Financials Bakkafrost

Stocks

BAKKA

FO0000000179

Fishing & Farming

Market Closed - Oslo Bors Other stock markets 15:45:00 12/06/2026 BST			5-day change	1st Jan Change
423.20 ^NOK	+2.37%		+0.38%	-18.06%

06-02	DNB Carnegie cuts salmon sector earnings forecasts, Mowi remains top pick - BN	FW
05-20	Handelsbanken raises Bakkafrost price target to NOK 491 (449), reiterates Hold - BN	FW

Projected Income Statement: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	5,554	7,130	7,141	7,480	7,007	8,492	9,782	10,605
Change	-	28.38%	0.15%	4.75%	-6.32%	21.19%	15.2%	8.41%
EBITDA ¹	1,352	2,243	2,181	2,254	1,673	2,721	3,341	3,842
Change	-	65.92%	-2.75%	3.35%	-25.78%	62.63%	22.79%	15%
EBIT ¹	821.2	1,705	1,544	1,550	888	1,860	2,463	2,874
Change	-	107.64%	-9.46%	0.38%	-42.7%	109.5%	32.39%	16.7%
Interest Paid ¹	-36.86	-65.04	-184.7	-199.5	-180.9	-170.8	-156.9	-147
Earnings before Tax (EBT) ¹	1,138	1,690	1,148	851.6	635	1,371	2,038	2,447
Change	-	48.58%	-32.06%	-25.84%	-25.44%	115.85%	48.71%	20.05%
Net income ¹	964.1	1,345	955.6	656.6	530.2	997.6	1,482	1,755
Change	-	39.53%	-28.96%	-31.29%	-19.26%	88.17%	48.5%	18.48%
Announcement Date	22/02/22	21/02/23	20/02/24	17/02/25	09/02/26	-	-	-

¹DKK in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	1,618	1,272	1,488	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	2,067	1,737	1,470	1,899	1,575	1,686	1,847	2,114	2,251	1,871	2,269	2,405	2,343	2,360	2,332	2,779
Change	-	-21.34%	16.97%	10.15%	2.71%	10.88%	3.9%	5.67%	-18.55%	11.36%	-16%	41.24%	-6.3%	-15.99%	-15.36%	29.23%	-17.1%	7.07%	9.55%	14.46%	6.49%	-16.91%	21.29%	6%	-2.58%	0.73%	-1.17%	19.14%
EBITDA ¹	533.8	193.5	270.2	554.1	723.7	461.1	503.8	713.7	507.6	424.1	535.6	879	556	354.7	464.5	694.4	258.1	218	502	764	666.4	559.4	759.6	888	1,026	760.5	801.5	883
Change	-	-63.75%	39.62%	105.07%	30.61%	-36.28%	9.25%	41.68%	-28.88%	-16.44%	26.28%	64.13%	-36.75%	-36.2%	30.95%	49.49%	-62.84%	-15.52%	130.28%	52.19%	-12.78%	-16.05%	35.78%	16.9%	15.48%	-25.84%	5.39%	10.17%
EBIT ¹	407.5	70.54	119.7	417.9	586.6	324.7	376	565.3	353.3	269	356.2	710	387.9	172.6	279.5	505.1	65	22	295	544	453.2	340.7	543.1	668.5	804.5	538	577	655
Change	-	-82.69%	69.62%	249.23%	40.37%	-44.65%	15.81%	50.34%	-37.49%	-23.87%	32.42%	99.33%	-45.37%	-55.51%	62%	80.7%	-87.13%	-66.15%	1,240.91%	84.41%	-16.69%	-24.81%	59.39%	23.09%	20.34%	-33.13%	7.25%	13.52%
Charge d'intérêts ¹	-10.91	-7.784	-10.57	-5.917	-9.545	-7.823	-39.72	-	-	-45.01	-66.19	-46	-52	-41.31	-44.06	-40.36	-59	-27.38	-48.52	-39.6	-41.5	-42.5	-42.5	-35	-33	-34	-32	-30
Earnings before Tax (EBT) ¹	529.8	158.1	-43.71	491.8	1,057	282.3	-140.7	586.4	-153	235.9	479.1	482	-139.4	-160.7	669.7	-36.55	-191.7	77	787	414	324.7	259.4	448.1	497.5	651.5	413.5	449	516
Change	-	-70.16%	-127.65%	1,225.26%	114.89%	-73.29%	-149.85%	516.68%	-126.1%	254.16%	103.1%	0.6%	-128.91%	-15.3%	516.78%	-105.46%	-424.54%	140.17%	922.08%	-47.4%	-21.56%	-20.11%	72.72%	11.02%	30.95%	-36.53%	8.59%	14.92%
Net income ¹	428.1	131.3	-3.108	404.7	846.1	249.4	-155.1	467.5	-123	219	393.6	401	-111.9	-113.7	481	-5.543	-133.6	76.53	595.6	306.5	253	200	344.8	380	503	338	366	379
Change	-	-69.33%	-102.37%	13,121.65%	109.06%	-70.53%	-162.19%	401.46%	-126.3%	278.14%	79.68%	1.89%	-127.9%	-1.63%	522.96%	-101.15%	-2,310.46%	157.28%	678.31%	-48.54%	-17.47%	-20.95%	72.44%	10.2%	32.37%	-32.8%	8.28%	3.55%
Announcement Date	24/08/21	09/11/21	22/02/22	10/05/22	23/08/22	08/11/22	21/02/23	09/05/23	22/08/23	07/11/23	20/02/24	06/05/24	24/08/24	05/11/24	17/02/25	19/05/25	26/08/25	04/11/25	09/02/26	19/05/26	-	-	-	-	-	-	-	-

¹DKK in Million

Estimates

Forecast Balance Sheet: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,126	2,664	3,533	3,000	3,897	3,977	3,613	3,170
Change	-	25.31%	32.62%	-15.09%	29.9%	2.06%	-9.15%	-12.26%
Announcement Date	22/02/22	21/02/23	20/02/24	17/02/25	09/02/26	-	-	-

¹DKK in Million

Estimates

Cash Flow Forecast: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,115	1,236	1,060	1,022	1,135	1,158	1,050	1,076
Change	-	10.82%	-14.22%	-3.59%	11.07%	2.05%	-9.36%	2.43%
Free Cash Flow (FCF) ¹	12.32	-52.74	-21.12	1,341	-56.5	377	1,065	1,379
Change	-	-528.27%	59.95%	6,446.55%	-104.21%	767.32%	182.56%	29.42%
Announcement Date	22/02/22	21/02/23	20/02/24	17/02/25	09/02/26	-	-	-

¹DKK in Million

Estimates

Forecast Financial Ratios: Bakkafrost

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	24.34%	31.45%	30.54%	30.13%	23.88%	32.04%	34.15%	36.23%
EBIT Margin (%)	14.79%	23.92%	21.62%	20.72%	12.67%	21.91%	25.18%	27.1%
EBT Margin (%)	20.48%	23.71%	16.08%	11.39%	9.06%	16.14%	20.84%	23.07%
Net margin (%)	17.36%	18.87%	13.38%	8.78%	7.57%	11.75%	15.14%	16.55%
FCF margin (%)	0.22%	-0.74%	-0.3%	17.92%	-0.81%	4.44%	10.89%	13%
FCF / Net Income (%)	1.28%	-3.92%	-2.21%	204.18%	-10.66%	37.79%	71.9%	78.54%
Profitability
ROA	6.93%	7.13%	-	3.7%	-	-	-	-
ROE	10.67%	13.63%	8.99%	5.96%	3.68%	8.7%	11.89%	12.89%
Financial Health
Leverage (Debt/EBITDA)	1.57x	1.19x	1.62x	1.33x	2.33x	1.46x	1.08x	0.82x
Debt / Free cash flow	172.62x	-50.51x	-167.25x	2.24x	-68.98x	10.55x	3.39x	2.3x
Capital Intensity
CAPEX / Current Assets (%)	20.08%	17.33%	14.84%	13.66%	16.2%	13.64%	10.73%	10.14%
CAPEX / EBITDA (%)	82.49%	55.1%	48.6%	45.34%	67.85%	42.58%	31.43%	27.99%
CAPEX / FCF (%)	9,054.1%	-2,342.92%	-5,018.02%	76.23%	-2,009.17%	307.27%	98.57%	78.01%
Items per share
Cash flow per share ¹	19.04	20.34	17.28	39.73	18.19	31.57	30.44	30.91
Change	-	6.83%	-15.03%	129.89%	-54.21%	73.56%	-3.57%	1.54%
Dividend per Share ¹	5.14	10	8.7	8.44	-	8.96	12.23	12.29
Change	-	94.55%	-13%	-2.99%	-	-	36.46%	0.53%
Book Value Per Share ¹	158	175.9	183.6	188.2	186.2	201.7	219	240.3
Change	-	11.3%	4.36%	2.54%	-1.07%	8.32%	8.58%	9.71%
EPS ¹	16.32	22.75	16.15	10.88	8.83	17	25.13	29.86
Change	-	39.4%	-29.01%	-32.63%	-18.84%	92.5%	47.87%	18.8%
Nbr of stocks (in thousands)	59,074	59,075	59,206	59,253	59,038	59,294	59,294	59,294
Announcement Date	22/02/22	21/02/23	20/02/24	17/02/25	09/02/26	-	-	-