Mowi ASA

The most interesting job we've done was when we took Scotland to be independent in salmon farming.

So we built, built a new facility in Ardersie for Mowi.

Uh-huh.

Right? So it was basically a new facility for them to breed the sheep in, because they were bri- buying them-

Like, it's unbelievable, like-

Wow

... what an outfit Mowi is like.

Yeah.

They specifically pointed towards strong biological performance, better fish quality, and lower costs as some of the reasons behind the results.

Now, MUVI gives us another interesting view because they're farming across so many different parts of the world.

Converting everything into kroners, Norway produced roughly 22 kroners per kilo of operational ebbet.

Scotland was around 21, Faroes around 19, and surprisingly, Canada was actually the highest at roughly 24 kroners per kilogram.

When the biology is working, these companies are making more money.

And over the last couple quarters, biology has worked reasonably well across pretty much the entire industry when you look at all the different regions.

MUVI harvested record volumes during the quarter while also lowering its blended farming costs year over year.

The same story can be said for Salmar, and we're seeing fish get through the production cycle, reaching good harvest volumes, and doing it without some of the large-scale issues that have defined many of the previous quarters.

What's the other one, Brigitte, remind me?

Mowi.

Mowi, that's right.

But actually it turned out they didn't source from Senegal, but the companies that did were Turkish companies.

farmers of sea bass who in turn supplied well they supply the whole of Europe actually Turkish sea bass is the biggest um they're the biggest producers of sea bass I think in the world so we actually came across a whole new market for fish meal and fish oil that we we hadn't been aware of at the start

So, I think combining a global business which is diversified into value-added and has a nature as a low-cost commodity producer is the place to be.

And then you end with probably a position in MUBI, the largest salmon farmer globally, as your high-conviction pet.

But disclaimer, you shouldn't forget, one name alone is never a complete portfolio.

Regarding the consumer signal, you ask, I like to watch the export value of salmon, which combines volume and price.

Yep

... by Mowi.

How do you think that's gonna bring...?

Mixed views from people.

Mm-hmm.

And if they can link in with what we're doing with the Kintyre 66.

Yeah, I mean, to, I, I've done quite a bit of work with Mowi in terms of-

Mm-hmm

Billy.

The co-captain of the Saints is going to join us live from Carwash and Mowi.

So we'll get to the bottom of that.

Well, we don't know why.

The V8, Melbourne Footy Club.

Yep.

Now we head out to Mowi shortly to catch up with Cal Wilkie, who's opened up a car wash out there.

Yeah.