Q3 2025
and
First Nine Months of 2025
Faroese Company Registration No. 1724
https://www.bakkafrost.com
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
0
22
65
200 173
100
280
500
400
300
505
600
OPERATIONAL EBIT MDKK
HARVEST VOLUME TGW
35,000
30,700
30,000 27,000
25,200
25,000
23,100
20,500
20,000
15,000
10,000
5,000
0
Q3 24
Q4 24
Q1 25
Q2 25
Q3 25
Content
Content 1
Highlights 2
Summary 3
Outlook and Operational Performance 4
Financial Performance 7
Income Statement 7
Statement of Financial Position 7
Cash Flow 8
FOF Segment 9
Freshwater Segments 10
Freshwater - Faroe Islands 10
Freshwater - Scotland 10
Farming Segments 12
Farming - Faroe Islands 12
Farming - Scotland 12
Services 13
Sales & Other 13
Risks 14
Events after the 14
Reporting Period 14
Statement by the Management and the Board of Directors on the Interim Report . 14 Consolidated Income Statement 15
Consolidated Statement of Comprehensive Income 15
Consolidated Statement of Financial Position 16
Consolidated Cash Flow Statement 17
Consolidated Statement of Changes in Equity 18
Notes to the Accounts 19
Contacts 25
Appendix 26
Total Assets** | 18,297 | 17,674 | 18,297 | 17,674 |
Equity** | 10,442 | 11,157 | 10,442 | 11,157 |
Equity ratio** | 57% | 63% | 57% | 63% |
Net interest-bearing debt** | 3,964 | 3,000 | 3,964 | 3,000 |
Cash flow from operations | 245 | 575 | 631 | 2,287 |
Cash flow from financing | 147 | -99 | 28 | -1,136 |
PROFITABILITY | ||||
Basic earnings per share (DKK) | 1.29 | -1.96 | -1.14 | 2.84 |
Diluted earnings per share (DKK) | 1.29 | -1.96 | -1.14 | 2.84 |
ROCE*** | 0.1% | 1.0% | 3.4% | 7.6% |
NIBD/OP. EBITDA | 18.15 | 8.46 | 3.39 | 1.68 |
VOLUMES | ||||
Harvested Faroe Islands (tgw) | 25,392 | 21,618 | 60,326 | 46,138 |
Harvested Scotland (tgw) | 5,286 | 5,411 | 18,606 | 24,040 |
Total Harvest | 30,678 | 27,029 | 78,932 | 70,178 |
Farming FO transferred to VAP (tgw) | 4,823 | 4,495 | 13,090 | 10,367 |
VAP produced (tgw) | 4,800 | 4,434 | 12,804 | 10,188 |
Sold feed tonnes | 49,087 | 41,513 | 117,958 | 101,508 |
Internal feed sales tonnes | 48,833 | 40,666 | 116,823 | 100,165 |
Smolt transferred thousand Faroe Islands (pcs) | 4,796 | 4,901 | 13,410 | 10,989 |
Smolt transferred thousand Scotland (pcs) | 3,625 | 1,912 | 5,124 | 4,978 |
Total smolt release | 8,421 | 6,813 | 18,534 | 15,967 |
Group - Operating revenue | 1,686 | 1,737 | 5,160 | 6,010 |
Group - Operational EBIT* | 22 | 173 | 592 | 1,270 |
Group - OP. EBITDA | 218 | 355 | 1,171 | 1,789 |
Group - EBIT | 131 | -103 | 50 | 338 |
Group - Profit for the period | 77 | -116 | -67 | 168 |
FOF - Operating Revenue | 759 | 740 | 1,911 | 2,166 |
FOF - Operational EBITDA | 97 | 154 | 264 | 456 |
FOF - Operational EBITDA margin | 13% | 21% | 14% | 21% |
Freshwater FO - Operating Revenue | 231 | 219 | 619 | 499 |
Freshwater FO - Operating EBIT | 83 | 84 | 225 | 180 |
Freshwater FO - Operating EBIT Margin | 36% | 38% | 36% | 36% |
Freshwater FO - Operating / KG (DKK)**** | 40.71 | 40.67 | 38.08 | 39.97 |
Freshwater FO - Operating / KG (NOK)**** | 64.34 | 64.11 | 59.74 | 62.03 |
Freshwater SCT - Operating Revenue | 73 | 29 | 110 | 94 |
Freshwater SCT - Operating EBIT | -38 | -6 | -109 | -71 |
Freshwater SCT - Operating EBIT Margin | -51% | -20% | -99% | -76% |
Freshwater SCT - Operating EBIT / KG (DKK)**** | -66.88 | -34.82 | -133.30 | -142.55 |
Freshwater SCT - Operating EBIT / KG (NOK)**** | -105.70 | -54.89 | -209.11 | -221.25 |
Farming FO - Operating Revenue | 1,034 | 1,100 | 2,879 | 3,014 |
Farming FO - Operating EBIT | -29 | -28 | 262 | 650 |
Farming FO - Operating EBIT Margin | -3% | -3% | 9% | 22% |
Farming FO - Operating EBIT / KG (DKK) | -1.13 | -1.31 | 4.34 | 14.08 |
Farming FO - Operating EBIT / KG (NOK) | -1.78 | -2.07 | 6.81 | 21.86 |
Farming SCT - Operating Revenue | 199 | 235 | 905 | 1,634 |
Farming SCT - Operating EBIT | -191 | -179 | -302 | -44 |
Farming SCT - Operating EBIT Margin | -96% | -76% | -33% | -3% |
Farming SCT - Operating EBIT / KG (DKK) | -36.09 | -33.14 | -16.25 | -1.82 |
Farming SCT - Operating EBIT / KG (NOK) | -57.04 | -52.25 | -25.50 | -2.82 |
Services - Operating Revenue | 252 | 237 | 685 | 702 |
Services - Operating EBIT | 38 | 19 | 93 | 57 |
Services - Operating EBIT Margin | 15% | 8% | 14% | 8% |
Services - Operating EBIT / KG (DKK) | 1.25 | 0.70 | 1.18 | 0.82 |
Services - Operating EBIT / KG (NOK) | 1.97 | 1.11 | 1.85 | 1.27 |
Sales & Other - Operating Revenue | 2,462 | 2,488 | 7,485 | 7,919 |
Sales & Other - Operating EBIT | 73 | 148 | 211 | 89 |
Sales & Other - Operating EBIT Margin | 3% | 6% | 3% | 1% |
Sales & Other - Operating EBIT / KG (DKK) | 2.37 | 5.48 | 2.67 | 1.26 |
Sales & Other - Operating EBIT / KG (NOK) | 3.75 | 8.64 | 4.19 | 1.96 |
NOK/DKK (average) | 63.27 | 63.43 | 63.75 | 64.43 |
Highlights | ||||||||||
Q3 | Q3 | YTD | YTD | Q3 | Q3 | YTD | YTD | |||
DKK 1,000,000 | 2025 | 2024 | 2025 | 2024 | DKK 1,000,000 | 2025 | 2024 | 2025 | 2024 | |
INCOME STATEMENT | FINANCIAL POSITION AND CASH FLOW | |||||||||
* Aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax -
refer to Note 10.
** Comparing figures from end 2024
*** Return on average capital employed, based on operational EBIT - refer to Note 10.
**** Calculated EBIT per KG transferred smolt
Summary(Figures in parenthesis refer to the same period last year).
The Bakkafrost Group delivered a total operational EBIT of DKK 22 million (DKK 173 million) in Q3 2025 and made a result of DKK 77 million (DKK -116 million). According to Bakkafrost's revised segment structure, the business segment's operational EBIT/EBITDA were as follows:
Q3 Q3
2025 2024
FOF - Operational EBITDA | 97 83 -38 -29 -191 38 73 | 154 |
Freshwater FO - Operating EBIT | 84 | |
Freshwater SCT - Operating EBIT | -6 | |
Farming FO - Operating EBIT | -28 | |
Farming SCT - Operating EBIT | -179 | |
Services - Operating EBIT | 19 | |
Sales & Other - Operating EBIT | 148 |
During Q3 2025, the FOF segment sourced 39,940 tonnes (40,134 tonnes) of raw material. The Operational EBIT margin was 12% (20%), and fish feed sales amounted to 49,087 tonnes (41,513 tonnes).
For the first nine months of 2025, the FOF segment's operational EBIT margin was 13% (20%). During the first nine months of 2025, Havsbrún sourced 309,393 tonnes (267,583 tonnes) of raw material.
In Q3 2025, the Freshwater segments in the Faroe Islands and Scotland transferred a total of 8.4 million (6.8 million) smolts combined:
Freshwater FO: 4.8 million (4.9 million),
Freshwater SCT: 3.6 million (1.9 million).
For the first nine months of 2025, the freshwater segments have released a total of 18.5 million (16.0 million) smolts:
Freshwater FO: 13.4 million (11.0 million),
Freshwater SCT: 5.1 million (5.0 million).
In Q3 2025, the Freshwater FO segment made an operational EBIT per kg transferred smolt of DKK 40.71 (DKK 40.67), corresponding to NOK 64.34 (NOK 64.11). The Freshwater SCT segment made an operational EBIT per kg transferred smolt of DKK -66.88 (DKK -34.82), corresponding to NOK -105.70 (NOK -54.89). In Q3 2025, the Freshwater SCT segment had incident-based costs of DKK 25 million (DKK 0 million).
The Farming segments achieved lower prices in Q3 2025 than in Q3 2024. The Farming segments had higher volumes in Q3 2025 compared to Q3 2024. In Q3 2025, the Farming SCT segment had incident-based costs of DKK 68 million (DKK 34 million).
The total combined harvest in Q3 2025 of the farming segments in the Faroe Islands and Scotland was 30,678 tonnes gutted weight (27,029 tgw):
Farming FO: 25,392 tgw (21,618 tgw),
Farming SCT: 5,286 tgw (5,411 tgw).
For the first nine months of 2025, the farming segments harvested a total of 78,932 tonnes gutted weight (70,178):
Farming FO: 60,326 tgw (46,138 tgw),
Farming SCT: 18,606 tgw (24,040 tgw).
In Q3 2025, the Farming FO segment made an operational EBIT per kg of DKK -1.13 (DKK -1.31), corresponding to NOK -1.78 (NOK -2.07). The Farming SCT segment made an operational EBIT per kg of DKK -36.09 (DKK -33.14), corresponding to NOK -57.04 (NOK -52.25).
The Services segment made an operational EBIT per kg of DKK 1.25 (DKK 0.70), corresponding to NOK 1.97 (NOK 1.11). The operational EBIT margin for the segment was 15% (8%).
The Sales & Other segment had a revenue of DKK 2,462 million (2,488 million) and an operational EBIT margin of 3% (6%). The operational EBIT per kg was DKK 2.37 (DKK 5.48), corresponding to NOK 3.75 (NOK 8.64).
The performance related to the Faroe Islands and Scotland as a region can be found in the Appendix.
The long-term goal of the Board of Directors is that 30-50% of earnings per share shall be paid out as a dividend. Bakkafrost's financial position is strong, with a solid balance sheet, a competitive operation, and available credit facilities.
Outlook and Operational PerformanceMarket
Substantially increased supply in Q3 2025
The supply of salmon increased 11.9% in Q3 2025 compared to Q3 2024, incl. inventory movements. Without inventory movements, the supply increase was 12.2%, according to the latest estimate from Kontali Analyse.
Lower salmon prices in Q3 2025
Salmon reference prices (in NOK) for 4-5kg superior salmon were 13.1% lower this quarter compared to Q3 2024. The price reduction was driven by substantial increase in supply from several regions, most dominantly from Norway but also from Chile.
No growth in Q4 2025
In Q4 2025, the global supply is expected to be on the same level as in Q4 2024, excluding inventory movements. In H2 2025, the global supply is expected grow around 6%, compared to Q3 2024. For the full year 2025, the global supply is expected grow around 9%, excluding inventory movements, and in H1 2026 the global supply is expected to on the same level as H1 2025.
Bakkafrost has a strong focus on ensuring a well-balanced flow to the different markets to increase diversification and mitigate market risk. Bakkafrost operates in the main salmon markets, Europe, the USA, and the Far East. Since the beginning of the war in Ukraine, Bakkafrost has stopped all trading with Russia.
Operations
Farming Faroe Islands
The Faroese farming operation continues on a very strong trajectory, underpinned by exceptional biological performance. In Q3 2025, biology reached one of the best positions ever recorded, supported by the consistent delivery of large, high-quality smolt. The strong smolt quality is one of the drivers for the achieved growth rates, record-high feeding volumes, and exceptionally low mortality across sites. Sea lice levels remain well controlled through the continued success of the dual-freshwater treatment
strategy. The overall biological performance has also translated into further improvements in the quality of the harvested fish, which continues to set new benchmarks. All these biological achievements - very strong growth, robust fish health, and high smolt quality - combined with increased harvest volumes, shorter cycle times of farming sites and lower smolt and feed costs, have driven further reductions in farming costs.
Freshwater Faroe Islands
The Faroese freshwater operation continues its strong development, driven by consistent improvements in smolt quality, robustness, and production efficiency. Output of large, high-quality smolt remains on an upward trend, supporting sustainable volume growth and long-term biological strength across the value chain. The enhanced robustness of smolt is reflected in exceptionally low accumulated mortality during the first 90 days post transfer
- among the lowest levels ever recorded. This confirms the effectiveness of Bakkafrost's large-smolt strategy and the continued strengthening of biological performance. Capacity utilisation continues to increase, supporting higher production volumes and further cost efficiencies. The average weight of transferred smolt in Q3 2025 was 427g, which is 1% higher than in Q3 2024.
Current hatchery capacity enables annual production of 9,000 tonnes, equivalent to about 18 million smolt of 500g. The new hatchery in Skálavík remains on schedule for completion in late 2026, which will raise total capacity to approximately 24.4 million smolt. Operations are expected to commence in Q2 2026.
Farming Scotland
The overall biological performance in the Scotland was good during Q3 2025, with low mortality and good growth at most marine sites through July and August. However, in September, conditions changed significantly following a disease outbreak at the Portree farming site caused by Pasteurella bacteria. This resulted in a sharp increase in exceptional mortality at the site, and some harvests were
advanced to mitigate further biological risks. Despite this incident, the overall performance across the Scottish operation remained stable. Bakkafrost maintains its 2025 harvest guidance of 22,000 tonnes, supported by strong results from other farming areas. However, the increased mortality at Portree is expected to have a negative impact on Scottish harvest volumes in 2026. During 2025 and into 2026, the biomass at sea will gradually change character, transitioning to be based on large and high-quality smolt. This strategic shift is expected to enhance overall fish health and growth rates, leading to a more robust and sustainable aquaculture environment.
Freshwater Scotland
The Scottish freshwater operation continues its ramp-up, with Applecross firmly established as the core of Bakkafrost's large-smolt strategy in Scotland, having the capacity to produce 3,500 tonnes of high-quality large smolt. The smolt affected by the furunculosis incident in Q2 are now out of Applecross, and production has since normalised with stable and improving biological performance. Under the leadership of the Faroese Group Freshwater management team, the production plan for Applecross has been revised to enhance utilisation and biological efficiency. In contrast to the previously announced 200g smolt, Applecross will also produce larger smolt. Hence, the individual batches will be ranging from 200g to 400g. This adjustment allows for greater flexibility in production planning, better utilisation of capacity, and improved biological outcomes. Applecross has also transitioned to operate as a stand-alone facility, no longer receiving inputs from external hatcheries. This marks a significant step in improving biosecurity and ensuring consistent smolt quality.
Services
The smolt transfer system from Applecross has undergone a major upgrade, with the FSV Bakkanes rebuilt to handle smolt transfers, now operating similarly to its highly successful rebuild of the sister vessel Martin in the Faroe Islands. The upgraded system represents a major step forward in ensuring safe and efficient smolt transfers,
reducing stress and mortality, and strengthening operational reliability across the Scottish farming sites. Together, these initiatives represent a significant advancement in the Scottish freshwater platform, ensuring it supports a robust, efficient, and sustainable farming operation going forward.
In Q3 2025, the average weight of transferred smolt from Applecross in Scotland was 229, which is 161% higher than in Q3 2024. The average smolt weight for all Bakkafrost's smolt release in Scotland in the quarter was 155g, which is 80% higher than in Q3 2024.
Smolt transfer
Bakkafrost's expected smolt transfer in 2026 in the Faroe Islands is around 20.0 million smolts with an average weight of around 440g. In Scotland, the smolt transfer in 2026 is expected to be around 10.0 million smolt with an average weight of 179g. This includes internally produced smolt as well as externally sourced. The number and average weight of smolts transferred are key elements of predicting Bakkafrost's future production.
Million smolt transferred | '26e | '25 | '24 | '23 | '22 | '21 |
FO | 20.0 | 18.5 | 17.1 | 14.2 | 14.4 | 14.4 |
SCT | 10.0 | 7.0 | 6.0 | 9.0 | 11.0 | 11.1 |
Avg. weight (g) | ||||||
FO | 440 | 430 | 410 | 396 | 345 | 376 |
SCT | 179 | 153 | 109 | 117 | 107 | 95 |
Bakkafrost expects to harvest a total of around 104,000 tonnes gutted weight in 2025. 82,000 tonnes are expected to be harvested in the Faroe Island and 22,000 tonnes in Scotland.
In 2026, Bakkafrost expects to harvest around 92,000 tonnes gutted weight in the Faroe Islands and around 20,000 tonnes in Scotland, giving at total of around 112,000 tonnes gutted weight. The quarterly harvest profile is outlined in in the table below. Biological, environmental and market conditions can affect the expected harvest profile.
Expected harvest profile in 2026 as a % of total harvest pr. region:
Region | Q1 | Q2 | Q3 | Q4 |
FO | 24% | 24% | 25% | 28% |
SCT | 30% | 14% | 18% | 38% |
The estimates for harvest volumes and smolt transfers in both geographies are dependent on biological development.
Sales & VAP (Value added products)
Bakkafrost's highly flexible value chain includes state-of-the-art VAP processing capacity, which enables the company to adapt effectively to rapidly changing market situations.
As a result of changes in the Faroese revenue tax, Bakkafrost has adjusted the strategy for contracted VAP (Value-Added Products) to reduce contract exposure.
For 2026, Bakkafrost intends to sign contracts covering around 15-20% of the expected harvest volumes in the Faroe Islands and Scotland combined.
FOF (Fishmeal, oil and feed)
The outlook of fishmeal and fish oil production is dependent on the availability of raw materials.
The ICES 2026 recommendation for blue whiting is 851 thousand tonnes, which represents a 41.2% decrease from the recommendation for 2025.
In 2026 Bakkafrost expects lower production volumes of fishmeal and fish oil as in 2025.
Bakkafrost expects the feed production at Havsbrún to be around 155,000 tonnes in 2026. Close to all of this will be sold internally to Bakkafrost's Faroese and Scottish Farming segments.
Investments
On the Capital Markets Day on 17-18 June 2025, Bakkafrost announced a 5.0bn DKK investment plan for 2026-2030. The main purpose is to improve efficiency, reduce biological risk and enable continued sustainable growth in the Faroe Islands and Scotland.
The investments in the Faroe Islands will increase the annual smolt production capacity to 24.4 million smolt of 500g. The feed production capacity and flexibility are also increased to further improve R&D capabilities and meet the growing demand for feed as harvest volumes increase in the Faroe Islands and Scotland. Also, investments in new farming sites and new farming technology are included, as well as investments to improve harvest capacity and flexibility with Live Fish Holding Tanks.
In Scotland, planned investments include site expansions and optimisation as well as building a new harvest and processing facility to accommodate the growing harvest volume.
As a shared service to the Group, the investment plan includes building 2 new dual-freshwater treatment vessels in the FSV segment.
2026-2030 Investment programme per category (DKK 1,000)
Incorporated into the investment plan is also 245mDKK earmarked to energy transition, spread across the value chain.
With the investment plan, Bakkafrost expects to sustainably grow the total annual harvest volumes to 162,000 tonnes in 2030.
Harvest volume (kilotonnes)
Since the announcement of the 2026-2030 investment plan on the CMD in 2025, Bakkafrost has decided to let some of the investments planned for 2025 rollover into 2026 due to the weak market outlook for 2025. Consequently, the timing of other investments in the announced 2026-2030 plan have been adjusted.
Updated 2026-2030 5.0bn DKK Investment programme vs. historical investments (DKK 1,000)
Financial
The global salmon product market's long-term balance is likely to favour Bakkafrost. Bakkafrost has a long value chain and a cost-efficient production of high-quality salmon products and will likely maintain financial flexibility going forward.
In March 2022, Bakkafrost secured a 700 mEUR sustainability-linked credit facility (expandable by 150 mEUR) with a 5-year term and 2-year extension options which have been executed. This facility, along with Bakkafrost's strong equity ratio, bolsters the Group's financial strength for organic growth and cost reduction in Scotland, while also facilitating M&A and future organic growth opportunities, and upholding an unchanged dividend policy.
Financial PerformanceIncome Statement
(Figures in parenthesis refer to the same period last year).
The Group's operating revenue amounted to DKK 1,686 million (DKK 1,737 million) in Q3 2025. For the first nine months of 2025, the operating revenue amounted to DKK 5,160 million (DKK 6,010 million).
The Group's operational EBIT was DKK 22 million (DKK 173 million) in Q3 2025. For the first nine months of 2025, the Group's operational EBIT was DKK 592 million (DKK 1,270 million).
The fair value adjustment of the Group's biological assets amounted to DKK 122 million (DKK -266 million) in Q3 2025. For the first nine months of 2025, the fair value adjustment amounted to DKK -442 million (DKK -730 million).
The revenue tax amounted to DKK -18 million (DKK
-8 million) in Q3 2025. The revenue tax for the first nine months of 2025 was DKK -121 million (DKK -204 million).
Net taxes amounted to DKK 0 million (DKK 44 million) in Q3 2025. For the first nine months of 2025, net taxes amounted to DKK 84 million (DKK -14 million).
The result for Q3 2025 was DKK 77 million (DKK -116 million) and for the first nine months of 2025, the result was DKK -67 million (DKK 168 million).
Statement of Financial Position
(Figures in parenthesis refer to the end of last year).
The Group's total assets amounted to DKK 18,297 million (DKK 17,674 million) at the end of Q3 2025.
Intangible assets amounted to DKK 4,508 million (DKK 4,518 million) at the end of Q3 2025.
Property, plant, and equipment amounted to DKK 7,060 million (DKK 6,733 million) at the end of Q3 2025. In Q3 2025, the purchase of property, plant, and equipment amounts to DKK 311 million compared to DKK 256 million same quarter last year.
Right-of-use assets amounted to DKK 862 million (DKK 321 million) in Q3 2025.
Biological assets' carrying amount (fair value) amounted to DKK 2,743 million (DKK 3,139 million) at the end of Q3 2025. Compared to year-end 2024, biological assets have decreased. A fair value adjustment amount to DKK -69 million (DKK 373 million) at the end of Q3 2025 is included in the carrying amount of the biological assets.
Inventories amounted to DKK 888 million (DKK 671 million) at the end of Q3 2025.
Total receivables, including long-term receivables, financial derivatives, and deferred tax assets, amounted to DKK 1,626 million (DKK 1,478 million) at the end of Q3 2025.
Total cash and cash equivalents amounted to DKK 286 million (DKK 481 million) at the end of Q3 2025.
The Group's equity amounted to DKK 10,442 million (DKK 11,157 million) at the end of Q3 2025. The change in equity consists primarily of the results from Q1 2025 to Q3 2025 and a payout of dividend.
Total non-current liabilities amounted to DKK 7,034 million (DKK 5,751 million) at the end of Q3 2025.
Deferred and other taxes amounted to DKK 1,953 million (DKK 2,037 million) at the end of Q3 2025.
Long-term interest-bearing debt was DKK 4,250 million (DKK 3,481 million) at the end of Q3 2025.
Leasing debt amounted to DKK 885 million (DKK 299 million) at the end of Q3 2025.
At the end of Q3 2025, the Group's total current liabilities were DKK 821 million (DKK 766 million). The current liabilities consist of short-term leasing debt and accounts payable, tax payable and other debt.
The equity ratio was 57% at the end of Q3 2025, compared to 63% at the end of 2024.
Cash Flow
(Figures in parenthesis refer to the same period last year).
The cash flow from operations was DKK 245 million (DKK 575 million) in Q3 2025. For the first nine months of 2025, the cash flow from operations was DKK 631 million (DKK 2,287 million).
The cash flow from investment activities amounted to DKK
-311 (DKK -245 million) in Q3 2025. The primary investments have been in new and current hatcheries and the new feed line. For the first nine months of 2025, the cash flow from investments amounted to DKK -853 million (DKK -723 million).
The cash flow from financing activities totalled DKK 147 million (DKK -99 million) in Q3 2025. For the first nine months of 2025, cash flow from financing amounted to DKK 28 million (DKK -1,136 million)
In Q3 2025, the net change in cash flow amounted to DKK 81 million (DKK 231 million). For the first nine months of 2025, net change in cash flow amounted to DKK -194 million (DKK 428 million).
The net interest-bearing debt amounted to DKK 3,964 million at the end of Q3 2025, compared to DKK 3,000 million at year-end 2024.
Unused committed credit facilities amounted to DKK 1,422 million at end of Q3 2025, compared to DKK 2,386 million at year-end 2024. In addition, the Group has an accordion of EUR 150,000 million (EUR 150,000 million), which is the same as at end of 2024.
FOF SegmentFishmeal, fish oil and fish feed involve the production and sale of fishmeal, fish oil and fish feed. The production of fishmeal, fish oil and fish feed are operated by Bakkafrost's
Financial | ||||||
Total revenue | 758,896 | 740,341 | 3% | 1,910,537 | 2,165,618 | -12% |
EBIT | 95,659 | 146,098 | -35% | 262,910 | 437,363 | -40% |
Operational EBIT | 90,548 | 147,013 | -38% | 243,891 | 436,283 | -44% |
Operational EBITDA | 97,187 | 153,658 | -37% | 264,004 | 456,252 | -42% |
Operational EBIT-margin | 12% | 20% | 13% | 20% | ||
Operational EBITDA-margin | 13% | 21% | 14% | 21% | ||
Total Feed sold | 49,087 | 41,513 | 18% | 117,958 | 101,508 | 16% |
- Feed internal sale FO | 41,363 | 31,312 | 32% | 94,849 | 72,007 | 32% |
- Feed internal sale SCT | 7,470 | 9,354 | -20% | 21,974 | 28,158 | -22% |
- Feed external sale | 254 | 847 | -70% | 1,135 | 1,343 | -15% |
Fishmeal external sale | 5,118 | 9,339 | -45% | 17,774 | 38,131 | -53% |
Fish oil external sale | 0 | 8 | -100% | 6 | 4,321 | -100% |
Received raw material | 39,940 | 40,134 | 0% | 309,393 | 267,583 | 16% |
Fishmeal production | 8,813 | 8,948 | -2% | 65,619 | 57,254 | 15% |
Fish oil production | 3,865 | 2,781 | 39% | 9,108 | 7,711 | 18% |
subsidiary Havsbrún, located in Fuglafjørður. Fishmeal and oil are sold externally but also used internally to produce fish feed for the Farming and Freshwater segments.
DKK 1,000 | Q3 2025 | Q3 2024 | Change | YTD 2025 | YTD 2024 | Change | Volumes |
In Q3 2025, Havsbrún received 39,940 tonnes (40,134 tonnes) of raw material for fishmeal | |||||||
and fish oil production. The raw material intake depends on the North Atlantic fisheries and | |||||||
available species of fish. The ratio of fishmeal to fish-oil output therefore varies with both the | |||||||
mix of species landed and the timing of the fishery. In the first nine months of 2025, Havsbrún | |||||||
received 309,393 tonnes (267,583 tonnes) of raw material. | |||||||
The fishmeal production in Q3 2025 was 8,813 tonnes (8,948 tonnes). Fish oil production in | |||||||
Q3 2025 was 3,865 tonnes (2,781 tonnes). In the first nine months of 2025, Havsbrún | |||||||
Volumes (tonnes) | produced 65,619 tonnes (57,254 tonnes) of fishmeal. | ||||||
Fish oil production in Q3 2025 was 3,865 tonnes (2,781 tonnes). The production of fish oil | |||||||
varies depending on the species of fish sourced for production and the timing of the catch. In | |||||||
the first nine months of 2025 Havsbrún produced 9,108 tonnes (7,711 tonnes) of fish oil. | |||||||
Fish feed sales amounted to 49,087 tonnes (41,513 tonnes) in Q3 2025. The FO farming | |||||||
segment internally used 41,363 tonnes (31,312 tonnes). The SCT farming segment internally | |||||||
used 7,470 tonnes (9,354 tonnes). In the first nine months of 2025, Havsbrún sold 117,958 | |||||||
tonnes (101,508 tonnes) of fish feed. | |||||||
Financial Performance | |||||||
The operating revenue for the FOF segment amounted to DKK 759 million (DKK 740 million) | |||||||
in Q3 2025. Total revenue for the FOF segment in Q3 2025 was higher than the same quarter | |||||||
last year. The decrease in revenue is due to reduced sold volumes of both fish oil and | |||||||
fishmeal. In the first nine months of 2025, the revenue amounted to DKK 1,911 million (DKK | |||||||
2,166 million). | |||||||
Operational EBIT was DKK 91 million (DKK 147 million) in Q3 2025, and the operational EBIT | |||||||
margin was 12% (20%). In the first nine months of 2025, the operational EBIT was DKK 244 | |||||||
million (DKK 436 million), and the operational EBIT margin was 13% (20%). | |||||||
The two Freshwater segments both include broodstock and smolt production in hatcheries on land. In the broodstock operation, eggs are produced from breeding self-owned salmon strains. Eggs are sold to the hatcheries who in turn produce from egg to smolt, which are sold to the Farming operations in the Faroe Islands and Scotland. There are two similar Freshwater segments - one in the Faroe Islands and one in Scotland. The Freshwater segments rely on certain services provided by the Services segment, such as waste handling for biogas production.
Freshwater - Faroe IslandsQ3 Q3 YTD YTD
Freshwater - ScotlandQ3 Q3 YTD YTD
DKK 1,000 2025 2024 Change 2025 2024 Change
Financial | ||||||
Total revenue | 231,083 | 219,068 | 5% | 619,155 | 499,399 | 24% |
EBIT | 83,372 | 84,307 | -1% | 224,973 | 179,587 | 25% |
Operational EBIT | 83,372 | 84,307 | -1% | 224,973 | 179,587 | 25% |
Operational EBIT/kg (DKK)* | 40.71 | 40.67 0% | 38.08 | 39.97 -5% | ||
Operational EBIT-margin | 36% | 38% | 36% | 36% | ||
Volumes | ||||||
Smolt Transferred - Pieces | 4,796 | 4,901 | -2% | 13,410 | 10,989 | 22% |
Smolt Transferred - Avg Size (g) | 427 | 423 | 1% | 441 | 409 | 8% |
* Calculated EBIT per KG transferred smolt
DKK 1,000 2025 2024 Change 2025 2024 Change
Financial | ||||||
Total revenue | 73,229 | 28,976 | 153% | 109,869 | 93,562 | 17% |
EBIT | -37,580 | -5,725 | -556% | -108,790 | -70,827 | -54% |
Operational EBIT | -37,580 | -5,725 | -556% | -108,790 | -70,827 | -54% |
Operational EBIT/kg (DKK)* | -66.88 | -34.82 | -92% | -133.30 | -142.55 | 6% |
Operational EBIT-margin | -51% | -20% | -99% | -76% | ||
Volumes | ||||||
Total Smolt Transferred - Pieces | 3,625 | 1,912 | 90% | 5,124 | 4,978 | 3% |
Whereof externally sourced - Pieces | 877 | 695 | 26% | 1,498 | 862 | 74% |
Whereof Applecross Smolt Transf. - Pieces | 1,779 | 1,217 | 46% | 2,570 | 3,587 | -28% |
Whereof other internal Transf. - Pieces | 969 | 0 | N/A | 1,056 | 529 | 100% |
Total Smolt Transferred - Avg Size (g) | 155 | 86 | 80% | 159 | 100 | 60% |
Whereof Applecross Smolt Transf. - Avg Size (g) | 229 | 88 | 161% | 232 | 103 | 125% |
Whereof Applecross Smolt Transf. - Avg Size (g) | 229 | 88 | 161% | 232 | 103 | 125% |
* Calculated EBIT per KG transferred smolt
Volumes
4.8 million (4.9 million) smolts were transferred to the sea in Q3 2025. The average weight of smolt transferred was 427g in Q3 2025 (423g). In the first nine months of 2025, 13 million (11 million) smolts were transferred to the sea, with an average weight of 441g (409g).
Financial Performance
In Q3 2025, the operating revenue for the Freshwater Faroe Islands segment was DKK 231 million (219 million) an increase of 5%. The operational EBIT/kg for Q3 2025 was DKK 40.71 (DKK 40.67) showing no significant change compared to last year. In the first nine months of 2025, the operating revenue was DKK 619 million (DKK 499 million) and the operational EBIT/kg was DKK 38.08 (DKK 39.97).
Volumes
3.6 million (1.9 million) smolts were transferred to the sea in Q3 2025. Of the total smolts transferred in Q3 2025, 1.8 million (1.2 million) were from Applecross and 0.9 million (0.7 million) were externally sourced. The average weight of total smolt transferred was 155g in Q3 2025 (86g). In the first nine months of 2025, 5 million (5 million) smolts were transferred to the sea, with an average weight of 159g (100g). The average weight of Applecross smolts transferred was 229g in Q3 2025 (88g).
Financial Performance
In Q3 2025, the operating revenue for the Freshwater Scotland segment was DKK 73 million (29 million) - an increase of 153%. The operational EBIT/kg for Q3 2025 was DKK -66.88 (DKK -34.82) an increase of DKK 32.07 EBIT/kg. In the first nine months of 2025, the operating revenue was DKK 110 million (DKK 94 million) and the operational EBIT/kg was
BAKKAFROST | INTERIM REPORT | Q3 2024 and First Nine Months of 2024 11
DKK -133.30 (DKK -142.55). Costs of DKK 25 million (DKK 0 million) relate to incident-based mortality in Q3 2025.
Farming SegmentsFish farming involves growing salmon in the marine environment from smolt to harvest-ready salmon. The Group has marine farming licenses around the Faroe Islands and Scotland, which are reported as two separate segments (Farming Faroe Islands and Farming Scotland). The Farming segments rely on several services provided by the Services segment. These include fish transportation, treatments, net cleaning, heavy marine support services, harvest, packaging, and waste handling for biogas production. The Farming segments also rely on sales services provided by the Sales & Other segment.
Farming - Faroe IslandsQ3 Q3 YTD YTD
Farming - ScotlandQ3 Q3 YTD YTD
DKK 1,000 2025 2024 Change 2025 2024 Change
Financial | ||||||
Total revenue | 1,033,878 | 1,099,834 | -6% | 2,879,028 | 3,014,082 | -4% |
EBIT | 250,829 | -242,040 | N/A | -16,307 | 164,986 | N/A |
Operational EBIT | -28,617 | -28,405 | -1% | 261,709 | 649,721 | -60% |
Operational EBIT/kg (DKK) | -1.13 | -1.31 | 14% | 4.34 | 14.08 | -69% |
Operational EBIT-margin | -3% | -3% | 9% | 22% | ||
Volumes | ||||||
Harvested volumes (tgw) | 25,392 | 21,618 | 17% | 60,326 | 46,138 | 31% |
Volumes
The total volumes harvested in Q3 2025 were 25,392 tonnes gutted weight (21,618 tgw) - a change in volume of 17%. The harvested volumes for the first nine months of 2025 were 60,326 tgw (46,138 tgw).
Financial Performance
In Q3 2025, the operating revenue for the Farming Faroe Islands segment was DKK 1,034 million (DKK 1,100 million) a decrease of -6%. The operational EBIT/kg for Q3 2025 was DKK
-1.13 (DKK -1.31) an increase of 14%. In the first nine months of 2025, the operating revenue was DKK 2,879 million (DKK 3,014 million) and the operational EBIT/kg was DKK 4.34 (DKK 14.08).
Costs of DKK 0 million (DKK 0 million) relate to incident-based mortality in Q3 2025.
DKK 1,000 2025 2024 Change 2025 2024 Change
Financial | ||||||
Total revenue | 199,007 | 235,478 | 15% | 905,455 | 1,633,670 | -45% |
EBIT | -366,149 | -239,879 | -53% | -587,443 | -492,235 | -19% |
Operational EBIT | -190,787 | -179,327 | -6% | -302,395 | -43,686 | -592% |
Operational EBIT/kg (DKK) | -36.09 | -33.14 | -9% | -16.25 | -1.82 | -794% |
Operational EBIT-margin | -96% | -76% | -33% | -3% | ||
Volumes | ||||||
Harvested volumes (tgw) | 5,286 | 5,411 | -2% | 18,606 | 24,040 | -23% |
Volumes
The total volumes harvested in Q3 2025 were 5,286 tonnes gutted weight (5,411 tgw) - a change in volume of -2%.
Financial Performance
In Q3 2025, the operating revenue for the Farming Scotland segment was DKK 199 million (DKK 235 million) - a decrease of 15%. The operational EBIT/kg for Q3 2025 was DKK -36.09 (DKK -33.14). In the first nine months of 2025, the operating revenue was DKK 905 million (DKK 1,634 million) and the operational EBIT/kg was DKK -16.25 (DKK -1.82).
Costs of DKK 68 million (DKK 34 million) relate to incident-based mortality in Q3 2025.
ServicesThe Services segment provides several services to the Group. The segment operates a fleet of large wellboats and Farming Support Vessels in addition to convert organic waste into biogas, heating, electricity, and fertiliser, which is sold externally. The segment also provides harvesting services to both the Scottish and Faroese farming operation as well as styrofoam boxes to the Faroese operation.
Sales & OtherThe Sales & Other segment optimises the value retention and provides freight & logistical services. The segment has processing capacity in the Faroe Islands, Scotland, Denmark, and the US to produce value-added products (VAP). A significant share of the salmon sold is processed to VAP-products for the retail market.
Q3 | Q3 | YTD | YTD | Q3 | Q3 | YTD | YTD | |||||
2025 | 2024 | Change | 2025 | 2024 | Change | DKK 1,000 | 2025 | 2024 | Change | 2025 | 2024 | Change |
DKK 1,000
Financial | ||||||
Total revenue | 251,564 | 237,418 | 6% | 685,282 | 701,534 | -2% |
EBIT | 38,273 | 18,972 | 102% | 93,326 | 57,610 | 62% |
Operational EBIT | 38,273 | 18,972 | 102% | 93,326 | 57,396 | 63% |
Operational EBIT/kg (DKK) | 1.25 | 0.70 | 78% | 1.18 | 0.82 | 45% |
Operational EBIT-margin | 15% | 8% | 14% | 8% | ||
Volumes | ||||||
Total Energy produced (Mwh) | 3,826 | 4,539 | -16% | 11,375 | 14,803 | -23% |
Harvested Volumes (tgw) | 30,678 | 27,029 | 14% | 78,932 | 70,178 | 12% |
Financial | ||||||
Total revenue | 2,461,521 | 2,488,050 | -1% | 7,485,237 | 7,919,239 | -5% |
EBIT | 72,733 | 148,169 | -51% | 212,918 | 88,974 | 139% |
Operational EBIT | 72,733 | 148,169 | -51% | 210,821 | 88,760 | 138% |
Operational EBIT/kg (DKK) | 2.37 | 5.48 | -57% | 2.67 | 1.26 | 111% |
Operational EBIT-margin | 3% | 6% | 3% | 1% | ||
Volumes | ||||||
Harvested Volumes (tgw) | 30,678 | 27,029 | 14% | 78,932 | 70,178 | 12% |
Farming FO transferred to VAP (tgw) | 4,823 | 4,495 | 7% | 13,090 | 10,367 | 26% |
VAP produced (tgw) | 4,800 | 4,434 | 8% | 12,804 | 10,188 | 26% |
Harvested volumes used in VAP production | 19% | 21% | 22% | 22% | ||
Harvested volumes sold fresh/frozen | 81% | 79% | 78% | 78% | ||
Volumes
Førka produced 3,826 Mwh (4,539 Mwh) of energy in Q3 2025 - a change in volume of -16%. In the first nine months of 2025, total energy production was 11,375 Mwh (14,803 Mwh).
Financial Performance
In Q3 2025, the operating revenue for the Services segment was DKK 252 million (DKK 237 million) - an increase of 6%. The operational EBIT was 38 million (19 million) - an increase of 102%. In the first nine months of 2025, the operating revenue was DKK 685 million (DKK 702 million) and the operational EBIT was DKK 93 million (DKK 57 million).
Volumes
Total volumes harvested in Q3 2025 for Bakkafrost Group were 30,678 tgw (27,029 tgw) - a change in volume of 14%. The harvested volumes for the first nine months of 2025 were 78,932 tgw (70,178 tgw). 19% (21%) of the Faroese harvested volumes in Q3 2025 went to the production of VAP products, and 22% (22%) in the first nine months of 2025. VAP produced 4,800 tonnes gutted weight in Q3 2025 (4,434 tgw) - a change in volume of 8%. In the first nine months of 2025, the VAP production was 12,804 tgw (10,188 tgw).
Financial Performance
In Q3 2025, the operating revenue for the Sales and other segment was DKK 2,462 million (DKK 2,488 million). In the first nine months of 2025, the operating revenue was DKK 7,485 million (DKK 7,919 million)
RisksBiological risk has been and will be a substantial risk for Bakkafrost. The Integrated Annual Report 2024 explains the biological risk and Bakkafrost's risk management in this regard.
Reference is made to the Outlook section of this report for other comments on Bakkafrost's risk exposure and Note 3.
Bakkafrost is, as explained in the Integrated Annual Report 2024, exposed to the salmon price.
The Integrated Annual Report 2024 is available on request from Bakkafrost and Bakkafrost's website, https://www.bakka-frost.com.
Events after the Reporting PeriodFrom the date of the statement of financial position until today, no events have occurred that materially influence the information provided by this report.
Statement by the Management and the Board of Directors on the Interim ReportThe Management and the Board of Directors have today considered and approved the interim report of P/F Bakkafrost for the period 1 January 2025 to 30 September 2025.
The interim report, which has not been audited or reviewed by the company's independent auditors, has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and Faroese disclosure requirements for listed companies.
In our opinion, the accounting policies used are appropriate, and the interim report gives a true and fair view of the Group's financial positions on 30 September 2025, as well as the results of the Group activities and cash flows for the period 1 January 2025 to 30 September 2025.
In our opinion, the management's review provides a true and fair presentation of the development in the Group operations and financial circumstances of the results for the period and
of the overall financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group.
Over and above the disclosures in the interim report, no changes in the Group's most significant risks and uncertainties have occurred relative to the disclosures in the Integrated Annual Report for 2024.
Glyvrar, Nov 3rd, 2025
Management:
J. Regin Jacobsen CEO
The Board of Directors of P/F Bakkafrost: | ||
Rúni M. Hansen | Annika Frederiksberg | Alf-Helge Aarskog |
Chairman of the Board | Board Member | Board Member |
Teitur Samuelsen | Einar Wathne | Guðrið Højgaard |
Board Member | Board Member | Board Member |
For the period ended 30 Sep 2025
Consolidated Statement of Comprehensive IncomeFor the period ended 30 Sep 2025
Q3 | Q3 | YTD | YTD | Q3 | Q3 | YTD | YTD | |
2025 | 2024 | 2025 | 2024 | DKK 1,000 | 2025 | 2024 | 2025 | 2024 |
DKK 1,000
Operating revenue | 1,686,196 | 1,736,598 | 6,009,952 | |
5,160,252 | ||||
Cost of goods sold | -663,564 | -644,995 | -1,725,267 | -2,017,810 |
Salary and personnel expenses | -245,358 | -242,647 | -708,305 | -660,462 |
Other operating expenses | -566,674 | -515,318 | -1,601,544 | -1,595,850 |
Depreciation | -196,223 | -182,175 | -578,545 | -519,335 |
Other income | 7,772 | 21,090 | 45,675 | 53,653 |
Operational EBIT* | 22,149 | 172,553 | 592,266 | 1,270,148 |
Fair value adjustments of biological assets | 121,615 | -266,253 | -441,653 | -729,621 |
Income from associates | 5,111 | -915 | 21,116 | 1,508 |
Revenue tax | -17,531 | -7,934 | -121,411 | -203,666 |
Earnings before interest and taxes (EBIT) | 131,344 | -102,549 | 50,318 | 338,369 |
Net interest revenue | 3,464 | 6,509 | 11,945 | 15,278 |
Net interest expenses | -30,849 | -47,816 | -109,236 | -155,471 |
Net currency effects | -25,123 | -15,123 | -104,621 | -9,943 |
Other financial expenses | -1,897 | -1,705 | 276 | -6,292 |
Earnings before taxes (EBT) | 76,939 | -160,684 | -151,318 | 181,941 |
Taxes | -383 | 44,383 | 83,908 | -13,824 |
Profit or loss for the period | 76,556 | -116,301 | -67,410 | 168,117 |
Profit or loss for the year attributable to | ||||
Non-controlling interests | 29 | -2,585 | -1,959 | -7,505 |
Owners of P/F Bakkafrost | 76,527 | -113,716 | -65,451 | 175,622 |
Earnings per share (DKK) | 1.29 | -1.96 | -1.14 | 2.84 |
Diluted earnings per share (DKK) | 1.29 | -1.96 | -1.14 | 2.84 |
Profit for the period | 76,556 | -116,301 | 168,117 | |
-67,410 | ||||
Changes on financial derivatives | -8,715 | -9,057 | 15,117 | -7,158 |
Hereof income tax effect | 1,330 | 1,382 | -2,306 | 1,092 |
Reserve to share-based payment | 1,887 | 1,011 | -3,092 | 5,028 |
Currency translation differences | -48,465 | 29,492 | -156,754 | 113,995 |
Adjustment of treasury shares | 0 | 4,690 | -24,359 | -8,571 |
Net other comprehensive income to be reclassified to profit or loss in subsequent periods | -53,963 | 27,518 | -171,394 | 104,386 |
Other comprehensive income | -53,963 | 27,518 | -171,394 | 104,386 |
Total comprehensive income for the period | 22,593 | -88,783 | -238,804 | 272,503 |
Comprehensive income for the period attributable to | ||||
Non-controlling interests | 29 | -2,585 | -1,959 | -7,505 |
Owners of P/F Bakkafrost | 22,564 | -86,198 | -236,845 | 280,008 |
* Operational EBIT is EBIT before fair value of biomass, onerous contracts, income from associates and revenue tax.
Consolidated Statement of Financial PositionAs on 30 Sep 2025
30 Sep 31 Dec
DKK 1,000 2025 2024
30 Sep 31 Dec
DKK 1,000 2025 2024
ASSETS | ||
Non-current assets | ||
Intangible assets | 4,508,081 | 4,517,763 |
Property, plant and equipment | 7,060,111 | 6,733,306 |
Right of use assets | 862,159 | 320,847 |
Financial assets | 323,572 | 334,469 |
Deferred tax assets | 683,923 | 590,331 |
Total non-current assets | 13,437,846 | 12,496,716 |
Current assets | ||
Biological assets (biomass) | 2,742,661 | 3,138,657 |
Inventory | 887,916 | 670,935 |
Total inventory | 3,630,577 | 3,809,592 |
Financial derivatives | 20,427 | 0 |
Accounts receivable | 793,272 | 648,723 |
Other receivables | 128,169 | 238,598 |
Total receivables | 941,868 | 887,321 |
286,328 | ||
Cash and cash equivalents | 480,506 | |
4,858,773 | ||
Total current assets | 5,177,419 | |
TOTAL ASSETS | 18,296,619 | 17,674,135 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 59,390 | 59,305 |
Other equity | 10,392,996 | 11,106,110 |
Non-controlling interests | -10,707 | -8,748 |
Total equity | 10,441,679 | 11,156,667 |
Non-current liabilities | ||
Deferred taxes and other taxes | 1,952,994 | 2,036,551 |
Long-term interest-bearing debt | 4,250,295 | 3,480,527 |
Long-term leasing debt | 830,748 | 233,897 |
Total non-current liabilities | 7,034,037 | 5,750,975 |
Current liabilities | ||
Financial derivatives | 9,007 | 3,447 |
Short-term leasing debt | 54,001 | 64,856 |
Accounts payable and other debt | 757,895 | 698,190 |
Total current liabilities | 820,903 | 766,493 |
7,854,940 | ||
Total liabilities | 6,517,468 | |
TOTAL EQUITY AND LIABILITIES | 18,296,619 | 17,674,135 |
For the period ended 30 Sep 2025
Q3 Q3 YTD YTD
DKK 1,000 2025 2024 2025 2024
Earnings before interest and taxes (EBIT) | 131,344 | -102,549 | 50,319 | 338,369 |
Adjustments for write-downs and depreciation | 196,223 | 182,175 | 578,542 | 519,335 |
Adjustments for value adjustment of biomass | -121,615 | 266,253 | 441,653 | 729,621 |
Adjustments for income from associates | -5,111 | 915 | -2,869 | -1,508 |
Adjustments for currency effects | -15,065 | -16,592 | -56,493 | 23,972 |
Change in inventory | 72,847 | 202,176 | -287,551 | 432,528 |
Change in receivables | -477,278 | 11,160 | -367,267 | 143,849 |
Change in current debts | 463,526 | 31,445 | 274,409 | 100,381 |
Cash flow from operations | 244,871 | 574,983 | 630,743 | 2,286,547 |
Cash flow from investments | ||||
Payments for purchase of fixed assets | -311,331 | -255,682 | -852,623 | -726,198 |
Net investment in financial assets | 0 | 11,146 | 0 | 3,128 |
Cash flow from investments | -311,331 | -244,536 | -852,623 | -723,070 |
Cash flow from financing | ||||
Change in interest-bearing debt (short and long) | 216,273 | -32,135 | 758,929 | -401,170 |
Financial income | 3,675 | 6,509 | 8,783 | 15,278 |
Financial expenses | -30,779 | -49,521 | -116,022 | -161,763 |
Lease payments | -41,836 | -26,694 | -130,048 | -93,978 |
Net proceeds from sale of own shares | 52 | 2,861 | -20,759 | -10,407 |
Proceeds from share capital increases | 0 | 0 | 27,340 | 31,380 |
Dividend paid | 0 | 0 | -500,521 | -515,270 |
Cash flow from financing | 147,385 | -98,980 | 27,702 | -1,135,930 |
80,925 | -194,178 | |||
Net change in cash and cash equivalents in period | 231,467 | 427,547 | ||
Cash and cash equivalents - opening balance | 205,403 | 607,754 | 480,506 | 411,674 |
Cash and cash equivalents - closing balance total | 286,328 | 839,221 | 286,328 | 839,221 |
As on 30 Sep 2025
Share | Share Premium | Treasury | Sharebased | Currency translation | Proposed | Biomass Fair value | Retained | Non controlling | Total | ||
DKK 1,000 | Capital | Reserve | Shares | Payment | differences | Derivatives | Dividend | adjustments | Earnings | interest | Equity |
Equity 01.01.2025 | 59,305 | 4,058,679 | -14,502 | 29,188 | 210,406 | -2,828 | 500,531 | 372,525 | 5,952,111 | -8,748 | 11,156,667 |
Consolidated profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -441,653 | 376,202 | -1,959 | -67,410 |
Changes in financial derivatives | 0 | 0 | 0 | 0 | 0 | 15,117 | 0 | 0 | 0 | 0 | 15,117 |
Hereof income tax effect | 0 | 0 | 0 | 0 | 0 | -2,306 | 0 | 0 | 0 | 0 | -2,306 |
Share-based payment | 0 | 0 | 0 | -3,092 | 0 | 0 | 0 | 0 | 0 | 0 | -3,092 |
Currency translation differences | 0 | 0 | 0 | 0 | -158,713 | 0 | 0 | 0 | 0 | 0 | -158,713 |
Total other comprehensive income | 0 | 0 | 0 | -3,092 | -158,713 | 12,811 | 0 | 0 | 0 | 0 | -148,994 |
Total comprehensive income | 0 | 0 | 0 | -3,092 | -158,713 | 12,811 | 0 | -441,653 | 376,202 | -1,959 | -216,404 |
Treasury shares | 0 | 0 | -24,359 | 0 | 0 | 0 | 0 | 0 | -1,046 | 0 | -25,405 |
Share Capital increase | 85 | 27,255 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27,340 |
Paid-out dividend | 0 | 0 | 0 | 0 | 0 | 0 | -500,531 | 0 | 11 | 0 | -500,520 |
Total transaction with owners | 85 | 27,255 | -24,359 | 0 | 0 | 0 | -500,531 | 0 | -1,035 | 0 | -498,585 |
Total changes in equity | 85 | 27,255 | -24,359 | -3,092 | -158,713 | 12,811 | -500,531 | -441,653 | 375,168 | -1,959 | -714,989 |
Total equity 30.09.2025 | 59,390 | 4,085,934 | -38,861 | 26,096 | 51,693 | 9,983 | 0 | -69,128 | 6,327,279 | -10,707 | 10,441,679 |
Equity 01.01.2024 | 59,228 | 4,027,375 | -8,478 | 21,627 | 76,395 | 702 | 515,284 | 741,434 | 5,429,232 | 3,055 | 10,865,854 |
Consolidated profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -729,621 | 902,784 | -7,505 | 165,658 |
Changes in financial derivatives | 0 | 0 | 0 | 0 | 0 | -7,158 | 0 | 0 | 0 | 0 | -7,158 |
Hereof income tax effect | 0 | 0 | 0 | 0 | 0 | 1,092 | 0 | 0 | 0 | 0 | 1,092 |
Share-based payment | 0 | 0 | 0 | 5,028 | 0 | 0 | 0 | 0 | 0 | 0 | 5,028 |
Currency translation differences | 0 | 0 | 0 | 0 | 113,996 | 0 | 0 | 0 | 0 | 0 | 113,996 |
Total other comprehensive income | 0 | 0 | 0 | 5,028 | 113,996 | -6,066 | 0 | 0 | 0 | 0 | 112,958 |
Total comprehensive income | 0 | 0 | 0 | 5,028 | 113,996 | -6,066 | 0 | -729,621 | 902,784 | -7,505 | 278,616 |
Treasury shares | 0 | 0 | -8,571 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8,571 |
Share Capital increase | 77 | 31,304 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31,381 |
Paid-out dividend | 0 | 0 | 0 | 0 | 0 | 0 | -515,284 | 0 | 719 | 0 | -514,565 |
Total transaction with owners | 77 | 31,304 | -8,571 | 0 | 0 | 0 | -515,284 | 0 | 719 | 0 | -491,755 |
Total changes in equity | 77 | 31,304 | -8,571 | 5,028 | 113,996 | -6,066 | -515,284 | -729,621 | 903,503 | -7,505 | -213,139 |
Total equity 30.09.2024 | 59,305 | 4,058,679 | -17,049 | 26,655 | 190,391 | -5,364 | 0 | 11,813 | 6,332,735 | -4,450 | 10,652,715 |
Equity 01.01.2024 | 59,228 | 4,027,375 | -8,478 | 21,627 | 76,395 | 702 | 515,284 | 741,434 | 5,429,232 | 3,055 | 10,865,854 |
Consolidated profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -368,909 | 1,025,507 | -11,803 | 644,795 |
Changes in financial derivatives | 0 | 0 | 0 | 0 | 0 | -4,166 | 0 | 0 | 0 | 0 | -4,166 |
Hereof income tax effect | 0 | 0 | 0 | 0 | 0 | 636 | 0 | 0 | 0 | 0 | 636 |
Share-based payment | 0 | 0 | 0 | 7,561 | 0 | 0 | 0 | 0 | 0 | 0 | 7,561 |
Currency translation differences | 0 | 0 | 0 | 0 | 134,011 | 0 | 0 | 0 | 0 | 0 | 134,011 |
Total other comprehensive income | 0 | 0 | 0 | 7,561 | 134,011 | -3,530 | 0 | 0 | 0 | 0 | 138,042 |
Total comprehensive income | 0 | 0 | 0 | 7,561 | 134,011 | -3,530 | 0 | -368,909 | 1,025,507 | -11,803 | 782,837 |
Treasury shares | 0 | 0 | -6,024 | 0 | 0 | 0 | 0 | 0 | -2,816 | 0 | -8,840 |
Share Capital increase | 77 | 31,304 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31,381 |
Paid-out dividend | 0 | 0 | 0 | 0 | 0 | 0 | -515,284 | 0 | 719 | 0 | -514,565 |
Proposed dividend | 0 | 0 | 0 | 0 | 0 | 0 | 500,531 | 0 | -500,531 | 0 | 0 |
Total transaction with owners | 77 | 31,304 | -6,024 | 0 | 0 | 0 | -14,753 | 0 | -502,628 | 0 | -492,024 |
Total changes in equity | 77 | 31,304 | -6,024 | 7,561 | 134,011 | -3,530 | -14,753 | -368,909 | 522,879 | -11,803 | 290,813 |
Total equity 31.12.2024 | 59,305 | 4,058,679 | -14,502 | 29,188 | 210,406 | -2,828 | 500,531 | 372,525 | 5,952,111 | -8,748 | 11,156,667 |
Accounting Policy
General Information
P/F Bakkafrost is a limited company incorporated and domiciled in the Faroe Islands.
The Group's Annual Report 2024 is available at https://www.bakkafrost.com or upon request from the company's registered office at Bakkavegur 9, FO-625 Glyvrar, Faroe Islands.
This Condensed Consolidated Interim Report is presented in DKK.
Note 1. Statement of Compliance
This Condensed Consolidated Interim Report is prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting as adopted by the EU. It does not include all the information required for the full Annual and Consolidated Report and Accounts and should be read in conjunction with the Annual and Consolidated Report and Accounts for the Group as of 31 December 2024.
This interim report has not been subject to any external audit.
Note 2. Significant Accounting Policies
The accounting policies applied by the Group in this Condensed Consolidated Interim Report are the same as those used in the Annual Report for the year ended 31 December 2024.
Note 3. Estimates and Risk Exposures
The preparation of financial statements is in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognized amounts of assets, liabilities, income, and expenses. The most significant estimates relate to the valuation of the fair value of biological assets. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on the management's best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur.
Bakkafrost has made no significant changes in the estimates for these interim financial statements compared with the annual financial statements.
Bakkafrost has changed the internal invoicing between the Farming and Sales and other segments to better align with industry peers and comply with applicable tax regulations. The change is that freight is no longer included in the salmon price between the segments, ensuring a more transparent and comparable pricing structure. The change is made from 1 Jan 2025, and no adjustments are made for 2024 as the intercompany invoicing is unchanged for 2024. The change affects the segments revenue and costs figures with the same amount and has no impact on operational EBIT. Nor has the change any effect on consolidated revenue, operational EBIT, profit, or equity. Freight adjusted numbers for 2024 are found in appendix B.
Descriptions of the accounting estimates are in the notes to the financial statements in the Annual Report 2024.
Note 4. Biological Assets30 Sep | 30 Sep | 31 Dec | |
2025 | 2024 | 2024 | |
Biological assets carrying amount 01.01. | 3,138,657 | 3,335,570 | 3,335,570 |
Increase due to production or purchases | 3,866,553 | 3,534,071 | 4,794,473 |
Reduction due to harvesting or sale (costs of goods sold) | -3,585,717 | -3,460,457 | -4,481,597 |
Reduction due to mortality (costs of incidents-based mortality) *) | -117,121 | -76,443 | -95,218 |
Fair value adjustment at the beginning of the period reversed | -385,429 | -741,433 | -741,433 |
Fair value adjustment at the end of the period | -69,130 | 11,813 | 372,525 |
Reversal of elimination at the beginning of the period | 498,799 | 434,167 | 434,167 |
Eliminations | -530,450 | -440,428 | -498,799 |
Currency translation differences | -73,501 | 4,704 | 18,969 |
Biological assets carrying amount at the end of the period | 2,742,661 | 2,601,564 | 3,138,657 |
Cost price biological assets | 3,415,742 | 3,025,475 | 3,245,962 |
Fair value adjustment at the end of the period | -69,130 | 11,813 | 372,525 |
Eliminations | -530,450 | -440,428 | -498,799 |
Currency translation differences | -73,501 | 4,704 | 18,969 |
Biological assets carrying amount | 2,742,661 | 2,601,564 | 3,138,657 |
Biomass (tonnes) | |||
< 1 kg | 3,140 | 3,873 | 4,505 |
1 kg < 2 kg | 6,552 | 6,662 | 7,336 |
2 kg < 3 kg | 9,983 | 6,622 | 9,035 |
3 kg < 4 kg | 16,760 | 13,580 | 7,190 |
4 kg < | 33,719 | 26,821 | 35,580 |
Volume of biomass at sea (tonnes) | 70,154 | 57,558 | 63,646 |
Number of fish (thousand) | 30 Sep | 30 Sep | 31 Dec |
2025 | 2024 | 2024 | |
< 1 kg | 7,042 | 7,220 | 8,573 |
1 kg < 2 kg | 4,462 | 4,709 | 4,648 |
2 kg < 3 kg | 4,041 | 2,686 | 3,800 |
3 kg < 4 kg | 4,772 | 4,003 | 2,071 |
4 kg < | 6,367 | 5,122 | 6,736 |
Total number of fish at sea (thousand) | 26,684 | 23,740 | 25,828 |
Number of smolt transferred YTD (thousand) | |||
Farming Faroe Island | 13,410 | 10,989 | 17,082 |
Farming Scotland | 5,123 | 4,980 | 5,999 |
Total number of smolts transferred YTD (thousand) | 18,533 | 15,969 | 23,081 |
Sensitivity in DKK 1,000 | |||
Change in discount rate +1% | -146,804 | -133,103 | -164,354 |
Change in discount rate -1% | 146,804 | 143,338 | 164,354 |
Change in sales price +5 DKK | 408,182 | 381,738 | 426,073 |
Change in sales price -5 DKK | -408,182 | -381,738 | -426,073 |
Change in biomass volume +1% | 11,323 | 33,142 | 8,442 |
Change in biomass volume -1% | -11,323 | -33,142 | -8,442 |
One-year forward prices in EUR FCA Oslo** | |||
Period end | 5.90 | 6.93 | 8.10 |
1 Q (forward) | 6.59 | 9.37 | 9.53 |
2 Q (forward) | 8.47 | 9.16 | 9.39 |
3 Q (forward) | 8.33 | 6.35 | 6.39 |
4 Q (forward) | 6.35 | 7.00 | 7.06 |
* Costs of incident-based mortality per Farming segment: | Q3 | Q3 | YTD | YTD |
2025 | 2024 | 2025 | 2024 | |
Faroe Islands | 0 | 0 | 0 | 0 |
Scotland | 68,431 | 33,951 | 113,689 | 76,443 |
Total | 68,431 | 33,951 | 113,689 | 76,443 |
** Pricing is based on the Fish Pool forward prices. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated based on price expectations obtained from industry analysts.
Note 5. SegmentsFishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | ||||
Q3 - 2025 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 758,896 | 231,083 | 73,229 | 1,033,878 | 199,007 | 251,564 | 2,461,521 | -3,322,982 | 1,686,196 |
Depreciation and amortization | -6,639 | -31,087 | -13,402 | -37,861 | -62,474 | -24,906 | -19,854 | 0 | -196,223 |
Operating expenses | -661,709 | -116,624 | -97,407 | -1,024,634 | -327,320 | -188,385 | -2,376,706 | 3,317,189 | -1,475,596 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 7,772 | 0 | 7,772 |
Operational EBIT | 90,548 | 83,372 | -37,580 | -28,617 | -190,787 | 38,273 | 72,733 | -5,793 | 22,149 |
Fair value adjustments on biological assets | 0 | 0 | 0 | 293,684 | -172,069 | 0 | 0 | 0 | 121,615 |
Income from associates | 5,111 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,111 |
Revenue tax | 0 | 0 | 0 | -14,238 | -3,293 | 0 | 0 | 0 | -17,531 |
EBIT | 95,659 | 83,372 | -37,580 | 250,829 | -366,149 | 38,273 | 72,733 | -5,793 | 131,344 |
Operational EBITDA | 97,187 | 114,459 | -24,178 | 9,244 | -128,313 | 63,179 | 92,587 | -5,793 | 218,372 |
Fishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | ||||
Q3 - 2024 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 740,341 | 219,068 | 28,976 | 1,099,834 | 235,478 | 237,418 | 2,488,050 | -3,312,567 | 1,736,598 |
Depreciation and amortization | -6,645 | -32,742 | -9,143 | -31,384 | -51,035 | -28,544 | -22,682 | 0 | -182,175 |
Operating expenses | -586,683 | -102,019 | -25,558 | -1,096,855 | -363,770 | -189,902 | -2,338,289 | 3,300,116 | -1,402,960 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 21,090 | 0 | 21,090 |
Operational EBIT | 147,013 | 84,307 | -5,725 | -28,405 | -179,327 | 18,972 | 148,169 | -12,451 | 172,553 |
Fair value adjustments on biological assets | 0 | 0 | 0 | -209,294 | -56,959 | 0 | 0 | 0 | -266,253 |
Income from associates | -915 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -915 |
Revenue tax | 0 | 0 | 0 | -4,341 | -3,593 | 0 | 0 | 0 | -7,934 |
EBIT | 146,098 | 84,307 | -5,725 | -242,040 | -239,879 | 18,972 | 148,169 | -12,451 | -102,549 |
Operational EBITDA | 153,658 | 117,049 | 3,418 | 2,979 | -128,292 | 47,516 | 170,851 | -12,451 | 354,728 |
Fishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | ||||
YTD 2025 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 1,910,537 | 619,155 | 109,869 | 2,879,028 | 905,455 | 685,282 | 7,485,237 | -9,434,311 | 5,160,252 |
Depreciation and amortization | -20,113 | -95,562 | -36,847 | -103,611 | -189,885 | -74,602 | -57,347 | -578 | -578,545 |
Operating expenses | -1,646,533 | -298,620 | -184,532 | -2,513,708 | -1,028,285 | -517,354 | -7,249,703 | 9,403,620 | -4,035,115 |
Other Income | 0 | 0 | 2,720 | 0 | 10,320 | 0 | 32,634 | 0 | 45,674 |
Operational EBIT | 243,891 | 224,973 | -108,790 | 261,709 | -302,395 | 93,326 | 210,821 | -31,269 | 592,266 |
Fair value adjustments on biological assets | 0 | 0 | 0 | -169,196 | -272,457 | 0 | 0 | 0 | -441,653 |
Income from associates | 19,019 | 0 | 0 | 0 | 0 | 0 | 2,097 | 0 | 21,116 |
Revenue tax | 0 | 0 | 0 | -108,820 | -12,591 | 0 | 0 | 0 | -121,411 |
EBIT | 262,910 | 224,973 | -108,790 | -16,307 | -587,443 | 93,326 | 212,918 | -31,269 | 50,318 |
Operational EBITDA | 264,004 | 320,535 | -71,943 | 365,320 | -112,510 | 167,928 | 268,168 | -30,691 | 1,170,811 |
INVESTMENTS in Property, plant and equipment | 96,502 | 229,543 | 166,111 | 204,202 | 19,129 | 106,062 | 31,075 | 852,623 | |
Fishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | ||||
YTD 2024 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 2,165,618 | 499,399 | 93,562 | 3,014,082 | 1,633,670 | 701,534 | 7,919,239 | -10,017,150 | 6,009,954 |
Depreciation and amortization | -19,969 | -85,468 | -26,981 | -89,881 | -153,752 | -90,273 | -53,008 | 0 | -519,332 |
Operating expenses | -1,709,366 | -234,344 | -137,408 | -2,274,480 | -1,523,604 | -553,865 | -7,831,124 | 9,990,067 | -4,274,124 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 53,653 | 0 | 53,653 |
Operational EBIT | 436,283 | 179,587 | -70,827 | 649,721 | -43,686 | 57,396 | 88,760 | -27,083 | 1,270,151 |
Fair value adjustments on biological assets | 0 | 0 | 0 | -300,054 | -429,567 | 0 | 0 | 0 | -729,621 |
Income from associates | 1,080 | 0 | 0 | 0 | 0 | 214 | 214 | 0 | 1,508 |
Revenue tax | 0 | 0 | 0 | -184,681 | -18,982 | 0 | 0 | 0 | -203,663 |
EBIT | 437,363 | 179,587 | -70,827 | 164,986 | -492,235 | 57,610 | 88,974 | -27,083 | 338,376 |
Operational EBITDA | 456,252 | 265,055 | -43,846 | 739,602 | 110,066 | 147,669 | 141,768 | -27,083 | 1,789,483 |
INVESTMENTS in Property, plant and equipment | 154,945 | 93,359 | 145,224 | 152,402 | 45,899 | 76,968 | 37,077 | 0 | 705,874 |
Note 6. Capital Commitments
The Group had capital expenditure committed but not provided in these accounts at the date of the Statement of Financial Position of approximately DKK 769 million. DKK 459 million, DKK 51 million, and DKK 66 million relate to the Freshwater, FOF, and Farming segments in the Faroe Islands, respectively. DKK 119 million and DKK 60 million relate to the Freshwater and Farming segments in Scotland, respectively. DKK 11 million and DKK 3 million relate to other investments in the Faroe Islands and in Scotland, respectively.
Note 7. Transactions with Related Parties
Note 5.2 in Bakkafrost's Annual Report for 2024 provides detailed information on related parties' transactions.
Transactions between P/F Bakkafrost and its subsidiaries meet the definition of related party transactions. As these transactions are eliminated on consolidation, they are not disclosed as related party transactions.
Note 8. Fair Value Measurements
As of ended 30 June 2025, the Group held the following classes of assets/liabilities measured at fair value:
DKK 1,000
Cost
Assets and liabilities measured at fair value | Fair value | amount | Level 1 | Level 2 | Level 3 |
Biological assets (biomass) | 2,742,661 | 2,811,791 | 0 | 0 | 2,742,661 |
Assets measured at fair value 30/09-2025 | 2,742,661 | 2,811,791 | 0 | 0 | 2,742,661 |
Liabilities measured at fair value 30/09-2025 | 0 | 0 | 0 | 0 | 0 |
Biological assets (biomass) | 3,138,657 | 2,766,132 | 0 | 0 | 3,138,657 |
Assets measured at fair value 31/12-2024 | 3,138,657 | 2,766,132 | 0 | 0 | 3,138,657 |
Liabilities measured at fair value 31/12-2024 | 0 | 0 | 0 | 0 | 0 |
All assets/liabilities for which fair value is recognized or disclosed are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities.
Level 2: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable).
Level 3: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).
For biological assets, the fair value calculation uses a valuation model (level 3 in the valuation hierarchy) where the value is estimated based on observable market prices per period end.
For more information on these calculations, please refer to Note 4.
For assets/liabilities recognized at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement).
There have been no transfers into or out of Level 3 fair value measurements.
Note 9. Business Combinations
There have not been any new business combinations in 2025, nor in 2024.
Note 10 Alternative Performance Measures NIBD
Net interest-bearing debt consists of both current and non-current interest-bearing liabilities, less related current and non-current hedging instruments, lease liabilities, financial instruments, such as debt instruments and derivatives and cash and cash equivalents. The net interest-bearing debt is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. It is also a single measure that can be used to assess both the Group's cash position and its indebtedness. The use of the term net debt does not necessarily mean that the cash included in the net debt calculation is available to settle the liabilities included in this measure. Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate interest-bearing liabilities (both current and non-current), derivatives and cash and cash equivalents. A reconciliation is provided below.
DKK 1,000 | 30 Sep | 31 Dec |
2025 | 2024 | |
Cash and cash equivalents | 286,328 | 480,506 |
Long- and short term interest bearing debt | -4,250,295 | -3,480,527 |
Net interest-bearing debt | -3,963,967 | -3,000,021 |
Operational EBIT
Operational EBIT is EBIT aligned for fair value adjustments, onerous contracts provisions, income from associates and revenue tax.
Operational EBIT is a major alternative performance measure in the salmon farming industry. A reconciliation from EBIT to Operational EBIT is provided below.
DKK 1,000 | Q3 | Q3 | YTD | YTD |
2025 | 2024 | 2025 | 2024 | |
EBIT | 131,344 | -102,549 | 50,318 | 338,369 |
Fair value adjustments of biological assets | -121,615 | 266,253 | 441,653 | 729,621 |
Income from associates | -5,111 | 915 | -21,116 | -1,508 |
Revenue tax | 17,531 | 7,934 | 121,411 | 203,666 |
Operational EBIT | 22,149 | 172,553 | 592,266 | 1,270,148 |
Operational EBIT per kg
Freshwater FO segment:
()
Freshwater SCT segment:
()
Farming FO segment:
()
Farming SCT segment:
()
Services segment:
()
ROCE
Return on average capital employed (ROCE) is the period's operational EBIT divided by the average capital employed, which is total assets adjusted for total current liabilities. The performance measure is expressed as a percentage and is useful for evaluating Bakkafrost's profitability.
DKK 1,000 | Q3 | Q3 | YTD | YTD |
2025 | 2024 | 2025 | 2024 | |
Group -Operational EBIT | 22,149 | 172,553 | 592,266 | 1,270,148 |
Average Capital Employed | 17,373,950 | 16,516,558 | 17,191,679 | 16,760,582 |
ROCE | 0.1% | 1.0% | 3.4% | 7.6% |
Adjusted EPS
Adjusted EPS is based on the reversal of certain fair value adjustments shown in the table below, as it is Bakkafrost's view that this figure provides a more reliable measure of the underlying performance.
DKK 1,000 | Q3 | Q3 | YTD | YTD |
2025 | 2024 | 2025 | 2024 | |
Profit for the period to the shareholders of P/F Bakkafrost | 76,556 | -116,301 | -67,410 | 168,117 |
Fair value adjustment of biomass | -121,615 | 266,253 | 441,653 | 729,621 |
Tax on fair value adjustment and onerous contracts provisions | 45,088 | -62,576 | -119,541 | -156,877 |
Adjusted profit for the period to shareholders of P/F Bakkafrost | 29 | 87,376 | 254,702 | 740,861 |
Time-weighted average number of shares outstanding through the period | 59,290,731 | 59,263,902 | 59,290,731 | 59,263,902 |
Adjusted earnings per share (before fair value adjustment of biomass and provisions for onerous contracts) (adjusted EPS) | 0.00 | 1.47 | 4.30 | 12.50 |
Sales & Other segment: &
()
EBITDA
Earnings before interest, tax, depreciation, and amortizations (EBITDA) is a key financial parameter for Bakkafrost's FOF segment. EBITDA before other income and other expenses is defined as EBITDA less gains and losses on disposals of fixed assets and operations and is reconciled in the section Group overview. This measure is useful to users of Bakkafrost's financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation and amortization expenses related primarily to capital expenditures and acquisitions, which occurred in the past, nonrecurring items, as well as evaluating operating performance in relation to Bakkafrost's FOF segment's competitors. The EBITDA margin is defined as EBITDA before other income and other expenses divided by total revenues.
ContactsP/F BAKKAFROST
Bakkavegur 9 FO-625 Glyvrar Faroe Islands
Telephone: +298 40 50 00
Fax: +298 40 50 09
Email: bakkafrost@bakkafrost.com Website: https://www.bakkafrost.com
Appendix A - Performance FO vs SCTThe performance related to the Faroe Islands and Scotland as a region.
Q3 2025 | Q3 2024 | 2025 YTD | 2024 YTD | |||||||||
DKK 1,000 | Scotland | Faroe Islands* | Group | Scotland | Faroe Islands* | Group | Scotland | Faroe Islands* | Group | Scotland | Faroe Islands* | Group |
Total operating revenues | 282 | 1,405 | 1,686 | 317 | 1,420 | 1,737 | 1,209 | 3,951 | 5,160 | 1,810 | 4,200 | 6,010 |
Depreciation and amortization | -80 | -117 | -196 | -68 | -114 | -182 | -239 | -340 | -579 | -203 | -316 | -519 |
Operating expenses | -414 | -1,061 | -1,476 | -408 | -995 | -1,403 | -1,295 | -2,740 | -4,035 | -1,639 | -2,635 | -4,274 |
Other income | 8 | 0 | 8 | 21 | 0 | 21 | 46 | 0 | 46 | 48 | 0 | 48 |
Operational EBIT | -205 | 227 | 22 | -138 | 310 | 173 | -280 | 872 | 592 | 15 | 1,250 | 1,264 |
Operational EBITDA | -125 | 343 | 218 | -70 | 425 | 355 | -41 | 1,212 | 1,171 | 218 | 1,566 | 1,784 |
Volume tonnes | 5,286 | 25,392 | 30,678 | 5,411 | 21,618 | 27,029 | 18,606 | 60,326 | 78,932 | 24,040 | 46,138 | 70,178 |
Operational EBIT/KG | -38.72 | 8.93 | 0.72 | -25.45 | 14.35 | 6.38 | -15.04 | 14.46 | 7.50 | 0.61 | 27.08 | 18.01 |
DKK 1.00 | ||||||||||||
- of which FOF | 0.00 | 3.57 | 2.95 | 0.00 | 6.80 | 5.44 | 0.00 | 4.04 | 3.09 | 0.00 | 9.46 | 6.22 |
- of which Freshwater | -7.11 | 3.28 | 1.49 | -1.06 | 3.90 | 2.91 | -5.85 | 3.73 | 1.47 | -2.95 | 3.89 | 1.55 |
- of which Farming | -36.09 | -1.13 | -7.15 | -33.14 | -1.31 | -7.69 | -16.25 | 4.34 | -0.52 | -1.82 | 14.08 | 8.64 |
- of which Services | 0.23 | 1.46 | 1.25 | -0.62 | 1.03 | 0.70 | 1.09 | 1.21 | 1.18 | 0.56 | 0.95 | 0.82 |
- of which Sales & Other | 5.93 | 1.63 | 2.37 | 9.60 | 4.45 | 5.48 | 6.19 | 1.58 | 2.67 | 2.18 | 0.79 | 1.26 |
- of which Eliminations | -1.67 | 0.12 | -0.19 | -0.23 | -0.52 | -0.46 | -0.22 | -0.45 | -0.40 | 2.63 | -2.09 | -0.47 |
*included a marginal contribution from US, DK, UK and FR | ||||||||||||
Corrected segment numbers if freight was treaded as in 2025 | Fishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | |||
Q3 - 2024 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 740,341 | 219,068 | 28,976 | 1,000,420 | 221,408 | 237,418 | 2,374,566 | -3,085,599 | 1,736,598 |
Depreciation and amortization | -6,645 | -32,742 | -9,143 | -31,384 | -51,035 | -28,544 | -22,682 | 0 | -182,175 |
Operating expenses | -586,683 | -102,019 | -25,558 | -997,441 | -349,700 | -189,902 | -2,224,805 | 3,073,148 | -1,402,960 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 21,090 | 0 | 21,090 |
Operational EBIT | 147,013 | 84,307 | -5,725 | -28,405 | -179,327 | 18,972 | 148,169 | -12,451 | 172,553 |
Fair value adjustments on biological assets | 0 | 0 | 0 | -209,294 | -56,959 | 0 | 0 | 0 | -266,253 |
Income from associates | -915 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -915 |
Revenue tax | 0 | 0 | 0 | -4,341 | -3,593 | 0 | 0 | 0 | -7,934 |
EBIT | 146,098 | 84,307 | -5,725 | -242,040 | -239,879 | 18,972 | 148,169 | -12,451 | -102,549 |
Operational EBITDA | 153,658 | 117,049 | 3,418 | 2,979 | -128,292 | 47,516 | 170,851 | -12,451 | 354,728 |
Fishmeal, | Freshwater | Freshwater | Farming | Farming | Sales | ||||
YTD 2024 - DKK 1,000 | oil and feed | Faroe Islands | Scotland | Faroe Islands | Scotland | Services | & Other | Eliminations | Group |
Total operating revenues | 2,165,618 | 499,399 | 93,562 | 2,765,307 | 1,571,961 | 701,534 | 7,608,755 | -9,396,184 | 6,009,952 |
Depreciation and amortization | -19,969 | -85,468 | -26,981 | -89,881 | -153,752 | -90,273 | -53,008 | 0 | -519,332 |
Operating expenses | -1,709,366 | -234,344 | -137,408 | -2,025,705 | -1,461,895 | -553,865 | -7,520,640 | 9,369,098 | -4,274,125 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 53,653 | 0 | 53,653 |
Operational EBIT | 436,283 | 179,587 | -70,827 | 649,721 | -43,686 | 57,396 | 88,760 | -27,086 | 1,270,148 |
Fair value adjustments on biological assets | 0 | 0 | 0 | -300,054 | -429,567 | 0 | 0 | 0 | -729,622 |
Income from associates | 1,080 | 0 | 0 | 0 | 0 | 214 | 214 | 0 | 1,507 |
Revenue tax | 0 | 0 | 0 | -184,681 | -18,982 | 0 | 0 | 0 | -203,663 |
EBIT | 437,363 | 179,587 | -70,827 | 164,986 | -492,235 | 57,610 | 88,974 | -27,087 | 338,370 |
Operational EBITDA | 456,252 | 265,055 | -43,846 | 739,602 | 110,066 | 147,669 | 141,768 | -27,086 | 1,789,480 |
Corrected numbers | |||||||||
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Bakkafrost P/F published this content on November 04, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 04, 2025 at 06:48 UTC.
