Bakkafrost quadrupled operating profit in Q2
But losses continued in Scotland
Faroes and Scotland salmon farmer Bakkafrost made an operating profit of DKK 273 million (£31.3m) in the second quarter of 2026, more than four times the DKK 65m made in the same period last year.
Operating profit in the Faroes almost doubled to DKK 411m (Q2 2025: DKK 211m), offset by an operating loss of DKK -139m in Scotland, which was similar to the operating loss of DKK -146m in the same period last year.
“The operation in Scotland is affected by low harvest volumes in 2026, which is a result of the chosen de-risking strategy while the capacity to produce large, high-quality smolt is established,” Bakkafrost wrote in its Q2 2026 report published today.
Bakkafrost Scotland’s operating loss included exceptional mortality costs of DKK 31m (£3.55m).
Weaker batch
“Most farming sites developed well during the quarter, although biological challenges affected a specific batch of fish at the Sgian Dubh and Ardyne farming sites. The affected fish at these sites originated from the same batch of externally supplied smolt,” the company explained.
Together, the Faroes and Scotland farming segments harvested 29,894 gutted weight tonnes in Q2, up from 23,100 gwt in Q2 last year. All of the volume increase came from the Faroes, where Bakkafrost harvested 26,749 gwt (16,020 gwt), an increase of 67%. In Scotland, the harvest was down by 55% to 3,145 gwt from 7,034 gwt.
In the first half of 2026, Bakkafrost has harvested 61,231 gwt (H1 2025: 48,254 gwt) as a result of increased production in the Faroes. The farming division in the Faroes harvested 51,888 gwt, up from 34,934 gwt in the first half of last year. In Scotland, Bakkafrost has harvested 9,343 gwt (13,320 gwt).
Satisfied overall - but not with Scotland
“Overall, we are satisfied with the clear improvement in operating performance in the second quarter,” said chief executive Regin Jacobsen, who pointed to strong biological and operational performance in the Faroe Islands where average harvest weights remained high, and farming costs at site declined.
“This reflects the value of good biological control, disciplined operations and our integrated value chain.”
The Faroese freshwater operations maintained high production and capacity utilisation, transferring 5.6 million large, high-quality smolt during the quarter, and the first eggs were introduced at the company’s new hatchery in Skálavík in June, said Jacobsen.
Biological challenges
“We are not satisfied with the result in Scotland. Harvest volumes were substantially lower, and biological challenges affecting one batch of fish originating from externally sourced smolt had a significant impact on the result,” said the CEO, although he added that the challenges were concentrated in this batch, with biological performance at most other sites stable.
Bakkafrost Scotland’s Applecross hatchery and post-smolt facility continued to ramp up production, resulting in Scottish freshwater operations improving year-on-year.
“Our priorities remain unchanged: strengthen biological control, improve cost efficiency and restore stable production volumes in Scotland, while maintaining disciplined execution of our investment programme. We maintain our 2026 harvest guidance of 117,000 tonnes,” concluded Jacobsen.
