Scotland proved a drag on Bakkafrost’s second-quarter global performance in 2026, according to its latest results.
Revenues in the country fell 50.6% year on year to DKK 213m (£24.5m) whilst operational EBIT also languished at DKK –139m (£16m) despite improving 4.8%.
This stood in stark contrast with the rest of the group, where revenues and operational EBIT increased 15.9% to DKK 1.8bn (£206.6m) and 320% to DKK 273m (£31.4m) respectively – propelled by higher harvest volumes and lower costs in the Faroe Islands.
In Scotland, the business blamed a 55% reduction in harvest volumes caused by a combination of “biological challenges” affecting fish at its Sgian Dubh and Ardyne farms, alongside its ongoing transition to a new breeding strategy that has not yet been fully established.
Bakkafrost CEO Regin Jacobsen said the business was “not satisfied” with the Scottish performance.
Jacobsen added that its freshwater Applecross site in Scotland, where Princess Anne opened a new facility in May, was continuing to “ramp up production”. The result being that the business’s Scottish freshwater operations had improved significantly year on year, with revenue up 242% and operational EBIT 59%.
“Our priorities remain unchanged: strengthen biological control, improve cost efficiency and restore stable production volumes in Scotland, while maintaining disciplined execution of our investment programme,” he added. “We maintain our 2026 harvest guidance of 117,000 tonnes.”
Bakkafrost said it remained focused on continuing the breeding strategy transition to large, high-quality smolt which is expected to provide a “stronger biological foundation through shorter marine production cycles, improved fish robustness and reduced biological risk”.
These benefits were “expected to become increasingly visible from 2027 onwards”.
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