10.8
Currency effects on leasing (IFRS 16)
-3.1
15.7
NET CURRENCY EFFECTS
3.6
9.0
Interest income
8.4
12.3
Change in fair value other financial instruments
-2.0
-0.7
Net other financial items
-8.2
-4.0
OTHER FINANCIAL ITEMS
-1.8
7.6
TOTAL FINANCIAL ITEMS
-128.1
-126.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION (EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
DECEMBER 31, 2025
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
4.0
\u2014
4.0
Current assets
Trade receivables
716.8
\u2014
\u2014
716.8
Other receivables
202.2
\u2014
151.3
353.5
Other current financial assets
\u2014
5.7
\u2014
5.7
Cash
289.3
\u2014
\u2014
289.3
Non-current liabilities
Non-current interest-bearing debt
-2\u00a0790.1
\u2014
\u2014
-2\u00a0790.1
Current liabilities
Current interest-bearing debt
-149.9
\u2014
\u2014
-149.9
Trade payables
-558.8
\u2014
\u2014
-558.8
Other current financial liabilities
\u2014
-6.7
\u2014
-6.7
Other current liabilities
-162.9
\u2014
-252.0
-415.0
TOTAL
-2\u00a0453.4
3.0
FAIR VALUE1)
-2\u00a0458.8
3.0
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION (EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
31 DECEMBER 2024
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
2.8
\u2014
2.8
Current assets
Trade receivables
661.5
\u2014
\u2014
661.5
Other receivables
106.8
\u2014
149.1
255.9
Other current financial assets
\u2014
7.4
\u2014
7.4
Cash
290.2
\u2014
\u2014
290.2
Non-current liabilities
Non-current interest-bearing debt
-1\u00a0957.3
\u2014
\u2014
-1\u00a0957.3
Current liabilities
Current interest-bearing debt
-200.0
\u2014
\u2014
-200.0
Trade payables
-517.9
\u2014
\u2014
-517.9
Other current financial liabilities
\u2014
-8.1
\u2014
-8.1
Other current liabilities
-162.5
\u2014
-186.0
-348.5
TOTAL
-1\u00a0779.2
2.1
FAIR VALUE1)
-1\u00a0782.1
2.1
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE (EUR MILLION)
2025
2024
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Current currency swaps
\u2014
5.7
\u2014
\u2014
7.4
\u2014
Interest swaps
\u2014
-0.3
\u2014
\u2014
-0.7
\u2014
Current currency swaps
\u2014
-3.0
\u2014
\u2014
-6.4
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-820.1
\u2014
\u2014
-644.6
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
Fair value of financial instruments
Fair value of financial instruments carried at
amortised cost
The Group considers that the carrying amount of financial assets
and liabilities recognised at amortised cost in the financial
statements approximates their fair value.
Fair value measurements recognised in the
statement of financial position
Financial instruments that are measured at fair value subsequent
to initial recognition are grouped into a hierarchy of three
different levels, based on the degree to which the fair value is
observable:
Level 1:
Fair value determined directly by reference to published
quotations.
Level 2:
Fair value estimated using valuation technique based on input
other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on
unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE (EUR MILLION)
2025
2024
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Current currency swaps
\u2014
5.7
\u2014
\u2014
7.4
\u2014
Interest swaps
\u2014
-0.3
\u2014
\u2014
-0.7
\u2014
Current currency swaps
\u2014
-3.0
\u2014
\u2014
-6.4
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-820.1
\u2014
\u2014
-644.6
\u2014
The own non-performance risk as at December\u00a031, 2025 was assessed to be insignificant.
There were no transfers between the levels in 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
Fair value of financial instruments
Fair value of financial instruments carried at
amortised cost
The Group considers that the carrying amount of financial assets
and liabilities recognised at amortised cost in the financial
statements approximates their fair value.
Fair value measurements recognised in the
statement of financial position
Financial instruments that are measured at fair value subsequent
to initial recognition are grouped into a hierarchy of three
different levels, based on the degree to which the fair value is
observable:
Level 1:
Fair value determined directly by reference to published
quotations.
Level 2:
Fair value estimated using valuation technique based on input
other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on
unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE (EUR MILLION)
2025
2024
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Current currency swaps
\u2014
5.7
\u2014
\u2014
7.4
\u2014
Interest swaps
\u2014
-0.3
\u2014
\u2014
-0.7
\u2014
Current currency swaps
\u2014
-3.0
\u2014
\u2014
-6.4
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-820.1
\u2014
\u2014
-644.6
\u2014
The own non-performance risk as at December\u00a031, 2025 was assessed to be insignificant.
There were no transfers between the levels in 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
Note 13 \u2013 Capital management and risk management
Leverage and capital access
Leverage and Capital access (i.e. Capital management) refers to
the process of acquiring and utilising capital in the most efficient
manner compared to the available alternatives. The primary
objective of the Group\u2019s capital management is to ensure access
to capital contributing to satisfactory operations and maximum
generation of shareholder value. The Group manages its capital
structure and makes adjustments in light of changes in
underlying economic conditions. Access to borrowed capital is
continuously monitored and the Group has a continuous
dialogue with its lenders. The syndicated loan facility sets forth
an equity ratio as the only financial covenant. The remaining
portfolio of interest bearing debt does not include more
restrictive financial covenants. Mowi complied with the financial
covenants in its loan agreements during and at the end of 2025.
Details relating to the main loan programmes in the Group are
described in Note 11.
Mowi intends to maintain an equity base suited to the
characteristics of its operations, taking into consideration that
fish farming is a cyclical business. At year-end 2025, the equity
of Mowi amounted to EUR 4\u00a0565.0 million. The equity share,
defined by equity/total assets, was at the same time 44.6%. Net
interest bearing debt, defined as total interest-bearing debt less
cash was EUR 2 654.1 million at year-end, below the long-term
target of EUR 2 700 million, excluding effects of IFRS 16. The
Board of Directors of Mowi ASA considers the equity in the
Group appropriate for the scale of the operation.
Mowi\u2019s ambition is to create long-term value for the shareholder
through both positive share price development and a growing
dividend in line with long-term earnings. In 2021 the Board
decided to make dividend payments more predictable and
transparent by operationalising the dividend policy and
introducing ordinary and extraordinary dividends. The dividend
policy states that:
\u2022 The quarterly ordinary dividend shall under normal
circumstances be at least 50% of underlying earnings
per share (EPS).
\u2022 Excess capital will be paid out as extraordinary
dividends.
\u2022 When deciding excess capital the Board of Directors
will take into consideration expected cash flow,
capital expenditure plans, financing requirements and
appropriate financial flexibility. Further to this a long-
term target level for net interest-bearing debt is
determined, reviewed and updated on a regular
basis.
\u2022 Shareholder returns are distributed primarily as cash
dividends with the option of using share buybacks as
a complementary supplement on an ad-hoc basis.
The Board of Directors of Mowi ASA has been given proxies
from the Annual General Meeting on 4 June 2025 for the
following:
\u2022 (1) To approve the distribution of dividends based on
the Company\u2019s annual accounts for 2025. The
authority may be used to approve the distribution of
dividends up to an aggregate amount of NOK 7 500
000 000. The authority is valid for dividends from the
date of the Annual General Meeting on 4 June 2025
until the AGM in 2026, however no later than June
30, 2026.
\u2022 (2) To purchase up to 51 711 109 shares in the
Company (representing 10% of the shares in issue at
the time) during the period up until the AGM in 2026,
however no later than June 30, 2026.
\u2022 (3) To increase the Company\u2019s share capital by up to
51 711 109 shares (representing 10% of the shares in
issue at the time) provided that the the combined
number of shares that are issued pursuant to this
authorisation shall not in aggregate exceed 10% of
the Company's current share capital. The authority
did not define the purpose(s) of such a capital
increase. The authority expires at the AGM in 2026,
however no later than June 30, 2026.
The Group\u2019s principal financial liabilities, other than loans, consist
of non-convertible bonds, derivatives and trade payables. These
financial liabilities constitute the majority of the Group\u2019s third
party financing. The Group holds financial assets such as
derivatives, trade receivables, cash and shares.
The Group uses financial derivatives, mainly currency forward
contracts, cross-currency swaps, interest rate swaps and
financial salmon futures, using large international banks and
Euronext as counterparts. The purpose of these derivatives is to
manage the interest rate, currency and salmon price risks arising
from the operations of the Group. With the exception of financial
salmon futures, no speculative trading activities in financial
instruments are undertaken. On a selective basis, the Group also
enters into other financial derivatives such as equity forward
contracts.
Details regarding material accounting policies for financial assets
and liabilities are disclosed in Note 2 Accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
Note 13 \u2013 Capital management and risk management
Financial risk management
The Group monitors and manages financial risks arising from
operations. These include currency risk, interest rate risk, credit
risk and price/liquidity risk.
The Group seeks to manage these risks through operational
measures or (where such measures are not available) through
the use of financial derivatives.
A policy on the management of these risks has been approved
by the Board of Directors. The policy includes principles on
currency risk, interest rate risk, price risk, the use of financial
instruments and other operational means as well as limits on the
maximum and minimum levels of these exposures.
Currency risk
In the Mowi Group, several Business Units carry out a\u00a0large
number of business transactions in currencies different from the
domestic currency. For the Group, the relative importance of
these transactions is substantially larger on the revenue side
than on the cost side. To mitigate the potential fluctuation effects
on its cash flows, the Group maintains a foreign exchange
strategy designated to manage these exposures both in the
short and long term. For each of Mowi\u2019s units, the Group has
defined a\u00a0hedging strategy not designated for hedge
accounting. According to the hedging strategy, units located in
the following regions generate cash flow in currencies (main
hedging currencies) according to the below table.
REGION
HEDGING CURRENCY
Europe ex. UK
EUR
UK
GBP
Americas
USD
Asia
USD
For some units the main hedging currency is different from the
functional currency.
Transaction exposures arise from firm commitments made to
transact in a currency different from the hedging currency. Each
transaction exposure depends on the duration of the associated
commitment, but these are normally of relatively short duration.
Hedging transactions undertaken to manage transaction
exposures are referred to as transaction hedges.
Through hedging of transaction exposures, each Business Unit
aims to ensure that its net cash flows in currencies other than its
hedging currency are hedged towards this currency. Further
exposures arise from structural imbalances between the main
currencies on the revenue side and those on the expense side.
These imbalances are predominantly a result of production
taking place in a different country from that in which the product
is sold. Due to their structural nature, such exposures are of a
longer duration than transaction exposures and are therefore
quantified based on estimates of future revenues and expenses.
For these purposes, the focus is on the underlying currency
structure of the individual revenue and cost item while the actual
currency in which transactions are invoiced is of lesser
importance.
The Mowi Group normally has a net positive cash flow exposure
towards EUR, GBP, USD and JPY and a net negative cash flow
exposure towards NOK, CAD and CLP. To hedge Group cash
flows against exchange rate fluctuations Mowi has a policy for
long-term hedging of the most predominant net exposures. The
Group currently hedges up to 30% of its underlying exposure
between EUR/NOK and USD/CAD with a horizon of up to two
years. As of December 31, 2025 the Group held a portfolio of
derivative instruments designed to mitigate transaction and cash
flow exposure with a total contract value of EUR 711.0 million
(EUR 924.7 million). Instruments equivalent to 98% (95%) of the
contract value mature in 2026 and no instrument matures after
December 2027. The portfolio had a net market value of EUR
3.4 million (EUR 1.0 million) at year end.
Currency exposure in the statement of
financial position
As a consequence of the Group\u2019s net cash flows being
generated in EUR, GBP and USD, the interest-bearing debt
should reflect this currency structure. On December\u00a031, 2025,
the portfolio was in line with policy. The carrying amount of
interest-bearing debt has been reduced by EUR 19.3 million (EUR
5.7 million) in transaction costs. There are no significant
differences between the carrying amount and the fair value of
non-current interest-bearing debt and leasing.
Sensitivity analysis - change in
exchange rates impact on result
The main sources of sensitivity to exchange rate movements are
long-term EUR/NOK forward currency contracts and loans in
NOK, USD and GBP under the multicurrency revolving credit
facility. Based on the exposure as of December\u00a031, 2025, the
effect of a 15% change in exchange rates on the long-term
currency hedges and the multicurrency loan positions has been
estimated. As hedge accounting is not used there is no impact
on other comprehensive income.
CURRENCY STRUCTURE OF
NET INTEREST-BEARING DEBT*
NOK
USD
EUR
GBP
JPY
DKK
CAD
PLN
OTHER
TOTAL
Cash and cash equivalents
115.3
11.5
195.8
-22.9
-9.5
6.5
-10.0
-16.6
19.1
289.3
Current interest-bearing debt
\u2014
\u2014
149.9
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149.9
Non-current interest-bearing debt
374.2
51.1
2\u00a0322.3
45.9
\u2014
\u2014
\u2014
\u2014
\u2014
2\u00a0793.5
NET INTEREST-BEARING DEBT
258.8
39.6
2\u00a0276.5
68.8
9.5
-6.5
10.0
16.6
-19.1
2\u00a0654.1
CURRENCY PAIR*
EUR/NOK
EUR/USD
EUR/GBP
Effect in EUR from a 15% increase in the value of
EUR
EUR
EUR
Effect on profit before tax
15.2
6.7
6.0
Interest rate risk
Mowi ASA shall over time hedge 0%-35% of the Group\u2019s long-
term interest bearing debt by currency with fixed interest or
interest rate derivatives for the first 5 years, and 0% thereafter.
Interest-bearing debt includes external interest-bearing debt and
leasing in the parent company or subsidiaries. The interest rate
hedges shall be based on the targeted currency composition.
Interest rate exposure in other currencies than EUR, USD, GBP
and NOK shall not be hedged. All interest rate hedging shall be
executed from the parent company. At year end 2025 the Group
did not have any interest rate swaps outstanding for interest rate
hedging. Based on the debt and interest rate swaps outstanding
as of December\u00a031, 2025 a 0.50% point parallel increase in all
relevant yield curves would result in an estimated increase in the
Group's annual interest cost of EUR 14.8 million (EUR 9.8 million).
Credit risk
The Group trades only with recognised, creditworthy third
parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification
procedures. In addition, receivable balances are monitored on
an ongoing basis and as a rule the Group\u2019s trade receivables are
fully credit insured. The Group monitors exposure towards
individual customers closely and is not substantially exposed to
any individual customer or contractual partner as of
December\u00a031, 2025. The maximum exposure to credit risk at the
reporting date is the carrying value of trade receivables, with
reference to Note 17. The Group considers the concentration of
risk with respect to trade receivables as low, as its customers
are located in various jurisdictions and operate in different
markets. The Group only enters into derivative transactions with
counterparties with an established business relationship and a
minimum credit rating acceptable to the Group.
Price/liquidity risk
The Group is continuously monitoring liquidity and estimates
expected liquidity development on the basis of budgets and
monthly updated forecasts from the business units. Mowi\u2019s
financial position and development depend significantly on spot
price developments for salmon, and these prices have
historically been volatile. As such Mowi is exposed to
movements in supply and demand for salmon. Mowi has to
some extent mitigated its exposure to spot prices by entering
into bilateral fixed price/volume contracts with its customers. The
contract share has normally varied between 20% and 50% of our
sold volume, however hedged volumes can increase up to 65%
under special circumstances, and the duration of contracts has
typically been three to eighteen months. Furthermore Mowi
reduces its exposure to spot price movements through value-
added processing activities and tailoring of products for its
customers. Other key liquidity risks are fluctuations in production
and harvest volumes, biological issues, and changes in the feed
price, feed being the most important individual factor on the cost
side. Feed costs are correlated to the marine and agricultural
commodity prices of the ingredients.
A portion of the Group\u2019s trade payables are included in the
Group\u2019s supply chain financing agreements and thus have
financial institutions as counterparties, rather than individual
suppliers. This results in the Group being required to settle a
certain amount with a single counterparty, rather than less
significant amounts with several counterparties. Management
does not consider the supply chain finance agreements to result
in excessive concentrations of liquidity risk.
Mowi\u2019s aim is to maintain a balance between long-term financing
and flexibility by using credit facilities, new borrowings and
bonds.
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2025
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0662.7
-1\u00a0935.1
-58.5
-57.7
-1\u00a0818.8
\u2014
Unsecured green bond NO 0013220897
213.1
-237.2
-6.9
-6.8
-223.5
\u2014
Unsecured green bond NO 0013220905
83.5
-104.6
-3.0
-3.0
-8.9
-89.8
Unsecured green bond NO 0013699033
294.4
-331.7
-7.5
-6.8
-317.4
\u2014
Unsecured green bond NO 0013699041
84.9
-98.2
-2.7
-2.7
-92.9
\u2014
Unsecured schuldschein loan
148.8
-152.9
-152.9
\u2014
\u2014
\u2014
Arctic Fish syndicated loan
151.5
-174.1
-20.7
-19.9
-133.5
\u2014
Nova Sea syndicated loan
162.1
-169.4
-169.4
\u2014
\u2014
\u2014
Helgeland Smolt syndicated loans
124.7
-144.8
-14.1
-14.7
-116.0
\u2014
Other debt and leasing
20.4
-28.7
-4.1
-2.7
-7.2
-14.8
Trade payables and other liabilities
558.8
-558.8
-558.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
1.4
-1.4
-1.4
\u2014
\u2014
\u2014
Transaction instruments
1.6
-1.6
-1.5
-0.1
\u2014
\u2014
TOTAL FINANCIAL LIABILITIES1)
3\u00a0507.9
-3\u00a0938.5
-1\u00a0001.5
-114.4
-2\u00a0718.2
-104.6
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2024
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0373.4
-1\u00a0459.7
-50.0
-1\u00a0409.7
\u2014
\u2014
Unsecured green bond NO 0013220897
213.6
-247.6
-8.2
-7.5
-231.9
\u2014
Unsecured green bond NO 0013220905
84.0
-109.8
-3.5
-3.2
-9.7
-93.4
Unsecured green bond NO 0010874050
201.6
-202.4
-202.4
\u2014
\u2014
\u2014
Unsecured schuldschein loan
151.6
-159.6
-6.6
-153.0
\u2014
\u2014
Arctic Fish syndicated loan
137.9
-161.2
-11.8
-20.6
-128.8
\u2014
Other debt
0.7
-0.7
-0.1
-0.2
-0.1
-0.4
Trade payables and other liabilities
521.8
-521.8
-521.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
3.2
-3.2
-3.2
\u2014
\u2014
\u2014
Transaction instruments
3.2
-3.2
-2.8
-0.2
-0.1
\u2014
TOTAL FINANCIAL LIABILITIES1)
2\u00a0691.0
-2\u00a0869.2
-810.4
-1\u00a0594.4
-370.6
-93.8
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
Leverage and capital access
Mowi\u2019s ambition is to create long-term value for the shareholder
through both positive share price development and a growing
dividend in line with long-term earnings. In 2021 the Board
decided to make dividend payments more predictable and
transparent by operationalising the dividend policy and
introducing ordinary and extraordinary dividends. The dividend
policy states that:
\u2022 The quarterly ordinary dividend shall under normal
circumstances be at least 50% of underlying earnings
per share (EPS).
\u2022 Excess capital will be paid out as extraordinary
dividends.
\u2022 When deciding excess capital the Board of Directors
will take into consideration expected cash flow,
capital expenditure plans, financing requirements and
appropriate financial flexibility. Further to this a long-
term target level for net interest-bearing debt is
determined, reviewed and updated on a regular
basis.
\u2022 Shareholder returns are distributed primarily as cash
dividends with the option of using share buybacks as
a complementary supplement on an ad-hoc basis.
The Board of Directors of Mowi ASA has been given proxies
from the Annual General Meeting on 4 June 2025 for the
following:
\u2022 (1) To approve the distribution of dividends based on
the Company\u2019s annual accounts for 2025. The
authority may be used to approve the distribution of
dividends up to an aggregate amount of NOK 7 500
000 000. The authority is valid for dividends from the
date of the Annual General Meeting on 4 June 2025
until the AGM in 2026, however no later than June
30, 2026.
\u2022", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
Currency risk
In the Mowi Group, several Business Units carry out a\u00a0large
number of business transactions in currencies different from the
domestic currency. For the Group, the relative importance of
these transactions is substantially larger on the revenue side
than on the cost side. To mitigate the potential fluctuation effects
on its cash flows, the Group maintains a foreign exchange
strategy designated to manage these exposures both in the
short and long term. For each of Mowi\u2019s units, the Group has
defined a\u00a0hedging strategy not designated for hedge
accounting. According to the hedging strategy, units located in
the following regions generate cash flow in currencies (main
hedging currencies) according to the below table.
REGION
HEDGING CURRENCY
Europe ex. UK
EUR
UK
GBP
Americas
USD
Asia
USD
For some units the main hedging currency is different from the
functional currency.
Transaction exposures arise from firm commitments made to
transact in a currency different from the hedging currency. Each
transaction exposure depends on the duration of the associated
commitment, but these are normally of relatively short duration.
Hedging transactions undertaken to manage transaction
exposures are referred to as transaction hedges.
Through hedging of transaction exposures, each Business Unit
aims to ensure that its net cash flows in currencies other than its
hedging currency are hedged towards this currency. Further
exposures arise from structural imbalances between the main
currencies on the revenue side and those on the expense side.
These imbalances are predominantly a result of production
taking place in a different country from that in which the product
is sold. Due to their structural nature, such exposures are of a
longer duration than transaction exposures and are therefore
quantified based on estimates of future revenues and expenses.
For these purposes, the focus is on the underlying currency
structure of the individual revenue and cost item while the actual
currency in which transactions are invoiced is of lesser
importance.
The Mowi Group normally has a net positive cash flow exposure
towards EUR, GBP, USD and JPY and a net negative cash flow
exposure towards NOK, CAD and CLP. To hedge Group cash
flows against exchange rate fluctuations Mowi has a policy for
long-term hedging of the most predominant net exposures. The
Group currently hedges up to 30% of its underlying exposure
between EUR/NOK and USD/CAD with a horizon of up to two
years. As of December 31, 2025 the Group held a portfolio of
derivative instruments designed to mitigate transaction and cash
flow exposure with a total contract value of EUR 711.0 million
(EUR 924.7 million). Instruments equivalent to 98% (95%) of the
contract value mature in 2026 and no instrument matures after
December 2027. The portfolio had a net market value of EUR
3.4 million (EUR 1.0 million) at year end.
Currency exposure in the statement of
financial position
As a consequence of the Group\u2019s net cash flows being
generated in EUR, GBP and USD, the interest-bearing debt
should reflect this currency structure. On December\u00a031, 2025,
the portfolio was in line with policy. The carrying amount of
interest-bearing debt has been reduced by EUR 19.3 million (EUR
5.7 million) in transaction costs. There are no significant
differences between the carrying amount and the fair value of
non-current interest-bearing debt and leasing.
Sensitivity analysis - change in
exchange rates impact on result
The main sources of sensitivity to exchange rate movements are
long-term EUR/NOK forward currency contracts and loans in
NOK, USD and GBP under the multicurrency revolving credit
facility. Based on the exposure as of December\u00a031, 2025, the
effect of a 15% change in exchange rates on the long-term
currency hedges and the multicurrency loan positions has been
estimated. As hedge accounting is not used there is no impact
on other comprehensive income.
CURRENCY STRUCTURE OF
NET INTEREST-BEARING DEBT*
NOK
USD
EUR
GBP
JPY
DKK
CAD
PLN
OTHER
TOTAL
Cash and cash equivalents
115.3
11.5
195.8
-22.9
-9.5
6.5
-10.0
-16.6
19.1
289.3
Current interest-bearing debt
\u2014
\u2014
149.9
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
149.9
Non-current interest-bearing debt
374.2
51.1
2\u00a0322.3
45.9
\u2014
\u2014
\u2014
\u2014
\u2014
2\u00a0793.5
NET INTEREST-BEARING DEBT
258.8
39.6
2\u00a0276.5
68.8
9.5
-6.5
10.0
16.6
-19.1
2\u00a0654.1
CURRENCY PAIR*
EUR/NOK
EUR/USD
EUR/GBP
Effect in EUR from a 15% increase in the value of
EUR
EUR
EUR
Effect on profit before tax
15.2
6.7
6.0
Interest rate risk
Mowi ASA shall over time hedge 0%-35% of the Group\u2019s long-
term interest bearing debt by currency with fixed interest or
interest rate derivatives for the first 5 years, and 0% thereafter.
Interest-bearing debt includes external interest-bearing debt and
leasing in the parent company or subsidiaries. The interest rate
hedges shall be based on the targeted currency composition.
Interest rate exposure in other currencies than EUR, USD, GBP
and NOK shall not be hedged. All interest rate hedging shall be
executed from the parent company. At year end 2025 the Group
did not have any interest rate swaps outstanding for interest rate
hedging. Based on the debt and interest rate swaps outstanding
as of December\u00a031, 2025 a 0.50% point parallel increase in all
relevant yield curves would result in an estimated increase in the
Group's annual interest cost of EUR 14.8 million (EUR 9.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
Credit risk
The Group trades only with recognised, creditworthy third
parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification
procedures. In addition, receivable balances are monitored on
an ongoing basis and as a rule the Group\u2019s trade receivables are
fully credit insured. The Group monitors exposure towards
individual customers closely and is not substantially exposed to
any individual customer or contractual partner as of
December\u00a031, 2025. The maximum exposure to credit risk at the
reporting date is the carrying value of trade receivables, with
reference to Note 17. The Group considers the concentration of
risk with respect to trade receivables as low, as its customers
are located in various jurisdictions and operate in different
markets. The Group only enters into derivative transactions with
counterparties with an established business relationship and a
minimum credit rating acceptable to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
Price/liquidity risk
The Group is continuously monitoring liquidity and estimates
expected liquidity development on the basis of budgets and
monthly updated forecasts from the business units. Mowi\u2019s
financial position and development depend significantly on spot
price developments for salmon, and these prices have
historically been volatile. As such Mowi is exposed to
movements in supply and demand for salmon. Mowi has to
some extent mitigated its exposure to spot prices by entering
into bilateral fixed price/volume contracts with its customers. The
contract share has normally varied between 20% and 50% of our
sold volume, however hedged volumes can increase up to 65%
under special circumstances, and the duration of contracts has
typically been three to eighteen months. Furthermore Mowi
reduces its exposure to spot price movements through value-
added processing activities and tailoring of products for its
customers. Other key liquidity risks are fluctuations in production
and harvest volumes, biological issues, and changes in the feed
price, feed being the most important individual factor on the cost
side. Feed costs are correlated to the marine and agricultural
commodity prices of the ingredients.
A portion of the Group\u2019s trade payables are included in the
Group\u2019s supply chain financing agreements and thus have
financial institutions as counterparties, rather than individual
suppliers. This results in the Group being required to settle a
certain amount with a single counterparty, rather than less
significant amounts with several counterparties. Management
does not consider the supply chain finance agreements to result
in excessive concentrations of liquidity risk.
Mowi\u2019s aim is to maintain a balance between long-term financing
and flexibility by using credit facilities, new borrowings and
bonds.
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2025
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0662.7
-1\u00a0935.1
-58.5
-57.7
-1\u00a0818.8
\u2014
Unsecured green bond NO 0013220897
213.1
-237.2
-6.9
-6.8
-223.5
\u2014
Unsecured green bond NO 0013220905
83.5
-104.6
-3.0
-3.0
-8.9
-89.8
Unsecured green bond NO 0013699033
294.4
-331.7
-7.5
-6.8
-317.4
\u2014
Unsecured green bond NO 0013699041
84.9
-98.2
-2.7
-2.7
-92.9
\u2014
Unsecured schuldschein loan
148.8
-152.9
-152.9
\u2014
\u2014
\u2014
Arctic Fish syndicated loan
151.5
-174.1
-20.7
-19.9
-133.5
\u2014
Nova Sea syndicated loan
162.1
-169.4
-169.4
\u2014
\u2014
\u2014
Helgeland Smolt syndicated loans
124.7
-144.8
-14.1
-14.7
-116.0
\u2014
Other debt and leasing
20.4
-28.7
-4.1
-2.7
-7.2
-14.8
Trade payables and other liabilities
558.8
-558.8
-558.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
1.4
-1.4
-1.4
\u2014
\u2014
\u2014
Transaction instruments
1.6
-1.6
-1.5
-0.1
\u2014
\u2014
TOTAL FINANCIAL LIABILITIES1)
3\u00a0507.9
-3\u00a0938.5
-1\u00a0001.5
-114.4
-2\u00a0718.2
-104.6
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2024
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0373.4
-1\u00a0459.7
-50.0
-1\u00a0409.7
\u2014
\u2014
Unsecured green bond NO 0013220897
213.6
-247.6
-8.2
-7.5
-231.9
\u2014
Unsecured green bond NO 0013220905
84.0
-109.8
-3.5
-3.2
-9.7
-93.4
Unsecured green bond NO 0010874050
201.6
-202.4
-202.4
\u2014
\u2014
\u2014
Unsecured schuldschein loan
151.6
-159.6
-6.6
-153.0
\u2014
\u2014
Arctic Fish syndicated loan
137.9
-161.2
-11.8
-20.6
-128.8
\u2014
Other debt
0.7
-0.7
-0.1
-0.2
-0.1
-0.4
Trade payables and other liabilities
521.8
-521.8
-521.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
3.2
-3.2
-3.2
\u2014
\u2014
\u2014
Transaction instruments
3.2
-3.2
-2.8
-0.2
-0.1
\u2014
TOTAL FINANCIAL LIABILITIES1)
2\u00a0691.0
-2\u00a0869.2
-810.4
-1\u00a0594.4
-370.6
-93.8
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2025
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0662.7
-1\u00a0935.1
-58.5
-57.7
-1\u00a0818.8
\u2014
Unsecured green bond NO 0013220897
213.1
-237.2
-6.9
-6.8
-223.5
\u2014
Unsecured green bond NO 0013220905
83.5
-104.6
-3.0
-3.0
-8.9
-89.8
Unsecured green bond NO 0013699033
294.4
-331.7
-7.5
-6.8
-317.4
\u2014
Unsecured green bond NO 0013699041
84.9
-98.2
-2.7
-2.7
-92.9
\u2014
Unsecured schuldschein loan
148.8
-152.9
-152.9
\u2014
\u2014
\u2014
Arctic Fish syndicated loan
151.5
-174.1
-20.7
-19.9
-133.5
\u2014
Nova Sea syndicated loan
162.1
-169.4
-169.4
\u2014
\u2014
\u2014
Helgeland Smolt syndicated loans
124.7
-144.8
-14.1
-14.7
-116.0
\u2014
Other debt and leasing
20.4
-28.7
-4.1
-2.7
-7.2
-14.8
Trade payables and other liabilities
558.8
-558.8
-558.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
1.4
-1.4
-1.4
\u2014
\u2014
\u2014
Transaction instruments
1.6
-1.6
-1.5
-0.1
\u2014
\u2014
TOTAL FINANCIAL LIABILITIES1)
3\u00a0507.9
-3\u00a0938.5
-1\u00a0001.5
-114.4
-2\u00a0718.2
-104.6
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2024
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0373.4
-1\u00a0459.7
-50.0
-1\u00a0409.7
\u2014
\u2014
Unsecured green bond NO 0013220897
213.6
-247.6
-8.2
-7.5
-231.9
\u2014
Unsecured green bond NO 0013220905
84.0
-109.8
-3.5
-3.2
-9.7
-93.4
Unsecured green bond NO 0010874050
201.6
-202.4
-202.4
\u2014
\u2014
\u2014
Unsecured schuldschein loan
151.6
-159.6
-6.6
-153.0
\u2014
\u2014
Arctic Fish syndicated loan
137.9
-161.2
-11.8
-20.6
-128.8
\u2014
Other debt
0.7
-0.7
-0.1
-0.2
-0.1
-0.4
Trade payables and other liabilities
521.8
-521.8
-521.8
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
3.2
-3.2
-3.2
\u2014
\u2014
\u2014
Transaction instruments
3.2
-3.2
-2.8
-0.2
-0.1
\u2014
TOTAL FINANCIAL LIABILITIES1)
2\u00a0691.0
-2\u00a0869.2
-810.4
-1\u00a0594.4
-370.6
-93.8
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Note 14 \u2013 Remuneration
SALARY AND PERSONNEL EXPENSES (EUR MILLION)
2025
2024
Salaries
-490.7
-459.9
Cash bonuses
-38.8
-30.6
Social security taxes
-70.9
-66.8
Pension expenses
-20.7
-20.0
Share price based bonus
-6.5
-6.0
Temporary labor
-90.4
-84.3
Other benefits
-40.7
-38.0
TOTAL SALARY AND PERSONNEL EXPENSES
-758.7
-705.5
AVERAGE NUMBER OF FTES
14\u00a0195
13\u00a0806
REMUNERATION TO GROUP MANAGEMENT TEAM (EUR MILLION)
2025
2024
Salaries and other short-term employee benefits
-3.5
-3.7
Post-employment benefits
-0.1
-0.1
Share-based payments
\u2014
-0.1
TOTAL REMUNERATION TO GROUP MANAGEMENT TEAM
-3.6
-3.9
Pension plans
Pension plans in the Group are mainly defined contribution
plans. There are a few defined benefits plans, which are
considered to be immaterial for the Group's financial statements.
On 16 June 2023 the High Court, in the case \u201cVirgin Media v
NTL Pension Trustees II Limited (and others)\u201d, concluded that an
amendment to a scheme\u2019s rules was invalid in the absence of a
confirmation from the Scheme Actuary under Section 37 of the
Pension Schemes Act 1993. The subsequent appeal was
rejected. Whilst there is uncertainty as to potential impact arising
from the ruling on the Mowi Scotland obligation per year-end
2025, based on the available information on amendments in the
scheme, no provision has been made.
PENSION PLANS (EUR MILLION)
PENSION COST
PENSION NET LIABILITY (FUND) 31.12
Mowi Norway1)
-11.3
3.2
Mowi Scotland
-3.2
-4.6
Mowi Canada
-1.1
\u2014
Other entities
-5.1
2.3
Total 2025
-20.7
0.8
Total 2024
-20.0
0.8
1) The term Mowi Norway includes all Norwegian entities including corporate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
Note 14 \u2013 Remuneration
SALARY AND PERSONNEL EXPENSES (EUR MILLION)
2025
2024
Salaries
-490.7
-459.9
Cash bonuses
-38.8
-30.6
Social security taxes
-70.9
-66.8
Pension expenses
-20.7
-20.0
Share price based bonus
-6.5
-6.0
Temporary labor
-90.4
-84.3
Other benefits
-40.7
-38.0
TOTAL SALARY AND PERSONNEL EXPENSES
-758.7
-705.5
AVERAGE NUMBER OF FTES
14\u00a0195
13\u00a0806
REMUNERATION TO GROUP MANAGEMENT TEAM (EUR MILLION)
2025
2024
Salaries and other short-term employee benefits
-3.5
-3.7
Post-employment benefits
-0.1
-0.1
Share-based payments
\u2014
-0.1
TOTAL REMUNERATION TO GROUP MANAGEMENT TEAM
-3.6
-3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Note 14 \u2013 Remuneration
SALARY AND PERSONNEL EXPENSES (EUR MILLION)
2025
2024
Salaries
-490.7
-459.9
Cash bonuses
-38.8
-30.6
Social security taxes
-70.9
-66.8
Pension expenses
-20.7
-20.0
Share price based bonus
-6.5
-6.0
Temporary labor
-90.4
-84.3
Other benefits
-40.7
-38.0
TOTAL SALARY AND PERSONNEL EXPENSES
-758.7
-705.5
AVERAGE NUMBER OF FTES
14\u00a0195
13\u00a0806
REMUNERATION TO GROUP MANAGEMENT TEAM (EUR MILLION)
2025
2024
Salaries and other short-term employee benefits
-3.5
-3.7
Post-employment benefits
-0.1
-0.1
Share-based payments
\u2014
-0.1
TOTAL REMUNERATION TO GROUP MANAGEMENT TEAM
-3.6
-3.9
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.25
NUMBER OF SHARES
Board of Directors
\u00d8rjan Svanevik (Chair)
4\u00a0832
Aino Olaisen1)
2\u00a0399\u00a0160
Lisbet K. N\u00e6r\u00f8
2\u00a0696
Kathrine Fredriksen2)
1\u00a0729
Leif Teksum3)
5\u00a0928
Peder Strand
1\u00a0252
Kjersti Hob\u00f8l
1\u00a0586
Marit \u00d8verg\u00e5rd Utnes
1\u00a0624
Eivind Kallbekken
2\u00a0218
John Olav Johansen
1\u00a0124
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS
2\u00a0422\u00a0149
Group Management
Ivan Vindheim, CEO
13\u00a0696
Kristian Ellingsen, CFO
1\u00a0614
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
3\u00a0059
\u00d8yvind Oaland, COO Farming Norway and Iceland
6\u00a0002
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0484
Fernando Villarroel, COO Farming Chile and Canada West
6\u00a0026
Ola Brattvoll, COO Sales and Marketing
10\u00a0845
Atle Kvist, COO Feed
1\u00a0157
Kjersti Eikeseth, Chief HR Officer
491
TOTAL NUMBER OF SHARES HELD BY GROUP MANAGEMENT
51\u00a0374
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT
2\u00a0473\u00a0523
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT IN % OF TOTAL OUTSTANDING
SHARES
0.47%
1) Aino Olaisen was a major shareholder in Nova Sea that Mowi acquired in 2025, and she was elected as member of the Board in Mowi following the
transaction. 30% of the purchase price was settled through the issuance of new shares in Mowi.
2) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
3) Leif Teksum appointed Intermediate Chairperson from March 2026, replacing \u00d8rjan Svanevik.
Note 26 \u2013 Related party transactions
Transactions with associated companies
The figures presented below are with associated companies.
RELATED PARTY TRANSACTIONS (EUR MILLION)
2025
2024
Revenue
\u2014
0.3
Purchase
-20.9
-24.8
Trade payables
-0.2
-1.8
All significant transactions are mainly related to the sale or purchase of fish or smolt and related services.
Shareholders
In 2025 and 2024 Mowi Group had no material transactions with
any of its shareholders. At year-end 2025, Geveran Trading's
affiliated ownership in Mowi was 81\u00a0568\u00a0926 shares, constituting
15.47% of the total share capital. Geveran Trading Co Ltd is
indirectly controlled by trusts established by John Fredriksen for
the benefit of his immediate family.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
Note 14 \u2013 Remuneration
SALARY AND PERSONNEL EXPENSES (EUR MILLION)
2025
2024
Salaries
-490.7
-459.9
Cash bonuses
-38.8
-30.6
Social security taxes
-70.9
-66.8
Pension expenses
-20.7
-20.0
Share price based bonus
-6.5
-6.0
Temporary labor
-90.4
-84.3
Other benefits
-40.7
-38.0
TOTAL SALARY AND PERSONNEL EXPENSES
-758.7
-705.5
AVERAGE NUMBER OF FTES
14\u00a0195
13\u00a0806
REMUNERATION TO GROUP MANAGEMENT TEAM (EUR MILLION)
2025
2024
Salaries and other short-term employee benefits
-3.5
-3.7
Post-employment benefits
-0.1
-0.1
Share-based payments
\u2014
-0.1
TOTAL REMUNERATION TO GROUP MANAGEMENT TEAM
-3.6
-3.9
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.25
NUMBER OF SHARES
Board of Directors
\u00d8rjan Svanevik (Chair)
4\u00a0832
Aino Olaisen1)
2\u00a0399\u00a0160
Lisbet K. N\u00e6r\u00f8
2\u00a0696
Kathrine Fredriksen2)
1\u00a0729
Leif Teksum3)
5\u00a0928
Peder Strand
1\u00a0252
Kjersti Hob\u00f8l
1\u00a0586
Marit \u00d8verg\u00e5rd Utnes
1\u00a0624
Eivind Kallbekken
2\u00a0218
John Olav Johansen
1\u00a0124
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS
2\u00a0422\u00a0149
Group Management
Ivan Vindheim, CEO
13\u00a0696
Kristian Ellingsen, CFO
1\u00a0614
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
3\u00a0059
\u00d8yvind Oaland, COO Farming Norway and Iceland
6\u00a0002
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0484
Fernando Villarroel, COO Farming Chile and Canada West
6\u00a0026
Ola Brattvoll, COO Sales and Marketing
10\u00a0845
Atle Kvist, COO Feed
1\u00a0157
Kjersti Eikeseth, Chief HR Officer
491
TOTAL NUMBER OF SHARES HELD BY GROUP MANAGEMENT
51\u00a0374
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT
2\u00a0473\u00a0523
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT IN % OF TOTAL OUTSTANDING
SHARES
0.47%
1) Aino Olaisen was a major shareholder in Nova Sea that Mowi acquired in 2025, and she was elected as member of the Board in Mowi following the
transaction. 30% of the purchase price was settled through the issuance of new shares in Mowi.
2) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
3) Leif Teksum appointed Intermediate Chairperson from March 2026, replacing \u00d8rjan Svanevik.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Share option scheme
Mowi Group has a share-price based payment scheme for senior executives, and management and key experts of Business Areas,
subsidiaries and group functions:
OUTSTANDING
OPTIONS PER ALLOTMENT
2025-ALLOTMENT OF
CALL OPTIONS
2024-ALLOTMENT OF
CALL OPTIONS
2023-ALLOTMENT OF
CALL OPTIONS
2022-ALLOTMENT OF
CALL OPTIONS
Distributed options
1\u00a0740\u00a0000
1\u00a0710\u00a0000
1\u00a0615\u00a0000
1\u00a0570\u00a0000
Forfeited options
-15\u00a0000
-15\u00a0000
-25\u00a0000
-40\u00a0000
Dividend adjustment
24\u00a0032
85\u00a0343
140\u00a0585
208\u00a0006
TOTAL OPTIONS OUTSTANDING AT YEAR END1)
1\u00a0749\u00a0032
1\u00a0780\u00a0343
1\u00a0730\u00a0585
1\u00a0738\u00a0006
STRIKE PRICE DECEMBER 31, 2025 (NOK)
198.92
191.95
189.33
221.85
NUMBER OF EMPLOYEES IN THE SCHEME AT
YEAR END
39
37
32
28
1) None of the options were exercisable at year-end 2025.
The Share-Price-Based Payment Scheme comprises annual
allocations by the Board of Directors of a number of European
call options with a strike price of 107.5% of the share price of
Mowi\u2019s shares at the date of the annual general meeting
authorising allocations under the scheme. The options have a
term of four years but will become exercisable immediately if a
mandatory bid is made for all of the shares in Mowi or if Mowi is
the non-surviving entity in a merger with another company. If the
holder of the options exercises the options, the company may
settle its obligation through the issue of new shares or,
alternatively, by selling treasury shares to the option holder.
There will be no lock-up obligation on the shares the option
holder receives through the exercise of the option. The exercise
of the option is conditional upon the option holder being
employed in a non-terminated position in the Group on the date
of exercise.
The number of shares and the strike price will be adjusted for
dividends and changes in equity capital during the term of the
option in accordance with Oslo Stock Exchange derivative rules
(A.2.2.8(1)b).
The exercise of 50% of the options awarded to an option holder
is conditional on achievement of performance criteria, measured
in the development of the share price of the Company's shares
compared with those of peers (\"Performance-based Options\").
The exercise of the remaining 50% of the options awarded to an
option holder is not conditional on achievement of such
performance criteria (\"Ordinary Options\"). Total profit through the
exercise of Performance-based Options in a year is capped at
one year's salary for the option holder, and total profit through
the exercise of Ordinary Options in a year is capped at one
year's salary for the option holder.
If the profit exceeds these limits, the number of shares to be
issued will be reduced accordingly. Following the 2025 annual
general meeting (the \"AGM\"), the Board of Directors allocated
1 740 000 options with a strike price corresponding to 107.5% of
the volume-weighted average share price on the OSE on the
day of the AGM (NOK 201.69) to a total of 41 individuals.
Eligibility to the senior executive share option scheme is limited
to: Group CEO, other Senior Executives and management and
key experts of Business Areas, subsidiaries and group functions,
based on the following criteria:
\u2022 the position and individual is important in realising the
Mowi Group ambitions;
\u2022 the individual is considered critical for the Business
Unit(s);
\u2022 the individual is expected to continue in a role
covered by the scheme;
\u2022 the individual will not retire during the first year of the
scheme
Share purchase programme
In 2025 all permanent employees in Mowi ASA and its
Norwegian subsidiaries, as well as permanent employees in
Mowi Scotland, Mowi Poland and Mowi Canada, had the
opportunity to acquire shares in the Company. For the year
2025 these provisions entitled this group of employees to
receive a taxable benefit of NOK 10 000 in connection with their
participation in such a scheme. All employees were offered
funding of the purchase price through an interest-free advance
on salary from Mowi.
No other loans or guaranties have been granted to key
management personnel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
Note 15 \u2013 Taxes
INCOME TAXES FOR THE YEAR IN THE STATEMENT OF COMPREHENSIVE INCOME (EUR MILLION)
2025
2024
Norway -\u00a0 Corporate tax including resource rent tax 1)
-85.9
-112.4
Foreign units
-67.5
-48.4
TAX ON PROFITS (CURRENT TAX)
-153.4
-160.8
Norway - Corporate tax including resource rent tax 1)
-4.1
-12.9
Foreign units
31.8
16.8
CHANGE IN DEFERRED TAX
27.6
3.9
TOTAL INCOME TAXES RELATED TO PROFIT FOR THE YEAR IN THE STATEMENT OF
COMPREHENSIVE INCOME
-125.8
-156.9
1) The resource rent tax of 25% is applicable to the seawater phase of the value chain. Including ordinary corporate tax rate of 22% the total tax rate for the
seawater phase in Norway is 47%. Activities outside the seawater phase are not subject to the resource rent tax.
RECONCILIATION BETWEEN NOMINAL AND EFFECTIVE TAX RATES (EUR MILLION)
2025
2024
Profit before tax
832.4
631.7
Nominal tax rate
22%
22%
TAX CALCULATED WITH NOMINAL TAX RATE
-183.1
-139.0
Non-taxable income/loss from associated companies and joint ventures
93.7
6.5
Effect of adjustment of income tax from previous years
-6.4
-5.2
Effect of recognition of previously non-recognised tax assets
\u2014
1.4
Effect of non-recognition of losses and tax assets
-22.6
-6.3
Resource rent tax Norway including production fee 1)
-35.0
-36.4
Reduction of resource rent tax with production fee 1)
27.1
24.2
Other permanent differences
-2.2
-8.0
Effect of different tax rates compared to nominal rate
2.7
5.9
TOTAL INCOME TAXES
-125.8
-156.9
1) The payable resource rent tax is reduced with payable production fee for the year. The production fee expense is included in \"License/production fees\" in
the statement of comprehensive Income.
TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION (EUR MILLION)
2025
2024
Tax prepaid/receivable in Norway
85.9
87.5
Tax prepaid/receivable in foreign units
8.3
9.0
TOTAL TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION
94.2
96.5
TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION (EUR MILLION)
2025
2024
Tax payable in Norway
126.0
119.8
Tax payable in foreign units
19.1
21.4
TOTAL TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION
145.1
141.2
SPECIFICATION OF DEFERRED TAX AND BASIS FOR DEFERRED TAX/TAX ASSETS
INCREASING/REDUCING TEMPORARY DIFFERENCES (EUR MILLION)
2025
2024
Non-current assets
1\u00a0962.1
1\u00a0214.0
Current assets
1\u00a0436.5
1\u00a0323.0
Debt
-86.3
-91.2
Pension obligation
-7.9
-6.2
Tax losses carried forward
-318.3
-233.5
Other differences
104.1
55.9
TOTAL TEMPORARY DIFFERENCES
3\u00a0090.1
2\u00a0262.1
Tax losses carried forward in Norway
-2.5
-2.5
Other temporary differences in Norway
2\u00a0744.6
1\u00a0734.5
Tax losses carried forward abroad
-315.9
-231.0
Other temporary differences abroad
663.9
761.0
TOTAL TEMPORARY DIFFERENCES
3\u00a0090.1
2\u00a0262.1
TOTAL DEFERRED TAX ASSET/LIABILITIES IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2025
2024
Deferred tax assets
92.5
87.6
Deferred tax liabilities
-1\u00a0052.0
-834.4
NET DEFERRED TAX IN THE STATEMENT OF FINANCIAL POSITION
-959.5
-746.8
Mowi has recognised deferred tax assets related to tax losses
carried forward. This is based on the expectation of probable
sufficient earnings in the future. The expectations are based on
current earnings and approved budgets. Deferred tax assets
related to tax losses carried forward at a total of EUR 150.2
million have not been recognised due to uncertain utilisation.
Deferred tax assets linked to tax losses are offset against
deferred tax liabilities in the tax jurisdictions, where acceptable.
MATURITY OF TAX LOSSES WHERE DEFERRED TAX LOSS IS RECOGNISED TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2026
\u2014
4.6
4.6
2027
\u2014
2.0
2.0
2028
\u2014
1.3
1.3
2029
\u2014
10.4
10.4
2030
\u2014
4.1
4.1
2031
\u2014
0.8
0.8
2032
\u2014
1.4
1.4
2033
\u2014
14.6
14.6
2034
\u2014
3.3
3.3
2035+
\u2014
120.9
120.9
Unlimited
2.5
152.5
155.0
Total 2025
2.5
315.9
318.3
Total 2024
2.5
231.0
233.5
MATURITY OF TAX LOSSES FOR WHICH NO DEFERRED TAX ASSET IS RECOGNISED TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2026
\u2014
\u2014
\u2014
2027
\u2014
\u2014
\u2014
2028
\u2014
\u2014
\u2014
2029
\u2014
\u2014
\u2014
2030
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
2032
\u2014
\u2014
\u2014
2033
\u2014
\u2014
\u2014
2034
\u2014
\u2014
\u2014
2035+
\u2014
46.8
46.8
Unlimited
\u2014
103.4
103.4
Total 2025
\u2014
150.2
150.2
Total 2024
\u2014
103.2
103.2
TAX RATES APPLIED (SELECTED COUNTRIES)
2025
2024
Japan
30.6%
30.6%
USA
21.0%
21.0%
Belgium
25.0%
25.0%
Iceland
20.0%
20.0%
France
25.0%
25.0%
Norway - seawater
47.0%
47.0%
Norway - excluding seawater
22.0%
22.0%
China
25.0%
25.0%
Netherlands
25.8%
25.8%
Scotland
25.0%
25.0%
Canada West
27.0%
27.0%
Canada East
29.0%
29.0%
Faroe Islands
18.0%
18.0%
Chile
27.0%
27.0%
Poland
19.0%
19.0%
Ireland
12.5%
12.5%
CORPORATE TAXES PAID (EUR THOUSAND) 2025
INCOME TAXES
PRODUCTION/LICENSE TAX
TOTAL 2025
Norway
102\u00a0117
26\u00a0957
129\u00a0074
Canada
\u2014
10\u00a0457
10\u00a0457
Scotland
11\u00a0908
5\u00a0046
16\u00a0954
The Faroe Islands
\u2014
\u2014
\u2014
Japan
3\u00a0103
\u2014
3\u00a0103
Belgium
2\u00a0147
\u2014
2\u00a0147
Ireland
361
186
547
Germany
8\u00a0104
\u2014
8\u00a0104
Czech
1\u00a0195
\u2014
1\u00a0195
Singapore
1\u00a0847
\u2014
1\u00a0847
France
1\u00a0485
\u2014
1\u00a0485
Spain
878
\u2014
878
Netherlands
784
\u2014
784
Italy
481
\u2014
481
South Korea
743
\u2014
743
USA
14\u00a0804
\u2014
14\u00a0804
Taiwan
439
\u2014
439
Vietnam
301
\u2014
301
Sweden
258
\u2014
258
China
542
\u2014
542
Poland
18\u00a0947
\u2014
18\u00a0947
Chile
865
2\u00a0289
3\u00a0154
Iceland
\u2014
4\u00a0612
4\u00a0612
TOTAL CORPORATE TAXES PAID
171\u00a0309
49\u00a0547
220\u00a0856
CORPORATE TAXES PAID (EUR THOUSAND) 2024
INCOME TAXES
PRODUCTION/LICENSE TAX
TOTAL 2024
Norway
219\u00a0991
23\u00a0677
243\u00a0668
Canada
-16\u00a0256
8\u00a0370
-7\u00a0886
Scotland
4\u00a0966
4\u00a0734
9\u00a0700
The Faroe Islands
4\u00a0273
\u2014
4\u00a0273
Japan
2\u00a0850
\u2014
2\u00a0850
Belgium
1\u00a0699
\u2014
1\u00a0699
Ireland
1\u00a0146
187
1\u00a0333
Germany
797
\u2014
797
Czech
1\u00a0201
\u2014
1\u00a0201
Singapore
1\u00a0655
\u2014
1\u00a0655
France
86
\u2014
86
Spain
\u2014
\u2014
\u2014
Netherlands
887
\u2014
887
Italy
851
\u2014
851
South Korea
303
\u2014
303
USA
8\u00a0072
\u2014
8\u00a0072
Taiwan
82
\u2014
82
Vietnam
308
\u2014
308
Sweden
99
\u2014
99
Turkey
365
\u2014
365
Poland
20\u00a0200
\u2014
20\u00a0200
Chile
-501
2\u00a0291
1\u00a0790
Iceland
\u2014
2\u00a0704
2\u00a0704
TOTAL CORPORATE TAXES PAID
253\u00a0074
41\u00a0963
295\u00a0037
OECD Pillar Two model rules
Mowi is within the scope of the OECD Pillar Two model rules.
From\u00a0 1 January 2024 the Pillar Two legislation became effective
in Norway, the jurisdiction in which Mowi is incorporated. Under
the legislation, the group is liable to pay a top-up tax for the
difference between its effective tax rate per jurisdiction and a
15% minimum rate (calculated according to Pillar Two model
rules). Based on a preliminary assessment, Mowi have identified
that the potential tax exposure, if any, for the entities that might
be subject to the top-up tax, is immaterial and no Pillar Two
income taxes have been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
Note 15 \u2013 Taxes
SPECIFICATION OF DEFERRED TAX AND BASIS FOR DEFERRED TAX/TAX ASSETS
INCREASING/REDUCING TEMPORARY DIFFERENCES (EUR MILLION)
2025
2024
Non-current assets
1\u00a0962.1
1\u00a0214.0
Current assets
1\u00a0436.5
1\u00a0323.0
Debt
-86.3
-91.2
Pension obligation
-7.9
-6.2
Tax losses carried forward
-318.3
-233.5
Other differences
104.1
55.9
TOTAL TEMPORARY DIFFERENCES
3\u00a0090.1
2\u00a0262.1
Tax losses carried forward in Norway
-2.5
-2.5
Other temporary differences in Norway
2\u00a0744.6
1\u00a0734.5
Tax losses carried forward abroad
-315.9
-231.0
Other temporary differences abroad
663.9
761.0
TOTAL TEMPORARY DIFFERENCES
3\u00a0090.1
2\u00a0262.1
TOTAL DEFERRED TAX ASSET/LIABILITIES IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2025
2024
Deferred tax assets
92.5
87.6
Deferred tax liabilities
-1\u00a0052.0
-834.4
NET DEFERRED TAX IN THE STATEMENT OF FINANCIAL POSITION
-959.5
-746.8
Mowi has recognised deferred tax assets related to tax losses
carried forward. This is based on the expectation of probable
sufficient earnings in the future. The expectations are based on
current earnings and approved budgets. Deferred tax assets
related to tax losses carried forward at a total of EUR 150.2
million have not been recognised due to uncertain utilisation.
Deferred tax assets linked to tax losses are offset against
deferred tax liabilities in the tax jurisdictions, where acceptable.
MATURITY OF TAX LOSSES WHERE DEFERRED TAX LOSS IS RECOGNISED TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2026
\u2014
4.6
4.6
2027
\u2014
2.0
2.0
2028
\u2014
1.3
1.3
2029
\u2014
10.4
10.4
2030
\u2014
4.1
4.1
2031
\u2014
0.8
0.8
2032
\u2014
1.4
1.4
2033
\u2014
14.6
14.6
2034
\u2014
3.3
3.3
2035+
\u2014
120.9
120.9
Unlimited
2.5
152.5
155.0
Total 2025
2.5
315.9
318.3
Total 2024
2.5
231.0
233.5
MATURITY OF TAX LOSSES FOR WHICH NO DEFERRED TAX ASSET IS RECOGNISED TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2026
\u2014
\u2014
\u2014
2027
\u2014
\u2014
\u2014
2028
\u2014
\u2014
\u2014
2029
\u2014
\u2014
\u2014
2030
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
2032
\u2014
\u2014
\u2014
2033
\u2014
\u2014
\u2014
2034
\u2014
\u2014
\u2014
2035+
\u2014
46.8
46.8
Unlimited
\u2014
103.4
103.4
Total 2025
\u2014
150.2
150.2
Total 2024
\u2014
103.2
103.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION (EUR MILLION)
2025
2024
Tax prepaid/receivable in Norway
85.9
87.5
Tax prepaid/receivable in foreign units
8.3
9.0
TOTAL TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION
94.2
96.5
TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION (EUR MILLION)
2025
2024
Tax payable in Norway
126.0
119.8
Tax payable in foreign units
19.1
21.4
TOTAL TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION
145.1
141.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Note 16 \u2013 Cash
CASH (EUR MILLION)
2025
2024
Cash in bank
278.0
276.7
Employees' tax deduction
10.5
10.5
Other restricted cash1)
0.8
2.9
TOTAL CASH
289.3
290.2
1) Other restricted cash is mainly composed of deposits to fulfil collateral requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Note 16 \u2013 Cash
CASH (EUR MILLION)
2025
2024
Cash in bank
278.0
276.7
Employees' tax deduction
10.5
10.5
Other restricted cash1)
0.8
2.9
TOTAL CASH
289.3
290.2
1) Other restricted cash is mainly composed of deposits to fulfil collateral requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Note 17 \u2013 Trade receivables, other receivables and prepayments
SPECIFICATION OF RECEIVABLES (EUR MILLION)
2025
2024
Trade receivables
719.9
664.3
Provisions for expected credit losses
-3.0
-2.8
NET TRADE RECEIVABLES
716.8
661.5
Prepayments
52.2
46.3
Pension fund
4.9
5.3
Tax prepaid/receivable
94.2
96.5
Other
202.2
107.7
OTHER RECEIVABLES AND PREPAYMENTS
353.5
255.9
TOTAL TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS
1\u00a0070.3
917.4
Based on the nature of business, the Group does not have any material contract assets.
AGE DISTRIBUTION OF TRADE RECEIVABLES (EUR MILLION)
2025
2024
Receivables not overdue
634.9
584.4
Overdue 0-6 months
79.7
74.1
Overdue more than 6 months
5.3
5.9
TOTAL TRADE RECEIVABLES
719.9
664.3
Movement in provisions for credit
losses (trade receivables)
At the beginning of 2025, provisions for credit losses amounted
to EUR 2.8 million. During 2025, EUR 0.7 million were
considered lost. Adjusted for additional provisions for credit
losses and currency translations of EUR 0.9 million the provision
at year-end amounted to EUR 3.0 million for 2025. See also
Note 13.
Currency exposure to trade
receivables
The Business Units generally complete their sales in the main
trading currency in the country of destination. The carrying
amount of trade receivables per currency is presented below.
CURRENCY SPLIT ACCOUNTS RECEIVABLES
2025
2024
EUR
56%
55%
USD
15%
17%
GBP
11%
13%
NOK
9%
5%
PLN
2%
2%
JPY
3%
4%
CAD
1%
1%
Other
3%
3%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Note 17 \u2013 Trade receivables, other receivables and prepayments
SPECIFICATION OF RECEIVABLES (EUR MILLION)
2025
2024
Trade receivables
719.9
664.3
Provisions for expected credit losses
-3.0
-2.8
NET TRADE RECEIVABLES
716.8
661.5
Prepayments
52.2
46.3
Pension fund
4.9
5.3
Tax prepaid/receivable
94.2
96.5
Other
202.2
107.7
OTHER RECEIVABLES AND PREPAYMENTS
353.5
255.9
TOTAL TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS
1\u00a0070.3
917.4
Based on the nature of business, the Group does not have any material contract assets.
AGE DISTRIBUTION OF TRADE RECEIVABLES (EUR MILLION)
2025
2024
Receivables not overdue
634.9
584.4
Overdue 0-6 months
79.7
74.1
Overdue more than 6 months
5.3
5.9
TOTAL TRADE RECEIVABLES
719.9
664.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Movement in provisions for credit
losses (trade receivables)
At the beginning of 2025, provisions for credit losses amounted
to EUR 2.8 million. During 2025, EUR 0.7 million were
considered lost. Adjusted for additional provisions for credit
losses and currency translations of EUR 0.9 million the provision
at year-end amounted to EUR 3.0 million for 2025. See also
Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
Note 18 \u2013 Trade payables and other current liabilities
CURRENT LIABILITIES (EUR MILLION)
2025
2024
TRADE PAYABLES
558.8
517.9
Other current liabilities
Salaries and vacation pay due
79.0
74.0
Social security and other taxes
98.5
80.5
Accrued expenses
156.2
153.2
Other liabilities
81.3
40.8
TOTAL OTHER CURRENT LIABILITIES
415.0
348.5
Based on the nature of business, the Group does not have any
material contract liabilities. As per year-end Mowi has a share of
its trade payables with two finance institutions as the
counterparty through applying Supply chain finance agreements.
The range of payment conditions vary from from 90-120 days
and are similar to comparable trade payables that are not part of
the Supply chain finance agreements. As of year-end 2025,
carrying amount of trade payables that are part of Supply chain
finance agreements was EUR 174.3 million (EUR 194.9 million), of
which suppliers have received payment of EUR 171.7 million.
There were no significant non-cash changes in the carrying
amount of the trade payables included in the Supply chain
finance agreements.
CURRENT LEASING LIABILITIES (EUR MILLION)
2025
2024
Current part (first year) leases
179.1
179.4
TOTAL CURRENT LEASING LIABILITIES
179.1
179.4
UNUSED DRAWING RIGHTS (EUR MILLION)
2025
2024
Unused part of bank overdraft facility (to be renewed within one year)
16.9
39.5
Unused part of bank overdraft facility (to be renewed in more than one year)
86.0
66.0
Unused part of other drawing rights (to be renewed in more than one year)
845.1
578.3
TOTAL UNUSED DRAWING RIGHTS
948.0
683.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Note 18 \u2013 Trade payables and other current liabilities
CURRENT LIABILITIES (EUR MILLION)
2025
2024
TRADE PAYABLES
558.8
517.9
Other current liabilities
Salaries and vacation pay due
79.0
74.0
Social security and other taxes
98.5
80.5
Accrued expenses
156.2
153.2
Other liabilities
81.3
40.8
TOTAL OTHER CURRENT LIABILITIES
415.0
348.5
Based on the nature of business, the Group does not have any
material contract liabilities. As per year-end Mowi has a share of
its trade payables with two finance institutions as the
counterparty through applying Supply chain finance agreements.
The range of payment conditions vary from from 90-120 days
and are similar to comparable trade payables that are not part of
the Supply chain finance agreements. As of year-end 2025,
carrying amount of trade payables that are part of Supply chain
finance agreements was EUR 174.3 million (EUR 194.9 million), of
which suppliers have received payment of EUR 171.7 million.
There were no significant non-cash changes in the carrying
amount of the trade payables included in the Supply chain
finance agreements.
CURRENT LEASING LIABILITIES (EUR MILLION)
2025
2024
Current part (first year) leases
179.1
179.4
TOTAL CURRENT LEASING LIABILITIES
179.1
179.4
UNUSED DRAWING RIGHTS (EUR MILLION)
2025
2024
Unused part of bank overdraft facility (to be renewed within one year)
16.9
39.5
Unused part of bank overdraft facility (to be renewed in more than one year)
86.0
66.0
Unused part of other drawing rights (to be renewed in more than one year)
845.1
578.3
TOTAL UNUSED DRAWING RIGHTS
948.0
683.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Note 18 \u2013 Trade payables and other current liabilities
CURRENT LIABILITIES (EUR MILLION)
2025
2024
TRADE PAYABLES
558.8
517.9
Other current liabilities
Salaries and vacation pay due
79.0
74.0
Social security and other taxes
98.5
80.5
Accrued expenses
156.2
153.2
Other liabilities
81.3
40.8
TOTAL OTHER CURRENT LIABILITIES
415.0
348.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Note 18 \u2013 Trade payables and other current liabilities
CURRENT LIABILITIES (EUR MILLION)
2025
2024
TRADE PAYABLES
558.8
517.9
Other current liabilities
Salaries and vacation pay due
79.0
74.0
Social security and other taxes
98.5
80.5
Accrued expenses
156.2
153.2
Other liabilities
81.3
40.8
TOTAL OTHER CURRENT LIABILITIES
415.0
348.5
Note 20 \u2013 Other non-current liabilities
OTHER NON-CURRENT LIABILITIES (EUR MILLION)
2025
2024
Net pension obligations
5.7
6.1
Other non-current liabilities
1.1
1.1
TOTAL OTHER NON-CURRENT LIABILITIES
6.8
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Note 19 \u2013 Secured liabilities and guarantees
DEBT SECURED BY MORTGAGES AND PLEDGES (EUR MILLION)
2025
2024
Debt to financial institutions
2\u00a0293.6
1\u00a0696.6
Leasing debt
0.6
0.7
TOTAL DEBT SECURED BY MORTGAGES AND PLEDGES
2\u00a0294.2
1\u00a0697.3
Guarantee commitments
13.5
14.5
The Mowi Group syndicated loan facility has been established
with security in current assets, licenses (where applicable), fixed
assets and guarantees from some of the entities in the Group. In
addition the shares in larger subsidiaries have been pledged in
favour of the bank syndicate.
ASSETS PLEDGED AS SECURITY FOR DEBT (EUR MILLION)
2025
2024
Tangible non-current assets and licenses
2\u00a0511.8
1\u00a0910.9
Inventory and biological assets
1\u00a0710.5
2\u00a0529.6
Trade receivables
374.2
385.7
Other assets
192.9
184.9
TOTAL ASSETS PLEDGED AS SECURITY
4\u00a0789.5
5\u00a0011.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Note 20 \u2013 Other non-current liabilities
OTHER NON-CURRENT LIABILITIES (EUR MILLION)
2025
2024
Net pension obligations
5.7
6.1
Other non-current liabilities
1.1
1.1
TOTAL OTHER NON-CURRENT LIABILITIES
6.8
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Note 21 \u2013 Investments in associated companies and interest in joint
ventures
Associated companies are recorded in Mowi Group statements in accordance with the equity method.
None of the associated companies are listed. Nova Sea AS was reported as an associated company until Mowi`s acquisition of the
controlling stake, see note 22 Business combinations.
ASSOCIATED
COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.25
SHARE OF
PROFIT
20251)
DIVIDENDS
RECEIVED
2025
OTHER
CHANGES
20252)
CARRYING
AMOUNT
31.12.25
Nova Sea AS
Lovund
Mowi Holding AS
\u2014
210.2
422.9
\u2014
-633.0
\u2014
Tomma Laks Drift AS
Lovund
49%
Nova Sea AS
30.8
\u2014
0.8
\u2014
30.9
31.7
Vega Sj\u00f8farm Drift AS
Lovund
48%
Nova Sea AS
32.3
\u2014
1.4
\u2014
31.8
33.2
Torghatten Aqua AS
Br\u00f8nn\u00f8ysund
33%
Nova Sea AS
20.3
\u2014
-0.1
\u2014
20.2
20.1
Others
16.5
0.4
1.2
\u2014
14.0
15.6
TOTAL
99.9
210.6
426.1
\u2014
-536.2
100.5
1) The share of profit for Nova Sea AS includes a gain of EUR 412.9 million when replacing the previously recognised investment in the associated company
with a fully owned subsidiary.\u00a0 2) Other changes are mainly related to the acquisition of Nova Sea AS and recognition of associated companies owned by Nova
Sea, see note 22 Business combinations.
ASSOCIATED
COMPANIES
100% BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2024
Nova Sea AS
22.4
18.3
424.6
75.2
484.1
128.4
167.1
68.0
222.2
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
As of 31 December 2025 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Note 21 \u2013 Investments in associated companies and interest in joint
ventures
Associated companies are recorded in Mowi Group statements in accordance with the equity method.
None of the associated companies are listed. Nova Sea AS was reported as an associated company until Mowi`s acquisition of the
controlling stake, see note 22 Business combinations.
ASSOCIATED
COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.25
SHARE OF
PROFIT
20251)
DIVIDENDS
RECEIVED
2025
OTHER
CHANGES
20252)
CARRYING
AMOUNT
31.12.25
Nova Sea AS
Lovund
Mowi Holding AS
\u2014
210.2
422.9
\u2014
-633.0
\u2014
Tomma Laks Drift AS
Lovund
49%
Nova Sea AS
30.8
\u2014
0.8
\u2014
30.9
31.7
Vega Sj\u00f8farm Drift AS
Lovund
48%
Nova Sea AS
32.3
\u2014
1.4
\u2014
31.8
33.2
Torghatten Aqua AS
Br\u00f8nn\u00f8ysund
33%
Nova Sea AS
20.3
\u2014
-0.1
\u2014
20.2
20.1
Others
16.5
0.4
1.2
\u2014
14.0
15.6
TOTAL
99.9
210.6
426.1
\u2014
-536.2
100.5
1) The share of profit for Nova Sea AS includes a gain of EUR 412.9 million when replacing the previously recognised investment in the associated company
with a fully owned subsidiary.\u00a0 2) Other changes are mainly related to the acquisition of Nova Sea AS and recognition of associated companies owned by Nova
Sea, see note 22 Business combinations.
ASSOCIATED
COMPANIES
100% BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2024
Nova Sea AS
22.4
18.3
424.6
75.2
484.1
128.4
167.1
68.0
222.2
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
As of 31 December 2025 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Note 21 \u2013 Investments in associated companies and interest in joint
ventures
Associated companies are recorded in Mowi Group statements in accordance with the equity method.
None of the associated companies are listed. Nova Sea AS was reported as an associated company until Mowi`s acquisition of the
controlling stake, see note 22 Business combinations.
ASSOCIATED
COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.25
SHARE OF
PROFIT
20251)
DIVIDENDS
RECEIVED
2025
OTHER
CHANGES
20252)
CARRYING
AMOUNT
31.12.25
Nova Sea AS
Lovund
Mowi Holding AS
\u2014
210.2
422.9
\u2014
-633.0
\u2014
Tomma Laks Drift AS
Lovund
49%
Nova Sea AS
30.8
\u2014
0.8
\u2014
30.9
31.7
Vega Sj\u00f8farm Drift AS
Lovund
48%
Nova Sea AS
32.3
\u2014
1.4
\u2014
31.8
33.2
Torghatten Aqua AS
Br\u00f8nn\u00f8ysund
33%
Nova Sea AS
20.3
\u2014
-0.1
\u2014
20.2
20.1
Others
16.5
0.4
1.2
\u2014
14.0
15.6
TOTAL
99.9
210.6
426.1
\u2014
-536.2
100.5
1) The share of profit for Nova Sea AS includes a gain of EUR 412.9 million when replacing the previously recognised investment in the associated company
with a fully owned subsidiary.\u00a0 2) Other changes are mainly related to the acquisition of Nova Sea AS and recognition of associated companies owned by Nova
Sea, see note 22 Business combinations.
ASSOCIATED
COMPANIES
100% BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2024
Nova Sea AS
22.4
18.3
424.6
75.2
484.1
128.4
167.1
68.0
222.2
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
As of 31 December 2025 Mowi had no significant investment in joint ventures.
Note 23 \u2013 Consolidated entities
The consolidated financial statements include the following companies:
PARENT COMPANY
COUNTRY
Mowi ASA
Norway
SUBSIDIARIES - NORWAY
COUNTRY
OWNERSHIP %
Mowi Seawater Norway AS
Norway
100.00%
Mowi Feed AS
Norway
100.00%
Mowi Genetics AS
Norway
100.00%
Mowi Holding AS
Norway
100.00%
Mowi Minority Holding AS
Norway
100.00%
Mowi Markets Norway AS
Norway
100.00%
Mowi Norway FOU AS
Norway
100.00%
Waynor Trading AS
Norway
100.00%
Nova Sea AS
Norway
100.00%
Hamnholmvalen Eiendom AS
Norway
97.00%
Nova Sea Eiendom AS
Norway
100.00%
Nova Sea Innovation
Norway
100.00%
Nova Sea Havnruk AS
Norway
100.00%
Djupvatn AS
Norway
100.00%
Nova Sea Aquaservice AS
Norway
100.00%
Nova Master AS 2)
Norway
100.00%
Centre for Aquaculture Competence AS
Norway
100.00%
Helgeland Smolt AS
Norway
74.00%
Helgeland Aquaservice 2)
Norway
66.00%
Arctic Fish Holding AS
Norway
53.82%
Lax Expo AS
Norway
51.00%
The Salmon AS 1)
Norway
51.00%
Sleneset Aquaservice AS 2)
Norway
50.27%
Finn\u00f8y Fisk AS
Norway
45.05%
Fredriks R\u00f8keri Holding AS 1)
Norway
33.66%
Fredriks R\u00f8keri AS 1)
Norway
33.66%
Blue Revolution Centre AS
Norway
33.33%
1) Subsidiaries of Lax Expo AS, 2) Subsidiaries of Nova Sea Aquaservice AS
SUBSIDIARIES - AMERICAS
COUNTRY
OWNERSHIP %
Mowi North America Inc
Canada
100.00%
Mowi Canada West Inc
Canada
100.00%
Mowi Canada East Inc
Canada
100.00%
Englewood Packing Company Ltd
Canada
100.00%
Mowi Chile S.A
Chile
100.00%
Salmones Tecmar S.A
Chile
100.00%
Delifish Farming SPA
Chile
100.00%
Mowi Ducktrap LLC
USA
100.00%
Mowi USA Holding LLC
USA
100.00%
Mowi USA LLC
USA
100.00%
SUBSIDIARIES - ASIA
COUNTRY
OWNERSHIP %
Mowi China Co. Ltd
China
100.00%
Mowi Japan Co. Ltd
Japan
100.00%
Mowi Korea Co. Ltd
South Korea
100.00%
Mowi Singapore Pte Ltd
Singapore
100.00%
Mowi Taiwan Co. Ltd
Taiwan
100.00%
Mowi Vietnam Company Ltd
Vietnam
100.00%
Mowi Thailand Co. Ltd
Thailand
100.00%
SUBSIDIARIES - EUROPE
COUNTRY
OWNERSHIP %
Mowi Belgium NV
Belgium
100.00%
Mowi Czech s.r.o.
Czech Republic
100.00%
Mowi Faroe Islands P/F
Faroes
100.00%
Mowi France SAS
France
100.00%
Mowi Boulogne SAS
France
100.00%
Mowi Bretagne SAS
France
100.00%
Mowi Rennes SAS
France
100.00%
Mowi Cuisery SAS
France
100.00%
Laschinger Seafood GmbH
Germany
100.00%
Mowi Harsum DACH GmbH
Germany
100.00%
Mowi Germany Verwaltungs GmbH
Germany
100.00%
Mowi Germany GmbH & Co. KG
Germany
100.00%
Belisco Ehf
Iceland
100.00%
Mowi Iceland Sales Ehf
Iceland
100.00%
Arctic Fish Ehf
Iceland
53.82%
Arctic Smolt Ehf
Iceland
53.82%
Arctic Sea Farm Ehf
Iceland
53.82%
Arctic Oddi Ehf
Iceland
53.82%
Comhlucht Iascaireachta Fanad Teoranta
Ireland
100.00%
Bradan (Maoil Rua) Teoranta
Ireland
100.00%
Bradan Fanad Teoranta
Ireland
100.00%
Fanad Pettigo Teoranta
Ireland
100.00%
Feirm Farraige Oilean Chliara Teoranta
Ireland
92.03%
Silverking Seafoods Ltd
Ireland
100.00%
Mowi Italia S.R.L.
Italy
100.00%
Mowi Netherlands BV
Netherlands
100.00%
Mowi Lemmer BV
Netherlands
100.00%
Mowi Poland SA
Poland
100.00%
Mowi Lebork Sp. z.o.o.
Poland
100.00%
Mowi Technology Sp.z.o.o.
Poland
100.00%
Mowi Poland Sales SA
Poland
100.00%
Mowi Nutrition Goleni\u00f3w Sp. z.o.o
Poland
100.00%
Mowi Iberia SLU
Spain
100.00%
Mowi Sweden AB
Sweden
100.00%
Mowi Turkiye Su \u00dcrunleri Ticaret A.\u015e.
Turkey
100.00%
Mowi Scotland Ltd
UK
100.00%
Meridian Salmon Group Ltd
UK
100.00%
Meridian Salmon Processing Ltd
UK
100.00%
Mowi Consumer Products UK Ltd
UK
100.00%
Dorset Cleanerfish Ltd
UK
100.00%
Anglesey Aquaculture Ltd
UK
100.00%
Ocean Matters Ltd
UK
100.00%
OM Penmon Ltd
UK
100.00%
Ferguson Salmon Ltd
UK
100.00%
Finfish Limited
UK
100.00%
Scalpay Multi-Trohpic Aquaculture Ltd
UK
100.00%
Wester Ross Fisheries Ltd
UK
100.00%
Ardessie Salmon Ltd
UK
100.00%
Wester Ross Property Investment Ltd
UK
100.00%
Sanda Island Ltd
UK
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Note 21 \u2013 Investments in associated companies and interest in joint
ventures
Associated companies are recorded in Mowi Group statements in accordance with the equity method.
None of the associated companies are listed. Nova Sea AS was reported as an associated company until Mowi`s acquisition of the
controlling stake, see note 22 Business combinations.
ASSOCIATED
COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.25
SHARE OF
PROFIT
20251)
DIVIDENDS
RECEIVED
2025
OTHER
CHANGES
20252)
CARRYING
AMOUNT
31.12.25
Nova Sea AS
Lovund
Mowi Holding AS
\u2014
210.2
422.9
\u2014
-633.0
\u2014
Tomma Laks Drift AS
Lovund
49%
Nova Sea AS
30.8
\u2014
0.8
\u2014
30.9
31.7
Vega Sj\u00f8farm Drift AS
Lovund
48%
Nova Sea AS
32.3
\u2014
1.4
\u2014
31.8
33.2
Torghatten Aqua AS
Br\u00f8nn\u00f8ysund
33%
Nova Sea AS
20.3
\u2014
-0.1
\u2014
20.2
20.1
Others
16.5
0.4
1.2
\u2014
14.0
15.6
TOTAL
99.9
210.6
426.1
\u2014
-536.2
100.5
1) The share of profit for Nova Sea AS includes a gain of EUR 412.9 million when replacing the previously recognised investment in the associated company
with a fully owned subsidiary.\u00a0 2) Other changes are mainly related to the acquisition of Nova Sea AS and recognition of associated companies owned by Nova
Sea, see note 22 Business combinations.
ASSOCIATED
COMPANIES
100% BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2024
Nova Sea AS
22.4
18.3
424.6
75.2
484.1
128.4
167.1
68.0
222.2
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
As of 31 December 2025 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Note 22 \u2013 Business combinations, assets held for sale and discontinued
operations
Business combinations
In January 2025, Mowi entered into a conditional agreement
with Vigner Olaisen AS to acquire its controlling stake in Nova
Sea AS. Prior to the acquisition, Mowi owned 49% of Nova Sea.
For Vigner Olaisen's 46% stake in Nova Sea, Mowi paid NOK 7.4
billion through 30% settlement in Mowi shares and 70% in cash.
NOK 7.6 billion is the total purchase price for the stake, including
closing adjustments. During Q4, Mowi made a voluntary cash
offer to the shareholders owning the remaining 5% of Nova Sea,
and at year-end Mowi controlled 100% of the shares. The
transaction values 100% of the equity in Nova Sea at NOK 16
billion.
The transaction was subject to approval by competition
authorities and other customary closing conditions. In October
2025, Mowi obtained a No Action Letter from the EU
Commission and the Norwegian Competition Authority. The
transaction was closed on 28 October 2025 which has been
identified as the acquisition date.
Nova Sea is a leading salmon farmer in production area 8 in
Northern Norway and covers the entire value chain from
broodstock and smolt production to harvesting and sales. Mowi
has been a large non-controlling owner in Nova Sea since 1995
and knows the company well. Nova Sea is renowned for its
strong biological performance and industry-leading margins.
The Provisional Purchase Price Allocation for the business
combination is updated per 31 December, and all values are
based on the purchase price of NOK 7.6 billion. The recognised
goodwill of EUR 308.7 million relates to the following factors:
\u2022 A technical effect of EUR 186.1 million related to
deferred tax: IFRS accounting regulations require
recognition of deferred tax at nominal value on the
difference between fair values and tax base values of
net assets acquired, and goodwill is the offsetting
entry to this deferred tax.
\u2022 Other goodwill of EUR 122.5 million for the value of
operable sites and expected synergies of from
combining the assets and activities of Nova Sea AS
with Mowi.
Goodwill is not deductible for income tax purposes. Acquisition-
related costs of EUR 0.7 million have been recognised as other
non-operational items in the consolidated statement of
comprehensive income in accordance with IFRS 3, all in 2025.
If consolidated as of January 1 2025 the combined revenue
would have been increased by EUR 301.7 million and profit
would have been increased by EUR 10.5 million. A gain from the
transaction of EUR 448.4 million is included in the Consolidated
Statement of Comprehensive Income for 2025 when replacing
the previously recognised investment in associated company
with a fully owned subsidiary, of which EUR 412.9 million are
included as \"Income from associated companies and joint
ventures\" and EUR 35.5 million as Currency translation
differences
The table below summarises the consideration for Nova Sea and
the preliminary assessed fair value of the assets acquired and
liabilities. The assessment is subject to change when the
Purchase Price Allocation is completed.
RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
EUR MILLION
PROVISIONAL FAIR VALUE
Licenses
859.8
Other intangible assets
18.1
Property, plant and equipment
437.3
Investments in associated companies and joint ventures
99.9
Inventory
5.8
Biological assets
162.3
Current receivables
122.5
Cash
61.4
Deferred tax liabilities
-253.6
Other long term debt
-285.1
Other current liabilities
-110.7
TOTAL IDENTIFIABLE NET ASSETS
1\u00a0117.7
Goodwill
308.7
CONSIDERATION ON 100% BASIS
1\u00a0393.3
Non-controlling interests in subsidiaries of Nova Sea AS
33.1
TOTAL CONSIDERATION AND NON-CONTROLLING INTERESTS
1\u00a0426.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Note 22 \u2013 Business combinations, assets held for sale and discontinued
operations
Assets held for sale
Mowi had no material assets held for sale at year end 2025.
Discontinued operations
Mowi had no discontinued operations in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Note 22 \u2013 Business combinations, assets held for sale and discontinued
operations
Assets held for sale
Mowi had no material assets held for sale at year end 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Note 22 \u2013 Business combinations, assets held for sale and discontinued
operations
Discontinued operations
Mowi had no discontinued operations in 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Note 23 \u2013 Consolidated entities
The consolidated financial statements include the following companies:
PARENT COMPANY
COUNTRY
Mowi ASA
Norway
SUBSIDIARIES - NORWAY
COUNTRY
OWNERSHIP %
Mowi Seawater Norway AS
Norway
100.00%
Mowi Feed AS
Norway
100.00%
Mowi Genetics AS
Norway
100.00%
Mowi Holding AS
Norway
100.00%
Mowi Minority Holding AS
Norway
100.00%
Mowi Markets Norway AS
Norway
100.00%
Mowi Norway FOU AS
Norway
100.00%
Waynor Trading AS
Norway
100.00%
Nova Sea AS
Norway
100.00%
Hamnholmvalen Eiendom AS
Norway
97.00%
Nova Sea Eiendom AS
Norway
100.00%
Nova Sea Innovation
Norway
100.00%
Nova Sea Havnruk AS
Norway
100.00%
Djupvatn AS
Norway
100.00%
Nova Sea Aquaservice AS
Norway
100.00%
Nova Master AS 2)
Norway
100.00%
Centre for Aquaculture Competence AS
Norway
100.00%
Helgeland Smolt AS
Norway
74.00%
Helgeland Aquaservice 2)
Norway
66.00%
Arctic Fish Holding AS
Norway
53.82%
Lax Expo AS
Norway
51.00%
The Salmon AS 1)
Norway
51.00%
Sleneset Aquaservice AS 2)
Norway
50.27%
Finn\u00f8y Fisk AS
Norway
45.05%
Fredriks R\u00f8keri Holding AS 1)
Norway
33.66%
Fredriks R\u00f8keri AS 1)
Norway
33.66%
Blue Revolution Centre AS
Norway
33.33%
1) Subsidiaries of Lax Expo AS, 2) Subsidiaries of Nova Sea Aquaservice AS
SUBSIDIARIES - AMERICAS
COUNTRY
OWNERSHIP %
Mowi North America Inc
Canada
100.00%
Mowi Canada West Inc
Canada
100.00%
Mowi Canada East Inc
Canada
100.00%
Englewood Packing Company Ltd
Canada
100.00%
Mowi Chile S.A
Chile
100.00%
Salmones Tecmar S.A
Chile
100.00%
Delifish Farming SPA
Chile
100.00%
Mowi Ducktrap LLC
USA
100.00%
Mowi USA Holding LLC
USA
100.00%
Mowi USA LLC
USA
100.00%
SUBSIDIARIES - ASIA
COUNTRY
OWNERSHIP %
Mowi China Co. Ltd
China
100.00%
Mowi Japan Co. Ltd
Japan
100.00%
Mowi Korea Co. Ltd
South Korea
100.00%
Mowi Singapore Pte Ltd
Singapore
100.00%
Mowi Taiwan Co. Ltd
Taiwan
100.00%
Mowi Vietnam Company Ltd
Vietnam
100.00%
Mowi Thailand Co. Ltd
Thailand
100.00%
SUBSIDIARIES - EUROPE
COUNTRY
OWNERSHIP %
Mowi Belgium NV
Belgium
100.00%
Mowi Czech s.r.o.
Czech Republic
100.00%
Mowi Faroe Islands P/F
Faroes
100.00%
Mowi France SAS
France
100.00%
Mowi Boulogne SAS
France
100.00%
Mowi Bretagne SAS
France
100.00%
Mowi Rennes SAS
France
100.00%
Mowi Cuisery SAS
France
100.00%
Laschinger Seafood GmbH
Germany
100.00%
Mowi Harsum DACH GmbH
Germany
100.00%
Mowi Germany Verwaltungs GmbH
Germany
100.00%
Mowi Germany GmbH & Co. KG
Germany
100.00%
Belisco Ehf
Iceland
100.00%
Mowi Iceland Sales Ehf
Iceland
100.00%
Arctic Fish Ehf
Iceland
53.82%
Arctic Smolt Ehf
Iceland
53.82%
Arctic Sea Farm Ehf
Iceland
53.82%
Arctic Oddi Ehf
Iceland
53.82%
Comhlucht Iascaireachta Fanad Teoranta
Ireland
100.00%
Bradan (Maoil Rua) Teoranta
Ireland
100.00%
Bradan Fanad Teoranta
Ireland
100.00%
Fanad Pettigo Teoranta
Ireland
100.00%
Feirm Farraige Oilean Chliara Teoranta
Ireland
92.03%
Silverking Seafoods Ltd
Ireland
100.00%
Mowi Italia S.R.L.
Italy
100.00%
Mowi Netherlands BV
Netherlands
100.00%
Mowi Lemmer BV
Netherlands
100.00%
Mowi Poland SA
Poland
100.00%
Mowi Lebork Sp. z.o.o.
Poland
100.00%
Mowi Technology Sp.z.o.o.
Poland
100.00%
Mowi Poland Sales SA
Poland
100.00%
Mowi Nutrition Goleni\u00f3w Sp. z.o.o
Poland
100.00%
Mowi Iberia SLU
Spain
100.00%
Mowi Sweden AB
Sweden
100.00%
Mowi Turkiye Su \u00dcrunleri Ticaret A.\u015e.
Turkey
100.00%
Mowi Scotland Ltd
UK
100.00%
Meridian Salmon Group Ltd
UK
100.00%
Meridian Salmon Processing Ltd
UK
100.00%
Mowi Consumer Products UK Ltd
UK
100.00%
Dorset Cleanerfish Ltd
UK
100.00%
Anglesey Aquaculture Ltd
UK
100.00%
Ocean Matters Ltd
UK
100.00%
OM Penmon Ltd
UK
100.00%
Ferguson Salmon Ltd
UK
100.00%
Finfish Limited
UK
100.00%
Scalpay Multi-Trohpic Aquaculture Ltd
UK
100.00%
Wester Ross Fisheries Ltd
UK
100.00%
Ardessie Salmon Ltd
UK
100.00%
Wester Ross Property Investment Ltd
UK
100.00%
Sanda Island Ltd
UK
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Note 24 \u2013 Share capital
SHARE CAPITAL
2025
2024
Total number of shares as of 01.01
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Shares issued during the year
10\u00a0179\u00a0505
\u2014
TOTAL NUMBER OF SHARES AS OF 31.12
527\u00a0290\u00a0596
517\u00a0111\u00a0091
Treasury shares as of 01.01
\u2014
\u2014
Treasury shares purchased during the year
247\u00a0679
1\u00a0182\u00a0069
Treasury shares sold during the year
-247\u00a0679
-1\u00a0182\u00a0069
TREASURY SHARES AS OF 31.12
\u2014
\u2014
NOMINAL VALUE AS OF 31.12 (NOK)
7.50
7.50
Share capital (total number of shares at nominal value) (EUR million)
411.4
404.8
Other paid-in capital (EUR million)
1\u00a0458.2
1\u00a0274.7
OVERVIEW OF THE LARGEST SHAREHOLDERS 31.12.25
NUMBER OF SHARES
SHAREHOLDING %
Geveran Trading Company
81\u00a0568\u00a0926
15.47%
Folketrygdfondet
52\u00a0122\u00a0371
9.88%
BlackRock
30\u00a0368\u00a0098
5.76%
The Vanguard Group
19\u00a0437\u00a0043
3.69%
DnB ASA
19\u00a0417\u00a0414
3.68%
Storebrand Kapitalforvaltning
17\u00a0299\u00a0140
3.28%
Alfred Berg Kapitalforvaltning AS
13\u00a0009\u00a0957
2.47%
Nordea Bank
12\u00a0929\u00a0895
2.45%
Kommunal Landspensjonskasse
12\u00a0709\u00a0127
2.41%
Svenska Handelsbanken
10\u00a0361\u00a0748
1.97%
Northern Trust Corporation
9\u00a0220\u00a0736
1.75%
Sparebank 1 Gruppen AS
9\u00a0027\u00a0097
1.71%
Amundi Asset Management
7\u00a0564\u00a0349
1.43%
Deutsche Bank AG Group
6\u00a0926\u00a0741
1.31%
UBS Group
6\u00a0784\u00a0009
1.29%
DekaBank Deutsche Girozentrale
4\u00a0809\u00a0644
0.91%
Danske Bank Group
4\u00a0548\u00a0739
0.86%
Legal & General Group
4\u00a0203\u00a0900
0.80%
Geode Capital Management, L.L.C.
4\u00a0148\u00a0549
0.79%
HSBC Holdings
3\u00a0858\u00a0960
0.73%
TOTAL 20 LARGEST SHAREHOLDERS
330\u00a0316\u00a0443
62.64%
TOTAL OTHER SHAREHOLDERS
196\u00a0974\u00a0153
37.36%
Total number of shares 31.12.25
527\u00a0290\u00a0596
100.00%
SHAREHOLDERS PER COUNTRY
NUMBER OF SHARES
SHARE %
Norway
184\u00a0989\u00a0479
35.08%
USA
80\u00a0310\u00a0996
15.23%
Cyprus
81\u00a0594\u00a0296
15.47%
Great Britain
47\u00a0378\u00a0039
8.99%
Germany
28\u00a0285\u00a0818
5.36%
Other countries
104\u00a0731\u00a0968
19.86%
Total number of shares 31.12.25
527\u00a0290\u00a0596
100.00%
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.25
NUMBER OF SHARES
Board of Directors
\u00d8rjan Svanevik (Chair)
4\u00a0832
Aino Olaisen1)
2\u00a0399\u00a0160
Lisbet K. N\u00e6r\u00f8
2\u00a0696
Kathrine Fredriksen2)
1\u00a0729
Leif Teksum3)
5\u00a0928
Peder Strand
1\u00a0252
Kjersti Hob\u00f8l
1\u00a0586
Marit \u00d8verg\u00e5rd Utnes
1\u00a0624
Eivind Kallbekken
2\u00a0218
John Olav Johansen
1\u00a0124
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS
2\u00a0422\u00a0149
Group Management
Ivan Vindheim, CEO
13\u00a0696
Kristian Ellingsen, CFO
1\u00a0614
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
3\u00a0059
\u00d8yvind Oaland, COO Farming Norway and Iceland
6\u00a0002
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0484
Fernando Villarroel, COO Farming Chile and Canada West
6\u00a0026
Ola Brattvoll, COO Sales and Marketing
10\u00a0845
Atle Kvist, COO Feed
1\u00a0157
Kjersti Eikeseth, Chief HR Officer
491
TOTAL NUMBER OF SHARES HELD BY GROUP MANAGEMENT
51\u00a0374
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT
2\u00a0473\u00a0523
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT IN % OF TOTAL OUTSTANDING
SHARES
0.47%
1) Aino Olaisen was a major shareholder in Nova Sea that Mowi acquired in 2025, and she was elected as member of the Board in Mowi following the
transaction. 30% of the purchase price was settled through the issuance of new shares in Mowi.
2) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
3) Leif Teksum appointed Intermediate Chairperson from March 2026, replacing \u00d8rjan Svanevik.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Note 24 \u2013 Share capital
SHARE CAPITAL
2025
2024
Total number of shares as of 01.01
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Shares issued during the year
10\u00a0179\u00a0505
\u2014
TOTAL NUMBER OF SHARES AS OF 31.12
527\u00a0290\u00a0596
517\u00a0111\u00a0091
Treasury shares as of 01.01
\u2014
\u2014
Treasury shares purchased during the year
247\u00a0679
1\u00a0182\u00a0069
Treasury shares sold during the year
-247\u00a0679
-1\u00a0182\u00a0069
TREASURY SHARES AS OF 31.12
\u2014
\u2014
NOMINAL VALUE AS OF 31.12 (NOK)
7.50
7.50
Share capital (total number of shares at nominal value) (EUR million)
411.4
404.8
Other paid-in capital (EUR million)
1\u00a0458.2
1\u00a0274.7
OVERVIEW OF THE LARGEST SHAREHOLDERS 31.12.25
NUMBER OF SHARES
SHAREHOLDING %
Geveran Trading Company
81\u00a0568\u00a0926
15.47%
Folketrygdfondet
52\u00a0122\u00a0371
9.88%
BlackRock
30\u00a0368\u00a0098
5.76%
The Vanguard Group
19\u00a0437\u00a0043
3.69%
DnB ASA
19\u00a0417\u00a0414
3.68%
Storebrand Kapitalforvaltning
17\u00a0299\u00a0140
3.28%
Alfred Berg Kapitalforvaltning AS
13\u00a0009\u00a0957
2.47%
Nordea Bank
12\u00a0929\u00a0895
2.45%
Kommunal Landspensjonskasse
12\u00a0709\u00a0127
2.41%
Svenska Handelsbanken
10\u00a0361\u00a0748
1.97%
Northern Trust Corporation
9\u00a0220\u00a0736
1.75%
Sparebank 1 Gruppen AS
9\u00a0027\u00a0097
1.71%
Amundi Asset Management
7\u00a0564\u00a0349
1.43%
Deutsche Bank AG Group
6\u00a0926\u00a0741
1.31%
UBS Group
6\u00a0784\u00a0009
1.29%
DekaBank Deutsche Girozentrale
4\u00a0809\u00a0644
0.91%
Danske Bank Group
4\u00a0548\u00a0739
0.86%
Legal & General Group
4\u00a0203\u00a0900
0.80%
Geode Capital Management, L.L.C.
4\u00a0148\u00a0549
0.79%
HSBC Holdings
3\u00a0858\u00a0960
0.73%
TOTAL 20 LARGEST SHAREHOLDERS
330\u00a0316\u00a0443
62.64%
TOTAL OTHER SHAREHOLDERS
196\u00a0974\u00a0153
37.36%
Total number of shares 31.12.25
527\u00a0290\u00a0596
100.00%
SHAREHOLDERS PER COUNTRY
NUMBER OF SHARES
SHARE %
Norway
184\u00a0989\u00a0479
35.08%
USA
80\u00a0310\u00a0996
15.23%
Cyprus
81\u00a0594\u00a0296
15.47%
Great Britain
47\u00a0378\u00a0039
8.99%
Germany
28\u00a0285\u00a0818
5.36%
Other countries
104\u00a0731\u00a0968
19.86%
Total number of shares 31.12.25
527\u00a0290\u00a0596
100.00%
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.25
NUMBER OF SHARES
Board of Directors
\u00d8rjan Svanevik (Chair)
4\u00a0832
Aino Olaisen1)
2\u00a0399\u00a0160
Lisbet K. N\u00e6r\u00f8
2\u00a0696
Kathrine Fredriksen2)
1\u00a0729
Leif Teksum3)
5\u00a0928
Peder Strand
1\u00a0252
Kjersti Hob\u00f8l
1\u00a0586
Marit \u00d8verg\u00e5rd Utnes
1\u00a0624
Eivind Kallbekken
2\u00a0218
John Olav Johansen
1\u00a0124
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS
2\u00a0422\u00a0149
Group Management
Ivan Vindheim, CEO
13\u00a0696
Kristian Ellingsen, CFO
1\u00a0614
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
3\u00a0059
\u00d8yvind Oaland, COO Farming Norway and Iceland
6\u00a0002
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0484
Fernando Villarroel, COO Farming Chile and Canada West
6\u00a0026
Ola Brattvoll, COO Sales and Marketing
10\u00a0845
Atle Kvist, COO Feed
1\u00a0157
Kjersti Eikeseth, Chief HR Officer
491
TOTAL NUMBER OF SHARES HELD BY GROUP MANAGEMENT
51\u00a0374
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT
2\u00a0473\u00a0523
TOTAL NUMBER OF SHARES HELD BY BOARD MEMBERS AND GROUP MANAGEMENT IN % OF TOTAL OUTSTANDING
SHARES
0.47%
1) Aino Olaisen was a major shareholder in Nova Sea that Mowi acquired in 2025, and she was elected as member of the Board in Mowi following the
transaction. 30% of the purchase price was settled through the issuance of new shares in Mowi.
2) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
3) Leif Teksum appointed Intermediate Chairperson from March 2026, replacing \u00d8rjan Svanevik.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
SHARE CAPITAL
2025
2024
Total number of shares as of 01.01
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Shares issued during the year
10\u00a0179\u00a0505
\u2014
TOTAL NUMBER OF SHARES AS OF 31.12
527\u00a0290\u00a0596
517\u00a0111\u00a0091
Treasury shares as of 01.01
\u2014
\u2014
Treasury shares purchased during the year
247\u00a0679
1\u00a0182\u00a0069
Treasury shares sold during the year
-247\u00a0679
-1\u00a0182\u00a0069
TREASURY SHARES AS OF 31.12
\u2014
\u2014
NOMINAL VALUE AS OF 31.12 (NOK)
7.50
7.50
Share capital (total number of shares at nominal value) (EUR million)
411.4
404.8
Other paid-in capital (EUR million)
1\u00a0458.2
1\u00a0274.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Note 25 \u2013 Earnings per share
BASIC AND DILUTED EARNINGS PER SHARE
2025
2024
Profit for the year attributable to owners of Mowi ASA (EUR million)
717.9
468.5
Time-weighted average of shares issued and outstanding incl. diluted shares (million)
518.9
517.1
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS (EUR)
1.38
0.91
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (EUR)
1.38
0.91
Basic Earnings per share (EPS) is calculated on the weighted average number of shares outstanding during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Note 27 \u2013 Contingent liabilities and provisions
Update on the allegations of price
collusion
On 25 January 2024, Mowi received a Statement of Objections
from the European Commission as a result of the Commission's
inspections in February 2019 of several Norwegian producers of
farmed Atlantic salmon, including Mowi. The Statement of
Objections is not a final decision, but rather the Commission's
preliminary view that the companies under investigation may
have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the
characteristics of the alleged behaviour in the market for farmed
Norwegian Atlantic salmon, and strongly believes there has
been no infringement of the competition rules. Issuing a
Statement of Objections and opening a formal procedure does
not in any way prejudge the outcome. The Commission will first
after the parties have exercised their rights of defence conclude
on whether the alleged behaviour amounts to a violation of the
EU competition rules.
A hearing in the matter was held in September 2024. The
commission is now going through the information and
documentation received and is expected to request more
information from Mowi if found necessary. The commission will
work forward until they have a final conclusion/adopt a decision.
A conclusion is expected in 2026.
Furthermore, Mowi has been named a defendant in civil law
proceedings by a group of claimants in the UK, including
Scotland. Mowi disputes the allegations, which suggest a breach
of applicable competition law on Mowi's part. The civil law claims
clearly lack merit and are entirely unsubstantiated.
Decommissioning cost
Mowi has Farming operations in 7 countries. In all countries the
useful life of our licences is considered indefinite (ref. note 2).
Mowi has an obligation to decommission and remove all
equipment when the use of a site/license comes to an end. In
accordance with IAS 37.14 a provision shall be recognised when
an entity has a present obligation as a result of a past event,
such as setting up a site. However, due to the nature of our
business and the assessed useful life of our licenses, such an
obligation does not exist in the foreseeable future. In order to
calculate a present value of decommissioning costs, a life span
of at least 50 years should be applied in the calculation
(although licenses have indefinite useful life) due to our plan of
continued operations on the sites. Mowi considers a present
value of such a cost of 50 years and beyond cannot be reliably
measured. This is because the settlement dates are
indeterminate; and other estimates, such as very long-term
discount rates for which there is no observable measure, cannot
be reliably determined. Consequently, the decommissioning
obligation that exists cannot be reliably quantified and is
disclosed as a contingent liability. There remains a high degree
of uncertainty concerning such obligations. If and when there is
a known change in our planned operations an updated
assessment of any provision will be made for the related sites
and decommissioning cost. Even though the licenses are
indefinite there will be the need to change the equipment on our
locations from time to time. The expected life span on our
equipment is long (app. 20 years) with appropriate maintenance
performed. The cost related to changing equipment is limited. All
costs related to running maintenance is expensed and
investment in any new equipment including removal/moving to
site is accounted as addition to PPE.
Based on the above, no provisions related to decommissioning
or rehabilitation cost is recognised in the financial statement.
Other cases
We are routinely involved in various legal matters arising from
the course of our business.
While the outcome of these proceedings cannot be predicted
with certainty, we believe that, when resolved, they will not have
any material adverse effect on our results, financial position or
liquidity.
Please refer to note 30 for an overview of the financial impact of
provisions recognised in the financial statements.
Note 30 \u2013 Provisions
SPECIFICATION OF PROVISIONS 2025 (EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
4.9
2.2
9.5
16.6
New provisions in the year
3.8
\u2014
2.3
6.1
Utilised provisions
-5.7
\u2014
-1.6
-7.3
Non cash utilisation
\u2014
2.1
\u2014
2.1
Currency adjustment
-0.2
-0.1
-0.8
-1.1
PROVISIONS AS OF 31.12
2.7
4.2
9.4
16.3
SPECIFICATION OF PROVISIONS 2024 (EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
4.8
29.6
10.4
44.8
New provisions in the year
14.1
\u2014
0.4
14.5
Utilised provisions
-14.0
\u2014
-1.6
-15.6
Non cash utilisation
\u2014
-27.6
\u2014
-27.6
Currency adjustment
\u2014
0.2
0.3
0.5
PROVISIONS AS OF 31.12
4.9
2.2
9.5
16.6
Provisions related to onerous contracts are mainly due to the technical accounting treatment of fair value of biomass.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Note 27 \u2013 Contingent liabilities and provisions
Update on the allegations of price
collusion
On 25 January 2024, Mowi received a Statement of Objections
from the European Commission as a result of the Commission's
inspections in February 2019 of several Norwegian producers of
farmed Atlantic salmon, including Mowi. The Statement of
Objections is not a final decision, but rather the Commission's
preliminary view that the companies under investigation may
have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the
characteristics of the alleged behaviour in the market for farmed
Norwegian Atlantic salmon, and strongly believes there has
been no infringement of the competition rules. Issuing a
Statement of Objections and opening a formal procedure does
not in any way prejudge the outcome. The Commission will first
after the parties have exercised their rights of defence conclude
on whether the alleged behaviour amounts to a violation of the
EU competition rules.
A hearing in the matter was held in September 2024. The
commission is now going through the information and
documentation received and is expected to request more
information from Mowi if found necessary. The commission will
work forward until they have a final conclusion/adopt a decision.
A conclusion is expected in 2026.
Furthermore, Mowi has been named a defendant in civil law
proceedings by a group of claimants in the UK, including
Scotland. Mowi disputes the allegations, which suggest a breach
of applicable competition law on Mowi's part. The civil law claims
clearly lack merit and are entirely unsubstantiated.
Decommissioning cost
Mowi has Farming operations in 7 countries. In all countries the
useful life of our licences is considered indefinite (ref. note 2).
Mowi has an obligation to decommission and remove all
equipment when the use of a site/license comes to an end. In
accordance with IAS 37.14 a provision shall be recognised when
an entity has a present obligation as a result of a past event,
such as setting up a site. However, due to the nature of our
business and the assessed useful life of our licenses, such an
obligation does not exist in the foreseeable future. In order to
calculate a present value of decommissioning costs, a life span
of at least 50 years should be applied in the calculation
(although licenses have indefinite useful life) due to our plan of
continued operations on the sites. Mowi considers a present
value of such a cost of 50 years and beyond cannot be reliably
measured. This is because the settlement dates are
indeterminate; and other estimates, such as very long-term
discount rates for which there is no observable measure, cannot
be reliably determined. Consequently, the decommissioning
obligation that exists cannot be reliably quantified and is
disclosed as a contingent liability. There remains a high degree
of uncertainty concerning such obligations. If and when there is
a known change in our planned operations an updated
assessment of any provision will be made for the related sites
and decommissioning cost. Even though the licenses are
indefinite there will be the need to change the equipment on our
locations from time to time. The expected life span on our
equipment is long (app. 20 years) with appropriate maintenance
performed. The cost related to changing equipment is limited. All
costs related to running maintenance is expensed and
investment in any new equipment including removal/moving to
site is accounted as addition to PPE.
Based on the above, no provisions related to decommissioning
or rehabilitation cost is recognised in the financial statement.
Other cases
We are routinely involved in various legal matters arising from
the course of our business.
While the outcome of these proceedings cannot be predicted
with certainty, we believe that, when resolved, they will not have
any material adverse effect on our results, financial position or
liquidity.
Please refer to note 30 for an overview of the financial impact of
provisions recognised in the financial statements.
Note 30 \u2013 Provisions
SPECIFICATION OF PROVISIONS 2025 (EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
4.9
2.2
9.5
16.6
New provisions in the year
3.8
\u2014
2.3
6.1
Utilised provisions
-5.7
\u2014
-1.6
-7.3
Non cash utilisation
\u2014
2.1
\u2014
2.1
Currency adjustment
-0.2
-0.1
-0.8
-1.1
PROVISIONS AS OF 31.12
2.7
4.2
9.4
16.3
SPECIFICATION OF PROVISIONS 2024 (EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
4.8
29.6
10.4
44.8
New provisions in the year
14.1
\u2014
0.4
14.5
Utilised provisions
-14.0
\u2014
-1.6
-15.6
Non cash utilisation
\u2014
-27.6
\u2014
-27.6
Currency adjustment
\u2014
0.2
0.3
0.5
PROVISIONS AS OF 31.12
4.9
2.2
9.5
16.6
Provisions related to onerous contracts are mainly due to the technical accounting treatment of fair value of biomass.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Note 27 \u2013 Contingent liabilities and provisions
Update on the allegations of price
collusion
On 25 January 2024, Mowi received a Statement of Objections
from the European Commission as a result of the Commission's
inspections in February 2019 of several Norwegian producers of
farmed Atlantic salmon, including Mowi. The Statement of
Objections is not a final decision, but rather the Commission's
preliminary view that the companies under investigation may
have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the
characteristics of the alleged behaviour in the market for farmed
Norwegian Atlantic salmon, and strongly believes there has
been no infringement of the competition rules. Issuing a
Statement of Objections and opening a formal procedure does
not in any way prejudge the outcome. The Commission will first
after the parties have exercised their rights of defence conclude
on whether the alleged behaviour amounts to a violation of the
EU competition rules.
A hearing in the matter was held in September 2024. The
commission is now going through the information and
documentation received and is expected to request more
information from Mowi if found necessary. The commission will
work forward until they have a final conclusion/adopt a decision.
A conclusion is expected in 2026.
Furthermore, Mowi has been named a defendant in civil law
proceedings by a group of claimants in the UK, including
Scotland. Mowi disputes the allegations, which suggest a breach
of applicable competition law on Mowi's part. The civil law claims
clearly lack merit and are entirely unsubstantiated.
Decommissioning cost
Mowi has Farming operations in 7 countries. In all countries the
useful life of our licences is considered indefinite (ref. note 2).
Mowi has an obligation to decommission and remove all
equipment when the use of a site/license comes to an end. In
accordance with IAS 37.14 a provision shall be recognised when
an entity has a present obligation as a result of a past event,
such as setting up a site. However, due to the nature of our
business and the assessed useful life of our licenses, such an
obligation does not exist in the foreseeable future. In order to
calculate a present value of decommissioning costs, a life span
of at least 50 years should be applied in the calculation
(although licenses have indefinite useful life) due to our plan of
continued operations on the sites. Mowi considers a present
value of such a cost of 50 years and beyond cannot be reliably
measured. This is because the settlement dates are
indeterminate; and other estimates, such as very long-term
discount rates for which there is no observable measure, cannot
be reliably determined. Consequently, the decommissioning
obligation that exists cannot be reliably quantified and is
disclosed as a contingent liability. There remains a high degree
of uncertainty concerning such obligations. If and when there is
a known change in our planned operations an updated
assessment of any provision will be made for the related sites
and decommissioning cost. Even though the licenses are
indefinite there will be the need to change the equipment on our
locations from time to time. The expected life span on our
equipment is long (app. 20 years) with appropriate maintenance
performed. The cost related to changing equipment is limited. All
costs related to running maintenance is expensed and
investment in any new equipment including removal/moving to
site is accounted as addition to PPE.
Based on the above, no provisions related to decommissioning
or rehabilitation cost is recognised in the financial statement.
Other cases
We are routinely involved in various legal matters arising from
the course of our business.
While the outcome of these proceedings cannot be predicted
with certainty, we believe that, when resolved, they will not have
any material adverse effect on our results, financial position or
liquidity.
Please refer to note 30 for an overview of the financial impact of
provisions recognised in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Note 28 \u2013 Other operating expenses
SPECIFICATION OF OTHER OPERATING EXPENSES (EUR MILLION)
2025
2024
Maintenance
-262.8
-252.2
Electricity and fuel
-155.4
-147.2
Rent, leases and third-party services
-111.2
-119.1
Insurance
-47.3
-51.9
Consultancy and audit fees
-49.4
-48.0
IT costs
-34.1
-31.1
Travel cost
-10.8
-10.2
Sales and marketing costs
-24.8
-23.2
Other operating costs
-253.8
-162.6
TOTAL OTHER OPERATING EXPENSES
-949.5
-845.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Note 28 \u2013 Other operating expenses
SPECIFICATION OF OTHER OPERATING EXPENSES (EUR MILLION)
2025
2024
Maintenance
-262.8
-252.2
Electricity and fuel
-155.4
-147.2
Rent, leases and third-party services
-111.2
-119.1
Insurance
-47.3
-51.9
Consultancy and audit fees
-49.4
-48.0
IT costs
-34.1
-31.1
Travel cost
-10.8
-10.2
Sales and marketing costs
-24.8
-23.2
Other operating costs
-253.8
-162.6
TOTAL OTHER OPERATING EXPENSES
-949.5
-845.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Note 29 \u2013 Leases
SPECIFICATION OF RIGHT OF USE ASSET 2025
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY &
EQUIPMENT
TRANSPORT
NETS, PENS &
MOORINGS
OTHER
TOTAL
Opening balance
100.3
44.7
1\u00a0201.9
6.4
6.4
1\u00a0359.7
New contracts
4.9
5.3
186.6
\u2014
0.3
197.1
Extension and other adjustments of existing agreements
11.8
0.6
28.0
\u2014
\u2014
40.5
Termination of agreements
-0.1
\u2014
-18.0
-0.4
\u2014
-18.5
Foreign currency adjustments
-3.4
-0.8
-21.7
\u2014
-0.1
-25.9
TOTAL ACQUISITION COST AS OF 31.12
113.6
49.8
1\u00a0376.8
6.0
6.6
1552.8
Accumulated depreciation and
impairment losses as of 01.01
45.4
24.5
755.5
5.5
3.9
834.8
Depreciation in the year
10.6
11.8
191.8
0.2
0.7
215.1
Foreign currency adjustments
-1.6
-0.4
-10.9
\u2014
\u2014
-12.9
TOTAL ACCUMULATED DEPRECIATION AS OF 31.12
54.4
36.0
936.4
5.7
4.5
1\u00a0036.9
TOTAL CARRYING AMOUNT AS OF 31.12
59.2
13.9
440.4
0.3
2.1
515.9
Depreciation method
Linear
Linear
Linear
Linear
Linear
\u00a0
SPECIFICATION OF RIGHT OF USE ASSET 2024
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY &
EQUIPMENT
TRANSPORT
NETS, PENS &
MOORINGS
OTHER
TOTAL
Opening balance
72.5
36.6
948.6
6.3
5.4
1\u00a0069.4
New contracts
22.7
8.1
268.5
\u2014
1.0
300.3
Extension and other adjustments of existing agreements
4.2
0.1
18.0
\u2014
\u2014
22.2
Termination of agreements
-0.6
-0.6
-42.1
\u2014
\u2014
-43.3
Foreign currency adjustments
1.6
0.5
8.9
\u2014
\u2014
11.1
TOTAL ACQUISITION COST AS OF 31.12
100.3
44.7
1\u00a0201.9
6.4
6.4
1\u00a0359.7
Accumulated depreciation and
impairment losses as of 01.01
35.2
13.2
546.2
5.3
3.3
603.3
Depreciation in the year
9.6
11.0
205.6
0.2
0.5
227.0
Foreign currency adjustments
0.7
0.3
3.6
\u2014
\u2014
4.6
TOTAL ACCUMULATED DEPRECIATION AS OF 31.12
45.4
24.5
755.5
5.5
3.9
834.8
TOTAL CARRYING AMOUNT AS OF 31.12
54.9
20.2
446.4
0.9
2.6
524.9
Depreciation method
Linear
Linear
Linear
Linear
Linear
\u00a0
RECONCILIATION RIGHT-OF-USE LIABILITIES (EUR MILLION)
2025
2024
Opening balance
517.8
473.7
New contracts
197.0
299.8
Extensions and other adjustments of existing agreements
40.5
22.2
Termination of agreements
-19.7
-45.3
Down payment leasing debt (cash movement)
-203.6
-221.2
Currency effects
-9.3
-11.3
CLOSING BALANCE 31.12
522.7
517.8
Of which non-current liabilities
343.6
338.4
Of which current liabilities
179.1
179.4
MATURITY ANALYSIS COMMENCED LEASES (EUR MILLION)
2025
2024
Less than 1 year
200.8
201.2
1-2 years
144.7
149.6
2-3 years
103.5
95.7
3-4 years
62.1
65.9
4-5 years
18.7
29.0
More than 5 years
41.4
40.2
SUM 31.12
571.2
581.6
Commenced leases consists of future cash flow related to down
payment of leases and interest. The group has various contracts
that have not yet commenced as of 31 December 2025. The
future lease payments for these non-cancellable lease contracts
are EUR 13.2 million within one year (EUR 19.9 million), EUR 101.5
million within five years (EUR 114.3 million) and EUR 36.1 million
thereafter (EUR 2.9 million).
LEASES EXPENSED (EUR MILLION)
2025
2024
Leases not reported as right of use assets1)
80.6
83.8
1) Short term leases with contract period less than one year and low value leases.
SUBLEASES (EUR MILLION)
2025
2024
Income from subleases
3.1
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Note 31 \u2013 Research and development
RESEARCH AND DEVELOPMENT EXPENSES (EUR MILLION)
2025
2024
R&D expenses
36.2
44.9
The reported expenditures are gross values and exclude any
related income from our R&D activities. In addition, a fee of 0.3%
of Mowi Norway's export value is paid to the Norwegian
Seafood Research Fund (EUR 5.3 million for 2025, and EUR 5.3
million for 2024). This fee is not included in the R&D expenses.
Mowi Group has not capitalised any R&D expenditures during
2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Note 32 \u2013 Auditor\u2019s fees
FEES TO AUDITORS 2025 (EUR MILLION)
EY
OTHER APPOINTED
AUDITORS
Audit services
-2.2
-0.4
Other assurance services
-0.4
\u2014
Tax services
-0.7
\u2014
TOTAL FEES FOR 2025
-3.3
-0.4
FEES TO AUDITORS 2024 (EUR MILLION)
EY
OTHER APPOINTED
AUDITORS
Audit services
-1.8
-0.3
Other assurance services
-0.2
\u2014
Tax services
-0.9
\u2014
TOTAL FEES FOR 2024
-2.9
-0.3
Auditor\u2019s fees are stated exclusive value added tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Note 33 \u2013 New IFRS standards
New standards applied
No new standards have been applied in 2025 with significant
impact on the financial statements.
New standards - not yet implemented
At the end of 2025, there are some amendments to existing
standards/interpretations that are not yet effective but will be
relevant for Mowi Group at implementation. Mowi Group intends
to adopt these standards, if applicable, when they become
effective. The new and amended standards and interpretations
that are expected to have a significant impact on the Group's
financial statements are listed below.
IFRS 18 Presentation and disclosure in
financial statements
IFRS 18 Presentation and Disclosure in Financial Statements
replaces existing IAS 1 Presentation of Financial Statements.
IFRS 18 have new requirements for presentation within the
statement of profit or loss, including specified totals and
subtotals, and introduces required classification into the
categories operating, investing, financing, income taxes, and
discontinued operations. The group is currently assessing the
impacts the amendments will have on the presentation of the
financial statements and notes. IFRS 18 further enhances the
guidance on how to group information in the financial
statements, relevant both for the primary statements and for
notes. As part of the change, IAS 7 Statement of Cash Flows,
requires the defined Operating profit subtotal as the starting
point for the analysis of cash flows from operating activities in
the indirect method and specifies mandatory classification of
cash inflows from interest and dividend received in the investing
category, and classification of interest paid in the financing
category. Consequently, the subtotals Net cash provided by
operating activities, Net cash used in investing activities and Net
cash used in financing activities will change.
Further, IFRS 18 introduces definition of, and disclosure
requirements for, management-defined performance measures
(MPMs), a set of financial measures that are partly overlapping
with alternative performance measures (APMs) which are
currently disclosed and reconciled outside the financial
statements. IFRS 18 requires MPMs to be disclosed, defined, and
reconciled in a note to the financial statements.
Mowi is currently assessing the impact of IFRS 18, in particular
the impact on the structure of the income statement and the
statement of cash flows. Mowi does not expect large changes to
our MPM's.
The standard is effective for reporting periods beginning on or
after 1 January 2027 and will apply retrospectively. At this stage,
the group does not intend to adopt the standard before its
effective date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Note 33 \u2013 New IFRS standards
New standards applied
No new standards have been applied in 2025 with significant
impact on the financial statements.
New standards - not yet implemented
At the end of 2025, there are some amendments to existing
standards/interpretations that are not yet effective but will be
relevant for Mowi Group at implementation. Mowi Group intends
to adopt these standards, if applicable, when they become
effective. The new and amended standards and interpretations
that are expected to have a significant impact on the Group's
financial statements are listed below.
IFRS 18 Presentation and disclosure in
financial statements
IFRS 18 Presentation and Disclosure in Financial Statements
replaces existing IAS 1 Presentation of Financial Statements.
IFRS 18 have new requirements for presentation within the
statement of profit or loss, including specified totals and
subtotals, and introduces required classification into the
categories operating, investing, financing, income taxes, and
discontinued operations. The group is currently assessing the
impacts the amendments will have on the presentation of the
financial statements and notes. IFRS 18 further enhances the
guidance on how to group information in the financial
statements, relevant both for the primary statements and for
notes. As part of the change, IAS 7 Statement of Cash Flows,
requires the defined Operating profit subtotal as the starting
point for the analysis of cash flows from operating activities in
the indirect method and specifies mandatory classification of
cash inflows from interest and dividend received in the investing
category, and classification of interest paid in the financing
category. Consequently, the subtotals Net cash provided by
operating activities, Net cash used in investing activities and Net
cash used in financing activities will change.
Further, IFRS 18 introduces definition of, and disclosure
requirements for, management-defined performance measures
(MPMs), a set of financial measures that are partly overlapping
with alternative performance measures (APMs) which are
currently disclosed and reconciled outside the financial
statements. IFRS 18 requires MPMs to be disclosed, defined, and
reconciled in a note to the financial statements.
Mowi is currently assessing the impact of IFRS 18, in particular
the impact on the structure of the income statement and the
statement of cash flows. Mowi does not expect large changes to
our MPM's.
The standard is effective for reporting periods beginning on or
after 1 January 2027 and will apply retrospectively. At this stage,
the group does not intend to adopt the standard before its
effective date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Note 34 \u2013 Subsequent events
No material subsequent event for Mowi.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }