Q1 2026 P/F Bakkafrost Earnings Call Transcript

May 19, 2026 / 06:00 AM GMT

Release Date Price: $12.03

Transcript

Key Points

Positve

Bakkafrost P/F (BKFKF) reported an 11% increase in revenue to approximately 2.1 billion, and an 8% rise in operational EBIT to 544 million compared to the same quarter last year.
Harvest volumes in the Faroe Islands increased by 33% to around 25,100 tonnes, contributing significantly to the company's performance.
Feed sales rose by 13%, reflecting strong biological growth in the farming operations.
The company maintained a strong balance sheet with total assets slightly increasing to 19.2 billion and an improved equity ratio from 58% to 59%.
Operational EBIT for the POF segment increased by 29% to 84 million Danish kroner, with a margin improvement from 13% to 15%.

Negative

Cash flow from operations declined to 453 million, down from 590 million the previous year.
The operational EBIT per kilo decreased to 17.35 Danish kroner from 20.07 in the same quarter last year.
Scotland's operational EBIT margin dropped significantly to 4.58 from 11.22 in the same quarter last year.
Marine raw material sourcing was down 53% from last year, affecting the results.
Higher raw material prices are expected to impact costs, particularly in the feed segment, with potential increases in late 2026 and early 2027.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BAKKA.OL - P/F Bakkafrost
Q1 2026 P/F Bakkafrost Earnings Call
May 19, 2026 / 06:00AM GMT

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Presentation
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Unidentified_1 [1]
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I will point your attention to our disclaimer on forward-looking statements. I will leave it for self-study. It's included in the published presentation.

This morning, we will follow the usual agenda, beginning with a summary of the quarter before we move on to markets and sales, finances, operations, and finally, outlook.

So the first quarter was a solid start to the new year for Baka Frost. Compared to the first quarter last year, our revenue increased by 11% to around 2.1 billion, and operational EBIT increased by 8% to 544 million.

This was achieved in a market with significantly higher global supply and lower year-on-year prices.

The main operational driver was the Faroe Islands. Where harvest volumes

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