Bakkafrost-Q1 first take: Lifting volume guidance on Faroes strength-05/19/2026

Research evidence excerpt

Bakkafrost-Q1 first take: Lifting volume guidance on Faroes strength-05/19/2026

Bakkafrost

NEWSFLASH | 19 MAY 2026

Q1 first take: Lifting volume guidance on Faroes strength

BAKKA reported Q1'26 Op. EBIT of DKK 504m (Op. EBIT/kg of DKK 17.4), +9% above company-compiled consensus at DKK

497m (PAS at DKK 575m). The beat was driven by Farming Faroes, where strong biology translated into lower cost Q/Q

(ringside cost down 13% Y/Y). Faroes farming Op. EBIT/kg came in at DKK 15.4 (+13% vs cons at 13.6), Scotland missed,

while FOF too delivered a healthy beat. Faroes FY26 volume guidance was lifted to 97kt from 92kt (PAS already pencil in

96kt), while Feed volumes are lifted to 175kt (165kt), in line with PAS. We expect consensus estimate revisions of +6% to

FY26e Op. EBIT (even more to EPS), and believe a strongly positive share price reaction would be warranted (+3%). BUY, TP

NOK 540.

Deviation table

ActualActual Q1'26eQ1'26e DeviationDeviation (%)(%)

DeviationDeviation tabletable DKKmDKKm Q2'25Q2'25 Q3'25Q3'25 Q4'25Q4'25 Q1'26aQ1'26a Cons.Cons. ParetoPareto Cons.Cons. ParetoPareto

Revenues " 1 575 1 686 1 847 2 114 2 356 2 375 (10)% (11)%

EBITDA adj. " 258 218 502 764 708 778 8% (2)%

EBITEBIT adj.adj. " 6565 2222 295295 544544 497497 575575 9% (5)%

EPSEPS (adjusted)(adjusted) DKKDKK (0.1)(0.1) 0.00.0 2.62.6 5.165.16 4.834.83 4.974.97 7%7% 4%4%

Segments/OtherSegments/Other keykey itemsitems

EBIT Farming Faroe DKKm 4 (29) 171 386 341 399 13% (3)%

EBIT Farming Scotland " (127) (191) (110) (63) (28) (27) 124% 135%

EBIT FOF " 89 91 73 84 58 60 45% 40%

EBIT Freshwater FO " 85 83 102 90 63 63 42% 41%

EBIT Freshwater SCT " (72) (38) (4) (28) (17) (15) (63)% (80)%

Services " 17 38 31 41 38 37 9% 13%

Sales & Other " 97 73 77 47 52 53 (9)% (11)%

EBIT/kgEBIT/kg