P/F Bakkafrost (BAKKA) Earnings Call Transcripts

P/F Bakkafrost's Latest Earnings Call - Q1 FY2026

In Q1 2026, Bakkafrost reported a revenue increase of 11% year-over-year to NOK 2.1 billion and an operational EBIT of NOK 544 million, up 8%. Despite a challenging market with increased global supply and lower prices, management maintained a positive outlook, signaling a strong growth trajectory with a harvest target increase from 107,000 tonnes to 117,000 tonnes for the year. The company also raised its feed production target by 10,000 tonnes to 175,000 tonnes, indicating operational resilience amidst rising raw material costs.

Reported metrics

Guidance from management

Bakkafrost expects to achieve a harvest target of 117,000 tonnes for 2026, up from 107,000 tonnes. The company also raised its feed production target to 175,000 tonnes, indicating confidence in operational growth despite rising raw material costs.

What management said

Yes. High raw material prices on the feed. Yes. So we have a cycle of around 12 months in the sea now where maybe the latter 6 months will -- is -- so what we harvest in the first quarter this year is a result of the feed that we used over the last 12 months in the sea. And that means that if the feed prices are going to increase in the second half of '26, that will especially impact early '27, late '26, but especial...

So first quarter was very, very low in cost. And these are average sites, I would say, -- maybe Fuglafjørður, which had 50% of the cost in this quarter was good, but there were no bad sites. There are no bad sites. But we will see when we go forward, as Alex asked about that, especially at the end of this year, we expect that cost will come up. We also expect that during this year, the cost will be higher than in the...

What analysts pressed on

Analysts expressed concerns regarding the impact of rising raw material prices on future profitability, particularly in the feed segment. There were also questions about the timing of achieving positive margins in the freshwater operations in Scotland.

Main topics on the call

• Revenue and EBIT Growth — Bakkafrost achieved a revenue of NOK 2.1 billion, up 11% from the previous year, and operational EBIT increased to NOK 544 million, reflecting an 8% growth. CFO Høgni Jakobsen noted, "the first quarter was a solid start ...
• Increased Harvest Targets — Management raised its harvest target for 2026 from 107,000 tonnes to 117,000 tonnes, indicating confidence in operational capabilities. This was supported by a strong Q1 performance where the Faroe Islands contributed si...
• Pressure from Raw Material Costs — Management acknowledged that rising raw material prices would impact costs moving forward, particularly in feed production. Johan Jacobsen stated, "there will be an increase of feed cost as it stands at the moment, espec...
• Biological Performance in Farming — The company reported strong biological performance, particularly in the Faroe Islands where harvest volumes increased by 33%. Jacobsen highlighted that "the combination of low cost and high volume is... key for our biolo...

Read the full P/F Bakkafrost transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 P/F Bakkafrost earnings call transcripts on record, spanning February 25, 2020 to May 19, 2026. Based on this history, P/F Bakkafrost reports quarterly. The most recent call on file is dated May 19, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BAKKA

Exchange

OB

Country

NO

Sector

Consumer Staples

Industry

Food Products

Calls on record

27

First call

February 25, 2020

Most recent

May 19, 2026

Reporting cadence

quarterly