Core Announcement

Bakkafrost reported third‑quarter operating profit of DKK 128 million, falling short of analysts' consensus forecast of DKK 223 million, a miss of more than 40 percent.

Segment Performance

  • Faroese farming posted an operating loss of DKK 0.34 per kilogram, an improvement from DKK 1.13 per kilogram a year earlier, but it missed the targeted DKK 42 million operating profit.
  • Harvest volumes at the Faroes declined to 23,097 tonnes from 25,392 tonnes in the prior year.
  • Scotland reported an operating loss of DKK 140 million, narrower than the DKK 205 million loss a year ago yet wider than the consensus loss forecast of DKK 118 million. The Scottish loss per kilogram improved to DKK 30.49 from DKK 36.09 a year earlier, while harvest volumes fell to 4,537 tonnes from 5,286 tonnes.
  • Group revenue dropped to DKK 245 million from DKK 282 million, reflecting lower harvest volumes, smaller fish weights and higher unit costs.
  • Exceptional mortality costs fell to DKK 42 million from DKK 70 million, including DKK 33.5 million linked to sites harvested during the quarter.

Strategic Actions

The company announced it will cease purchasing smolt from external suppliers to reduce biological risk and will rely on its own freshwater production. It reduced its planned 2027 Scottish smolt release to 11.5 million, describing the level as lower than previously planned, while raising the 2026 Faroese smolt release to 20.7 million from 20.0 million.

Outlook and Forecasts

Bakkafrost kept its 2026 group harvest forecast at 117,000 tonnes (approximately 97,000 tonnes from the Faroes and 20,000 tonnes from Scotland). For 2027 it projects a total harvest of 125,000 tonnes, comprising 97,000 tonnes in the Faroes and 28,000 tonnes in Scotland. The company warned that exceptional mortality, mainly at Scottish sites harvested in September, will also affect the fourth quarter.

The fishmeal and feed unit achieved an operating margin of 24 percent, up from 12 percent a year earlier, after sourcing 9,587 tonnes of raw material compared with 39,940 tonnes previously. Faroese revenue rose to DKK 1.44 billion from DKK 1.41 billion.

Global salmon supply increased 6.9 percent during the quarter, including inventory movements, and is expected to decline 3 percent in the fourth quarter, excluding inventory movements.