Salmon farming company the Bakkafrost Group delivered a total operating income of DKK295 million (US$47 million) in the fourth quarter of 2025.
The performance per region in Q4 2025 indicated an operating income of DKK392 million (US$62.5 million) from the company's Faroe Islands operations and an operating loss of DKK97 million (US$15 million) from its Scotland operations amid revenues of DKK1.544 billion (US$250 million) and DKK303 million (US$48.3 million), respectively.
"Operationally, the group delivered a solid performance in the fourth quarter, driven by strong biological development in the Faroe Islands where biomass levels reached an all-time high," Bakkafrost CEO Regin Jacobsen commented. "This supports improved cost efficiency and operational robustness, which remains a key priority across the group."
In Scotland, there is continued progress from the ramp-up of Bakkafrost's Applecross hatchery. Production volumes of large, high-quality smolt are increasing, and Jacobsen said the company remains firmly focused on a steady and controlled ramp-up, prioritising biological stability and predictable execution.
"The improved operational performance is encouraging as we look towards 2026," added Jacobsen. "Following a period of elevated global supply growth in 2025, the market environment improved towards the end of the fourth quarter, and we expect the salmon market to be even tighter from Q2 2026 and onwards."
Jacobsen said Bakkafrost's 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.
Additionally, the Scottish operations were impacted in October by the harvesting and emptying of the company's Portree farming site following the exceptional mortality event previously reported in the Q3 interim report.
"Despite these headwinds, Bakkafrost remains focused on cost discipline, biological control, and operational stability," Jacobsen remarked. We will continue to execute on our strategic investments while maintaining a prudent and steady approach to growth to support long-term sustainable value creation."