Bakkafrost, the Faroese salmon giant, reported a sharp decline in profit in the second quarter of 2025. Operating revenue fell to DKK 1.58 billion from DKK 2.07 billion a year earlier.

At the same time, operational EBIT dropped to just DKK 65 million, compared with DKK 388 million last year. The company ended the quarter with a net loss of DKK 138 million. EBIT stands for Earnings Before Interest and Taxes. It is a measure of how much money a company makes from its operations before subtracting loan costs or taxes.

The weak results in Q2 came mainly from lower salmon prices, which sank more than 30% compared to last summer. Global supply surged, particularly from Norway, Chile, and Iceland, creating an oversupply in the market.

Harvest Grows, But Profits Shrink

Despite the price slump, Bakkafrost increased its harvest. The group harvested 23,054 tonnes gutted weight, up from 21,592 tonnes in Q2 2024. Faroese sites contributed most of the growth with 16,020 tonnes, while Scotland harvested 7,034 tonnes.

Strong Biology in the Faroes, Struggles in Scotland

The biology in the Faroese farms was described as “one of the best ever.” Feeding volumes reached record highs, and fish survival rates improved. This has prompted Bakkafrost to raise its 2025 harvest forecast in the Faroe Islands from 77,000 to 82,000 tonnes.

In Scotland, the picture is mixed. Some sites delivered strong growth, but others struggled with disease and legacy fish from earlier, weaker smolt batches.

Mortality costs reached DKK 39 million in the quarter. Still, the company lifted its Scottish harvest target to 22,000 tonnes for the year.

Investing for Growth

Looking ahead, Bakkafrost is sticking to its long-term strategy. In June, it announced a DKK 5 billion investment plan for 2026–2030. The plan includes new hatcheries, expanded feed capacity, the latest farming technology, and a harvest facility in Scotland. The goal is to lift total harvests to 162,000 tonnes by 2030.

While short-term results remain pressured by global oversupply, management underlines that the group’s strong balance sheet and strategic investments will secure growth and resilience.

Here’s a short fact box you could place alongside the article for quick reading:

Bakkafrost – Q2 2025 at a Glance

  • Revenue: DKK 1.58 bn (↓ from 2.07 bn in Q2 2024)
  • Operational EBIT: DKK 65 m (↓ from 388 m)
  • Net result: -DKK 138 m (loss)
  • Harvest volume: 23,054 tonnes (↑ from 21,592)
  • 2025 harvest forecast:
    • Faroe Islands: 82,000 tonnes
    • Scotland: 22,000 tonnes
    • Total: 104,000 tonnes