Bakkafrost Group delivered a total operational profit of DKK544 million ($84.6 million) in the first quarter of 2026, up from DKK505 million during the first quarter of 2025.
In the Faroe Islands, quarterly revenues rose to DKK1.671 billion from DKK1.403 billion in 2025, while Scotland registered a revenue decline to DKK443 million from DKK496 million.
Faroese operations generated an operational profit of DKK572 million compared to DKK435 million in the first quarter of 2025, but the Scottish division suffered an operational loss of DKK28 million, down from a profit of DKK71 million.
Chief Executive Officer Regin Jacobsen said, "Overall, we are satisfied with the results in this quarter."
Driven by biological development in the Faroe Islands, the group increased its 2026 harvest volume guidance to 97,000 tonnes from the previously projected 92,000 tonnes.
To support this higher biomass growth, expected fish feed production in 2026 was also raised to 175,000 tonnes.
During the quarter, freshwater segments transferred 4.9 million smolts, up from 3.8 million in the first quarter of 2025. This comprised 3.9 million smolts in the Faroe Islands and one million in Scotland, compared to 3.2 million and 0.6 million respectively in the same period of 2025.
Total combined harvest across both regions reached 31,337 tonnes of gutted weight in the first quarter of 2026, up from 25,200 tonnes in the first quarter of 2025. Out of this volume, the Faroese farming segment accounted for 25,139 tonnes, whilst the Scottish farming segment produced 6,198 tonnes.
Scottish marine operations delivered stable biological performance with improved survivability compared to the first quarter of 2025, Bakkafrost noted.
The average weight of transferred smolts from the Applecross facility in Scotland rose to 269 grams, representing a 16 per cent increase compared to the first quarter of 2025.
A one-off cost of DKK18 million was recorded in the services segment due to the decommissioning of older delousing equipment.
This machinery was made obsolete by the introduction of the dual-freshwater treatment vessel, Bakkafossur, as part of ongoing modernisation efforts.
The company cited figures from Kontali Analyse indicating that the global salmon supply rose 14.6 per cent in the first quarter of 2026 compared to the first quarter of 2025. This increased supply contributed to reference prices for four to five kilogram superior salmon falling by five per cent, despite strong demand in markets such as China.
