P/F Bakkafrost (BKFKY) Q2 2026 Earnings Call Transcript

P/F Bakkafrost ( BKFKY ) Q2 2026 Earnings Call August 31, 2026 2:00 AM EDT

Høgni Jakobsen Chief Financial Officer: Good morning, and welcome to the presentation of Bakkafrost's results for the second quarter 2026. My name is Hogni Jakobsen. I'm here today with our CEO, Regin Jacobsen.

So in the second quarter, operational performance improved for Bakkafrost with revenues increasing 16% year-on-year to DKK 1.8 billion and operational EBIT of DKK 273 million compared to DKK 65 million last year.

In the Faroes, we harvested more fish than we have ever done before in the quarter, 26,700 tonnes. And in Scotland, it was the opposite. It was less than half, a 55% reduction, 3,100 tonnes harvested. This is a result of the derisking strategy that we have been following while we await the new capacity to be fully utilized with large smolt in Scotland.

At our fishmeal, oil and feed division, feed sales were relatively stable at 37,000 tonnes. Meal sales were 0 as we are preserving inventories to ensure that we are self-sufficient with fish meal for our own feed production. Currently, our stocks will enable us to produce into Q2 next year.

Sourcing of marine raw material was lower this quarter, 32% reduction. We sourced 109,000 tonnes.

Cash flow from operations were DKK 273 million compared to minus DKK 204 million last year.

And finally, in May, we also paid dividends