Bakkafrost U/Adr (BKFKY) Q1 2026 Earnings Call

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WEBVTT 00:00:01.178 -- 00:00:06.344 Good morning and welcome to the presentation of BackupFrost's 00:00:06.344 -- 00:00:13.310 results for the first quarter, 2026. My name is Fagnar Jakobsen, CFO of BackupFrost. 00:00:14.994 -- 00:00:19.860 First, I will point your attention to our disclaimer on forward-looking statements. 00:00:19.860 -- 00:00:23.304 I will leave it for self-study. It's included in the 00:00:23.304 -- 00:00:25.647 published presentation. 00:00:25.647 -- 00:00:31.570 This morning, we will follow the usual agenda, beginning with a summary of the quarter, 00:00:31.570 -- 00:00:34.213 before we move on to markets and sales, 00:00:34.213 -- 00:00:38.956 finances, operations, and finally Outlook. 00:00:41.520 -- 00:00:45.985 So the first quarter was a solid start to the new year for BackupRust. 00:00:45.985 -- 00:00:49.349 Compared to the first quarter last year, our 00:00:49.349 -- 00:00:54.614 revenue increased by 11% to around 2.1 billion, 00:00:54.614 -- 00:00:58.979 and operational EBIT increased by 8% to 544 00:00:58.979 -- 00:01:04.096 million. This was achieved in a market with significantly higher global supply 00:01:04.096 -- 00:01:07.660 and lower year-on-year prices. 00:01:07.660 -- 00:01:13.045 The main operational driver was the Faroe Islands, where harvest volumes increased 00:01:13.045 -- 00:01:15.387 by 33% to 00:01:15.387 -- 00:01:18.048 around 25,100 00:01:18.891 -- 00:01:24.116 ton gutter weight. Scotland was broadly stable in volumes at around 6,200 00:01:24.116 -- 00:01:26.116 ton. 00:01:26.667 -- 00:01:31.792 Feed sales also increased by 13% in the quarter, reflecting a strong 00:01:31.792 -- 00:01:35.295 biological growth in the farming operation. 00:01:35.295 -- 00:01:40.179 At the same time, fish meal sales and marine sourcing we...