Over the next five years, Faroe Islands-headquartered salmon-farming firm Bakkafrost intends to increase its overall salmon production from 2025’s estimated output of 97,000 metric tons (MT) of head-on gutted (HOG) fish to 162,000 MT through strategic investments aimed at reducing biological risk, improving efficiency, and increasing organic growth in both the Faroes and Scotland.
“Producing the best salmon in the world and doing so at scale – that's our simple mission,” Bakkafrost CEO Regin Jacobsen said at the firm’s latest Capital Markets Day on 17 June. “Our fully integrated value chain ensures total control, unmatched traceability, and world-class quality – all rooted in the clean waters in the Faroe Islands and in Scotland. In 2025, Bakkafrost will produce around 3.5 million meals every day, and this will increase up to 5.6 million by 2030.”
Since 2010, Bakkafrost’s salmon harvest has more than quadrupled, while its EBIT has increased from DKK 247 million (USD 38.3 million, EUR 33.1 million) to DKK 1.55 billion (USD 240.1 million, EUR 207.8 million) and its annual sales have grown from DKK 820 million (USD 127 million, EUR 109.9 million) to DKK 7.3 billion (USD 1.1 billion, EUR 978.8 million). Its fishmeal production has also tripled in that time frame, reaching 140,000 MT last year.
To achieve its latest set of growth ambitions, the group is allocating DKK 5 billion (USD 774.5 million, EUR 670.4 million) in capex between 2026 and 2030. This is DKK 1.3 billion (USD 201.4 million, EUR 174.3 million) less than what was outlined in the firm’s previous 2024-2028 plan, with Jacobsen explaining that capital discipline seems appropriate when evaluating current market developments.
“There are times when we need to run, and there are times where we need to dig down,” he said.
Of the DKK 5 billion, DKK 2.2 billion (USD 340.9 million, EUR 295 million) will be allocated to projects in the Faroes, DKK 1.3 billion to Scotland, and DKK 1.6 billion (USD 247.9 million, EUR 214.5 million) to its Farming Service Vessels operations...
