Smolt losses drag down Bakkafrost Q2 results as Scottish operations come under Faroese control.
Bakkafrost has moved to bring its Scottish freshwater operations under the control of its Faroese management team following significant fish health issues that contributed to a sharp drop in quarterly earnings.
The Faroese salmon farmer reported an operational EBIT of DKK 65 million ($10.4 million / €8.45 million) for the second quarter of 2025, down sharply due to a DKK 146 million ($23.36 million / €18.98 million) loss in Scotland.
“We are not satisfied with the financial results this quarter,” said CEO Regin Jacobsen. “In Scotland, we unfortunately experienced significant mortality due to disease in our freshwater operations.”
To address the problem, Bakkafrost has now integrated the Scottish freshwater segment under its Faroese organisational structure. The company said it has strengthened local site management at its Applecross facility with experienced staff from the Faroe Islands. The Scottish seawater segment was described as “generally progressing well,” although impacted by some isolated events of elevated mortality.
In contrast to Scotland, the company said biological performance in the Faroe Islands was at its highest level on record. “The farming segment delivered exceptionally strong biological results, with robust growth and the best survival rates seen in over a decade,” Jacobsen said. Freshwater performance in the Faroes was also described as having reached a “new level,” with smolt of “outstanding quality and robustness.”
Bakkafrost said feeding activity reached record highs, while overall mortality was reduced by 52% year-on-year in the Faroese operation.
Despite weaker global salmon prices, the group has increased its full-year harvest guidance to 104,000 tonnes, up 7% from previous estimates, citing biological performance and volume growth in both regions.
Jacobsen said the company remains focused on “building biological resilience, strengthening operational performance across regions, and securing long-term value creation.”
