Bakkafrost highlights positives as it posts more losses in Scotland
Faroes-headquartered salmon farmer Bakkafrost today highlighted “continued progress” at its Applecross hatchery in Scotland as it once again posted losses for its Scottish operation.
“Production volumes of large, high-quality smolt are increasing, making Applecross a cornerstone in our Scottish operations. We remain firmly focused on a steady and controlled ramp-up, prioritising biological stability and predictable execution,” Bakkafrost chief executive Regin Jacobsen said in the Faroese company’s report for the fourth quarter of 2025.
Bakkafrost Scotland’s seawater farming segment made an operating loss of DKK 110 million (£12.8m) in Q4, twice the DKK 55m operating loss made in the same period in 2024.
Half of the loss was caused by exceptional mortality, largely at a Bakkafrost site at Portree, Skye, where an outbreak of disease caused by the bacteria Pasteurella Skyensis led to the site being emptied and fallowed early. Low prices also hit the bottom line, in Scotland and the Faroes.
High global supply
“The financial results in the fourth quarter were not satisfactory, as they were impacted by the continued high global supply of salmon, which negatively affected market prices for the majority of the quarter,” said Jacobsen.
“Additionally, the Scottish operations were impacted in October by the harvesting and emptying of the Portree farming site following the exceptional mortality event previously reported in the Q3 interim report.”
In the Q4 report, Bakkafrost points out that excluding Portree, biological performance across its Scottish farming sites continued to improve through the quarter.
“Mortality rates in November and December were below the average levels observed over the past five years, while harvest weights remained strong. Overall, the quarter reflects continued progress in strengthening and stabilising the Scottish marine operations,” stated the company.
Higher volume
Overall, Bakkafrost Group delivered a total operational EBIT of DKK 295m in Q4 on a harvest of 27,891 gutted weight tonnes. This was a little higher than the DKK 280m in Q4 2025, when Bakkafrost harvested 20,479 gwt, but – like other salmon producers - the group made less per kilo. Bakkafrost made operating EBIT per kilo of DKK 10.59 in Q4 2025, down from DKK 13.65 in the same period the year before.
Operating EBIT per kilo in the Faroes was down slightly from DKK 18.63 to DKK 16.81, while operating loss per kilo in Scotland increased from DKK -97.94 to DKK -21.11.
The harvest volume was split between 23,312 gwt (Q4 2024: 16,638 gwt) in the Faroes, and 4,579 gwt (3,840 gwt) in Scotland.
For the full year, Bakkafrost harvested 106,823 gwt – 83,638 gwt in the Faroes and 23,185 gwt in Scotland. This is an increase of more than 16,000 gwt compared to 2024, when Bakkafrost harvested 90,656 gwt – 62,776 gwt in the Faroes and 27,880 gwt in Scotland.
This year, Bakkafrost plans to harvest 92,000 gwt in the Faroes and 20,000 gwt in Scotland.
