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Bakkafrost (BAKKA) investor relations material

Bakkafrost Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Revenue for Q2 2025 was DKK 1,575 million, down 24% year-over-year, with operational EBIT at DKK 65 million, reflecting a sharp decline due to lower salmon prices and exceptional mortality in Scotland.

  • Faroe Islands harvest volumes increased 57%, while Scotland's declined 38%; total Q2 2025 harvest was 23,054 tonnes, up 7% year-over-year.

  • Profit after tax was negative DKK 138 million, and adjusted EPS was negative; net profit for the period was DKK 53 million, compared to a loss of DKK 138 million in Q2 2024.

  • Cash flow from operations was negative DKK 204 million, with net debt rising to DKK 3,824 million and a dividend of DKK 8.44 per share (total DKK 501 million) paid out.

  • The company maintained its dividend payout and continued investing in capacity expansion despite negative cash flow.

Financial highlights

  • Operational EBIT dropped from DKK 388 million last year to DKK 65 million; operational EBITDA was DKK 258 million, down from DKK 556 million.

  • Adjusted EPS for Q2 2025 was DKK -0.10, down from DKK 4.80 in Q2 2024.

  • Equity ratio stood at 59%, down from 63% at the end of 2024.

  • Cash and cash equivalents at quarter-end were DKK 25 million.

  • Net interest-bearing debt increased to DKK 3,824 million, mainly due to investments, dividend payout, and working capital changes.

Outlook and guidance

  • 2025 harvest volume guidance raised to 104,000 tonnes (Faroe Islands: 82,000; Scotland: 22,000), with smolt transfer expected at 18.5 million in Faroes and 6–7 million in Scotland.

  • Global salmon supply expected to grow 9% in 2025, but European supply growth to slow in 2H 2025 due to license constraints.

  • Growth target remains 162,000–165,000 tonnes by 2028–2030, with a DKK 5.0bn investment plan for 2026–2030; some 2025 investments postponed to 2026.

  • Lower raw material prices expected to benefit farming costs in the second half.

  • Value-added product contract exposure reduced in response to Faroese revenue tax changes.

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Frequently asked questions

P/F Bakkafrost produces and sells salmon products under the Bakkafrost and Havsbrún brands in North America, Western Europe, Eastern Europe, Asia, and internationally. It offers fresh salmon for human consumption that include whole fish, fillets, portions, steaks and other value-added product lines; frozen products comprising fillets, steaks and minced meat; and downgraded products that comprise minced meat, surimi based fillet sticks incorporating smoked salmon mince, breaded shrimp rings, smoked mackerel fillets/sticks/mince and minced mince. The company was founded in 1968 and is headquartered in Glyvrar, Denmark.

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