Bakkafrost Scotland recorded an operating loss of £58.1 million (US$77.4 million) for 2025, up from £6 million (US$8 million) in 2024, according to full accounts filed with Companies House on Thursday, October 15.
Revenue for the year ended December 31 fell by £66 million (US$88 million), or 28 per cent, to £171 million (US$228 million) as salmon prices and harvest volumes both declined. Loss after tax rose to £63.9 million (US$85.1 million) from £23.5 million (US$31.3 million).
The company’s harvest total was 23,200 tonnes gutted weight, compared with 27,900 tonnes. The directors attributed weaker prices to a substantial increase in global salmon supply, particularly from Norway. NOK reference prices for 4kg to 5kg superior salmon were 18.1 per cent lower in the first quarter and 33.3 per cent lower in the second quarter than in the same periods of 2024.
Biological performance at sea was strong in the first half, with low mortality, controlled sea lice and high harvest weights. Biological challenges at several sites during the second and third quarters then increased mortality. A Pasteurella outbreak at Portree on Skye in September caused an exceptional mortality event and led to early harvesting, and the site was emptied in October.
"Sites impacted were stocked with 'legacy fish', reflecting historic issues with smolt quality," Bakkafrost’s directors said. "As the company progresses into 2026, the biomass at sea will increasingly reflect large and high-quality smolt."
During 2025, Bakkafrost Scotland put £38 million (US$51 million) into freshwater capacity, after spending £34.1 million (US$45.4 million) in 2024.
In the first half, smolt sent to sea from the Applecross facility in Wester Ross averaged approximately 230 grams, 80 per cent more than a year earlier. However, one production module suffered exceptional mortality in the second quarter.
"The move to larger robust smolt from a new facility is not linear, but a gradual process that involves inherent risk while operations stabilise and procedures are refined," the company said.
Following a change in management, the revised Applecross plan called for batches of 200 to 400 grams smolt.
Applecross was formally opened in May. It supports a strategy of reducing time at sea from approximately 18 months to 10–12 months.
The company’s workforce fell to 443 from 488. Europe sales declined from £108.2 million (US$144.2 million) to £45 million (US$60 million), while UK sales went from £74.7 million (US$99.5 million) to £45.7 million (US$60.9 million).
North American sales increased from £24 million (US$32 million) to £30.1 million (US$40.1 million), and those to the rest of the world from £30.2 million (US$40.2 million) to £49.8 million (US$66.4 million).