Bakkafrost (BAKKA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was DKK 1,575 million, down from DKK 2,067 million in Q2 2024, with operational EBIT dropping to DKK 65 million from DKK 388 million year-over-year.

• Harvest volumes increased in the Faroe Islands by up to 57% year-over-year, while Scotland saw a 38% decrease.

• Cash flow from operations was negative at DKK 204 million, and a dividend of DKK 501 million (DKK 8.44 per share) was paid out.

• Net interest-bearing debt increased to DKK 3,824 million at the end of Q2 2025.

• Net result for Q2 2025 was a loss of DKK 138 million.

Financial highlights

• Operational EBITDA was DKK 258 million, down from DKK 556 million in Q2 2024.

• Adjusted EPS for Q2 2025 was DKK -0.10, down from DKK 3.37 in Q2 2024.

• Operational EBIT margin for Q2 2025 was 4%, compared to 19% in Q2 2024.

• Equity ratio at end H1 2025 was 59%, down from 63% at end 2024.

• Cash and cash equivalents at DKK 205 million, with DKK 1.6 billion in undrawn credit facilities.

Outlook and guidance

• 2025 harvest guidance raised to 104,000 tonnes (Faroe Islands: 82,000 tonnes; Scotland: 22,000 tonnes).

• Smolt transfer in 2025 expected at 18.5 million in Faroe Islands and 6-7 million in Scotland.

• Investment plan of DKK 5.0 billion for 2026-2030, with some 2025 investments postponed to 2026.

• Growth targets remain at 162,000 tonnes by 2030.

• European salmon supply growth expected to slow in 2H 2025 due to license constraints.