Salmon companies have been a weak investment in recent years as higher taxes, cost inflation, and low salmon prices have squeezed profits. Now, the sector could be facing a turnaround in 2026, writes Dagens industri in an analysis.
The Norwegian resource tax on salmon farms was introduced in 2022 at 40 percent and later reduced to 25 percent, which contributed to foreign investors exiting the sector. At the same time, biological issues and rising costs have weighed on companies, while low salmon prices pressured results throughout 2025. However, prices began to rise in the fourth quarter, and futures contracts point toward an upward trend during the spring.
“If prices rise, the stage is set for a sector comeback. We expect a significant earnings boost for all the major salmon companies this year, provided the price increase materializes,” Di writes, adding that Mowi continues to stand out as a favorite.
Mowi ASA specializes in breeding, processing and marketing salmon and trout. Net sales break down by activity as follows:
- sale of fish (98.3%). The group is also develops production of fish-based products activity (smoked salmon, fish terrines, rillettes, etc.);
- farming and preparation of fish (1.6%): salmon, trout, cod, sturgeon, etc. The activity is carried out primarily in Norway, Scotland, Canada, Chile, Ireland and the Faeroe Islands;
- production of fish feed (0.1%).
Net sales are distributed geographically as follows: Europe (67.9%), the Americas (20.5%), Asia (9%) and other (2.6%).
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