Bakkafrost U/Adr (BKFKY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Backerfrost's results for the second quarter, 2026. My name is Hogni Jakobsen. I'm here today with our CEO, Regin Jakobsen. First disclaimer, which I will leave for self-study. We will follow the usual agenda today, beginning with an overview of the second quarter before we move into markets and sales, and then on to finance, operations, and finally outlook. So in the second quarter operational performance improved for Packer Frost with revenues increasing 16% year on year to 1.8 billion and operational EBIT of 273 million compared to 65 million last year. In the Faroes, we harvested more fish than we have ever done before in a quarter, 26,700 ton. And in Scotland, it was the opposite. It was less than half, 55% reduction, 3,100 ton harvested. This is a result of the de-risking strategy that we have been following while we await the new capacity to be fully utilized with large smalt in Scotland. At our fish meal, oil and feed division, feed sales were relatively stable at 37,000 ton. Meal sales were zero as we are preserving inventories to ensure that we are self-sufficient with fish meal for our own feed production. Currently, our stocks will enable us to produce into Q2 next year. Sourcing of marine raw material was lower this quarter, 32% reduction. We sourced 109,000 tons. Cash flow from operations were 273 million compared to minus 204 last year. And finally in May we also paid dividends of 3.45 DKK per share. Group all-inclusive margins improved from 2.82 Danish kroner per kilo to 9.12 supported by the stronger ferries operation. This took place in the market context with high supply, muted salmon prices and a reduced large fish premium. The farrows delivered 15.38 up from 13.15. Scotland, on the other hand, had a...