Q2 2026 P/F Bakkafrost Earnings Call

August 31, 2026

Speaker #1: Welcome to Bakkafrost's results for the second quarter, 2026. My name is Hogni Jacobsen, and I'm here today with our CEO, Rani Jacobsen. First, a disclaimer which I will leave for self-study. We will follow the usual agenda today, beginning with an overview of the second quarter before we move into markets and sales.

Høgni Dahl Jakobsen: Of the Bakkafrost results for Q2 2026. My name is Høgni Jakobsen. I am here today with our CEO, Regin Jacobsen. First, disclaimer, which I will leave for self-study. We will follow the usual agenda today, beginning with an overview of Q2 before we move into markets and sales, and then on to finance, operations, and finally outlook. In Q2, operational performance improved for Bakkafrost, with revenues increasing 16% year-on-year to NOK 1.8 billion. Operational EBIT of NOK 273, excuse me, NOK 273 million compared to NOK 65 million last year. in the Faroes, we harvested more fish than we have ever done before in a quarter, 26,700 tons. In Scotland, it was the opposite. It was less than half, 55% reduction, 3,100 tons harvested.

Høgni Jakobsen: Of the Bakkafrost results for Q2 2026. My name is Høgni Jakobsen. I am here today with our CEO, Regin Jacobsen. First, disclaimer, which I will leave for self-study. We will follow the usual agenda today, beginning with an overview of Q2 before we move into markets and sales, and then on to finance, operations, and finally outlook. In Q2, operational performance improved for Bakkafrost, with revenues increasing 16% year-on-year to NOK 1.8 billion. Operational EBIT of NOK 273, excuse me, NOK 273 million compared to NOK 65 million last year. in the Faroes, we harvested more fish than we have ever done before in a quarter, 26,700 tons. In Scotland, it was the opposite. It was less than half, 55% reduction, 3,100 tons harvested.

Speaker #1: And then on to finance, operations, and finally outlook. So, in the second quarter, operational performance improved for Bakkafrost, with revenues increasing 16% year on year to 1.8 billion.

Speaker #1: And operational EBIT of 273 million—excuse me—273 million compared to 65 million last year. In the Faroes, we harvested more fish than we have ever done before in a quarter: 26,700 tons.

Speaker #1: And in Scotland, it was the opposite: it was less than half, a 55% reduction. 3,100 tons harvested. This is a result of the de-risking strategy that we have been following, while we await the new capacity to be fully utilized with large malt.

Høgni Dahl Jakobsen: This is a result of the de-risking strategy that we have been following while we await the new capacity to be fully utilized with large smolt in Scotland. At our Fishmeal, Oil, and Feed division, feed sales were relatively stable at 37,000 tons. Meal sales were zero as we are preserving inventories to ensure that we are self-sufficient with fishmeal for our own feed production. Currently, our stocks will enable us to produce into Q2 next year. Sourcing of marine raw material was lower this quarter, 32% reduction. We sourced 109,000 tons. Cash flow from operations were NOK 273 million compared to -NOK 204 million last year. Finally, in May, we also paid dividends of 3.45 DKK per share. Group all inclusive margins improved from 2.82 Danish kroner per kilo to 9.12, supported by the stronger Faroes operation.

Høgni Jakobsen: This is a result of the de-risking strategy that we have been following while we await the new capacity to be fully utilized with large smolt in Scotland. At our Fishmeal, Oil, and Feed division, feed sales were relatively stable at 37,000 tons. Meal sales were zero as we are preserving inventories to ensure that we are self-sufficient with fishmeal for our own feed production. Currently, our stocks will enable us to produce into Q2 next year. Sourcing of marine raw material was lower this quarter, 32% reduction. We sourced 109,000 tons. Cash flow from operations were NOK 273 million compared to -NOK 204 million last year. Finally, in May, we also paid dividends of 3.45 DKK per share. Group all inclusive margins improved from 2.82 Danish kroner per kilo to 9.12, supported by the stronger Faroes operation.

Speaker #1: In Scotland, at our fishmeal, oil, and feed division, feed sales were relatively stable at 37,000 tons. Meal sales were zero, as we are preserving inventories.

Speaker #1: To ensure that we are self-sufficient with fish meal for our own feed production, currently our stocks will enable us to produce into Q2 next year.

Speaker #1: Sourcing of marine raw material was lower this quarter, with a 32% reduction. We sourced 109,000 tons. Cash flow from operations was DKK 273 million, compared to minus DKK 204 million last year.

Speaker #1: And finally, in May, we also paid dividends of DKK 3.45 per share. Group all-inclusive margins improved from DKK 2.82 per kilo to DKK 9.12, supported by the stronger ferries operation.

Speaker #1: This took place in a market context with high supply, due to salmon prices, and a reduced large fish premium. The Faroes delivered 15.38, up from 13.15.

Høgni Dahl Jakobsen: This took place in the market context with high supply due to salmon prices and a reduced large fish premium. The Faroes delivered 15.38 up from 13.15. Scotland, on the other hand, had a negative margin of -44.12, which was impacted significantly by reduced harvest volumes, negatively affecting the dilution of fixed costs. Moving on to market. According to the latest updates from Kontali, global supply increased 7% in the quarter ahead of the harvest growth, which was 3%. A significant volume of inventories were released in the quarter, primarily from Chile. European harvest grew 5%, and Norway by 3%, with lower volumes in April and May, but a very strong growth in June with 15% volume growth, which also continued into July, with 10% increase. Some of that volume growth is linked to biomass management within the maximum allowed biomass limits. Biology in Norway was good.

Høgni Jakobsen: This took place in the market context with high supply due to salmon prices and a reduced large fish premium. The Faroes delivered 15.38 up from 13.15. Scotland, on the other hand, had a negative margin of -44.12, which was impacted significantly by reduced harvest volumes, negatively affecting the dilution of fixed costs. Moving on to market. According to the latest updates from Kontali, global supply increased 7% in the quarter ahead of the harvest growth, which was 3%. A significant volume of inventories were released in the quarter, primarily from Chile. European harvest grew 5%, and Norway by 3%, with lower volumes in April and May, but a very strong growth in June with 15% volume growth, which also continued into July, with 10% increase. Some of that volume growth is linked to biomass management within the maximum allowed biomass limits. Biology in Norway was good.

Speaker #1: Scotland, on the other hand, had a negative margin of minus 44.12, which was impacted significantly by reduced harvest volumes, negatively affecting the dilution of fixed costs.

Speaker #1: Moving on to market, according to the latest updates from Contali, global supply increased 7% in the quarter, ahead of the harvest growth, which was 3%.

Speaker #1: A significant volume of inventories were released in the quarter, primarily from Chile. European harvest grew 5%, and Norway by 3%, with lower volumes in April and May, but very strong growth in June, with 15% volume growth, which also continued into July, with a 10% increase.

Speaker #1: Some of that volume growth is linked to biomass management within maximum allowed biomass limits. Biology in Norway was good: lower mortality, 2% higher harvest weights, and a 4% increase in feeding.

Høgni Dahl Jakobsen: Lower mortality, 2% higher harvest weights, and 4% increase on feeding. The Faroes had a very strong quarter with volume growth of 29%. Weights were up by 5% and feeding also increased by 2%. Americas reduced their harvest around 1%. Chile dropped 4%. There is some increased competition between Coho salmon and Atlantic salmon, so Coho salmon is limiting production capacity for Atlantic salmon. In Canada, there was strong development, especially on the West Coast, but also some accelerated harvests due to biological issues. Feeding in Chile and Canada were both down with 7% in this quarter. If we look at where the volumes were sold volumes increased 7%. Demand is solid across Europe, US, and Greater China, with the sold volumes increasing 11%, 4% and 17%, respectively.

Høgni Jakobsen: Lower mortality, 2% higher harvest weights, and 4% increase on feeding. The Faroes had a very strong quarter with volume growth of 29%. Weights were up by 5% and feeding also increased by 2%. Americas reduced their harvest around 1%. Chile dropped 4%. There is some increased competition between Coho salmon and Atlantic salmon, so Coho salmon is limiting production capacity for Atlantic salmon. In Canada, there was strong development, especially on the West Coast, but also some accelerated harvests due to biological issues. Feeding in Chile and Canada were both down with 7% in this quarter. If we look at where the volumes were sold volumes increased 7%. Demand is solid across Europe, US, and Greater China, with the sold volumes increasing 11%, 4% and 17%, respectively.

Speaker #1: The Pharaohs had a very strong quarter, with volume growth of 29%. Weights were up by 5%, and feeding also increased by 2%. Americas reduced their harvest by around 1%, and Chile dropped by 4%.

Speaker #1: There is some increased competition between Coho and Atlantic salmon, so Coho is limiting production capacity for Atlantic salmon. In Canada, there was strong development, especially on the West Coast, but also some accelerated harvest due to biological issues.

Speaker #1: Feeding in Chile and Canada were both down by 7% this quarter. If we look at where the volumes were sold, sold volumes increased by 7%.

Speaker #1: Demand is solid across Europe, the US, and Greater China, with sold volumes increasing by 11%, 4%, and 17%, respectively. If we look at the US market, the local supply increased in this quarter by around 30% to approximately 8,000 tons of whole fish equivalents.

Høgni Dahl Jakobsen: If we look at the US market, the local supply increased in this quarter with around 30% corresponding to around 8,000 tons of whole fish equivalents, mainly supplied from Canada and North America. European exports to the US declined almost 10% in this quarter, while Chilean export increased by 5%. Latin America had also strong growth, with Brazil growing with 10%. The spot price in this quarter for superior 4 to 5 kilo was NOK 74.15, broadly stable year-on-year, but 16% lower compared to Q1. Prices have increased now from the beginning of Q3, which is a bit earlier than usual. This also has continued into August, supported by strong European demand. The large fish premium has been more or less absent for the past three quarters, but we see that that is also starting to pick up again.

Høgni Jakobsen: If we look at the US market, the local supply increased in this quarter with around 30% corresponding to around 8,000 tons of whole fish equivalents, mainly supplied from Canada and North America. European exports to the US declined almost 10% in this quarter, while Chilean export increased by 5%. Latin America had also strong growth, with Brazil growing with 10%. The spot price in this quarter for superior 4 to 5 kilo was NOK 74.15, broadly stable year-on-year, but 16% lower compared to Q1. Prices have increased now from the beginning of Q3, which is a bit earlier than usual. This also has continued into August, supported by strong European demand. The large fish premium has been more or less absent for the past three quarters, but we see that that is also starting to pick up again.

Speaker #1: Mainly supplied from Canada and North America. European exports to the U.S. declined almost 10% in this quarter, while Chilean exports increased by 5%. Latin America also had strong growth, with Brazil growing by 10%.

Speaker #1: The spot price in this quarter for Superior 4–5 kilo was 74.15, broadly stable year-on-year, but 16% lower compared to the first quarter.

Speaker #1: Prices have increased now from the beginning of the third quarter, which is a bit earlier than usual, and this has also continued into August, supported by strong European demand.

Speaker #1: The large fish premium has been more or less absent for the past three quarters, but we see that is also starting to pick up again.

Speaker #1: With a tight supply ahead of us and strong demand, we think that the market outlook in general looks constructive. If we then move on to the P&L, we had stronger revenues and operational EBIT, as mentioned before. Revenues in this quarter were €1.8 billion and €3.5 billion for the first half of this year.

Høgni Dahl Jakobsen: With a tight supply ahead of us and a strong demand, we think that the market outlook in general looks constructive. If we then move on to the P&L. We had stronger revenues and operational EBIT, as mentioned before. Revenues in this quarter, NOK 1.8 billion and NOK 3.5 billion for H1 of this year. Operational EBIT year-on-year increased from NOK 65 million to NOK 273 million, and fair value adjustments were -NOK 406 million, versus -NOK 187 million last year. Affecting the profit for the period, which was negative with NOK 161 million. Operational EBIT year-to-date, NOK 816 million, close to the full year of last year. Earnings per share came out at NOK 2.31 in this quarter, and NOK 7.46 for the full year or year-to-date. On the balance sheet, we have a strong balance sheet. Unchanged equity ratio of 58%.

Høgni Jakobsen: With a tight supply ahead of us and a strong demand, we think that the market outlook in general looks constructive. If we then move on to the P&L. We had stronger revenues and operational EBIT, as mentioned before. Revenues in this quarter, NOK 1.8 billion and NOK 3.5 billion for H1 of this year. Operational EBIT year-on-year increased from NOK 65 million to NOK 273 million, and fair value adjustments were -NOK 406 million, versus -NOK 187 million last year. Affecting the profit for the period, which was negative with NOK 161 million. Operational EBIT year-to-date, NOK 816 million, close to the full year of last year. Earnings per share came out at NOK 2.31 in this quarter, and NOK 7.46 for the full year or year-to-date. On the balance sheet, we have a strong balance sheet. Unchanged equity ratio of 58%.

Speaker #1: Operational EBIT year-on-year increased from 65 to 273, and fair value adjustments were minus 406 million, versus minus 187 last year, affecting the profit for the period, which was negative with 161 million.

Speaker #1: Operational EBIT year to date is DKK 816 million, close to the full year of last year. Earnings per share came out at DKK 2.31 in this quarter, and DKK 7.46 for the full year.

Speaker #1: Or year to date. On the balance sheet, we have a strong position, with an unchanged equity ratio of 58%. Property, plant, and equipment has increased this quarter by 123 million, amounting to 7.3 billion at the end of the quarter.

Høgni Dahl Jakobsen: Property, plant and equipment has increased in this quarter by NOK 123 million, amounting to NOK 7.3 billion at the end of the quarter. Inventories have increased by NOK 448 million and account to NOK 1.2 billion at the end of the quarter, reflecting increased feed and raw material stocks. Especially fishmeal inventories are high. As I mentioned before, we have security of self-sufficiency into Q2 of next year. Biological assets were lower in this quarter due to harvest timing, salmon prices, and overall biomass management. Cash flow from operations was NOK 273 million, and NOK 727 million for H1 of this year. Operating cash flow covered investments and dividends during H1 of this year. Investments remain focused on capacity, biological resilience and efficiency at a similar cash flow level as in Q2 last year. Cash at the end of the period was around NOK 327 million.

Høgni Jakobsen: Property, plant and equipment has increased in this quarter by NOK 123 million, amounting to NOK 7.3 billion at the end of the quarter. Inventories have increased by NOK 448 million and account to NOK 1.2 billion at the end of the quarter, reflecting increased feed and raw material stocks. Especially fishmeal inventories are high. As I mentioned before, we have security of self-sufficiency into Q2 of next year. Biological assets were lower in this quarter due to harvest timing, salmon prices, and overall biomass management. Cash flow from operations was NOK 273 million, and NOK 727 million for H1 of this year. Operating cash flow covered investments and dividends during H1 of this year. Investments remain focused on capacity, biological resilience and efficiency at a similar cash flow level as in Q2 last year. Cash at the end of the period was around NOK 327 million.

Speaker #1: Inventories have increased by $448 million, and amount to $1.2 billion at the end of the quarter, reflecting increased feed and raw materials stocks. Especially fish meal inventories are high. As I mentioned before, we have security of self-sufficiency into the second quarter of next year.

Speaker #1: Biological assets were lower in this quarter due to harvest timing, salmon prices, and overall biomass management. Cash flow from operations was DKK 273 million, and DKK 727 million for the first half of this year.

Speaker #1: Operating cash flow covered investments and dividends during the first half of this year. Investments remain focused on capacity, biological resilience, and efficiency, at a similar cash flow level as in the second quarter last year.

Speaker #1: And cash at the end of the period was around $327 million. Our net debt has increased during the quarter from $3.8 billion to $4 billion. The increase reflects investments, working capital, and dividend payments.

Høgni Dahl Jakobsen: Our net debt has increased during the quarter from NOK 3.8 billion to NOK 4 billion. The increase reflects investments, working capital, and dividend payments. Liquidity remains strong, supported by NOK 1.3 billion in undrawn bank facilities. We have an undrawn accordion option. I will hand over to our CEO, Regin Jacobsen, to go through the operations and outlook.

Høgni Jakobsen: Our net debt has increased during the quarter from NOK 3.8 billion to NOK 4 billion. The increase reflects investments, working capital, and dividend payments. Liquidity remains strong, supported by NOK 1.3 billion in undrawn bank facilities. We have an undrawn accordion option. I will hand over to our CEO, Regin Jacobsen, to go through the operations and outlook.

Speaker #1: Liquidity remains strong, supported by €1.3 billion in undrawn bank facilities, and we also have an undrawn accordion option. With that, I will hand over to our CEO, Regin Jacobsen, to go through the operations and outlook.

Speaker #2: Good morning. Let me start with what fundamentally differentiates Bakkafrost: we believe that Bakkafrost has one of the most integrated value chains in the salmon industry.

Regin Jacobsen: Good morning. Let me start with what fundamentally differentiates Bakkafrost. We believe that Bakkafrost has one of the most integrated value chain in the salmon industry, from feed, freshwater, to farming, harvesting, processing, and sales. This gives us in-house expertise and the ability to coordinate decisions across the business. I think this is especially valuable now with the current feed market where prices have risen sharply and some raw materials are less available. Through Havsbrún, our sourcing formulation and production expertise, supported by a strong inventory position, gives us greater flexibility to adapt and secure supply while protecting fish health and product quality. Knowledge is shared across the value chain to improve biological performance, quality, and long-term costs. All our farming sites in the Faroe Islands and Scotland have obtained ASC certification.

Speaker #2: From feed, freshwater, to farming, harvesting, processing, and sales—this gives us in-house expertise and the ability to coordinate decisions across the business. I think this is especially valuable now, with the current feed market, where prices have risen sharply and some raw materials are less available.

Speaker #2: Through Hafsprun, our sourcing, formulation, and production expertise, supported by a strong inventory position, gives us greater flexibility to adapt to unsecured supply while protecting fish health and product quality.

Speaker #2: Knowledge is shared across the value chain to improve biological performance, quality, and long-term costs. All our farming sites in the Faroe Islands and Scotland have obtained ASC certification, and the second quarter shows both sites—a strong performance in the Faroe Islands demonstrates the potential of this model, while Scotland requires further improvements.

Regin Jacobsen: The Q2 shows both sites a strong performance in the Faroe Islands demonstrates the potential of this model, while Scotland requires further improvements. This integrated operational model supports our resilience, adaptability, and long-term competitivity. If you look to the FOF segment, we see another strong quarter. The feed sales were broadly unchanged year-on-year, 37,400 tons. For the H1 of the year, feed sales increased approximately 6% to 72,800 tons, reflecting the strong biology growth in our operations. All feed sold during the quarter was sold internally. This illustrates the increased strategic importance of Havsbrún and the farming operations, which continues to grow. Marine raw materials accounted for 109,000 tons, 32% below the Q2 last year. For the H1, we sourced 161,000 tons compared to 269,000 last year. Consequently, there were no external fishmeal or oil sold during the quarter.

Speaker #2: This integrated operational model supports our resilience, adaptability, and long-term competitiveness. If we then look to the FAF segment, we see another strong quarter. The feed sales were broadly unchanged year on year at 37.4 thousand tons. For the first half of the year, feed sales increased approximately 6% to 72.8 thousand tons.

Speaker #2: Reflecting the strong biological growth in our operations, all feed-sourced salt during the quarter was sold internally. This illustrates the increasing strategic importance of Hafsprun and the farming operations, which continue to grow.

Speaker #2: Marine raw materials accounted for 109,000 tons, 32% below the second quarter last year, and for the first half, we sourced 161,000 tons, compared to 269,000 last year.

Speaker #2: Consequently, there were no external fish meal or oil sold during the quarter. Everything went to internal use and inventory filled up. Despite the lower sourcing, the operational EBIT increased by DKK 30 million to DKK 119 million, and the operational EBIT margin increased from 13% to 20%.

Regin Jacobsen: Everything went to internal use and inventory buildup. Despite the lower sourcing, the operational EBIT increased by DKK 30 million to DKK 119 million, and the operational EBIT margin increased from 13% to 20%. We are, however, seeing a clear increase in the price of marine feed ingredients. Therefore, we do not see that our operation is insulated from this inflation. It gives us a flexibility in Havsbrún in sourcing formulation, in inventory management, and the timing of production than most other farmers have. Our current fishmeal inventory from sourcing in the H1 is expected to support feed production into Q2 2027. Freshwater Scotland. The key priority at Applecross remain to control, ramp up the operation. The number of smolt increased in this quarter from 0.9 million last year to 3.9 million this year.

Speaker #2: We are, however, seeing a clear increase in the price of marine feed ingredients, and therefore we don't see that our operation is insulated from this inflation.

Speaker #2: It gives us flexibility in Hafsprun in sourcing formulation, inventory management, and the timing of production than most other farmers have. So our current fish meal inventory from sourcing in the first half is expected to support feed production into Q2 2027.

Speaker #2: Freshwater Scotland: The key priority at Bakkafrost remains to control and ramp up the operation. The number of smolt increased in this quarter from 0.9 million last year to 3.9 million this year.

Speaker #2: For the first half of '26, 4.9 million smolts have been transferred, compared with 1.5 million last year. The average transfer weight at all Scottish malt was 137 grams, while smolts produced at Applecross was 219 grams.

Regin Jacobsen: For the H1 of 2026, 4.9 million smolt have been transferred compared with 1.5 million last year. The average transfer weight at all Scottish smolt was 137 grams, while smolt produced at Applecross was 219 grams. The difference reflects the mix between internally produced and externally sourced smolt. The Applecross operation is now stable. Biosecurity has improved and is strong. Both the number of fish in the hatchery and the quarter production are at their highest level so far. Capacity utilization, however, has still not reached target. We are at around 35% at the moment. Expected to reach full production and full stock around Q2 next year. The operational loss was reduced from DKK 72 million last year to DKK 30 million this quarter. The key focus is consistent production, smolt robustness, and post-transfer performance. We remain on track for total Scottish smolt transfer of 10 million this year.

Speaker #2: The difference reflects the mix between internally produced and externally sourced malt. The Applecross operation is now stable, biosecurity has improved and is strong, and both the number of fish in the hatchery and the quarterly production are at their highest level so far.

Speaker #2: Capacity utilization, however, has still not reached the target. We are at around 35% at the moment and expect to reach full production and full stock around the second quarter next year.

Speaker #2: The operational loss was reduced from 72 million last year to 30 million this quarter. The key focus is consistent production, smolt robustness, and post-transfer performance.

Speaker #2: We remain on track for total Scottish small transfer of 10 million this year. APPACROST is expected to produce smolt with between 200 and some batches up to 400 gram this year, while the average for all Scottish smolts transferred this year is expected to reach 179 gram.

Regin Jacobsen: Applecross is expected to produce smolt with between 200 and some batches up to 400 gram this year, while the average for all Scottish smolts transferred this year is expected to reach 179 gram. The continued ramp up at Applecross is fundamental to reduce biological risk in Scotland. Larger and more robust smolt will shorten the marine production cycle and progressively improve both biology and costs. The overall biological performance in Scotland was stable during the quarter. Generally good growth and improved survivability and feed conversion year on year. Both sites developed well. However, a specific batch of externally supplied smolt caused biological challenges at Skinnetub and in Loch Striven. Incident-based cost amounted to DKK 31 million, compared with DKK 39 million last year. Although the absolute incident cost was lower, the financial impact per kilo was significant because of the lower volume harvested in this quarter.

Speaker #2: The continued ramp-up at Bakkafrost is fundamental to reducing biological risk in Scotland. Larger and more robust smolt will shorten the marine production cycle and progressively improve both biology and costs.

Speaker #2: The overall biological performance in Scotland was stable during the quarter. Generally, good growth and improved survivability and feed conversion year on year. Most sites developed well; however, a specific batch of externally supplied smolt caused biological challenges at Skye and Dubh, and Loch in Loch Riven.

Speaker #2: Instead, incident-based cost amounted to DKK 31 million, compared with DKK 39 million last year. Although the absolute incident cost was lower, the financial impact per kilo was significant because of the lower volume harvested in this quarter.

Speaker #2: Harvest volume dropped 55% to 3,100 tons, compared with 7,000 tons last year. The lower volume is a consequence of our de-risking strategy, while we established sufficient production of large, high-quality smolt.

Regin Jacobsen: Harvest volume dropped 55% to 3.1 compared with 7,000 tons last year. The lower volume is a consequence of our de-risking strategy while we establish sufficient production of large, high-quality smolt. The average weight of harvested fish in Scotland, however, in this quarter was 5.2 kilogram. The operational EBIT was -139 million this year compared with -127 last year. If you turn to page 30, I can demonstrate the bridge. If you look at the Scottish numbers, the operational EBIT per kilogram declines from -18 to -44. Price and sales mix improved by DKK 2.6, but was more than offset by higher ringside cost, mortality impact, fallow costs. We have a lot of sites that are not being used, so fallow costs are important. With 55% lower volume means that fixed costs, vessel costs, and harvesting costs are quite high compared with the volume.

Speaker #2: The average weight of harvested fish in Scotland, however, in this quarter was 5.2 kilograms. So the operational EBIT was minus 139 million this year, compared with minus 127 million last year.

Speaker #2: If you turn to page 30, I can demonstrate the bridge. If you look at—oops—the Scottish numbers, the operational EBIT per kilogram declined from minus 18 to minus 44.

Speaker #2: Price and sales mix improved by DKK 2.6 million, but this was more than offset by higher ringside costs, mortality impact, and following costs. We have a lot of sites that are not being used, so following costs are important.

Speaker #2: So with 55% lower volume, it means that fixed costs, vessel costs, and harvesting costs are quite high compared with the volume. Although the incident-based costs were lower in absolute terms, the negative impact per kilo is very high.

Regin Jacobsen: Although the incident based costs were lower in absolute terms, the negative impact per kilo is very high. The biological challenges in this Loch Striven smolt batch also play a significant role. Going back to page 20. The biomass in the sea, as we see on this graph on the bottom of the chart, is developing steady with the red curve going down. So viability is good at the moment. Hopefully we can see a more steady development. However, the volume will be low this year, 20,000 tons. Next year, we will see a much better volume and with a better smolt size, we expect that will be a change in our operation in Scotland from 2027. Going to freshwater in the Faroe Islands. The Faroese freshwater operation continued to scale and remains the foundation for the future marine growth.

Speaker #2: And then the biological challenges in this Lax Riven smolt batch also play a significant role. So, going back to page 20, we see that the biomass in the sea, as shown on the graph at the bottom of the chart, is developing steadily, with the red curve going down.

Speaker #2: So viability is good at the moment, so hopefully we can see a more steady development. However, the volume will be low this year, 20,000 tons. Next year, we will see a much better volume, and with a better small size, we expect that will be a change in our operation in Scotland from 2027.

Speaker #2: So, going to freshwater in the Faroe Islands, the ferry's freshwater operation continued to scale and remains the foundation for future marine growth.

Speaker #2: We transferred 5.6 million smolt in the second quarter, 4% up from last year. First half of 26, transferred increased by approximately 10% to 9.5.

Regin Jacobsen: We transferred 5.6 million smolt in Q2, 4% up from last year. H1 2026 transfers increased by approximately 10% to 9.5. The average transfer weight in the quarter was 427 gram compared with 464 last year. However, the average for the full H1 increased to 467 from 447 last year. The operational EBIT was broadly stable at 882 million, and the operational EBIT margin remains strong at 30%. Post-transfer survivability continues to track at high level and close to the upper end of the historical range. This is an important indication of high-quality smolt and a good focus with our teams. We remain on track with our guidance of 20 million to be transferred this year. Operation in the new hatchery in Skálavík has been started.

Speaker #2: The average transfer weight in the quarter was 427 grams, compared with 464 grams last year. However, the average for the full first half increased to 467 grams from 447 grams last year.

Speaker #2: The operational EBIT was broadly stable at €882 million, and the operational EBIT margin remains strong at 30%. Post-transfer survivability continues to track at a high level, and is close to the upper end of the historical range.

Speaker #2: This is an important indication of high-quality smolt and a good focus with our teams. And we remain on track with our guidance of 20 million to be transferred this year.

Speaker #2: Operation in the new hatchery in Skálavík has started. We started in June with the first eggs, and we expect to release the first smolt by the end of next year. This will increase our smolt capacity in the Faroes from 18 to 24.4 million smolt.

Regin Jacobsen: We started in June with the first eggs. We expect to release the first smolt by end of next year. This increased our smolt capacity in the Faroes from 18 to 24.4 million smolt of 500 gram. The focus is large smolt, robust smolt, shorter production cycles at sea, which lower the biological exposure and more efficient utilization of farming sites, which we also now see start to evolve in the Faroes. Turning to farming Faroes, the Faroes farming operation delivered a strong operational quarter. Volume increased by 67% to 26,700 tons, compared with 16,000 tons last year. The average weight increased 11% to 5.5 kilos. The operational EBIT increased from NOK 4 million last year to NOK 109 million this quarter. The operational EBIT per kilo was NOK 5.96 compared with NOK 0.37 last year. Ringside costs were reduced by approximately 4%, from NOK 31.10 to NOK 29.96 per kilo.

Speaker #2: Of 500 grams. So, the focus is large smolt, robust smolt, shorter production cycles at sea, which lower the biological exposure and allow more efficient utilization of farming sites, which we also now see starting to evolve in the Faroes.

Speaker #2: So, turning to Farming Faroes, the Faroes farming operation delivered a strong operational quarter. Volume increased by 67% to 26.7 thousand tons, compared with 16 thousand tons last year.

Speaker #2: The average weight increased 11% to 5.5 kilos. The operational EBIT increased from NOK 4 million last year to NOK 109 million this quarter. The operational EBIT per kilo was NOK 596, compared with NOK 37 last year.

Speaker #2: Ringside costs were reduced by approximately 4%, from 31.10 to 29.96 per kilo. The EBIT bridge on page 30 shows lower ringside cost of 266 and price impact of 115. Strong biology, higher harvest weights, and 67% higher volume provided better throughput and more efficient cost absorption.

Regin Jacobsen: The EBIT bridge on page 30 shows lower ringside cost of NOK 2.66 and price impact of NOK 1.15. Strong biology, higher harvest weights, and 67% higher volume provided better throughput and more efficient cost absorption. That is the bridge from NOK 0.24 to NOK 4.06 in the Faroes. The biomass in the Faroes is around steady at 51.5. Quarterly feeding is increased by 5%. Sea lice are well controlled, mortality remains low, and improved planning of stocking and fallowing periods is contributing to shorter cycles and more efficient farming operation. In the H1, we have harvested 51.9 thousand tons which is 54% of the full year guidance of 97,000. The services in the Faroes had a high activity and delivered a strong financial result increasing to NOK 35 million from NOK 17 million last year, and a 15% margin up from 8% last year.

Speaker #2: So that is the bridge from 024 to 406 in the Faroes. The biomass in the Faroes is around steady at 40 to 51.5, but quarterly feeding is increased by 5%.

Speaker #2: Sea lice are well controlled, mortality remains low, and improved planning of stocking and fallowing periods is contributing to shorter cycles and more efficient farming operations.

Speaker #2: So in the first half we have harvested 51. we have harvested 51.9,000 ton, which is 54% of the full year guidance of 97,000. The services in the Faroes had a high activity and delivered a strong financial result, increasing to 35 million from 17 last year, and a 15% margin up from 8% last year.

Speaker #2: The segment includes fish transport, fresh water treatment, farming support, harvesting, packaging, and waste-to-biogas production. These activities are not only standalone services; they are essential enablers for the biological operational performance of our farming operation.

Regin Jacobsen: The segment includes fish transport, freshwater treatment, farming support, harvesting, packaging, and waste to biogas production. These activities are not only standalone services. They are essential enablers for the biological operational performance of our farming operation. Our dual freshwater treatment vessels continue to provide efficient treatment of sea lice and gill-related challenges. As biomass activity increase, utilization of these vessels are also improved. Going to the sales and other segment, VAP, we had a strong quarter. Revenues increased 30%, or the volumes increased 30% to 29.9 thousand tons. Whole fish are 21%, while volumes to VAP in Faroes increased by 71% to 6.6 thousand tons. The VAP share of the Faroese volumes increased slightly to 25%, compared with 24% last year. Revenues increased 34% to almost NOK 3 billion, and operational EBIT increased NOK 17 million to NOK 114 million. Operational EBIT per kilo declined from NOK 6.55 to NOK 5.60.

Speaker #2: Our Jewer Jewel freshwater treatment vessels continue to provide efficient treatment of sea lice and gill-related challenges. As biomass activity increases, utilization of these vessels is also improved.

Speaker #2: So, going to the Sales and Other segment, we had a strong quarter. Revenues increased 30%, or the volumes increased 30%, to 29.9 thousand tons. Whole fish are up 21%, while volumes to WAP in Faroes increased by 71% to 6.6 thousand tons.

Speaker #2: The WAP share of the Faroes volumes increased slightly to 25%, compared with 24% last year. Revenues increased 34% to almost 3 billion, and operational EBIT increased 17 million to 114.

Speaker #2: Operational EBIT per kilo declined from 655 to 560. This reflects the higher global availability of superior quality and large salmon, which continues to put pressure on prices and premiums.

Regin Jacobsen: This reflects the higher global availability of superior quality and large salmon, which continued to put pressure on prices and premiums. Our geographical diversification continued. For Faroese salmon, the share of sales to the North American market increased to 31% this year, which is probably the highest. This year to Asia increased to 15%. The share in Western Europe declined from 52% to 47%. The Scottish sales mix was more concentrated in Europe during this quarter. This reflects also the drop in volume in Scotland in this quarter. Going to outlook, we see limited supply growth going forward. Global harvest volumes increased in this quarter approximately 3%, while the volume supply to the market increased by 7%. The difference was mainly related to inventory movements. The supply growth comes on top of the 18% last year.

Speaker #2: Our geographical diversification continued for ferry salmon this year, as sales to the North American market increased to 31% this year, which is probably the highest.

Speaker #2: And this year, to Asia, increased to 15%. The share in Western Europe declined from 52% to 47%. The Scottish sales mix was more concentrated in Europe during this quarter.

Speaker #2: This also reflects the drop in volume in Scotland in this quarter. So, going to Outlook, we see limited supply growth going forward. Global harvest volumes increased in this quarter by approximately 3%, while the volume supply to the market increased by 7%.

Speaker #2: The difference was mainly related to inventory movements. The supply growth comes on top of the 18% last year, so this is a quarter with a high volume, especially because of the 18% last year.

Regin Jacobsen: This is a quarter with a high volume, especially because of the 18% last year. The supply outlook is now more balanced, with only 1% growth in global harvest volumes in H2 2026 versus last year. Especially the Americas harvest volumes are expected to decline by around 10% in H2, mainly reflecting the development in Chile. Global supply is expected to remain limited in 2027, constrained by biological regulation capacity limitations. Smolt transferred in Norway seems to be going slightly down this year compared with last year. Together with continued demand growth, this should gradually tighten the market balance and provide stronger support for salmon prices. Demand remains strong and broad-based across markets, particularly in Asia and Europe, but we also see a strong demand in US. Lower salmon prices are stimulating consumption, while underlying structural demand continues to grow.

Speaker #2: The supply outlook is now more balanced, with only harvest volumes in the second half of '26 versus last year. Especially, the Americas' harvest volumes are expected to decline by around 10% in the second half of the year, mainly reflecting the development in Chile.

Speaker #2: Global supply is expected to remain limited in '27, constrained by biological regulation capacity limitations. Smolt transfer in Norway seems to be going slightly down this year or next year compared with last year.

Speaker #2: Together with continued demand growth, this should gradually tighten the market balance and provide stronger support for summer prices. Demand remains strong and broad-based across markets, particularly in Asia and Europe, but we also see strong demand in the US.

Speaker #2: Lower salmon prices are stimulating consumption, while underlying structural demand continues to grow. Combined with moderate supply growth, this supports a progressively tighter market balance.

Regin Jacobsen: Combined with moderate supply growth, this supports a progressive tighter market balance. With supply growth normalizing and demand remaining strong, the market balance is expected to tighten progressively and support stronger prices going forward. Our guidance for this year remains on 117,000 tons, 97,000 from Faroes and 20,000 from Scotland. We have in H1 delivered 61.2, corresponding to 52% of this volume. 48% remains. The Faroese operation at 51.9. The remaining Faroese harvest is relatively evenly distributed in Q3 and Q4. A bit more in Q4. Scotland harvest at 9.3 in H1, and therefore a bit more in H2. At the moment, 6.8 are planned for Q4. We also maintain the smolt guidance of 20 million in the Faroes and 10 million in Scotland. For 2026, we intend to have contracts covering approximately 15% to 25% expected combined harvest volume.

Speaker #2: So, with supply growth normalizing and demand remaining strong, the market balance is expected to tighten progressively and support stronger prices going forward.

Speaker #2: Our guidance for this year remains at 117,000 tons—97,000 from the Faroes and 20,000 from Scotland. In the first half, we have delivered 61.2, corresponding to 52% of this volume.

Speaker #2: So, 40–48% remains. The Faroes operation is at 51.9%. The remaining Faroes harvest is relatively evenly distributed in the third and fourth quarter, with a bit more in the fourth.

Speaker #2: Scotland harvested 9.3 in the first half, and therefore a bit more in the second half. At the moment, 6.8 are planned for the fourth quarter.

Speaker #2: We also maintain the small guidance of 20 million in Faroes and 10 million in Scotland. For 2026, we intend to have contracts covering approximately 15 to 25% of the expected combined harvest volume.

Speaker #2: This provides some revenue visibility while retaining meaningful exposure to the spot market. We expect lower production volumes for fish meal and fish oil compared with last year, primarily due to lower availability of raw materials.

Regin Jacobsen: This provides some revenue visibility while retaining meaningful exposure to the spot market. We expect lower production volumes for fishmeal and fish oil compared with last year, primarily due to lower availability of raw materials. Feed production is expected around 175,000, which is up from last year. The guidance remains dependent on biological environment and market developments. Based on the strong Faroese performance, the Applecross ramp up, and the biomass development in Scotland, we currently maintain the volume guidance. Our 5 million investment program remains unchanged. There are some delays in some of the plans, also because of the market development in 2026 and 2025, which has been a bit weaker than expected. But our target remains at 145,000 tons in 2028 and 162,000 by 2030. The program includes DKK 2.2 billion investment in the Faroes, DKK 1.3 billion in Scotland, and DKK 1.6 billion of shared farming services.

Speaker #2: Feed production is expected to be around 175, which is up from last year. The guidance remains dependent on the biological environment and market developments. Based on the strong Faroes performance, the Uppercross ramp-up, and the biomass development in Scotland, we currently maintain the volume guidance.

Speaker #2: Our $5 million investment program remains unchanged. There are some delays in some of the plans, also because of the market development in '26 and '25, which has been a bit weaker than expected.

Speaker #2: But our target remains at 145,000 tons in 2028 and 162,000 by 2030. The program includes a $2.2 billion investment in the Faroes, $1.3 billion in Scotland, and $1.6 billion for shared farming services.

Speaker #2: In the Faroes, the main components remaining are the scallop hatcheries and the feed capacity. In Scotland, the investments are covering increased capacity in processing and general farming assets.

Regin Jacobsen: In the Faroes, the main components remaining are the Skálavík hatcheries and the feed capacity. In Scotland, the investments are covering investments in increased capacity of processing and general farming assets. For the full period, we remain our guidance on investment. Thank you. That is all, and then we are open for questions.

Speaker #2: So, for the full period, we maintain our guidance on investment. Thank you. That's all, and now we are open for questions.

Speaker #1: Hi, Alex Auckner, GMB Carnegie. So, in terms of the meal inventory you have until Q2 2027, is the volume significantly higher than normal, or is it because of the changed formulation that you now have a longer runway?

Stein Alexander Aukner: Hi. Alex Aukner, DNB Carnegie. So in terms of the meal inventory you have until Q2 2027, is the volume significantly higher than normal or is it because of the changed formulation that you now have a longer runway? And also what is the status on the fish oil as well?

Alex Aukner: Hi. Alex Aukner, DNB Carnegie. So in terms of the meal inventory you have until Q2 2027, is the volume significantly higher than normal or is it because of the changed formulation that you now have a longer runway? And also what is the status on the fish oil as well?

Speaker #1: And also, what's the status on the fish oil as well?

Speaker #2: So, we have enough inventories of fish meal and oil to cover our needs until into the second quarter next year. We have, as you know, been focusing on keeping this volume for ourselves, also because of this issue or question about certification—that was also one of the drivers.

Regin Jacobsen: We have enough inventories of fishmeal and oil to cover our needs until into the second quarter next year. We have, as you know, been focusing on keeping this volume for ourselves also because of this issue or the question about certification. That was also one of the drivers. Now we see also this price development. The volume is high. Probably not higher than it has been some other years before at the same time. But at the end of the quarter, we had more or less full inventory. And you saw also in our balance sheet that the value of our fishmeal and oil was significant. I think it was around 75% of the total number, at cost price of course.

Speaker #2: Now we also see this price development. The volume is high—probably not higher than it has been in some other years before.

Speaker #2: At the same time, but at the end of the quarter, we had more or less full inventory. And you saw also in our balance sheet that the value of our fish meal and oil was significant.

Speaker #2: I think it was around 75% of the total number. At cost price, of course. But as as I mentioned earlier, we we see that we are now in a situation which is very dramatic on the on the on the cost of raw materials.

Regin Jacobsen: But as I mentioned earlier, we see that we are now in a situation which is very dramatic on the cost of raw materials, and therefore we need to do some changes. And we are coming from a very high number. And with our new capacity now coming up available with our expanded new feed line, we have better ability to mix and flex between raw materials. So we are introducing new raw materials into our feed formulation. So that will give us a better balance in our cost to take costs down. So the strategy now is that we still want to have a very high inclusion of marine ingredients in our salmon to cover the needs of our fish and to make sure that we have a product which is originating from Faroe Islands, which is special with Faroese raw materials.

Speaker #2: And therefore, we need to do some some changes. We we we and we are coming from a very very high number. And with our new capacity now coming up, available with our expanded and new feed line, we have better better ability to mix and flex

Speaker #1: Between raw materials, we are introducing new raw materials into our feed formulation. So that will give us a better balance in our cost to take costs down.

Speaker #1: So that's that's so the strategy now is that we still want to have a the very , very high inclusion of marine ingredients in our salmon to cover the needs of our fish and to , to make sure that we have a , a product which is originating from Faroe Islands , which is special with Faroese raw materials .

Speaker #1: But we need to balance raw materials as market prices are very , very different than we ever had have seen before . So therefore , our goal is to balance our feed costs going forward with more or less , more or less similar feed cost as before

Regin Jacobsen: But we need to balance raw materials as market prices are very different than we ever have seen before. Therefore, our goal is to balance our feed cost going forward with more or less similar feed cost as before.

Speaker #2: Okay, so does that mean that your 2027 cost is going to be in line with what we're currently seeing? Is that how I should interpret it?

Stein Alexander Aukner: Okay. Does that mean that your 2027 cost is going to be in line with what we currently see? Is that how I should interpret that?

Alex Aukner: Okay. Does that mean that your 2027 cost is going to be in line with what we currently see? Is that how I should interpret that?

Speaker #1: That more or less

Regin Jacobsen: More or less.

Stein Alexander Aukner: Thank you.

Alex Aukner: Thank you.

Speaker #2: Thank you .

Christian Olsen Nordby: Christian Nørbø, Arctic Securities. You have said this quarter and before as well that the externally sourced smolt in Scotland, it was the problem. Why do you then stock 1 million more external smolts in Q2 year on year?

Christian Nordby: Christian Nørbø, Arctic Securities. You have said this quarter and before as well that the externally sourced smolt in Scotland, it was the problem. Why do you then stock 1 million more external smolts in Q2 year on year?

Speaker #3: We should not be securities. You said this quarter, and before as well, that the externally sourced smolt in Scotland was the problem.

Speaker #3: Why did you then stock 1 million more external smolt in Q2, year on year?

Speaker #1: Good question So we have , as you said , had a big issues with externally delivered Smolt However , there have been good batches in between But we see a much lower regularity .

Regin Jacobsen: Good question. We have, as you said, had big issues with externally delivered smolt. However, there have been good batches in between. We see much lower regularity, so there is a bigger variation. Apparently, as you see, we are creating losses with this externally sourced smolt. We have reduced the externally sourced smolt compared to our plan. We have taken out batches that we think are not good, but we have maintained batches that we think are good. We have a high focus on only sourcing good batches. There is a combination of volume. As you see in this quarter, for example, we have a positive EBITDA contribution, so it is also about volume. We also need to come back to 40,000 tons or 50,000 tons. At the moment, we have a plane that is stalling because we are reducing speed too much.

Speaker #1: So, there is a bigger variation. And apparently, as you see, we are creating losses with this externally sourced malt. We have reduced the externally sourced malt compared to our plan.

Speaker #1: We have taken out batches that we think are not good, but we have maintained batches that we think are good. So, we have a high focus on only sourcing good batches, and there is a combination of volume, as you see in this quarter.

Speaker #1: For example, we have positive a beta contribution. So it's also about volume. We also need to come back to 40,000 tonnes or 50,000 tonnes. At the moment, we have a plane that is stalling because we are reducing speeds too much.

Speaker #1: So we need to come up with speed. And as Applecross is now coming to full capacity next year, we expect that upper growth and internally delivered smolt should be above ten, probably somewhere.

Regin Jacobsen: We need to come up in speed. As Applecross is now coming to full capacity next year, we expect that Applecross and internally delivered smolt should be about 10, probably somewhere, hopefully 12 million smolt, which will cause a good operation. The combination of good internally large smolt, robust fish, and hopefully better batches of external smolt must contribute to this development. Hopefully we are better to select the good batches.

Speaker #1: Hopefully 12 million smolt, which will cause a good operation. So the combination of good, internally large malt, robust fish, and hopefully better batches of external smolt must contribute to this development.

Speaker #1: So hopefully we are better able to select the good batches.

Speaker #3: Thank you. And now, during Q3 we've seen that Faroe Islands has gotten zero tariffs to the US. Should we expect a lot more sales in that direction in Q3 and onwards?

Christian Olsen Nordby: Thank you. Now during Q3, we have seen that Faroe Islands has gotten zero tariffs to the US. Should we expect a lot more sale in that direction in Q3 and onwards?

Christian Nordby: Thank you. Now during Q3, we have seen that Faroe Islands has gotten zero tariffs to the US. Should we expect a lot more sale in that direction in Q3 and onwards?

Speaker #1: Yes, we are increasing our sales to the US. You see it in the second quarter, and you will also see it going forward.

Regin Jacobsen: Yes. We are increasing our sales to the US. You see it in Q2, and you will also see it going forward, that we are increasing our share. This is not just because of the tariffs. This has been a strategy for ourselves that we have had very high focus on sales in the US, because in the US is where we have the best presence in the market, best penetration, best branding of our products, and therefore also best margins.

Speaker #1: But we we are increasing our share . This is not this is not just because of the tariffs . This has been our strategy for ourselves that we have had very high focus on sales in the US because in the US is where we have the best presence in the market , best penetration .

Speaker #1: Best branding of our products, and therefore also best margins. Okay.

Christian Olsen Nordby: Thank you.

Christian Nordby: Thank you.

Speaker #4: Martin Carlin, I'll call her on the feed price that you talk about. Is it possible to just look at how much more you pay for the blue whiting and comment on that?

Martin Kaland: Martin Kaland, ABG Sundal Collier. On the feed price that you talk about, is it possible to just look at how much more you pay for the blue whiting and comment on that? And if that, how much that increases your raw material cost on fishmeal, fish oil? Because I get it is lower than the spot prices we see, but is it possible to comment on that?

Speaker #4: And if that, how much does that increase your raw material cost on fish meal, fish oil? Because I guess it's lower than the spot prices we see, but is it possible to comment on that?

Speaker #1: Well , we are not in the season at the moment . The season for Blue , white and catches are normally from December to to to May , June .

Regin Jacobsen: Well, we are not in the season at the moment. The season for blue whiting catches are normally from December to May, June. So everything that we need now has been produced in Q1 and Q2. Then we start a new season in end of Q4. So you are absolutely right. That is the data point.

Speaker #1: So you know, everything that we need now has been produced in the first and second quarter. And then we start a new season at the end of the fourth quarter.

Speaker #1: So, so you are absolutely right. That's, that's the, that's the data point.

Speaker #4: And then for Q1 and Q2, how much more was the raw material cost up on fish meal, fish oil for you?

Martin Kaland: For Q1 and Q2, how much more was the raw material cost up on fishmeal, fish oil for you?

Speaker #1: Yes, that you can see in some statistics. I don't have the number, but I think the main question is, what will it be next year?

Regin Jacobsen: Yes. That you can see in some statistics. I do not have the number, but I think the main question is what will it be next year? I do not know.

Speaker #1: I don't know .

Speaker #4: And then, if the blue whiting loses its certification, do you have a plan B? What would that look like?

Martin Kaland: If the blue whiting loses its certification, do you have a plan B? What would that look like?

Speaker #1: Well , we the plan the plan A was to build big inventories , which we have done . So therefore we have sufficient of certified meal until we are reaching into the second quarter .

Regin Jacobsen: Well, the plan A was to build big inventories, which we have done. Therefore, we have sufficient of certified meal until we are reaching into Q2. During this phase, we have several options that we will stick for ourselves.

Speaker #1: Then during this phase, we have several options that we will stick for ourselves.

Speaker #4: Okay . Thank you

Martin Kaland: Okay. Thank you.

Regin Jacobsen: No further questions? Thank you very much.

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Q2 2026 P/F Bakkafrost Earnings Call

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