Bakkafrost U/Adr (BKFKY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

a profit warning on 15th of July. And this is in line with what we are presenting today. So in the second quarter, we had revenues for 1.6 billion and an operational EBIT of 65 million. The fairways harvest in the quarter was 16,000 tonne, 500. 1800 tonne up from the same quarter last year. In Scotland we harvested 7000 tonne which was 4300 tonne lower than the same quarter last year. At our FOF division feed sales increased by 14% in the quarter to 37.5 thousand ton. We sold 5,000 ton of fish oil. Fish meal was also lower than in the same quarter last year. 9,000 ton in this quarter. Sourcing in this quarter was very strong. 160,000 tonnes of marine raw material were sourced in this quarter compared to 90,600 tonnes last year. Cash flow from operations were negative with 204 million and all segments had positive EBIS except for the Scottish freshwater and farming segments. We also paid out dividends in the quarter amounting to 501 million, corresponding to 8.44 Danish kroner per share. That was paid out in May. So moving on to markets and sales. The market has been negatively impacted on the price side in this quarter. The average price for four to five kilo salmon was 74.64 NOC per kilo, which is a 33% reduction compared to last year and a 20% reduction compared to previous quarter. There's been a downward trend throughout the whole quarter and also continuing into the third quarter. The large increase in supply, especially from Norway, but also from other regions which have contributed to the supply growth, have put prices under pressure and also reduced the price premium normally achieved for larger fish. So that has been significantly lower in this quarter. According to the latest update from Contali, Global sales volumes in this quarter increased 17% compared t...