Bakkafrost (OL:BAKKA) anticipates a tighter salmon market in 2026, forecasting a harvest of 112,000 tonnes gutted weight amid slowing global supply growth to 2%. The Faroe Islands producer reported DKK 295 million operational EBIT in Q4 2025, up from DKK 280 million YoY, but CEO Regin Jacobsen called results "not satisfactory" due to persistent oversupply. Salmon reference prices rose 29% YoY in Q4, driven by demand and supply easing.

The Faroe Islands segment generated DKK 1.54 billion revenue and DKK 392 million operational EBIT, up from DKK 310 million in Q4 2024. However, Scotland’s operations posted a DKK 97 million loss on DKK 303 million revenue, with operational EBIT plunging to negative DKK 23.92/kg from DKK 14.44/kg YoY. The segment faced DKK 55 million incident costs in Q4 due to a mortality event at the Portree site. Combined harvest reached 27,891 tonnes in Q4, up from 20,478 tonnes YoY.

Bakkafrost adjusted its value-added products strategy, aiming to contract 15-20% of 2026 harvest volumes, down from prior levels, following Faroe Islands tax changes. The board proposed a DKK 3.45/share dividend, pending shareholder approval. ICES 2026 blue whiting recommendations dropped 41.2% to 851,000 tonnes from 2025 levels.

Quick Fact: Bakkafrost forecasts 112,000 tonnes gutted weight for 2026 salmon harvest.