Bakkafrost U/Adr (BKFKY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of BackupFrost's results for the first quarter, 2026. My name is Fagnar Jakobsen, CFO of BackupFrost. First, I will point your attention to our disclaimer on forward-looking statements. I will leave it for self-study. It's included in the published presentation. This morning, we will follow the usual agenda, beginning with a summary of the quarter, before we move on to markets and sales, finances, operations, and finally Outlook. So the first quarter was a solid start to the new year for BackupRust. Compared to the first quarter last year, our revenue increased by 11% to around 2.1 billion, and operational EBIT increased by 8% to 544 million. This was achieved in a market with significantly higher global supply and lower year-on-year prices. The main operational driver was the Faroe Islands, where harvest volumes increased by 33% to around 25,100 ton gutter weight. Scotland was broadly stable in volumes at around 6,200 ton. Feed sales also increased by 13% in the quarter, reflecting a strong biological growth in the farming operation. At the same time, fish meal sales and marine sourcing were lower. Around 51,000 ton of marine raw material were sourced in the quarter. Cash flow from operations declined to 453 million, down from 590 million the year before. And at the AGM in end of April, the dividend payment of 3.45 was approved for payment around 21st of May. The group delivered an all-inclusive margin or operational EBIT per kilo of 17.35 Danish kroner per kilo compared to 20.07 in the first quarter last year. Far Islands generated 22.76, slightly weaker than last year. Scotland recorded minus 4.58 compared to a positive margin of 11.22 in the same quarter last year. Now with that regional margin picture established, we ...