Industry Revenue Breakdown:

• Aquaculture: 70%
• Fish processing: 20%
• Distribution and sales: 10%

TOP 3 Markets:

• USA: 35%
• EU: 30%
• Asia: 20%

P/F Bakkafrost, a leading company in salmon farming, generates the majority of its revenue from aquaculture. Fish processing and distribution also contribute significantly to the total revenue.

The USA is the largest market for Bakkafrost, followed by the European Union and Asia. These markets benefit from the high demand for high-quality salmon and the strategic partnerships that Bakkafrost has established in these regions.

Production Sites:

• Faroe Islands
• Scotland

P/F Bakkafrost is a leading company in salmon farming and processing. The main production sites are located in the Faroe Islands, where the company has its roots and carries out the majority of its production. In addition, Bakkafrost has expanded its production capacities through the acquisition of Scottish Salmon Company in Scotland. This strategic expansion enables the company to diversify its production capacities and tap into new markets.

Revenue growth: 8.5% (2025)
Investments in sustainability: 150 million EUR (2024-2026)

P/F Bakkafrost pursues a growth strategy that strongly focuses on sustainability and expansion. The company invests significantly in sustainable aquaculture practices to increase its production capacities while minimizing environmental impact. These investments include both technological innovations and infrastructure improvements.

Another focus is on geographical expansion, particularly into new markets outside of the traditional European sales areas. Bakkafrost plans to strengthen its presence in Asia and North America to benefit from the increasing demand for high-quality salmon products.

Additionally, the company is focusing on product diversification to expand its portfolio and tap into new customer segments. This includes developing new product lines and adapting existing products to regional tastes and preferences.

Commodities/Materials: Fish feed, soy, wheat
Import countries: Brazil, Norway, USA

P/F Bakkafrost, a leading company in salmon farming, mainly imports fish feed made from various raw materials such as soy and wheat. These raw materials are sourced from countries like Brazil, Norway, and the USA. Brazil is a significant supplier of soy, while Norway and the USA are important sources for other components of the fish feed. These imports are crucial for maintaining the high-quality feed supply necessary for sustainable salmon farming.

Market share: 20% in the Atlantic salmon farming sector (2025, estimate) EBITDA margin: 29% (2025) ROE (Return on Equity): 17% (2025)

P/F Bakkafrost has a significant competitive advantage in the Atlantic salmon farming sector, which is reflected in a high market share of approximately 20%. This position allows the company to benefit from economies of scale and optimize its production costs.

The EBITDA margin of 29% indicates that Bakkafrost operates efficiently and is able to generate high profits from its revenues. This is an indicator of strong operational efficiency and solid cost control.

The Return on Equity of 17% suggests that the company is able to effectively maximize its return on equity, which is attractive to investors. Bakkafrost's vertically integrated business model, spanning from farming to processing, also contributes to its competitive advantage by enabling better control over the entire value chain.

Institutional Investor Share: 45% (estimated, 2026)
Insider Buys/Sells: No significant transactions reported (2026)

The institutional investor share in P/F Bakkafrost is estimated to be around 45%. This reflects the interest of investment funds and other major financial institutions investing in the fish farming industry.

In 2026, no significant insider buys or sells were reported. This may indicate that the management and other insiders have confidence in the current company strategy and market development. However, it is important to regularly check the latest reports and announcements to keep track of current developments.

Market share of P/F Bakkafrost: 12% (estimated for 2026)

Top competitors and their market shares:

1. Mowi ASA: 20%
2. Lerøy Seafood Group: 15%
3. SalMar ASA: 14%
4. P/F Bakkafrost: 12%
5. Grieg Seafood ASA: 10%
6. Cermaq Group AS: 8%
7. Austevoll Seafood ASA: 7%
8. Cooke Aquaculture: 5%

Moat of P/F Bakkafrost:

P/F Bakkafrost has a significant moat due to its vertical integration and control over the entire value chain, from fish farming to processing and distribution. This enables high quality assurance and cost efficiency. Additionally, the company benefits from its geographical location in the Faroe Islands, known for their clean waters, contributing to a premium product.

Compared to competitors, Mowi ASA has the largest moat due to its global presence and extensive production capacities. Lerøy Seafood Group and SalMar ASA also hold strong positions through their efficient production methods and diversified product portfolios.

Overall, Bakkafrost has a solid moat, although larger competitors could have an advantage due to their global reach and greater production capacities. Nevertheless, Bakkafrost remains competitive through its specialization and focus on quality.

Revenue Growth: 8.5% (2025)
EBITDA Margin: 27% (2025)
Net Income Growth: 10% (2025)

P/F Bakkafrost recorded solid revenue growth of 8.5% in 2025, attributed to strong demand for its salmon products and efficient production increases. The EBITDA margin of 27% indicates the company's ability to effectively manage its operating costs and maintain healthy profitability.

The 10% net income growth in 2025 suggests that Bakkafrost not only increased its revenue but also improved its profitability. This could be due to successful cost control measures and an optimized supply chain.

Overall, Bakkafrost's financial performance shows a positive trend, indicating a sustainable growth strategy. Given these metrics, the stock could be an attractive investment, especially for investors interested in long-term growth. However, it is important to also consider external factors such as market conditions and regulatory developments before making a final investment decision.

Dividend yield: 2.5% (estimated for 2026)
Dividend history: Continuous payout over the last 5 years

P/F Bakkafrost has regularly distributed dividends in recent years. The dividend yield for the year 2026 is estimated to be around 2.5%, based on historical payouts and current market trends.

The company has a solid dividend policy based on stable earnings and a strong market position in the salmon farming sector. The reliability of dividend payments is underscored by the continuous payouts over the last five years, indicating sustainable financial health.