Slides
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Q3 2025 BAKKAFROST GROUP Oslo November 4th 2025
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DISCLAIMER This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary under- takings or any of such person’s officers or employees or advisors accept any liability whatsoever arising directly or indirectly from the use of this document.
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Funningsfjørður, Faroe Islands
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SUMMARY Q3 2025 (Q3 2024) ▪ Revenue of DKK 1,686 million (DKK 1,737 million) ▪ Operational EBIT* of DKK 22 million (DKK 173 million) ▪ Harvest in the Faroe Islands: 25,392 tgw (21,618 tgw) ▪ Harvest in Scotland: 5,286 tgw (5,411 tgw) ▪ Feed sales: 49,087 tonnes** (41,513 tonnes**) ▪ External fish oil sales: 0 tonnes (8 tonnes) ▪ External sale of fish meal: 5,118 tonnes (9,339 tonnes) ▪ Sourcing of marine raw material: 39,940 tonnes (40,134 tonnes) ▪ Cash flow from operations of DKK 245 million (DKK 575 million) ▪ Positive operational EBIT in Q3 2025 in these segments for Fishmeal, oil and feed , Freshwater Faroe Islands, Services and Sales & Other. *) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Including internal sales of 48,833 tonnes (40,666 tonnes) Operation Revenues and Operational EBIT Cash Flow Segments 4
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MARGINS Q3 2025 VS. (Q3 2024) OPERATIONAL EBIT/KG, ALL INCLUSIVE 5 Faroes* DKK/kg 8.93 (14.35) Scotland DKK/kg -38.72 (-25.45) Group DKK/kg 0.72 (6.38) *included a marginal contribution from US, DK, UK and FR
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
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30 50 70 90 110 130 150 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 2020 2021 2022 2023 2024 2025 0% 10% 20% 30% 40% 50% 60% 2020 2021 2022 2023 2024 2024 Q3 2025 Q3 1-4kg 5+kg Superior 4-5kg (NOK/KG) y/y: q/q: GLOBAL MARKETS - PRICES INCREASE SUPPLY OF SUPERIOR FISH CAUSING DOWNWARD PRESSURE ON PRICES Spot prices (NASDAQ/Sisalmoni) on superior 4-5 [NOK/kg HOG] Decreasing price premium for large fish vs. 4-5kg HOG Q1 Q2 Q3 Q4 63.73 (Q3 2025) 73.33 (Q3 2024) -13.1% -9.60 74.64 (Q2 2025) -14.6% -10.91 63.73 (Q3 2025) 7 Source: Kontali Size distribution Average spot prices decreased YoY and QoQ -14% 8% -30% -20% -10% 0% 10% 20% 30% 40% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2-3kg / 4-5kg 6-7kg / 4-5kg
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GLOBAL MARKETS SOLD VOLUMES INCREASED BY 12% Source: Kontali EU/UK: 4% consumption increase • Significantly below European supply increase (12%) Strong demand in the US • 13% consumption increase • In line with American supply change Increased sales from Chile to Russia Large part of supply increase sold to Asia Strong growth in Latin America 8 Salmon markets, sold quantity (head on gutted weight)
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GLOBAL HARVEST INCREASED BY 12% SUPPLY TO THE MARKETS BY 12% 12% increase in global harvest volumes ▪ Strong growth in Europe ▪ Rebound in Chile after weak 2024 12% increase in European harvest volumes ▪ Norway – High incoming biomass and accelerated harvest ▪ Scotland – Low incoming biomass ▪ Faroes – Strong growth (Biomass 31% up and feeding up 25%) 14% increase in American harvest ▪ Chile – Rebound after dip in Q2 and Q3 2024 ▪ Canada – Increase part of normal variation Increased frozen inventories in Chile Source: Kontali 9 Supply Development Q3 2025 Q3 2024 Change % Norway 457 397 15.0 % UK 41 43 -4.6 % Faroes 32 31 3.2 % Iceland 10 9 10.8 % Ireland 4 5 -22.4 % Total Europe 544 485 12.0 % Chile 203 179 13.3 % Canada 29 24 20.1 % USA 5 5 -8.9 % Total Americas 236 208 13.6 % Other 27 26 5.3 % Total (Harvested quantity) 807 719 12.2 % Inventory movements -29 -24 20.8 % Total (Sold Quantity) 778 695 11.9 %
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Cairndow, Scotland
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GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT * Operational EBITDA and EBIT aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax. Revenue (mDKK) Operational EBIT (mDKK) Fair value of biomass (mDKK) Profit after tax (mDKK) 1,6861,737 22173 122 77-116 -266 Q3 2024 Q3 2025 193 -50 -150 11 388 (DKK million) Q3 25 YTD 25 Q3 24 YTD 24 Operating revenue 1,686 5,160 1,737 6,010 Operational EBITDA* 218 1,171 355 1,789 Operational EBIT* 22 592 173 1,270 Fair value adjustment of biological assets 122 -442 -266 -730 Income from associates 5 21 -1 2 Revenue tax -18 -121 -8 -204 EBIT 131 50 -103 338 Net Financial items -54 -202 -58 -156 EBT 77 -151 -161 182 Taxes 0 84 44 -14 Profit for the period 77 -67 -116 168
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OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** Operational EBIT* (mDKK) *) Operational EBIT is EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Earnings per share adjusted for fair value of biomass, onerous contracts provisions and tax and these. Adjusted EPS** (DKK) 12 821 1,705 1,544 1,550 592 10.28 19.02 17.45 16.87 4.30 224 418 565 710 505 407 587 353 388 6571 325 269 173 22 120 376 356 280 2021 2022 2023 2024 2025 YTD 2.95 4.82 7.19 7.66 4.394.80 6.77 3.79 3.37 -0.10 0.64 4.00 2.93 1.47 0.00 1.89 3.43 3.56 4.37 2021 2022 2023 2024 2025 YTD
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BALANCE SHEET Headlines (mDKK) PPE: Biological assets: *(whereof mDKK -69 (373) are fair value adjustments) Inventory: Receivables: Cash & cash equiv.: Equity: Equity ratio: -396 7,060 3,139* 2,743* 888 793 481 286 -71511,157 10,442 57% 217671 145649 6,733 End 2024 Q3 2025 63% 327 -194 13 -6% (DKK million) Q3 25 End 2024 Intangible assets 4,508 4,518 Property, plant and equipment 7,060 6,733 Right of use assets 862 321 Financial assets 324 334 Deferred tax assets 684 590 Biological assets 2,743 3,139 Inventory 888 671 Financial derivatives 20 0 Receivables 793 649 Other receivables 128 239 Cash and cash equivalents 286 481 Total Assets 18,297 17,674 Equity 10,442 11,157 Deferred tax and other taxes 1,953 2,037 Long-term interest-bearing debt 4,250 3,481 Long-term leasing debt 831 234 Financial derivatives 9 3 Short-term leasing debt 54 65 Accounts and other payables 758 698 Total Equity and Liabilities 18,297 17,674
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CASH FLOW Cash flow, operations (mDKK) Cash flow, investments (mDKK) Cash flow, financing (mDKK) 245575 -311-245 147-99 -67 Q3 2025Q3 2024 -330 246 14 (DKK million) Q3 25 YTD 25 Q3 24 YTD 24 Cash flow from operations 245 631 575 2,287 Cash flow from investments -311 -853 -245 -723 Cash flow from financing 147 28 -99 -1,136 Net change in cash 81 -194 231 428 Cash at the end of the period 286 286 839 839
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NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q3 2025 NIBD was increased by: • Net investments (mDKK 311) NIBD was decreased by: • Operating Activities (mDKK 112) • Change in Working Capital (mDKK 59) Financing end Q3 2025 • NIBD: DKK 3,964 million • Bank facilities of EUR 722 million and an accordion of EUR 150 million. • Undrawn credit facilities: DKK 1,422 million Development in NIBD in DKK millions NIBD and available funding 15 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 NIDB Available funding Incl. accordion 3,824 311 -59 3,964 -112 NIBD Q2 2025 Net Investment Δ Working Capital Operating activities NIBD Q3 2025 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Change in
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Bakkafossur, Faroe Islands
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17 THE POWER OF THE FULLY INTEGRATED VALUE CHAIN CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE 750 tonnes (edible yield) 2,200 tonnes (edible yield) Converting low food value proteins into high volume & value healthy proteins FTE 2024 1,567 Revenue 2024 (DKK) ~7.3 bn Market cap ~NOK 30 bn ~USD 2.9 bn Harvest volume 2025E 104,000t FCR 2024 ~1.09 in the Faroes 100% ASC certified in the Faroes 70% ASC in Scotland Scope 1,2 & 3 50% reduced by 2030 Net Zero by 2050 Op.EBIT 2024 (DKK) ~1.55 bn
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FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH 18 Sourcing of raw material (1,000 tonnes) Source: Holtermann Feed raw material prices Raw material sourcing vs. feed sale (tonnes) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 JAN MAR MAI JUL SEP NOV JAN MAR MAI JUL SEP NOV JAN MAR MAI JUL SEP NOV JAN MAR MAI JUL SEP NOV JAN MAR MAI JUL SEP NOV JAN MAR MAI JUL SEP 2020 2021 2022 2023 2024 2025 DKK per 1000 kg FISHMEAL SPC WHEAT GLUTEN RAPESEED OIL FISH OIL SCAND Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Marine raw material sourced 0% 39,940 309,393 40,134 267,583 Feed sold (tonnes)* 18% 49,087 117,958 41,513 101,508 Fishmeal sold external (tonnes) -45% 5,118 17,774 9,339 38,131 Fishoil sold external (tonnes) -100% 0 6 8 4,321 *Including internal sales, corresponding to 99% of feed volumes in Q3 2025 (Q3 2024: 98%) Margin Operational EBIT -38% 91 244 147 436 Operational EBIT margin -8% 12% 13% 20% 20% 0 10,000 20,000 30,000 40,000 50,000 60,000 0 50,000 100,000 150,000 200,000 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Volumes of raw material purchase and feed sale Raw material Internal feed sale Total feed sale Raw material Feed sale 40 40 Q3 25 Q3 24 309 310 467 298 152 283 279 302 342 25 YTD 24 23 22 21 20 19 18 17
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FRESHWATER – FAROE ISLANDS STRONG AND STABLE PRODUCTION – CONTINUOUSLY IMPROVING QUALITY AND POST-TRANSFER SURVIVABILITY 19 Freshwater investments delivering excellent results • Larger smolt • Higher volumes • Improved robustness • Stronger biological performance driving long-term growth Ramping up smolt production • 18.5m expected transferred in 2025 vs 17.1m in 2024 • Planned smolt transfer in 2026 is 20 million • Increasing capacity utilisation and efficiency • Improved quality and robustness of smolt visible in lower 90d post-transfer mortality Strond Glyvradal Norðtoftir Viðareiði Accumulated 90d post-transfer survivability Improved smolt quality & robustness Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Transfered number of smolt (million) -2% 4.8 13.4 4.9 11.0 Average weight (g) 1% 427 441 423 409 Margin Operational EBIT (mDKK) -1% 83 225 84 180 Operational EBIT/KG (NOK) 0% 64.34 59.74 64.11 62.03 Operational EBIT margin -2% 36% 36% 38% 36% 92% 94% 96% 98% 100% Q1 Q2 Q3* Q4 2021-2023 Range 2024 2025 *Q3 2025 not finished Increased feeding in hatcheries as production grows Feed 6p moving avg.
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FRESHWATER – SCOTLAND INCREASING SMOLT TRANSFER - APPLECROSS AVERAGING 229G IN Q3 2025 20 Applecross hatchery: • Transition phase - shifting from stabilization to sustainable growth • Improved biosecurity • All remaining construction (AP 7) completed in H2-2025 Smolt transfer: • Planned smolt transfer in 2026 is 10 million • Applecross to produce 200-400g smolt in 2026 • Avg. weight for all smolt release in 2026 (internal & external) expected at 179g 50 100 150 200 250 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Size of transferred internally produce smolt (g) Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Transferred number of smolt (million) 89% 3.6 5.1 1.9 5.0 ….Whereof externally sourced 29% 0.9 1.5 0.7 0.9 Average weight (g) 80% 155 159 86 100 Average weight (g) Applecross 161% 229 232 88 103 Margin Operational EBIT (mDKK) -533% -38 -109 -6 -71 Operational EBIT/KG (NOK) -93% -105.70 -209.11 -54.89 -221.25 Operational EBIT margin -31% -51% -99% -20% -76%
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Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 FARMING – FAROE ISLANDS EXCEPTIONAL BIOLOGICAL PERFORMENCE EVER 21 • Ring-side costs reduced 14% YoY • Strong growth YTD 33% above 2024 • Quarterly feeding 32% up Q3 2025 vs Q3 2024 • New feeding records set in October 2025 • Operational EBIT reduced by low salmon prices Ring-side costs 14% down Biomass 33% up Quarterly feeding 32% up +33% +32% Biological performance strongly improved YoY 38.7kt 29.3kt DKK/kg DKK/kg 29.23 -14%33.92 57kt 43kt Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Total harvest volume (tgw) 17% 25,392 60,326 21,618 46,138 Average harvest weight (kg) -1% 5.2 5.1 5.3 5.2 Margin Operational EBIT (mDKK) -4% -29 262 -28 650 Operational EBIT/KG (NOK) 14% -1.78 6.81 -2.07 21.86 Operational EBIT margin 0% -3% 9% -3% 22% 0.0 0.5 1.0 1.5 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TEMPERATURE DIFFERENCE (°C) SEA TEMPERATURE (°C) MONTH SEA TEMPERATURE - FAROE ISLANDS (18m depth) Normal Range 2003-2024 2025 Average 2003-24 Temperature difference 2025 - Avg (2003-2024) (Second axis)
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FARMING – SCOTLAND OVERALL GOOD, BUT VERY CHALLENGING AT THE PORTREE FARMING SITE 22 • Very strong harvest weights • Good growth and biology at most sites • Exceptional mortality cost of 68 mDKK (mainly Portree) • EBIT impacted by low salmon prices • Maintaining 2025 harvest target (2026 impacted) Exceptional mortality (% of Opening Biomass) Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Total harvest volume (tgw) -2% 5,286 18,606 5,411 24,040 Average harvest weight (kg) 13% 4.8 5.4 4.2 4.3 Margin Operational EBIT (mDKK) -7% -191 -302 -179 -44 Operational EBIT/KG (NOK) -9% -57.04 -25.50 -52.25 -2.82 Operational EBIT margin -20% -96% -33% -76% -3% Q3 0.0 0.5 1.0 1.5 2.0 0 2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TEMPERATURE DIFFERENCE (°C) SEA TEMPERATURE (°C) MONTH SEA TEMPERATURE - SCOTLAND (5m Depth) Min (2005 - 2024) average 2005-2024 2025 Temperature difference 2025 - Avg (2003-2024) (Second axis)
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90% 91% 92% 93% 94% 95% 96% 97% 98% 99% Q1 Q2 Q3 Q4 2021-2023 Range 2024 2025 SERVICES VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE 23 Services provided: • Fish transports & treatments • Farming Support • Harvest & Packaging • Waste-to-biogas production Converted 2 FSV’s for smolt transfer • M/V Martin conversion operational Q3 2024 • Steady improvement on smolt transfer mortality • 2025 significant improvement – lowest in history • M/V Bakkanes conversion operational in Q3 2025 Accumulated Survivability – Smolt Transfer BF Faroe Islands Margin Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Operational EBIT (mDKK) 100% 38 93 19 57 Operational EBIT/KG (NOK) 78% 1.97 1.85 1.11 1.27 Operational EBIT margin 7% 15% 14% 8% 8%
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75% 8% 13% 4% 0% 68% 14% 18% 0% 0% 0% 20% 40% 60% 80% Western Europe North America Asia Eastern Europe Rest of world Q3 2025 Q3 2024 54% 23% 19% 4% 0% 56% 24% 15% 4% 1% 0% 20% 40% 60% Western Europe North America Asia Eastern Europe Rest of world Q3 2025 Q3 2024 SALES & OTHER ONE “BAKKAFROST”-BRAND AND LARGE FISH ENABLED HIGH SALE FROM SCOTLAND TO US AND CHINA 24 • 7% more volume (FO) transferred to VAP • 75 mDKK decrease in Operational EBIT • Increased supply of superior quality, putting pressure on margin premiums Marketshare sale Faroese Origin Marketshare sale Scottish Origin Volumes Q/Q Q3 YTD Q3 YTD change 2025 2025 2024 2024 Farming FO volume transferred to VAP (tgw) 7% 4,823 13,090 4,495 10,367 Volume HOG sold (t) 15% 25,855 65,842 22,534 59,811 Volume total (tgw) 14% 30,678 78,932 27,029 70,178 Margin Operational EBIT (mDKK) -51% 73 211 148 89 Operational EBIT/KG (NOK) -57% 3.75 4.19 8.64 1.96 Operational EBIT margin -3% 3% 3% 6% 1% 19% 21% 81% 79% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3 25 Q3 24 VAP vs. HOG sale (FO only) VAP on contract HOG, Spot
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Kolbeinagjógv, Faroe Islands
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OUTLOOK TIGHTENING SUPPLY , IMPROVING BALANCE Source: Kontali 26 European harvest Total harvest Americas harvest European growth rate expected to drop significantly • 6% drop expected for Norway in Q4 2025 • Further drop expected in 2026 assuming good biology in Norway Low single digit growth expected in Americas in 2026 • Chile expected to be quite stable • Some growth expected in Canada 14% 25% 12% -4% 19% 4% -3% 2% -5% 0% 5% 10% 15% 20% 25% -200 0 200 400 600 800 1,000 1,200 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1H 2025 2H 2025 1H 2026 2H 2026 EUROPE Change same period last year Estimate in Q2 2025 report 9% 18% 12% 14% 6% 3% 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1H 2025 2H 2025 1H 2026 2H 2026 TOTAL Change same period last year Estimate in Q2 2025 report 0% 9% 14% 7% 5% 11% 3% 3% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 300 350 400 450 500 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1H 2025 2H 2025 1H 2026 2H 2026 AMERICAS Change same period last year Estimate in Q2 2025 report
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OUTLOOK STRONG ROOTS - STEADY GROWTH Farming • For 2025, Bakkafrost intends to sign contracts covering around 15-20% of the expected total harvest volumes. • In 2025 Bakkafrost expects similar production volumes of fishmeal and fish oil as in 2024 CAPEX: 5.0bn DKK (2026-2030) 2030: 162,000kt harvest volume FO: Sustainable growth, efficiency, new sites and technology Increase feed production capacity and flexibility Harvest capacity and flexibility increase Hatchery capacity of 24.4m smolt @500g SCT: Site expansions & optimisation New harvest and processing facility FSV: Improved cost-efficiency in vessel operation Contracts Fishmeal, Oil and Feed Headlines from CMD on 17-18 June 2025 27 Smolt transfer Faroe Islands Scotland Total 2025 plan 2026 plan 18.5m 20.0m 6.0-7.0m 10.0m 24.5-25.5m 30.0m Harvest [gwt] Faroe Islands Scotland Total 2025 plan 82,000 22,000 104,000 2026 plan 92,000 20,000 112,000 Harvest plan 2025 SCT FO Freshwater 6,286 7,034 5,264 3,500 18,914 16,020 25,392 22,000 Q1 Q2 Q3 Q4 28% 23% 32% 19% 24% 31% 27%16%
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82 92 105 112 22 20 40 50 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2028 2030 Faroe Islands Scotland Historical total harvest FSV* Scotland Faroe Islands FSV Scotland Faroe Islands 2026-2030: INVESTING 5.0BN IN SUSTAINABLE GROWTH 162,000 TONNES HARVEST IN 2030, FAROE ISLANDS AND SCOTLAND COMBINED 2026-2030 Capex* of DKK 5.0 bn 28 Harvest volume (kilotonnes) *Including maintenance capex 6 DKK/KG 2026-2030 Capex per region 104 112 145 162 2026-2030 Capex per harvest 2.2 bn 2.2 bn 1.6 bn 4 DKK / KG 7 DKK / KG 2 DKK / KG * Per kg harvested total company 1.3 bn * Since the announcement of the 2026-2030 investment plan on the CMD in 2025, some of the investments planned for 2025 will be rolled over into 2026 due to the weak market outlook short term. Consequently, the timing of other investments in the announced 2026-2030 plan have been adjusted. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 0 200 400 600 800 1,000 1,200 1,400 Investments per kg (DKK) DKK Million Capex Historical & Rollover 2026-2030 Capex plan - Faroes 2026-2030 Capex plan - Scotland 2026-2030 Capex plan - FSV Investments per kg (DKK) 2025 capex and rollover to 2026
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SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
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(1.31) (10.16) 7.12 2.21 1.01 (1.13) Q3 24 EBIT / KG Price Impact Cost ringside Production cost All Other Q3 25 EBIT / KG Q3 2025 vs 2024: Farming Faroe Islands EBIT / KG (In DKK / KG) (33.14) (5.87) 1.64 (6.62) 5.66 2.23 (36.09) Q3 24 EBIT / KG Price Impact Cost Ringside Exceptional Mortality Production cost All Other Q3 25 EBIT / KG Q3 2025 vs 2024: Farming SCT EBIT / KG (in DKK / KG) FARMING FO & SCT: EBIT / KG YEAR OVER YEAR 30 Comments The Faroe Islands have good biology and cost control • Strong biology leading to efficient resource use and lower cost/kg • Price reflecting the pressured market • High volume and good throughput leading to improved production cost/kg Scotland challenging period • Mortality at Portree • Price pressure from the market • Production cost improvement is primarily driven by lower vessel cost 0 0
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532 460 671 275 310 310 435 211 227 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -263 -104 39 113 -138 -31 71 -146 -205 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 * Included a marginal contribution from US, DK, UK and FR Q3 2025 Q3 2024 DKK 1,000,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Operational EBIT -205 227 22 -138 310 173 Operational EBIT/KG -38.72 8.93 0.72 -25.45 14.35 6.38 - of which FOF 0.00 3.57 2.95 0.00 6.80 5.44 - of which Freshwater -7.11 3.28 1.49 -1.06 3.90 2.91 - of which Farming -36.09 -1.13 -7.15 -33.14 -1.31 -7.69 - of which Services 0.23 1.46 1.25 -0.62 1.03 0.70 - of which Sales & Other 5.93 1.63 2.37 9.60 4.45 5.48 - of which Eliminations -1.67 0.12 -0.19 -0.23 -0.52 -0.46 PERFORMANCE PER REGION 31 Scotland - Operational EBIT (mDKK) Faroe Islands* - Operational EBIT (mDKK) Scotland – Operational EBITDA 132 -48 -106 84 250 -41 2020 2021 2022 2023 2024 2025 YTD
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- 10.00 20.00 30.00 40.00 50.00 0 5,000 10,000 15,000 20,000 25,000 30,000 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Faroe Islands* - Operational EBIT / KG Faroe Islands - TGW Faroe Islands* -120.00 -100.00 -80.00 -60.00 -40.00 -20.00 0.00 20.00 40.00 0 2,000 4,000 6,000 8,000 10,000 12,000 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Scotland - Operational EBIT / KG Scotland - TGW Scotland Q3 2025 Q3 2024 DKK 1,000,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues 282 1,405 1,686 317 1,420 1,737 Depreciation and amortization -80 -117 -196 -68 -114 -182 Operating expenses -414 -1,061 -1,476 -408 -995 -1,403 Other income 8 0 8 21 0 21 Operational EBIT -205 227 22 -138 310 173 Operational EBITDA -125 343 218 -70 425 355 Volume tonnes 5,286 25,392 30,678 5,411 21,618 27,029 Operational EBIT/KG -38.72 8.93 0.72 -25.45 14.35 6.38 - of which FOF 0.00 3.57 2.95 0.00 6.80 5.44 - of which Freshwater -7.11 3.28 1.49 -1.06 3.90 2.91 - of which Farming -36.09 -1.13 -7.15 -33.14 -1.31 -7.69 - of which Services 0.23 1.46 1.25 -0.62 1.03 0.70 - of which Sales & Other 5.93 1.63 2.37 9.60 4.45 5.48 - of which Eliminations -1.67 0.12 -0.19 -0.23 -0.52 -0.46 *included a marginal contribution from US, DK, UK and FR PERFORMANCE PER REGION 32
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-12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 0 20 40 60 80 100 120 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NOK Sisalmoni/Nasdaq less SSB price Sisalmoni/Nasdaq price Q3 2025 – CONTRACT PRICES SIGNIFICANTLY HIGHER THAN SPOT Sisalmoni/Nasdaq spot price reflecting marginal weekly price Statistics Norway (SSB) publish average price for all exported whole fish (HOG) per week ▪ Incorporates bilateral contracts of variable duration “Production grade” fish excluded from both references ▪ HOG export of “production grade “ from Norway prohibited SSB price exceeded Nasdaq in Q3 2025 ▪ Contract prices well above spot prices in the quarter ▪ SSB price includes sales to Asia ESF Euronext contracts ▪ Spot price ended significantly below future price in Q3 ▪ Rise in future prices for Q4 2025 and 2026 ▪ 2026 contracts trading at EUR 7.6 ▪ Limited number of contracts traded 33 Price Norway (NOK/kg) Reference price/Euronext futures (EUR/kg) 9.75 8.97 6.03 6.51 7.82 6.23 5.32 6.47 7.6 Q1 2024 (Nasdaq) Q2 2024 (Nasdaq) Q3 2024 (Mix) Q4 2024 (Sisalmoni) Q1 2025 (Sisalmoni) Q2 2025 Q3 2025 Q4 2025 2026 Reference price/Euronext Salmon Futures Futures
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2026-2030 CAPEX IS 5.0BN – 1.3 BN LOWER THAN THE PREVIOUS 2024-2028 CAPEX PLAN REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH Faroe Islands: • Complete Skálavík Hatchery • Reaching total annual production capacity of 12 kt/year in freshwater • 8 new silos to increase flexibility in FOF • New farming sites within existing licenses & optimisation • New farming technology to accommodate organic growth • Harvest Expansion – Live fish holding tanks Scotland: • Site expansions & optimisation • New harvest and processing plant FSV (shared resource) • 2 new service vessel to accommodate growth (transport & treatment) 34 2026-2030 Capex split across value chain (mDKK) 245 mDKK is allocated to energy transition across the value chain +135 mDKK spend in 2024 & 2025 1,550 1,535 768 667 297 220 FSV Marine Harvest & Processing Freshwater FOF Other
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GROWING WITH THE LARGE-SMOLT STRATEGY FARMING CYCLES GETTING SHORTER WITH LARGE HIGH-QUALITY SMOLT Large Smolt Strategy - Reduced biological risk - Increased production efficiency - Enables Sustainable Growth 35
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36 FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS Number of released smolt (million) 18.5 20.2 24.0 24.4 0 5 10 15 20 25 30 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Available expanded production capacity – last 6 yrs (m3 & tonnes) Average weight (g) 0 100 200 300 400 500 600 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 - 20,000 40,000 60,000 80,000 100,000 120,000 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Capacity - Tonnes Capacity - M3 S-26 Skálavík*S-24 Strond* S-16 Glyvradalur S-03 Norðtoftir S-21 ViðareiðiBase Capacity - tonnes *Strond & Skálavík new hatcheries Smolt production scaling up • 2024 best year yet of 17m smolt release • Big growth in coming years (smolt release): • 18.5m smolt to be released in 2025, increasing to >24m in 2028 • Significant advances made on increasing the smolt quality
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FRESHWATER – FAROE ISLANDS ONGOING CONSTRUCTION OF NEW HATCHERY AT SKÁLAVÍK 37 Construction of Skálavík hatchery • Same design as Glyvradal and Applecross • 3,500 tonnes capacity • Built in phases to allow early start of operation • Finished late 2026 Total FO hatchery capacity will be 12,000 tonnes • Annual production capacity in the Faroe Islands to exceed 24 million smolt of 500g ViðareiðiNorðtoftirGlyvradalStrondHúsarGjógv New hatchery: Skálavík Existing hatcheries Skálavík October 2025, Building site in progress, first phase to start operation in H1 -2026
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6.0 7.0 10.0 16.0 16.0 16.0 2024 2025 2026 2027 2028 2029 A/B/C2 + 2,100 m3 38 FRESHWATER – SCOTLAND SMOLT PRODUCTION E1 + 9,200 m3 E2 + 9,200 m3 • Technical design issues & construction delays pushed smolt plan back more than 12 months • Construction due to complete Q4 2025 • Normal freshwater cycle is around 5 quarters from ova input to smolt output • Smolt output at capacity from H2 2027 Smolt transfer (million)
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103 92 106 241 275 275 500 0 100 200 300 400 500 600 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 39 FRESHWATER - SCOTLAND SMOLT CAPACITY 11m 14m 16m Barvas closed Harris Lochs closed Amhuinnsuidhe closed Geocrab broodstock Tullich closed Couldoran 1,166m3 RAS 2 future KLM 1,150 m3 Applecross 29,620m3, complete✓ ? ?? 2019 Current Future
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RINGSIDE COST DEVELOPMENT - FAROE ISLANDS VS. SCOTLAND SCOTTISH COST MORE VOLATILE DUE TO MORTALITY COST. FALLING TREND IN 2024 HEALTHY LIVING 40 THE IMPORTANCE OF ROBUST SMOLT A RECENT CASE STUDY FROM MARINE SITE KUNOYARNES, FAROE ISLANDS High-quality Reduced-quality 268 285 1 2 Smolt weight (g) 5.2 4.4 1 2 Harvest size (kg) 380 396 1 2 Time to harvest (no of days) 3.15 7.00 1 2 Mortality rate (biomass-%) 5.0 3.3 1 2 Harvest yield per input-smolt (kg) 1.07 1.13 1 2 Feed Convertion Ratio bFCR
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SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS 41 Q3 2025: Revenue = 759M Internal Feed sale = 48,833t External Meal sale = 5,118t External Fish Oil sale = 0t OP EBIT = 91M OP EBIT % = 12% Q3 2025: Revenue = 231M Smolt transferred = 4.8M Average Weight = 427g OP EBIT = 83M OP EBIT / KG = 40.71 OP EBIT % = 36% Q3 2025: Revenue = 1,034M Harvest Volume = 25,392tgw Average Weight = 5.22kg OP EBIT = (29M) OP EBIT / KG = (1.13) OP EBIT % = (3%) Q3 2025: Revenue = 252M Energy produced = 3.8 GwH OP EBIT = 38M OP EBIT / KG = 1.25 OP EBIT % = 15% Q3 2025: Revenue = 2,462M Portion in VAP = 19% OP EBIT = 73M OP EBIT / KG = 2.37 OP EBIT % = 3% Volumes: Revenue = 73M Smolt transferred = 3.6M Average Weight = 159g OP EBIT = (38M) OP EBIT / KG = (66.88) OP EBIT % = (51%) Volumes: Revenue = 199M Harvest Volume = 5,286tgw Average Weight = 4.79kg OP EBIT = (191M) OP EBIT / KG = (36.09) OP EBIT % = (96%) FOF Freshwater Farming Services Sales & Other Key Ratios: OP EBIT / PPE = 17.4% Debt / EBITDA = 2.06x Key Ratios: OP EBIT / PPE = 17.2% Debt / EBITDA = 1.64x Key Ratios: OP EBIT / PPE = 8.6% Debt / EBITDA = 3.45x Key Ratios: OP EBIT / PPE = 25.5% Debt / EBITDA = 1.51x Key Ratios: OP EBIT / PPE = 37.1% Debt / EBITDA = 0.88x Key Ratios: OP EBIT / PPE = (16.7%) Debt / EBITDA = (N/A) Key Ratios: OP EBIT / PPE = (55.9%) Debt / EBITDA = (N/A) Market Split – Sales: Western Europe = 56% North America = 24% Asia = 15% Eastern Europe = 4% Rest of world = 1% ❖ Revenue, EBIT & EBITDA are in DKK ❖ Key Ratios based on 12-month rolling ❖ PPE at fair value ❖ N/A = Negative Debt / EBITDA ratio
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DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Source: Kontali Expected supply growth in 2025 ▪ 9% increase in Global supply* ▪ 10% increase in supply* from Europe ▪ 5% increase in supply growth from the Americas * Including expected inventory movements Comments: All figures are in hog-equivalents and thousand tonnes. Figures represents sold quantity of Atlantic Salmon from each producing country 42 Global Supply of Atlantic Salmon (head on gutted – HOG) Salmon Markets (head on gutted – HOG) 2020 2021 2022 2023 2024 2025E Norway 1,226 1,385 1,360 1,330 1,359 1,502 UK 160 179 145 137 170 168 Ireland 14 14 15 13 17 18 Iceland 27 35 42 29 42 51 Faroes 72 96 89 80 91 113 Total Europe 1,499 1,709 1,650 1,589 1,679 1,852 Chile 657 639 649 665 633 670 Canada 123 126 120 99 107 107 USA 18 17 18 17 18 18 Total Americas 798 781 787 781 757 795 Others 90 104 99 98 101 107 Total (Sold Quantity) 2,388 2,594 2,536 2,467 2,536 2,754 Supply growth - Global 4% 9% -2% -3% 3% 9% Supply growth - Europe 1% 14% -3% -4% 6% 10% Supply growth - Americas 7% -2% 1% -1% -3% 5% 2020 2021 2022 2023 2024 2025E EU+UK 1,073 1,159 1,137 1,084 1,145 1,188 USA 506 572 587 586 573 627 Japan 64 66 55 45 45 52 Russia 79 86 52 62 45 57 Others 665 712 705 690 728 830 Total (Sold Quantity) 2,388 2,595 2,535 2,467 2,537 2,754
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Q3 2025 MARKET ENVIRONMENT Price Norway (NOK/kg) All sizes, weighted average price Significant drop in European reference price ▪ 12% down compared to Q3 2024 (DKK) ▪ Lowest quarterly NOK price recorded since 2021 Strong supply pressure in the quarter ▪ 12% increase in European harvest Increased price premium on large fish USD movement benefiting US clients 43 Note: Nasdaq reference price replaced by Sisalmoni during Q3 2024. Basis for Sisalmoni reference price differs from Nasdaq, and data is hence not fully comparable. Source: Kontali 6.7 7.1 9.7 9.0 6.0 6.5 7.8 6.2 5.3 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 - 2.0 4.0 6.0 8.0 10.0 12.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 DKK EUR Sisalmoni/Nasdaq (EUR) Sisalmoni/Nasdaq (DKK) Sisalmoni/Nasdaq Norway Q3 2025 Q3 2024 Change % NOK 62.76 70.89 -11.5 % DKK 39.71 44.97 -11.7 % EUR 5.32 6.03 -11.7 % USD 6.21 6.62 -6.1 %
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DEVELOPMENT PER QUARTER Group Revenue (mDKK) Group Operational EBIT (mDKK) 44 Segment Operating EBIT mDKK -300 -200 -100 0 100 200 300 400 500 600 700 FOF Freshwater FO Freshwater SCT Farming FO Farming SCT Services Sales & Other YTD 2025 YTD 2024 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 0 300 600 900 1,200 1,500 1,800 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue 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 Operational EBIT 418 587 325 376 565 353 269 356 710 388 173 280 505 65 22 Profit/Loss 405 845 249 -154 467 -123 219 392 401 -117 -116 477 -6 -138 77 Harvest FO (tgw) 17,459 13,101 16,850 19,276 11,005 8,658 16,740 16,005 14,294 10,226 21,618 16,639 18,914 16,020 25,392 Harvest SCT (tgw) 3,973 6,646 8,100 5,198 8,093 7,343 4,100 1,062 7,263 11,366 5,411 3,840 6,286 7,034 5,286 Equity ratio 64% 65% 64% 62% 64% 61% 61% 61% 62% 62% 62% 63% 62% 59% 57% NIBD 2,192 2,267 2,427 2,664 2,357 2,911 3,045 3,533 3,180 2,966 2,710 3,000 2,788 3,824 3,964
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DIVIDEND Dividend • On 30 April 2025, the AGM decided to pay out a dividend on 8.44 DKK per share for the year 2024 (equals 50% of adjusted EPS) • Dividend of 501 mDKK was paid out on or around May 21 2025 Dividend policy ▪ Competitive return through: ▪ Dividends ▪ Increase in the value of the equity ▪ Generally, Bakkafrost shall pay a dividend to its shareholders ▪ A long-term goal is that 30–50% of adjusted EPS shall be paid out as a dividend * Adjusted EPS is EPS adjusted for fair value adjustments of biomass and onerous contracts provisions ** Dividend and acquisition of treasury shares *** Dividend is paid out the following year Dividend per share (DKK)*** 99% 19% 40% 49% 49% 46% 50% 50% 50% 0% 59% 50% 53% 50% 50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3.91 1.00 0.02 5.09 6.00 8.25 8.70 10.50 8.25 0.00 3.65 5.14 10.00 8.70 8.44 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dividend per share in % of adj. EPS* 45
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BAKKAFROST – OVERVIEW 46
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BAKKAFROST – FARMING SITE OVERVIEW 47
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OUR PILLARS AND VALUES 48
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