Bakkafrost Q2 2025: Strong biology, weak market hits EBIT

Bakkafrost reported an operational EBIT of DKK 65m for Q2 2025, a substantial decrease from DKK 388m in Q2 2024, attributed primarily to a 33.3% reduction in salmon reference prices caused by a 16.6% increase in global salmon supply. Despite the challenging market, the Faroe Islands segment saw revenues of DKK 1,144m and an operational EBIT of DKK 211m, while Scotland reported revenues of DKK 431m but an operational EBIT loss of DKK -146m due to disease-related mortalities.

Chief executive Regin Jacobsen emphasized satisfaction with the Faroese biological performance, noting a 12% reduction in farming costs and record post-transfer smolt survivability. In contrast, Scotland’s freshwater operations faced significant mortalities, prompting a reorganization under Faroese leadership. The company increased its 2025 harvest guidance by 7%, with Faroe Islands targeting 82,000 tonnes and Scotland 22,000 tonnes.

The total harvest volume for Q2 2025 was 23,054 tgw, up from 21,592 tgw in Q2 2024. Bakkafrost also announced a DKK 5.0bn investment plan for 2026-2030, aiming for 162,000 tonnes harvest by 2030, focusing on efficiency, biological risk reduction, and sustainable growth in both regions. A dividend of DKK 8.44 per share for 2024 was paid in May 2025.