Bakkafrost (AO) | Buy | Q2 trading update: 10% harvest volume beat

Research evidence excerpt

Bakkafrost (AO) | Buy | Q2 trading update: 10% harvest volume beat

News comment

Release date: 03 July 2026

Niklas Helgheim

Equity Research Analyst

+47 23 13 9069

nhelgheim@keplercheuvreux.com

BuyBakkafrost

Norway | Food MCap: NOK24.3bn

Target Price: NOK540.00 Bloomberg: BAKKA NO Reuters: BAKKA.OL

Current Price: NOK410.40 Free float 84%

Up/downside: 31.6% Avg. daily volume (NOKm) 102.8

YTD abs performance -20.5% Market data: 02 July 2026

52-week high/low (NOK) 521.00/393.00

Q2 trading update: 10% harvest volume beat

Key points:

Bakkafrost reported Q2 harvest volumes of 29.9kt GWT, 10% ahead of KECH and guidance, driven by 2.1kt higher volumes in the

Faroese and 0.5kt higher on Scotland.

KECH factor in 2026E Faroese harvest volumes of 100kt, above Bloomberg and guidance, and KECH believes the trading update

should be read as positive towards an increased guidance. On a rolling 12-month basis, Faroese harvest volumes are currently at

100.5kt GWT. Assuming Bakkafrost sticks to their initial H2-2026 guidance for Faroese harvest volumes, we are looking at 99kt for

FY2026 (guidance: 97kt).

Scottish extraordinary mortality was weaker-than-expected and reported at DKK32m, above KECH at DKK16m, most likely driven

by the site Sgian Dubh, which has reported 22.7% mortality combined in April and May due to bacterial disease.

Smolt release in the Faroese was broadly in line, whereas Scotland was well above. Both regions are on track to reach their FY

target.

As expected, external fishmeal and oil sales were zero, while raw material sourcing was 31% below last year, due to the well-

known Blue Whiting quota cut.

Despite the higher mortality figures, we argue for positive harvest volumes estimate revisions and a positive share price reaction

today (+1-2%). We reiterate our Buy rating.