Bakkafrost group posts profit of 307 million kroner in first quarter

Faroese salmon farming company Bakkafrost reported an after-tax profit of 307 million kroner for the first quarter of 2026, according to Faroese public broadcaster KVF. This compares with a loss of six million kroner in the same period last year.

Harvest volumes reached 25,139 tonnes in the Faroe Islands and 6,198 tonnes in Scotland.

“Overall, we are satisfied with the result,” said CEO Regin Jacobsen.

Lower farming costs

Cost performance in sea farming improved during the quarter. The cost per kilogram of harvested fish fell by 13 percent compared with the same period last year, and smolt production costs dropped by 10 percent.

However, Bakkafrost warned that the raw materials used to produce fish feed are expected to become more expensive, which could work against the positive cost trend going forward.

Higher harvest outlook for 2026

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

In Scotland, losses were lower than in the first quarter of last year.