Financials Bakkafrost

Stocks

BAKKA

FO0000000179

Fishing & Farming

Real-time Oslo Bors Other stock markets 03:41:36 2026-08-11 am EDT			5-day change	1st Jan Change
467.80 ^NOK	+1.04%		-0.22%	-10.36%

Jul. 08	Handelsbanken cuts target price for Bakkafrost to 450 Norwegian kroner (491), reiterates hold - BN	FW
Jul. 02	P/F Bakkafrost Reports Production Results for the Second Quarter and Year to Date 2026	CI

Projected Income Statement: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	5,554	7,130	7,141	7,480	7,007	8,514	9,773	10,777
Change	-	28.38%	0.15%	4.75%	-6.32%	21.51%	14.79%	10.27%
EBITDA ¹	1,352	2,243	2,181	2,254	1,673	2,710	3,361	3,792
Change	-	65.92%	-2.75%	3.35%	-25.78%	61.98%	24.01%	12.84%
EBIT ¹	821.2	1,705	1,544	1,550	888	1,739	2,384	2,824
Change	-	107.64%	-9.46%	0.38%	-42.7%	95.81%	37.09%	18.48%
Interest Paid ¹	-36.86	-65.04	-184.7	-199.5	-180.9	-173.2	-157.5	-140
Earnings before Tax (EBT) ¹	1,138	1,690	1,148	851.6	635	1,354	1,969	2,358
Change	-	48.58%	-32.06%	-25.84%	-25.44%	113.25%	45.4%	19.75%
Net income ¹	964.1	1,345	955.6	656.6	530.2	954.6	1,423	1,692
Change	-	39.53%	-28.96%	-31.29%	-19.26%	80.06%	49.05%	18.92%
Announcement Date	2/22/22	2/21/23	2/20/24	2/17/25	2/9/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	1,618	1,272	1,488	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	2,067	1,737	1,470	1,899	1,575	1,686	1,847	2,114	2,162	1,899	2,240	2,405	2,343	2,360	2,332	2,779
Change	-	-21.34%	16.97%	10.15%	2.71%	10.88%	3.9%	5.67%	-18.55%	11.36%	-16%	41.24%	-6.3%	-15.99%	-15.36%	29.23%	-17.1%	7.07%	9.55%	14.46%	2.27%	-12.15%	17.96%	7.35%	-2.58%	0.73%	-1.17%	19.14%
EBITDA ¹	533.8	193.5	270.2	554.1	723.7	461.1	503.8	713.7	507.6	424.1	535.6	879	556	354.7	464.5	694.4	258.1	218	502	764	612.4	518.7	738.5	886.5	1,024	767	807	880
Change	-	-63.75%	39.62%	105.07%	30.61%	-36.28%	9.25%	41.68%	-28.88%	-16.44%	26.28%	64.13%	-36.75%	-36.2%	30.95%	49.49%	-62.84%	-15.52%	130.28%	52.19%	-19.85%	-15.3%	42.39%	20.03%	15.51%	-25.1%	5.22%	9.05%
EBIT ¹	407.5	70.54	119.7	417.9	586.6	324.7	376	565.3	353.3	269	356.2	710	387.9	172.6	279.5	505.1	65	22	295	544	398.7	264	522.1	667	803	545	583	652
Change	-	-82.69%	69.62%	249.23%	40.37%	-44.65%	15.81%	50.34%	-37.49%	-23.87%	32.42%	99.33%	-45.37%	-55.51%	62%	80.7%	-87.13%	-66.15%	1,240.91%	84.41%	-26.71%	-33.78%	97.73%	27.76%	20.39%	-32.13%	6.97%	11.84%
Charge d'intérêts ¹	-10.91	-7.784	-10.57	-5.917	-9.545	-7.823	-39.72	-	-	-45.01	-66.19	-46	-52	-41.31	-44.06	-40.36	-59	-27.38	-48.52	-39.6	-41.5	-43	-42.5	-36	-33	-34	-32	-30
Earnings before Tax (EBT) ¹	529.8	158.1	-43.71	491.8	1,057	282.3	-140.7	586.4	-153	235.9	479.1	482	-139.4	-160.7	669.7	-36.55	-191.7	77	787	414	282.9	223	426.5	495.5	649.5	420	455	513
Change	-	-70.16%	-127.65%	1,225.26%	114.89%	-73.29%	-149.85%	516.68%	-126.1%	254.16%	103.1%	0.6%	-128.91%	-15.3%	516.78%	-105.46%	-424.54%	140.17%	922.08%	-47.4%	-31.66%	-21.19%	91.28%	16.18%	31.08%	-35.33%	8.33%	12.75%
Net income ¹	428.1	131.3	-3.108	404.7	846.1	249.4	-155.1	467.5	-123	219	393.6	401	-111.9	-113.7	481	-5.543	-133.6	76.53	595.6	306.5	213.8	189.8	348.1	378.5	501.5	343.5	371	376
Change	-	-69.33%	-102.37%	13,121.65%	109.06%	-70.53%	-162.19%	401.46%	-126.3%	278.14%	79.68%	1.89%	-127.9%	-1.63%	522.96%	-101.15%	-2,310.46%	157.28%	678.31%	-48.54%	-30.25%	-11.25%	83.43%	8.74%	32.5%	-31.51%	8.01%	1.35%
Announcement Date	8/24/21	11/9/21	2/22/22	5/10/22	8/23/22	11/8/22	2/21/23	5/9/23	8/22/23	11/7/23	2/20/24	5/6/24	8/24/24	11/5/24	2/17/25	5/19/25	8/26/25	11/4/25	2/9/26	5/19/26	-	-	-	-	-	-	-	-

¹DKK in Million

Estimates

Forecast Balance Sheet: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,126	2,664	3,533	3,000	3,897	4,069	3,690	3,250
Change	-	25.31%	32.62%	-15.09%	29.9%	4.42%	-9.31%	-11.92%
Announcement Date	2/22/22	2/21/23	2/20/24	2/17/25	2/9/26	-	-	-

¹DKK in Million

Estimates

Cash Flow Forecast: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,115	1,236	1,060	1,022	1,135	1,165	1,092	1,119
Change	-	10.82%	-14.22%	-3.59%	11.07%	2.67%	-6.32%	2.47%
Free Cash Flow (FCF) ¹	12.32	-52.74	-21.12	1,341	-56.5	517	1,102	1,282
Change	-	-528.27%	59.95%	6,446.55%	-104.21%	1,015.13%	113.2%	16.26%
Announcement Date	2/22/22	2/21/23	2/20/24	2/17/25	2/9/26	-	-	-

¹DKK in Million

Estimates

Forecast Financial Ratios: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	24.34%	31.45%	30.54%	30.13%	23.88%	31.83%	34.39%	35.19%
EBIT Margin (%)	14.79%	23.92%	21.62%	20.72%	12.67%	20.42%	24.39%	26.21%
EBT Margin (%)	20.48%	23.71%	16.08%	11.39%	9.06%	15.9%	20.15%	21.88%
Net margin (%)	17.36%	18.87%	13.38%	8.78%	7.57%	11.21%	14.56%	15.7%
FCF margin (%)	0.22%	-0.74%	-0.3%	17.92%	-0.81%	6.07%	11.28%	11.89%
FCF / Net Income (%)	1.28%	-3.92%	-2.21%	204.18%	-10.66%	54.16%	77.47%	75.74%
Profitability
ROA	6.93%	7.13%	-	3.7%	-	-	-	-
ROE	10.67%	13.63%	8.99%	5.96%	3.68%	8.65%	11.67%	12.71%
Financial Health
Leverage (Debt/EBITDA)	1.57x	1.19x	1.62x	1.33x	2.33x	1.5x	1.1x	0.86x
Debt / Free cash flow	172.62x	-50.51x	-167.25x	2.24x	-68.98x	7.87x	3.35x	2.54x
Capital Intensity
CAPEX / Current Assets (%)	20.08%	17.33%	14.84%	13.66%	16.2%	13.69%	11.17%	10.38%
CAPEX / EBITDA (%)	82.49%	55.1%	48.6%	45.34%	67.85%	43%	32.48%	29.5%
CAPEX / FCF (%)	9,054.1%	-2,342.92%	-5,018.02%	76.23%	-2,009.17%	225.4%	99.04%	87.29%
Items per share
Cash flow per share ¹	19.04	20.34	17.28	39.73	18.19	22.44	30.84	30.91
Change	-	6.83%	-15.03%	129.89%	-54.21%	23.33%	37.48%	0.22%
Dividend per Share ¹	5.14	10	8.7	8.44	3.45	8.676	12.02	12.16
Change	-	94.55%	-13%	-2.99%	-59.12%	151.47%	38.61%	1.16%
Book Value Per Share ¹	158	175.9	183.6	188.2	186.2	203.2	217.4	239.2
Change	-	11.3%	4.36%	2.54%	-1.07%	9.1%	7.03%	9.98%
EPS ¹	16.32	22.75	16.15	10.88	8.83	16.32	24.27	28.9
Change	-	39.4%	-29.01%	-32.63%	-18.84%	84.83%	48.69%	19.08%
Nbr of stocks (in thousands)	59,074	59,075	59,206	59,253	59,038	59,223	59,223	59,223
Announcement Date	2/22/22	2/21/23	2/20/24	2/17/25	2/9/26	-	-	-