Bakkafrost reported a significant improvement in operational EBIT in the second quarter of 2026, supported by stronger performance from its Faroese salmon operations and an improved outlook for the salmon market.
Operational EBIT increased to DKK 273 million from DKK 65 million in the same period last year. The Faroe Islands were the main contributor, with operational EBIT rising to DKK 411 million from DKK 211 million.
Faroese revenue increased to DKK 1.61 billion from DKK 1.14 billion, while harvest volumes rose by 67%. Bakkafrost said strong biological performance, high average harvest weights and lower farming costs contributed to the improvement.
Applecross recently received recognition through the Highlands and Islands Enterprise Award for Excellence in Innovation at the Prosper Business Excellence Awards. The award recognised Bakkafrost Scotland’s work on the facility, which is designed to increase freshwater production capacity and support improvements in fish welfare and farming performance.
Bakkafrost expects the benefits from its Scottish investment programme to become more visible from 2027. The company is continuing to increase its use of larger smolt as part of its strategy to improve production in Scotland.
The wider salmon market is also expected to provide a more supportive supply backdrop. Bakkafrost said global salmon supply increased by 7% in the second quarter, while salmon reference prices were 15.7% lower than in the first quarter.
Bakkafrost has maintained its 2026 harvest guidance of approximately 117,000 tonnes, including around 97,000 tonnes from the Faroe Islands and 20,000 tonnes from Scotland. The company is also progressing with a DKK 5 billion investment programme covering 2026 to 2030, including additional smolt capacity, farming technology, processing infrastructure and freshwater treatment vessels.Bakkafrost is also held by Global Opportunities Trust. The trust’s portfolio holdings show Bakkafrost as a Consumer Staples investment incorporated in Denmark, representing 2.9% of the trust’s net assets.
Global Opportunities Trust plc (LON:GOT) invests globally in undervalued asset classes without reference to the composition of any stock market index.
