Mowi has performed very well for a long period of time. However, with a strong re-rating in the shares recently we see less than 10% upside to our target. With no obvious reason to raise estimates further (for time being), we take a proactive approach and take some profits. For Q4 2025 we estimate an EBIT of EUR 230m which is 10% below consensus (Factset cons. EUR 256m). We have lowered our Q4 EBIT estimate by EUR 10m due to lower prices for Chilean/Canadian salmon than we expected. Our estimate ....
