Mowi ASA: Initiation of Coverage- Global Demand Roars Back, But Will Tariffs Slam the Brakes?

Mowi ASA reported robust financial performance for Q1 2025, demonstrating strong operational and biological metrics. The company achieved an operational profit of EUR 214 million and revenue of EUR 1.36 billion, marking substantial growth compared to the previous year. Harvest volumes increased to 108,000 tonnes, a 12% rise year-over-year, influenced by favorable environmental conditions in both hemispheres. This increase outpaced both European and global industry supply growth, which were 13% and 8% respectively.