December 24, 2025

 

Mowi enters into strategic feed partnership with Skretting/Nutreco

 

 

Mowi ASA has entered into a strategic and industrial partnership agreement with Skretting/Nutreco.

 

Mowi produces feed based on Skretting's feed formulation.

 

Key highlights concerning the agreement are as follow:

 

    - Strategic partnership to deliver more than kr650 million (US$65 million) in annualised net cost savings through improvements in feed formulation and recipes, procurement and logistics;

 

    - Total EBITDA contribution of the feed partnership with Skretting and retained Mowi Feed business unit of more than kr1,475 million (US$145 million);

 

    - Total earnings of kr1,475 million (US$145 million) equivalent to an EBIT per kg (GWT) of kr2.1 (US$0.21) for Mowi Group, and kr2.6/kg (US$0.26/kg) for Mowi Norway. This corresponds to kr 1.7 (US$0.17) in earnings per share.

 

The partnership agreement builds upon Mowi and Skretting's existing long-term commercial relationship, and Skretting will make available its proprietary know-how, R&D capacity, data, and procurement capabilities.

 

With reference to the stock exchange release on March 4,2025, when Mowi announced a strategic review of its Feed Division. The strategic review has now been concluded, and Mowi is pleased to announce that it has entered into a strategic and industrial partnership agreement with Skretting/Nutreco.

 

Mowi Feed will continue to produce feed, and feed production will now be based on Skretting's feed formulation.

 

"Mowi and Skretting are a great match for each other, and the partnership with Skretting is our preferred outcome from the strategic review process," said Mowi chief executive officer Ivan Vindheim.

 

"I am confident that teaming up with them will make Mowi into an even better salmon farming company. With this agreement, Mowi Farming secures the best performing feed in the coming years at the lowest cost in the industry. The partnership will deliver improved feed formulation and recipes for our European salmon farming operations which will drive significant cost improvements whilst ensuring top quality feed performance in the years to come."

Skretting has been one of Mowi's feed suppliers for decades, known for delivering high-quality salmon feed at a competitive cost. As feed formulation has become increasingly complex in recent years, nutritional know-how and an R&D focus within feed have become even more important.

 

"We know the Skretting team extremely well and have enjoyed an excellent working relationship with them for decades," Vindheim said.

 

"Now we are taking this cooperation to another level and formalising how we can drive innovations and cost improvements. This partnership model presents a low-risk solution for Mowi while ensuring cost savings from day one on improved feed formulation and optimised procurement and logistics." 

 

A key advantage of keeping Mowi Feed — with its excellent organisation and two state-of-the-art feed factories in Norway and Scotland — is that Mowi will retain the embedded profit in the feed value chain. There is reason to believe that the feed market will continue to tighten in the coming years, which will make this part of the value chain even more profitable.

 

"The partnership model whereby Mowi Feed is retained gives us the best of both worlds; teaming up with Skretting with all the benefits that it entails and at the same time retaining Mowi Feed with an improved market outlook make this the most compelling solution," Vindheim said.

- Mowi