Q2 2025 P/F Bakkafrost Earnings Call Transcript

Aug 26, 2025 / 06:00 AM GMT

Release Date Price: kr430 (-1.60%)

Transcript

Key Points

Positve

Bakkafrost P/F (BKFKF) reported strong growth in the Faroe Islands, with a 51% increase in harvest driven by robust biological performance.
Feed sales increased by 14% in the quarter, indicating strong demand and operational efficiency.
The company has a solid financial position with an equity ratio of 59% and EUR 1.6 billion in undrawn credit facilities.
Sales to China grew significantly, with a 52% increase in volumes, showcasing strong market penetration.
The company is on track with its long-term growth strategy, aiming for 165,000 tons by 2028, supported by robust operations and strategic investments.

Negative

Bakkafrost P/F (BKFKF) experienced a significant drop in operational EBIT from 388 million last year to 65 million this quarter.
The company faced a major incident at its Applecross facility in Scotland, resulting in significant mortality and financial impact.
Salmon prices have decreased by 33% compared to last year, negatively impacting revenue.
Cash flow from operations was negative at 204 million, indicating financial strain.
The Scottish operations reported a negative EBIT due to lower volumes and exceptional mortality, highlighting operational challenges.

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

BAKKA.OL - P/F Bakkafrost
Q2 2025 P/F Bakkafrost Earnings Call
Aug 26, 2025 / 06:00AM GMT

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Presentation
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Unidentified_1 [1]
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A profit warning in 15th of July..

And this is in line with what we are presenting today.

So in the second quarter, we had revenues for 1.6 billion, and an operational EBIT of 65 million.

The fairhees harvest in the quarter was 16,000 ton, 5,800 ton, up from the same quarter last year.

In Scotland, we harvested 7,000 ton, which was 4,300 tons lower than the same quarter last year.

At our fo division, feed sales increased by 14% in the quarter to 37.5 1,000 ton.

We sold 5,000 tons of fish oil. Fish meal was also lower than in the same quarter last year, 9,000 tons in this quarter.

Sourcing in this quarter was very strong. 160,000 tons of marine raw material were sourced in this

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