Earnings call transcript: Bakkafrost misses Q2 2026 forecasts as profit improves

Bakkafrost, the salmon farming company, announced weaker-than-expected earnings for Q2 2026, falling short of analyst projections. The company reported earnings of DKK 2.31 per share, short of the anticipated DKK 3.8 per share. Revenue for the quarter reached DKK 1.8 billion, which was lower than the expected DKK 2.01 billion. Despite this, the company's stock opened at $498, up 1.63%, near the higher end of its 52-week range.

The improved performance in the Faroe Islands, where the company harvested a record 26.7 thousand metric tons, helped offset weaker results in Scotland. The company's integrated model, which spans feed production to sales, played a significant role in the improved operational performance. However, net profit remained negative at DKK 161 million due to fair value adjustments.

Despite the earnings miss, the company's underlying business trends were positive, with operational EBIT more than quadrupling compared to the previous year. The company's 2026 harvest guidance remains at 117 thousand metric tons, with 52% already delivered in the first half. Investors may have focused more on the improved operational performance and outlook than the earnings shortfall, which led to a modest gain in the stock price.