Bakkafrost (BAKKA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was DKK 1,681m, flat YoY; operational EBIT rose to DKK 128m from DKK 22m and net profit to DKK 191m from DKK 77m.

• Q3 harvest fell 10% YoY to 27,634 tonnes, while 9M harvest rose 13% to 88,865 tonnes.

• Stronger FOF and Faroese results offset continued Scottish losses and lower Scottish harvest volumes and weights.

Financial highlights

• Q3 operational EBITDA was DKK 325m and EBIT DKK 323m, including a positive DKK 231m fair-value adjustment of biological assets.

• 9M revenue was DKK 5,620m versus DKK 5,160m; operational EBIT was DKK 944m versus DKK 592m, and net profit was DKK 337m versus a DKK 67m loss.

• Q3 operating cash flow was DKK 149m versus DKK 245m YoY; 9M operating cash flow rose to DKK 875m from DKK 631m.

Outlook and guidance

• 2026 harvest guidance remains 117,000 tonnes: 97,000 in the Faroe Islands and 20,000 in Scotland; 2027 guidance is 125,000 tonnes, including 97,000 in the Faroe Islands and 28,000 in Scotland.

• 2027 smolt transfers are planned at 32.5m: 21m in the Faroe Islands and 11.5m in Scotland; feed production is targeted at 185,000 tonnes versus 170,000–175,000 in 2026.

• 2027 contracts are planned to cover 15–25% of expected harvest.

• The DKK 5.0bn 2026–2030 investment plan supports a 2030 harvest target of 162,000 tonnes.

• Global salmon supply is forecast to decline 3% in Q4 2026 and remain flat in H1 2027, with ~2% growth in H2.