Bakkafrost group posts 544 million krónur profit in first quarter

Faroese salmon farming group Bakkafrost reported an after-tax profit of 544 million krónur for the first quarter of 2026, up from 505 million krónur in the same period last year, according to Faroese public broadcaster KVF.

Harvest volumes reached 25,139 tonnes in the Faroe Islands and 6,198 tonnes in Scotland. CEO Regin Jacobsen said the company was satisfied with the results overall.

Farming costs improved during the quarter. The cost per harvested kilogram of fish fell by 13 percent compared to the same period last year, and smolt production costs dropped by 10 percent. However, Bakkafrost cautioned that rising raw material costs for fish feed could work against this positive cost trend going forward.

The company has raised its full-year harvest forecast to 97,000 tonnes, up from a previous estimate of 92,000 tonnes. Feed production through its subsidiary Havsbrún is now expected to reach 175,000 tonnes for the year, compared to an earlier projection of 165,000 tonnes.

Mortality rates in Scotland were lower in the first quarter than in the same period last year.