Norway · Delayed Price · Currency is NOK P/F Bakkafrost Earnings Call Transcripts
Fiscal Year 2025
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Q4 saw revenue rise to DKK 1.8 billion and operational EBIT reach DKK 295 million, driven by strong harvest growth in the Faroe Islands and Scotland. Outlook for 2026 remains positive with stable costs, robust demand in Asia and the U.S., and continued investment in capacity and sustainability.
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Q3 saw higher harvests and strong biological performance in the Faroes, but group EBIT and margins declined sharply due to lower salmon prices and disease-driven losses in Scotland. Major investments in feed and hatchery capacity continue, with a focus on cost reduction and operational improvements.
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Q2 saw sharply lower revenue and EBIT due to a steep drop in salmon prices, despite record harvests in the Faroe Islands. Scotland's performance was deeply negative, impacted by mortality events, while the group upgraded its 2024 harvest guidance and remains committed to long-term growth targets.
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Targets 10.8% annual growth in harvest volumes to 2030, supported by disciplined CaPex, robust smolt and hatchery expansion, and advanced technology. Focus remains on premium market positioning, sustainability, and operational efficiency, with a strong balance sheet and stable dividend policy.
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Revenue and operational EBIT declined year-over-year due to lower salmon prices and oversupplied markets, but operational performance remained strong in key segments. Investments in capacity and robust smolt production support a positive outlook, with supply growth guidance raised for 2025.
Fiscal Year 2024
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Q4 saw revenue of DKK 1,470 million and operational EBIT of DKK 280 million, with strong harvest growth in Scotland but lower FOF segment earnings. 2025 guidance targets 97,000 tons harvest, ongoing cost reductions, and major capacity expansions.
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Revenue and operational EBIT declined year-over-year, with profit after tax negative due to lower salmon prices and one-off events. Harvest volumes increased in both Faroes and Scotland, while cost reductions and a shift to larger, healthier smolt are expected to improve future margins.
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Q2 saw 24% revenue growth and a 10% rise in operational EBIT, despite a four-week strike in Faroes and operational setbacks in Scotland. CapEx for 2024–25 was cut by DKK 800 million, and a strong de-risking strategy is in place for future growth.