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Investing.com -- Bakkafrost (OL:BAKKA) on Monday posted an operational EBIT of DKK 505 million in the first quarter of 2025, down from DKK 710 million a year earlier, driven by lower salmon prices following a sharp rise in global supply.
Revenue from the Faroese operations declined to DKK 1.40 billion from DKK 1.59 billion.
Operational EBIT fell to DKK 435 million from DKK 671 million. In Scotland, revenue dropped to DKK 496 million from DKK 612 million, while operational EBIT rose to DKK 71 million from DKK 39 million.
Global salmon supply rose 5.3% in the quarter, or 8.4% excluding inventory movements, according to estimates from Kontali Analyse. A 38% increase in Norwegian supply led to an 18.1% drop in reference prices for 4-5 kilogram superior salmon.
Bakkafrost harvested 25,200 tonnes gutted weight in the quarter, up from 21,557 tonnes.
Of this, 18,914 tonnes came from the Faroe Islands and 6,286 tonnes from Scotland. Operational EBIT per kilogram in the Faroese farming segment was DKK 15.15, down from DKK 33.03. In Scotland, it was DKK 2.53, down from DKK 3.35.
The Faroese Freshwater segment transferred 3.2 million smolts, up from 2.1 million, and posted an EBIT per kilogram of DKK 42.11.
In Scotland, smolt transfers dropped to 0.6 million from 1.6 million, with EBIT per kilogram improving to DKK 12.33 from a loss of DKK 178.98.
The FOF segment sourced 109,502 tonnes of raw material, down from 136,874 tonnes. Its operational EBIT margin declined to 13% from 24%. Fish feed sales rose to 31,338 tonnes from 27,046 tonnes.
In the Services segment, EBIT per kilogram rose to DKK 1.51 from DKK 1.22, with a margin of 17%. The Sales and Other segment posted revenue of DKK 2.96 billion, up from DKK 2.85 billion, but saw its EBIT margin drop to -1 % from 0%.
Bakkafrost expects to harvest 97,000 tonnes in 2025, including 77,000 tonnes in the Faroe Islands and 20,000 tonnes in Scotland. Smolt transfers are projected at 18.5 million in the Faroe Islands and 10 million in Scotland.
The company’s board approved a dividend of DKK 8.44 per share, totaling DKK 501 million, to be paid around May 21.
Bakkafrost is continuing a DKK 6.3 billion investment plan through 2028 aimed at increasing hatchery capacity, improving processing and site operations, and strengthening biological control across both regions.