Bakkafrost issues Q2 profit warning on Scottish mortality losses.
Bakkafrost has issued a profit warning for the second quarter of 2025, citing lower-than-expected earnings due to biological challenges in its Scottish operations.
Preliminary unaudited results show group operational EBIT of approximately DKK 65 million (€8.7 million / $10.4 million), significantly below market expectations. The group recorded total exceptional mortality costs of DKK 93 million (€12.5 million / $14.9 million), the bulk of which stemmed from disease events in Scotland.
The company said biological performance in the Faroe Islands remained strong during the quarter. However, Scotland saw operational EBIT losses in both its farming and freshwater segments, at -DKK 127 million and -DKK 72 million respectively. The Scottish figures included write-downs of DKK 38 million in the farming segment and DKK 52 million in freshwater operations, including mortality losses extending into July.
Bakkafrost’s feed (FOF), freshwater in the Faroes, services, and sales and other segments remained profitable. Sales and other contributed DKK 97 million, while freshwater and feed delivered DKK 85 million and DKK 89 million, respectively.
The group harvested a total of 23,000 tonnes gutted weight (GWT) in Q2 2025: 16,000 tonnes in the Faroe Islands and 7,000 tonnes in Scotland. Average harvest weights were 5.0kg in the Faroes and 5.9kg in Scotland. The company released 5.4 million smolts in the Faroes and 0.9 million smolts in Scotland during the quarter.
The full Q2 report will be released on 26 August 2025 at 06:00 CET.
