Photo: Bakkafrost

Bakkafrost profits fall 83% due to falling salmon prices

The salmon farming giant reports a significant drop in earnings due to low prices but notes record-high biological results in the Faroe Islands.

The Bakkafrost Group reported an operational EBIT of just $10.1 million (DKK 65 million) for the second quarter of 2025, a sharp decline from the $60.3 million (DKK 388 million) recorded in the same period last year. The company attributed the poor financial performance to a significant increase in global salmon supply, which has led to lower market prices.

According to CEO Regin Jacobsen, the company is "not satisfied with the financial results" but highlighted strong operational results in its key regions.

Faroe Islands

In the Faroe Islands, Bakkafrost's farming segment achieved its highest-ever biological performance. Farming costs were reduced by 12%, and the company saw record-high growth and survival rates. Feeding activity reached an all-time high, while mortality was reduced by 52% compared to the same quarter last year. The freshwater operations in the Faroe Islands are also delivering smolt of unprecedented quality, with post-transfer survivability at record levels. The region's revenues were $177.8 million (DKK 1.144 billion), with an operational EBIT of $32.8 million (DKK 211 million).

FRESHWATER – FAROE ISLANDS

FARMING – FAROE ISLANDS

Scotland

The Scottish operations, however, faced significant challenges. The freshwater segment saw "significant mortalities due to diseases," contributing to an operational EBIT loss of $22.7 million (DKK -146 million). To address this, Bakkafrost is integrating its Scottish freshwater operations under the Faroese organization and strengthening management at the Applecross site. Despite these issues, the Scottish marine operations showed good overall development.

FRESHWATER – SCOTLAND

FARMING – SCOTLAND

Outlook

Despite the low prices, the company's strong biological performance has supported volume growth. As a result, Bakkafrost is increasing its harvest guidance for the year in both regions by a total of 7%.

"Our strategic priorities remain unchanged – to continue building biological resilience, strengthen operational performance across regions, and secure long-term value creation," Jacobsen said. The company's revenues in Scotland were $67 million (DKK 431 million), a significant drop from the $136.7 million (DKK 880 million) in the same period last year.

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Address:	Glyvrar
City:	Glyvrar
State/ZIP:	(FO-625)
Country:	Faroe Islands
Phone:	+298 40 50 00
Fax:	+298 40 50 09
E-Mail:	[email protected]
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