Bakkafrost posted Q1 operating EBIT of DKK 544 million (EUR 70.7 million), beating consensus of DKK 504 million (EUR 65.5 million), according to a note from Arctic Securities. The company also raised its 2026 group harvest guidance from 112,000 to 117,000 tonnes.
Faroe farming delivered EBIT of DKK 386 million (EUR 50.2 million), corresponding to EBIT/kg of DKK 15.3 (EUR 1.99). Ring-side cost per kilo fell 13% year-on-year, while quarterly feeding volumes rose 30%. The freshwater segment also outperformed, posting EBIT of DKK 90 million (EUR 11.7 million) against Arctic’s estimate of DKK 60 million (EUR 7.8 million).
Average smolt stocking weight reached 527 grams in Q1, up from 449 grams for full-year 2025. Faroe harvest guidance increased from 92,000 to 97,000 tonnes, supported by strong biology and group biomass 13.4% higher than in Q1 2024.
Scotland farming posted EBIT of DKK -63 million (EUR -8.2 million), weaker than Arctic Securities’ estimate of DKK -14 million (EUR -1.8 million). Cost per kilo came in at DKK 64.2 (EUR 8.35), against an estimate of DKK 58.3 (EUR 7.58). The bank noted that biology continues to improve, with mortality lower year-on-year and average smolt weight reaching 218 grams, compared with 159 grams for full-year 2025.
The fish oil and fishmeal segment reported EBIT of DKK 84 million (EUR 10.9 million), corresponding to a 15.5% margin, well above Arctic Securities’ estimate of 10.5%.
Arctic Securities said it expects consensus to raise near-term fish oil and fishmeal margin projections from around 12% to 15%, adding more than DKK 100 million (EUR 13.0 million) to segment EBIT estimates. The segment’s long-run average margin between 2014 and 2025 stands at 17.4%, according to the bank.
Arctic Securities, which rates Bakkafrost a Buy with a target price of NOK 532, said it expects the stock to trade 5–10% higher following the results. The shares were trading at NOK 449.6 at the time of the note.