Interim report
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27,000 20,500 25,200 23,100 30,700 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 HARVEST VOLUME TGW 173 280 505 65 22 0 100 200 300 400 500 600 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 OPERATIONAL EBIT MDKK INTERIM REPORT Q3 2025 and First Nine Months of 2025 Faroese Company Registration No. 1724 www.bakkafrost.com
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 1 Content Content ....................................................................................................................... 1 Highlights .................................................................................................................... 2 Summary ..................................................................................................................... 2 Outlook and Operational Performance ....................................................................... 4 Financial Performance ................................................................................................ 7 Income Statement .................................................................................................... 7 Statement of Financial Position ................................................................................ 7 Cash Flow ................................................................................................................ 8 FOF Segment ............................................................................................................. 9 Freshwater Segments ...............................................................................................10 Freshwater – Faroe Islands ......................................................................................10 Freshwater – Scotland ..............................................................................................10 Farming Segments ...................................................................................................11 Farming – Faroe Islands ...........................................................................................11 Farming – Scotland ...................................................................................................11 Services ................................................................................................................... 12 Sales & Other ........................................................................................................... 12 Risks ........................................................................................................................ 13 Events after the ........................................................................................................ 13 Reporting Period ...................................................................................................... 13 Statement by the Management and the Board of Directors on the Interim Report . 14 Consolidated Income Statement .............................................................................. 15 Consolidated Statement of Comprehensive Income ............................................... 15 Consolidated Statement of Financial Position ......................................................... 16 Consolidated Cash Flow Statement ........................................................................ 17 Consolidated Statement of Changes in Equity ........................................................ 18 Notes to the Accounts .............................................................................................. 19 Contacts ................................................................................................................... 25 Appendix ................................................................................................................. 26
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 2 Highlights Q3 Q3 YTD YTD DKK 1,000,000 2025 2024 2025 2024 ------------------- INCOME STATEMENT Group - Operating revenue 1,686 1,737 5,160 6,010 Group - Operational EBIT* 22 173 592 1,270 Group - OP. EBITDA 218 355 1,171 1,789 Group - EBIT 131 -103 50 338 Group - Profit for the period 77 -116 -67 168 - FOF - Operating Revenue 759 740 1,911 2,166 FOF - Operational EBITDA 97 154 264 456 FOF - Operational EBITDA margin 13% 21% 14% 21% -- Freshwater FO - Operating Revenue 231 219 619 499 Freshwater FO - Operating EBIT 83 84 225 180 Freshwater FO - Operating EBIT Margin 36% 38% 36% 36% Freshwater FO - Operating / KG (DKK)**** 40.71 40.67 38.08 39.97 Freshwater FO - Operating / KG (NOK)**** 64.34 64.11 59.74 62.03 -- Freshwater SCT - Operating Revenue 73 29 110 94 Freshwater SCT - Operating EBIT -38 -6 -109 -71 Freshwater SCT - Operating EBIT Margin -51% -20% -99% -76% Freshwater SCT - Operating EBIT / KG (DKK)**** -66.88 -34.82 -133.30 -142.55 Freshwater SCT - Operating EBIT / KG (NOK)**** -105.70 -54.89 -209.11 -221.25 -- Farming FO - Operating Revenue 1,034 1,100 2,879 3,014 Farming FO - Operating EBIT -29 -28 262 650 Farming FO - Operating EBIT Margin -3% -3% 9% 22% Farming FO - Operating EBIT / KG (DKK) -1.13 -1.31 4.34 14.08 Farming FO - Operating EBIT / KG (NOK) -1.78 -2.07 6.81 21.86 -- Farming SCT - Operating Revenue 199 235 905 1,634 Farming SCT - Operating EBIT -191 -179 -302 -44 Farming SCT - Operating EBIT Margin -96% -76% -33% -3% Farming SCT - Operating EBIT / KG (DKK) -36.09 -33.14 -16.25 -1.82 Farming SCT - Operating EBIT / KG (NOK) -57.04 -52.25 -25.50 -2.82 -- Services - Operating Revenue 252 237 685 702 Services - Operating EBIT 38 19 93 57 Services - Operating EBIT Margin 15% 8% 14% 8% Services - Operating EBIT / KG (DKK) 1.25 0.70 1.18 0.82 Services - Operating EBIT / KG (NOK) 1.97 1.11 1.85 1.27 -- Sales & Other - Operating Revenue 2,462 2,488 7,485 7,919 Sales & Other - Operating EBIT 73 148 211 89 Sales & Other - Operating EBIT Margin 3% 6% 3% 1% Sales & Other - Operating EBIT / KG (DKK) 2.37 5.48 2.67 1.26 Sales & Other - Operating EBIT / KG (NOK) 3.75 8.64 4.19 1.96 ------------------- NOK/DKK (average) 63.27 63.43 63.75 64.43 Q3 Q3 YTD YTD DKK 1,000,000 2025 2024 2025 2024 FINANCIAL POSITION AND CASH FLOW Total Assets** 18,297 17,674 18,297 17,674 Equity** 10,442 11,157 10,442 11,157 Equity ratio** 57% 63% 57% 63% Net interest-bearing debt** 3,964 3,000 3,964 3,000 Cash flow from operations 245 575 631 2,287 Cash flow from financing 147 -99 28 -1,136 PROFITABILITY Basic earnings per share (DKK) 1.29 -1.96 -1.14 2.84 Diluted earnings per share (DKK) 1.29 -1.96 -1.14 2.84 ROCE*** 0.1% 1.0% 3.4% 7.6% NIBD/OP. EBITDA 18.15 8.46 3.39 1.68 VOLUMES Harvested Faroe Islands (tgw) 25,392 21,618 60,326 46,138 Harvested Scotland (tgw) 5,286 5,411 18,606 24,040 Total Harvest 30,678 27,029 78,932 70,178 Farming FO transferred to VAP (tgw) 4,823 4,495 13,090 10,367 VAP produced (tgw) 4,800 4,434 12,804 10,188 Sold feed tonnes 49,087 41,513 117,958 101,508 Internal feed sales tonnes 48,833 40,666 116,823 100,165 Smolt transferred thousand Faroe Islands (pcs) 4,796 4,901 13,410 10,989 Smolt transferred thousand Scotland (pcs) 3,625 1,912 5,124 4,978 Total smolt release 8,421 6,813 18,534 15,967 * Aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax – refer to Note 10. ** Comparing figures from end 2024. *** Return on average capital employed, based on operational EBIT – refer to Note 10. **** Calculated EBIT per KG transferred smolt.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 3 Summary (Figures in parenthesis refer to the same period last year). The Bakkafrost Group delivered a total operational EBIT of DKK 22 million (DKK 173 million) in Q3 2025 and made a result of DKK 77 million (DKK -116 million). According to Bakkafrost’s revised segment structure, the business segment’s operational EBIT/EBITDA were as follows: Q3 Q3 2025 2024 FOF - Operational EBITDA 97 154 Freshwater FO - Operating EBIT 83 84 Freshwater SCT - Operating EBIT -38 -6 Farming FO - Operating EBIT -29 -28 Farming SCT - Operating EBIT -191 -179 Services - Operating EBIT 38 19 Sales & Other - Operating EBIT 73 148 During Q3 2025, the FOF segment sourced 39,940 tonnes (40,134 tonnes) of raw material. The Operational EBIT margin was 12% (20%), and fish feed sales amounted to 49,087 tonnes (41,513 tonnes). For the first nine months of 2025, the FOF segment's operational EBIT margin was 13% (20%). During the first nine months of 2025, Havsbrún sourced 309,393 tonnes (267,583 tonnes) of raw material. In Q3 2025, the Freshwater segments in the Faroe Islands and Scotland transferred a total of 8.4 million (6.8 million) smolts combined: • Freshwater FO: 4.8 million (4.9 million), • Freshwater SCT: 3.6 million (1.9 million). For the first nine months of 2025, the freshwater segments have released a total of 18.5 million (16.0 million) smolts: • Freshwater FO: 13.4 million (11.0 million), • Freshwater SCT: 5.1 million (5.0 million). In Q3 2025, the Freshwater FO segment made an operational EBIT per kg transferred smolt of DKK 40.71 (DKK 40.67), corresponding to NOK 64.34 (NOK 64.11). The Freshwater SCT segment made an operational EBIT per kg transferred smolt of DKK -66.88 (DKK -34.82), corresponding to NOK -105.70 (NOK -54.89). In Q3 2025, the Freshwater SCT segment had incident -based costs of DKK 25 million (DKK 0 million). The Farming segments achieved lower prices in Q3 2025 than in Q3 2024. The Farming segments had higher volumes in Q3 2025 compared to Q3 2024. In Q3 2025, the Farming SCT segment had incident -based costs of DKK 68 million (DKK 34 million). The total combined harvest in Q3 2025 of the farming segments in the Faroe Islands and Scotland was 30,678 tonnes gutted weight (27,029 tgw): • Farming FO: 25,392 tgw (21,618 tgw), • Farming SCT: 5,286 tgw (5,411 tgw). For the first nine months of 2025, the farming segments harvested a total of 78,932 tonnes gutted weight (70,178): • Farming FO: 60,326 tgw (46,138 tgw), • Farming SCT: 18,606 tgw (24,040 tgw). In Q3 2025, the Farming FO segment made an operational EBIT per kg of DKK -1.13 (DKK -1.31), corresponding to NOK -1.78 (NOK -2.07). The Farming SCT segment made an operational EBIT per kg of DKK -36.09 (DKK -33.14), corresponding to NOK -57.04 (NOK -52.25). The Services segment made an operational EBIT per kg of DKK 1.25 (DKK 0.70), corresponding to NOK 1.97 (NOK 1.11). The operational EBIT margin for the segment was 15% (8%). The Sales & Other segment had a revenue of DKK 2,462 million (2,488 million) and an operational EBIT margin of 3% (6%). The operational EBIT per kg was DKK 2.37 (DKK 5.48), corresponding to NOK 3.75 (NOK 8.64). The performance related to the Faroe Islands and Scotland as a region can be found in the Appendix. The long-term goal of the Board of Directors is that 30 -50% of earnings per share shall be paid out as a dividend. Bakkafrost’s financial position is strong, with a solid balance sheet, a competitive operation, and available credit facilities.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 4 Outlook and Operational Performance Market Substantially increased supply in Q3 2025 The supply of salmon increased 11.9% in Q3 2025 compared to Q3 2024, incl. inventory movements. Without inventory movements, the supply increase was 12.2%, according to the latest estimate from Kontali Analyse. Lower salmon prices in Q3 2025 Salmon reference prices (in NOK) for 4-5kg superior salmon were 13.1% lower this quarter compared to Q3 2024. The price reduction was driven by substantial increase in supply from several regions, most dominantly from Norway but also from Chile. No growth in Q4 2025 In Q4 2025, the global supply is expected to be on the same level as in Q4 2024, excluding inventory movements. In H2 2025, the global supply is expected grow around 6%, compared to Q3 2024. For the full year 2025, the global supply is expected grow around 9%, excluding inventory movements, and in H 1 2026 the global supply is expected to on the same level as H1 2025. Bakkafrost has a strong focus on ensuring a well -balanced flow to the different markets to increase diversification and mitigate market risk. Bakkafrost operates in the main salmon markets, Europe, the USA, and the Far East. Since the beginning of the war in Ukraine, Bakkafrost has stopped all trading with Russia. Operations Farming Faroe Islands The Faroese farming operation continues on a very strong trajectory, underpinned by exceptional biological performance. In Q3 2025, biology reached one of the best positions ever recorded, supported by the consistent delivery of large, high-quality smolt. The strong smolt quality is one of the drivers for the achieved growth rates, record- high feeding volumes, and exceptionally low mortality across sites. Sea lice levels remain well controlled through the continued success of the dual -freshwater treatment strategy. The overall biological performance has also translated into further improvements in the quality of the harvested fish, which continues to set new benchmarks. All these biological achievements — very strong growth, robust fish health, and high smo lt quality — combined with increased harvest volumes , shorter cycle times of far ming sites and lower smolt and feed costs, have driven further reductions in farming costs. Freshwater Faroe Islands The Faroese freshwater operation continues its strong development, driven by consistent improvements in smolt quality, robustness, and production efficiency. Output of large, high -quality smolt remains on an upward trend, supporting sustainable volume grow th and long -term biological strength across the value chain. The enhanced robustness of smolt is reflected in exceptionally low accumulated mortality during the first 90 days post transfer — among the lowest levels ever recorded. This confirms the effectiveness of Bakkafrost’s large -smolt strategy and the continued strengthening of biological performance. Capacity utilisation continues to increase, supporting higher production volumes and further cost efficiencies. The average weight of transferred smolt in Q3 2025 was 427g, which is 1% higher than in Q3 2024. Current hatchery capacity enables annual production of 9,000 tonnes, equivalent to about 18 million smolt of 500g. The new hatchery in Skálavík remains on schedule for completion in late 2026, which will raise total capacity to approximately 24.4 million s molt. Operations are expected to commence in Q2 2026. Farming Scotland The overall biological performance in the Scotland was good during Q3 2025, with low mortality and good growth at most marine sites through July and August. However, in September, conditions changed significantly following a disease outbreak at the Portree farming site caused by Pasteurella bacteria. This resulted in a sharp increase in exceptional mortality at the site, and some harvests were advanced to mitigate further biological risks. Despite this incident, the overall performance across the Scottish operation remained stable. Bakkafrost maintains its 2025 harvest guidance of 22,000 tonnes, supported by strong results from other farming areas. However, the increased mortality at Portree is expected to have a negative impact on Scottish harvest volumes in 2026. During 2025 and into 2026, the biomass at sea will gradually change character, transitioning to be based on large and high -quality smolt. This strategic shift is expected to enhance overall fish health and growth rates, leading to a more robust and sustainable aquaculture environment. Freshwater Scotland The Scottish freshwater operation continues its ramp -up, with Applecross firmly established as the core of Bakkafrost’s large -smolt strategy in Scotland , having the capacity to produce 3,500 tonnes of high-quality large smolt. The smolt affected by the furunculosis incident in Q2 are now out of Applecross, and production has since normalised with stable and improving biological performance. Under the leadership of the Faroese Group Freshwater management team, the production plan for Applecross has been revi sed to enhance utilisation and biological efficiency. In contrast to the previously announced 200g smolt, Applecross will also produce larger smolt. Hence, the individual batches will be ranging from 2 00g to 400g. This adjustment allows for greater flexibility in production planning, better utilisation of capacity, and improved biological outcomes. Applecross has also transitioned to operate as a stand-alone facility, no longer receiving inputs from external hatcheries. This marks a significant step in improving biosecurity and ensuring consistent smolt quality. Services The smolt transfer system from Applecross has undergone a major upgrade, with the FSV Bakkanes rebuilt to handle smolt transfers, now operating similarly to its highly successful rebuild of the sister vessel Martin in the Faroe Islands. The upgraded system represents a major step forward in ensuring safe and efficient smolt transfers,
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 5 reducing stress and mortality, and strengthening operational reliability across the Scottish farming sites. Together, these initiatives represent a significant advancement in the Scottish freshwater platform, ensuring it supports a robust, efficient, and sustainable farming operation going forward. In Q3 2025, the average weight of transferred smolt from Applecross in Scotland was 229, which is 161% higher than in Q3 2024. The average smolt weight for all Bakkafrost’s smolt release in Scotland in the quarter was 155g, which is 80% higher than in Q3 2024. Smolt transfer Bakkafrost’s expected smolt transfer in 2026 in the Faroe Islands is around 20.0 million smolts with an average weight of around 440g. In Scotland, the smolt transfer in 2026 is expected to be around 10.0 million smolt with an average weight of 179g. This includes internally produced smolt as well as externally sourced. The number and average weight of smolts transferred are key elements of predicting Bakkafrost’s future production. Million smolt transferred ‘26e ‘25e ‘24 ‘23 ‘22 ‘21 FO 20.0 18.5 17.1 14.2 14.4 14.4 SCT 10.0 7.0 6.0 9.0 11.0 11.1 Avg. weight (g) FO 440 430 410 396 345 376 SCT 179 153 109 117 107 95 Bakkafrost expects to harvest a total of around 104,000 tonnes gutted weight in 2025. 82,000 tonnes are expected to be harvested in the Faroe Island and 22,000 tonnes in Scotland. In 2026, Bakkafrost expects to harvest around 92,000 tonnes gutted weight in the Faroe Islands and around 20,000 tonnes in Scotland, giving at total of around 112,000 tonnes gutted weight . The quarterly harvest profile is outlined in in the table below. Biological, environmental and market conditions can affect the expected harvest profile. Expected harvest profile in 2026 as a % of total harvest pr. region: Region Q1 Q2 Q3 Q4 FO 24% 24% 25% 28% SCT 30% 14% 18% 38% The estimates for harvest volumes and smolt transfers in both geographies are dependent on biological development. Sales & VAP (Value added products) Bakkafrost's highly flexible value chain includes state -of- the-art VAP processing capacity, which enables the company to adapt effectively to rapidly changing market situations. As a result of changes in the Faroese revenue tax, Bakkafrost has adjusted the strategy for contracted VAP (Value-Added Products) to reduce contract exposure. For 2026, Bakkafrost intends to sign contracts covering around 15 -20% of the expected harvest volumes in the Faroe Islands and Scotland combined. FOF (Fishmeal, oil and feed) The outlook of fishmeal and fish oil production is dependent on the availability of raw materials. The ICES 2026 recommendation for blue whiting is 851 thousand tonnes, which represents a 41.2% decrease from the recommendation for 2025. In 2026 Bakkafrost expects lower production volumes of fishmeal and fish oil as in 2025. Bakkafrost expects the feed production at Havsbrún to be around 155,000 tonnes in 2026. Close to all of this will be sold internally to Bakkafrost’s Faroese and Scottish Farming segments. Investments On the Capital Markets Day on 17-18 June 2025, Bakkafrost announced a 5.0bn DKK investment plan for 202 6-2030. The main purpose is to improve efficiency, reduce biological risk and enable continued sustainable growth in the Faroe Islands and Scotland. The investments in the Faroe Islands will increase the annual smolt production capacity to 24.4 million smolt of 500g. The feed production capacity and flexibility are also increased to further improve R&D capabilities and meet the growing demand for feed as harvest volumes increase in the Faroe Islands and Scotland. Also, investments in new farming sites and new farming technology are included, as well as investments to improve harvest capacity and flexibility with Live Fish Holding Tanks. In Scotland, planned investments include site expansions and optimisation as well as building a new harvest and processing facility to accommodate the gro wing harvest volume. As a shared service to the Group, the investment plan includes building 2 new dual-freshwater treatment vessels in the FSV segment. 2026-2030 Investment programme per category (DKK 1,000) Incorporated into the investment plan is also 245mDKK earmarked to energy transitio n, spread across the value chain.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 6 With the investment plan, Bakkafrost expects to sustainably grow the total annual harvest volumes to 162,000 tonnes in 2030. Harvest volume (kilotonnes) Since the announcement of the 2026-2030 investment plan on the CMD in 2025, Bakkafrost has decided to let some of the investments planned for 2025 rollover into 2026 due to the weak market outlook for 2025. Consequently, the timing of other investments in the announced 2026-2030 plan have been adjusted. Updated 2026-2030 5.0bn DKK Investment programme vs. historical investments (DKK 1,000) Financial The global salmon product market's long -term balance is likely to favour Bakkafrost. Bakkafrost has a long value chain and a cost-efficient production of high-quality salmon products and will likely maintain financial flexibility going forward. In March 2022, Bakkafrost secured a 700 mEUR sustainability-linked credit facility (expandable by 150 mEUR) with a 5 -year term and 2 -year extension options which have been executed. This facility, along with Bakkafrost's strong equity ratio, bolsters the G roup's financial strength for organic growth and cost reduction in Scotland, while also facilitating M&A and future organic growth opportunities, and upholding an unchanged dividend policy.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 7 Financial Performance Income Statement (Figures in parenthesis refer to the same period last year). The Group's operating revenue amounted to DKK 1,686 million (DKK 1,737 million) in Q3 2025. For the first nine months of 2025, the operating revenue amounted to DKK 5,160 million (DKK 6,010 million). The Group's operational EBIT was DKK 22 million (DKK 173 million) in Q3 2025. For the first nine months of 2025, the Group's operational EBIT was DKK 592 million (DKK 1,270 million). The fair value adjustment of the Group's biological assets amounted to DKK 122 million (DKK -266 million) in Q3 2025. For the first nine months of 2025, the fair value adjustment amounted to DKK -442 million (DKK -730 million). The revenue tax amounted to DKK -18 million (DKK -8 million) in Q3 2025. The revenue tax for the first nine months of 2025 was DKK -121 million (DKK -204 million). Net taxes amounted to DKK 0 million (DKK 44 million) in Q3 2025. For the first nine months of 2025, net taxes amounted to DKK 84 million (DKK -14 million). The result for Q3 2025 was DKK 77 million (DKK -116 million) and for the first nine months of 2025, the result was DKK -67 million (DKK 168 million). Statement of Financial Position (Figures in parenthesis refer to the end of last year). The Group's total assets amounted to DKK 18,297 million (DKK 17,674 million) at the end of Q3 2025. Intangible assets amounted to DKK 4,508 million (DKK 4,518 million) at the end of Q3 2025. Property, plant, and equipment amounted to DKK 7,060 million (DKK 6,733 million) at the end of Q3 2025. In Q3 2025, the purchase of property, plant, and equipment amounts to DKK 311 million compared to DKK 256 million same quarter last year. Right-of-use assets amounted to DKK 862 million (DKK 321 million) in Q3 2025. The addition consists primarily of lease of FSV vessels in Scotland. Biological assets' carrying amount (fair value) amounted to DKK 2,743 million (DKK 3,139 million) at the end of Q3 2025. Compared to year -end 202 4, biological assets have decreased. A fair value adjustment amount to DKK -69 million (DKK 373 million) at the end of Q3 2025 is included in the carrying amount of the biological assets. Inventories amounted to DKK 888 million (DKK 671 million) at the end of Q3 2025. Total receivables, including long -term receivables, financial derivatives, and deferred tax assets, amounted to DKK 1,626 million (DKK 1,478 million) at the end of Q3 2025. Total cash and cash equivalents amounted to DKK 286 million (DKK 481 million) at the end of Q3 2025. The Group's equity amounted to DKK 10,442 million (DKK 11,157 million) at the end of Q3 2025. The change in equity consists primarily of the result s from Q1 2025 to Q3 2025 and a payout of dividend. Total non-current liabilities amounted to DKK 7,034 million (DKK 5,751 million) at the end of Q3 2025. Deferred and other taxes amounted to DKK 1,953 million (DKK 2,037 million) at the end of Q3 2025. Long-term interest-bearing debt was DKK 4,250 million (DKK 3,481 million) at the end of Q3 2025. Leasing debt amounted to DKK 885 million (DKK 299 million) at the end of Q3 2025. At the end of Q3 2025, the Group's total current liabilities were DKK 821 million (DKK 766 million). The current liabilities consist of short -term leasing debt and accounts payable, tax payable and other debt. The equity ratio was 57% at the end of Q3 2025, compared to 63% at the end of 2024.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 8 Cash Flow (Figures in parenthesis refer to the same period last year). The cash flow from operations was DKK 245 million (DKK 575 million) in Q3 2025. For the first nine months of 2025, the cash flow from operations was DKK 631 million (DKK 2,287 million). The cash flow from investment activities amounted to DKK -311 (DKK -245 million) in Q3 2025. The primary investments have been in new and current hatcheries and the new feed line. For the first nine months of 2025, the cash flow from investments amounted to DKK -853 million (DKK -723 million). The cash flow from financing activities totalled DKK 147 million (DKK -99 million) in Q3 2025. For the first nine months of 2025, cash flow from financing amounted to DKK 28 million (DKK -1,136 million) In Q3 2025, the net change in cash flow amounted to DKK 81 million (DKK 231 million). For the first nine months of 2025, net change in cash flow amounted to DKK -194 million (DKK 428 million). The net interest-bearing debt amounted to DKK 3,964 million at the end of Q3 2025, compared to DKK 3,000 million at year-end 2024. Unused committed credit facilities amounted to DKK 1,422 million at end of Q3 2025, compared to DKK 2,386 million at year-end 2024. In addition, the Group has an accordion of EUR 150 million (EUR 150 million), which is the same as at end of 2024.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 9 FOF Segment Fishmeal, fish oil and fish feed involve the production and sale of fishmeal, fish oil and fish feed. The production of fishmeal, fish oil and fish feed are operated by Bakkafrost’s subsidiary Havsbrún, located in Fuglafjørður. Fishmeal and oil are sold externally but also used internally to produce fish feed for the Farming and Freshwater segments. Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 758,896 740,341 3% 1,910,537 2,165,618 -12% EBIT 95,659 146,098 -35% 262,910 437,363 -40% Operational EBIT 90,548 147,013 -38% 243,891 436,283 -44% Operational EBITDA 97,187 153,658 -37% 264,004 456,252 -42% Operational EBIT-margin 12% 20% 13% 20% Operational EBITDA-margin 13% 21% 14% 21% Volumes (tonnes) Total Feed sold 49,087 41,513 18% 117,958 101,508 16% - Feed internal sale FO 41,363 31,312 32% 94,849 72,007 32% - Feed internal sale SCT 7,470 9,354 -20% 21,974 28,158 -22% - Feed external sale 254 847 -70% 1,135 1,343 -15% Fishmeal external sale 5,118 9,339 -45% 17,774 38,131 -53% Fish oil external sale 0 8 -100% 6 4,321 -100% Received raw material 39,940 40,134 0% 309,393 267,583 16% Fishmeal production 8,813 8,948 -2% 65,619 57,254 15% Fish oil production 3,865 2,781 39% 9,108 7,711 18% Volumes In Q3 2025, Havsbrún received 39,940 tonnes (40,134 tonnes) of raw material for fishmeal and fish oil production. The raw material intake depends on the North Atlantic fisheries and available species of fish. The ratio of fishmeal to fish-oil output therefore varies with both the mix of species landed and the timing of the fishery. In the first nine months of 2025, Havsbrún received 309,393 tonnes (267,583 tonnes) of raw material. The fishmeal production in Q3 2025 was 8,813 tonnes (8,948 tonnes). Fish oil production in Q3 2025 was 3,865 tonnes ( 2,781 tonnes). In the first nine months of 2025, Havsbr ún produced 65,619 tonnes (57,254 tonnes) of fishmeal. Fish oil production in Q3 2025 was 3,865 tonnes (2,781 tonnes). The production of fish oil varies depending on the species of fish sourced for production and the timing of the catch. In the first nine months of 2025 Havsbrún produced 9,108 tonnes (7,711 tonnes) of fish oil. Fish feed sales amounted to 49,087 tonnes (41,513 tonnes) in Q3 2025. The FO farming segment internally used 41,363 tonnes (31,312 tonnes). The SCT farming segment internally used 7,470 tonnes (9,354 tonnes). In the first nine months of 2025, Havsbrún sold 117,958 tonnes (101,508 tonnes) of fish feed. Financial Performance The operating revenue for the FOF segment amounted to DKK 759 million (DKK 740 million) in Q3 2025. Total revenue for the FOF segment in Q3 2025 was higher than the same quarter last year. The decrease in revenue is due to reduced sold volumes of both fish oil and fishmeal. In the first nine months of 2025, the revenue amounted to DKK 1,911 million (DKK 2,166 million). Operational EBIT was DKK 91 million (DKK 147 million) in Q3 2025, and the operational EBIT margin was 12% (20%). In the first nine months of 2025, the operational EBIT was DKK 244 million (DKK 436 million), and the operational EBIT margin was 13% (20%).
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 10 Freshwater Segments The two Freshwater segments both include broodstock and smolt production in hatcheries on land. In the broodstock operation, eggs are produced from breeding self -owned salmon strains. Eggs are sold to the hatcheries who in turn produce from egg to smolt, which are sold to the Farming operations in the Faroe Islands and Scotland. There are two similar Freshwater segments – one in the Faroe Islands and one in Scotland. The Freshwater segments rely on certain services provided by the Services segment, such as waste handling for biogas production. Freshwater – Faroe Islands Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 231,083 219,068 5% 619,155 499,399 24% EBIT 83,372 84,307 -1% 224,973 179,587 25% Operational EBIT 83,372 84,307 -1% 224,973 179,587 25% Operational EBIT/kg (DKK)* 40.71 40.67 0% 38.08 39.97 -5% Operational EBIT-margin 36% 38% 36% 36% Volumes Smolt Transferred - Pieces 4,796 4,901 -2% 13,410 10,989 22% Smolt Transferred - Avg Size (g) 427 423 1% 441 409 8% * Calculated EBIT per KG transferred smolt Volumes 4.8 million (4.9 million) smolts were transferred to the sea in Q3 2025. The average weight of smolt transferred was 427g in Q3 2025 (423g). In the first nine months of 2025, 13 million (11 million) smolts were transferred to the sea, with an average weight of 441g (409g). Financial Performance In Q3 2025, the operating revenue for the Freshwater Faroe Islands segment was DKK 231 million (219 million) an increase of 5%. The operational EBIT/kg for Q3 2025 was DKK 40.71 (DKK 40.67) showing no significant change compared to last year. In the first nine months of 2025, the operating revenue was DKK 619 million (DKK 499 million) and the operational EBIT/kg was DKK 38.08 (DKK 39.97). Freshwater – Scotland Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 73,229 28,976 153% 109,869 93,562 17% EBIT -37,580 -5,725 -556% -108,790 -70,827 -54% Operational EBIT -37,580 -5,725 -556% -108,790 -70,827 -54% Operational EBIT/kg (DKK)* -66.88 -34.82 -92% -133.30 -142.55 6% Operational EBIT-margin -51% -20% -99% -76% Volumes Total Smolt Transferred - Pieces 3,625 1,912 90% 5,124 4,978 3% Whereof externally sourced - Pieces 877 695 26% 1,498 862 74% Whereof Applecross Smolt Transf. - Pieces 1,779 1,217 46% 2,570 3,587 -28% Whereof other internal Transf. - Pieces 969 0 N/A 1,056 529 100% Total Smolt Transferred - Avg Size (g) 155 86 80% 159 100 60% Whereof Applecross Smolt Transf. - Avg Size (g) 229 88 161% 232 103 125% Whereof Applecross Smolt Transf. - Avg Size (g) 229 88 161% 232 103 125% * Calculated EBIT per KG transferred smolt Volumes 3.6 million (1.9 million) smolts were transferred to the sea in Q3 2025. Of the total smolts transferred in Q3 2025, 1.8 million (1.2 million) were from Applecross and 0.9 million (0.7 million) were externally sourced. The average weight of total smolt transferred was 155g in Q3 2025 (86g). In the first nine months of 2025, 5 million (5 million) smolts were transferred to the sea, with an average weight of 159g (100g). The average weight of Applecross smolts transferred was 229g in Q3 2025 (88g). Financial Performance In Q3 2025, the operating revenue for the Freshwater Scotland segment was DKK 73 million (29 million) – an increase of 153%. The operational EBIT/kg for Q3 2025 was DKK -66.88 (DKK -34.82) an increase of DKK 32.07 EBIT/kg. In the first nine months of 2025, the operating revenue was DKK 110 million (DKK 94 million) and the operational EBIT/kg was DKK -133.30 (DKK -142.55). Costs of DKK 25 million (DKK 0 million) relate to incident-based mortality in Q3 2025.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 11 Farming Segments Fish farming involves growing salmon in the marine environment from smolt to harvest -ready salmon. The Group has marine farming licenses around the Faroe Islands and Scotland, which are reported as two separate segments (Farming Faroe Islands and Farming S cotland). The Farming segments rely on several services provided by the Services segment. These include fish transportation, treatments, net cleaning, heavy marine support services, harvest, packaging, and waste handling for biogas production. The Farming segments also rely on sales services provided by the Sales & Other segment. Farming – Faroe Islands Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 1,033,878 1,099,834 -6% 2,879,028 3,014,082 -4% EBIT 250,829 -242,040 N/A -16,307 164,986 N/A Operational EBIT -28,617 -28,405 -1% 261,709 649,721 -60% Operational EBIT/kg (DKK) -1.13 -1.31 14% 4.34 14.08 -69% Operational EBIT-margin -3% -3% 9% 22% Volumes Harvested volumes (tgw) 25,392 21,618 17% 60,326 46,138 31% Volumes The total volumes harvested in Q3 2025 were 25,392 tonnes gutted weight (21,618 tgw) – a change in volume of 17%. The harvested volumes for the first nine months of 2025 were 60,326 tgw (46,138 tgw). Financial Performance In Q3 2025, the operating revenue for the Farming Faroe Islands segment was DKK 1,034 million (DKK 1,100 million) a decrease of -6%. The operational EBIT/kg for Q3 2025 was DKK -1.13 (DKK -1.31) an increase of 14%. In the first nine months of 2025, the operating revenue was DKK 2,879 million (DKK 3,014 million) and the operational EBIT/kg was DKK 4.34 (DKK 14.08). Costs of DKK 0 million (DKK 0 million) relate to incident-based mortality in Q3 2025. Farming – Scotland Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 199,007 235,478 15% 905,455 1,633,670 -45% EBIT -366,149 -239,879 -53% -587,443 -492,235 -19% Operational EBIT -190,787 -179,327 -6% -302,395 -43,686 -592% Operational EBIT/kg (DKK) -36.09 -33.14 -9% -16.25 -1.82 -794% Operational EBIT-margin -96% -76% -33% -3% Volumes Harvested volumes (tgw) 5,286 5,411 -2% 18,606 24,040 -23% Volumes The total volumes harvested in Q3 2025 were 5,286 tonnes gutted weight ( 5,411 tgw) – a change in volume of -2%. Financial Performance In Q3 2025, the operating revenue for the Farming Scotland segment was DKK 199 million (DKK 235 million) – a decrease of 15%. The operational EBIT/kg for Q3 2025 was DKK -36.09 (DKK -33.14). In the first nine months of 2025, the operating revenue was DKK 905 million (DKK 1,634 million) and the operational EBIT/kg was DKK -16.25 (DKK -1.82). Costs of DKK 68 million (DKK 34 million) relate to incident-based mortality in Q3 2025.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 12 Services The Services segment provides several services to the Group. The segment operates a fleet of large wellboats and Farming Support Vessels in addition to convert organic waste into biogas, heating, electricity, and fertiliser, which is sold externally. The segment also provides harvesting services to both the Scottish and Faroese farming operation as well as styrofoam boxes to the Faroese operation. Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 251,564 237,418 6% 685,282 701,534 -2% EBIT 38,273 18,972 102% 93,326 57,610 62% Operational EBIT 38,273 18,972 102% 93,326 57,396 63% Operational EBIT/kg (DKK) 1.25 0.70 78% 1.18 0.82 45% Operational EBIT-margin 15% 8% 14% 8% Volumes Total Energy produced (Mwh) 3,826 4,539 -16% 11,375 14,803 -23% Harvested Volumes (tgw) 30,678 27,029 14% 78,932 70,178 12% Volumes Førka produced 3,826 Mwh (4,539 Mwh) of energy in Q3 2025 – a change in volume of -16%. In the first nine months of 2025, total energy production was 11,375 Mwh (14,803 Mwh). Financial Performance In Q3 2025, the operating revenue for the Services segment was DKK 252 million (DKK 237 million) – an increase of 6%. The operational EBIT was 38 million (19 million) – an increase of 102%. In the first nine months of 2025, the operating revenue was DKK 685 million (DKK 702 million) and the operational EBIT was DKK 93 million (DKK 57 million). Sales & Other The Sales & Other segment optimises the value retention and provides freight & logistical services. The segment has processing capacity in the Faroe Islands, Scotland, Denmark, and the US to produce value-added products (VAP). A significant share of the salmon sold is processed to VAP-products for the retail market. Q3 Q3 YTD YTD DKK 1,000 2025 2024 Change 2025 2024 Change Financial Total revenue 2,461,521 2,488,050 -1% 7,485,237 7,919,239 -5% EBIT 72,733 148,169 -51% 212,918 88,973 139% Operational EBIT 72,733 148,169 -51% 210,821 88,760 138% Operational EBIT/kg (DKK) 2.37 5.48 -57% 2.67 1.26 111% Operational EBIT-margin 3% 6% 3% 1% Volumes Harvested Volumes (tgw) 30,678 27,029 14% 78,932 70,178 12% Farming FO transferred to VAP (tgw) 4,823 4,495 7% 13,090 10,367 26% VAP produced (tgw) 4,800 4,434 8% 12,804 10,188 26% Harvested volumes used in VAP production 19% 21% 22% 22% Harvested volumes sold fresh/frozen 81% 79% 78% 78% Volumes Total volumes harvested in Q3 2025 for Bakkafrost Group were 30,678 tgw (27,029 tgw) – a change in volume of 14%. The harvested volumes for the first nine months of 2025 were 78,932 tgw (70,178 tgw). 19% (21%) of the Faroese harvested volumes in Q3 2025 went to the production of VAP products, and 22% (22%) in the first nine months of 2025. VAP produced 4,800 tonnes gutted weight in Q3 2025 (4,434 tgw) – a change in volume of 8%. In the first nine months of 2025, the VAP production was 12,804 tgw (10,188 tgw). Financial Performance In Q3 2025, the operating revenue for the Sales and other segment was DKK 2,462 million (DKK 2,488 million). In the first nine months of 2025, the operating revenue was DKK 7,485 million (DKK 7,919 million)
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 13 Risks Biological risk has been and will be a substantial risk for Bakkafrost. The Integrated Annual Report 2024 explains the biological risk and Bakkafrost's risk management in this regard. Reference is made to the Outlook section of this report for other comments on Bakkafrost's risk exposure and Note 3. Bakkafrost is, as explained in the Integrated Annual Report 2024, exposed to the salmon price. The Integrated Annual Report 202 4 is available on request from Bakkafrost and Bakkafrost's website, www.bakka- frost.com. Events after the Reporting Period From the date of the statement of financial position until today, no events have occurred that materially influence the information provided by this report.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 14 Statement by the Management and the Board of Directors on the Interim Report The Management and the Board of Directors have today considered and approved the interim report of P/F Bakkafrost for the period 1 January 2025 to 30 September 2025. The interim report, which has not been audited or re viewed by the company's independent auditors, has been prepared in accordance with IAS 34 Interim Fi nancial Reporting as adopted by the EU and Faroese disclosure requirements for listed companies. In our opinion, the accounting policies used are appro priate, and the interim report gives a true and fair view of the Group's financial positions on 30 September 2025, as well as the results of the Group activities and cash flows for the period 1 January 2025 to 30 September 2025. In our opinion, the management's review provides a true and fair presentation of the development in the Group operations and financial circumstances of the results for the period and of the overall financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group. Over and above the disclosures in the interim report, no changes in the Group's most significant risks and uncertainties have occurred relative to the disclosures in the Integrated Annual Report for 2024. Glyvrar, Nov 3rd, 2025 Management: J. Regin Jacobsen CEO The Board of Directors of P/F Bakkafrost: Rúni M. Hansen Annika Frederiksberg Alf-Helge Aarskog Chairman of the Board Board Member Board Member Teitur Samuelsen Einar Wathne Guðrið Højgaard Board Member Board Member Board Member
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 15 Consolidated Income Statement For the period ended 30 Sep 2025 Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 Operating revenue 1,686,196 1,736,598 5,160,252 6,009,952 Cost of goods sold -663,564 -644,995 -1,725,267 -2,017,810 Salary and personnel expenses -245,358 -242,647 -708,305 -660,462 Other operating expenses -566,674 -515,318 -1,601,544 -1,595,850 Depreciation -196,223 -182,175 -578,545 -519,335 Other income 7,772 21,090 45,675 53,653 Operational EBIT* 22,149 172,553 592,266 1,270,148 Fair value adjustments of biological assets 121,615 -266,253 -441,653 -729,621 Income from associates 5,111 -915 21,116 1,508 Revenue tax -17,531 -7,934 -121,411 -203,666 Earnings before interest and taxes (EBIT) 131,344 -102,549 50,318 338,369 Net interest revenue 3,464 6,509 11,945 15,278 Net interest expenses -30,849 -47,816 -109,236 -155,471 Net currency effects -25,123 -15,123 -104,621 -9,943 Other financial expenses -1,897 -1,705 276 -6,292 Earnings before taxes (EBT) 76,939 -160,684 -151,318 181,941 Taxes -383 44,383 83,908 -13,824 Profit or loss for the period 76,556 -116,301 -67,410 168,117 Profit or loss for the year attributable to Non-controlling interests 29 -2,585 -1,959 -7,505 Owners of P/F Bakkafrost 76,527 -113,716 -65,451 175,622 Earnings per share (DKK) 1.29 -1.96 -1.14 2.84 Diluted earnings per share (DKK) 1.29 -1.96 -1.14 2.84 * Operational EBIT is EBIT before fair value of biomass, onerous contracts, income from associates and revenue tax. Consolidated Statement of Comprehensive Income For the period ended 30 Sep 2025 Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 Profit for the period 76,556 -116,301 -67,410 168,117 Changes on financial derivatives -8,715 -9,057 15,117 -7,158 Hereof income tax effect 1,330 1,382 -2,306 1,092 Reserve to share-based payment 1,887 1,011 -3,092 5,028 Currency translation differences -48,465 29,492 -156,754 113,995 Adjustment of treasury shares 0 4,690 -24,359 -8,571 Net other comprehensive income to be reclassified to profit or loss in subsequent periods -53,963 27,518 -171,394 104,386 Other comprehensive income -53,963 27,518 -171,394 104,386 Total comprehensive income for the period 22,593 -88,783 -238,804 272,503 Comprehensive income for the period attributable to Non-controlling interests 29 -2,585 -1,959 -7,505 Owners of P/F Bakkafrost 22,564 -86,198 -236,845 280,008
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 16 Consolidated Statement of Financial Position As on 30 Sep 2025 30 Sep 31 Dec DKK 1,000 2025 2024 ASSETS Non-current assets Intangible assets 4,508,081 4,517,763 Property, plant and equipment 7,060,111 6,733,306 Right of use assets 862,159 320,847 Financial assets 323,572 334,469 Deferred tax assets 683,923 590,331 Total non-current assets 13,437,846 12,496,716 Current assets Biological assets (biomass) 2,742,661 3,138,657 Inventory 887,916 670,935 Total inventory 3,630,577 3,809,592 Financial derivatives 20,427 0 Accounts receivable 793,272 648,723 Other receivables 128,169 238,598 Total receivables 941,868 887,321 Cash and cash equivalents 286,328 480,506 Total current assets 4,858,773 5,177,419 TOTAL ASSETS 18,296,619 17,674,135 30 Sep 31 Dec DKK 1,000 2025 2024 EQUITY AND LIABILITIES Equity Share capital 59,390 59,305 Other equity 10,392,996 11,106,110 Non-controlling interests -10,707 -8,748 Total equity 10,441,679 11,156,667 Non-current liabilities Deferred taxes and other taxes 1,952,994 2,036,551 Long-term interest-bearing debt 4,250,295 3,480,527 Long-term leasing debt 830,748 233,897 Total non-current liabilities 7,034,037 5,750,975 Current liabilities Financial derivatives 9,007 3,447 Short-term leasing debt 54,001 64,856 Accounts payable and other debt 757,895 698,190 Total current liabilities 820,903 766,493 Total liabilities 7,854,940 6,517,468 TOTAL EQUITY AND LIABILITIES 18,296,619 17,674,135
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 17 Consolidated Cash Flow Statement For the period ended 30 Sep 2025 Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 Earnings before interest and taxes (EBIT) 131,344 -102,549 50,319 338,369 Adjustments for write-downs and depreciation 196,223 182,175 578,542 519,335 Adjustments for value adjustment of biomass -121,615 266,253 441,653 729,621 Adjustments for income from associates -5,111 915 -2,869 -1,508 Adjustments for currency effects -15,065 -16,592 -56,493 23,972 Change in inventory 72,847 202,176 -287,551 432,528 Change in receivables -477,278 11,160 -367,267 143,849 Change in current debts 463,526 31,445 274,409 100,381 Cash flow from operations 244,871 574,983 630,743 2,286,547 Cash flow from investments Payments for purchase of fixed assets -311,331 -255,682 -852,623 -726,198 Net investment in financial assets 0 11,146 0 3,128 Cash flow from investments -311,331 -244,536 -852,623 -723,070 Cash flow from financing Change in interest-bearing debt (short and long) 216,273 -32,135 758,929 -401,170 Financial income 3,675 6,509 8,783 15,278 Financial expenses -30,779 -49,521 -116,022 -161,763 Lease payments -41,836 -26,694 -130,048 -93,978 Net proceeds from sale of own shares 52 2,861 -20,759 -10,407 Proceeds from share capital increases 0 0 27,340 31,380 Dividend paid 0 0 -500,521 -515,270 Cash flow from financing 147,385 -98,980 27,702 -1,135,930 Net change in cash and cash equivalents in period 80,925 231,467 -194,178 427,547 Cash and cash equivalents – opening balance 205,403 607,754 480,506 411,674 Cash and cash equivalents – closing balance total 286,328 839,221 286,328 839,221
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 18 Consolidated Statement of Changes in Equity As on 30 Sep 2025 Share Share Premium Treasury Sharebased Currency translation Proposed Biomass Fair value Retained Non controlling Total DKK 1,000 Capital Reserve Shares Payment differences Derivatives Dividend adjustments Earnings interest Equity Equity 01.01.2025 59,305 4,058,679 -14,502 29,188 210,406 -2,828 500,531 372,525 5,952,111 -8,748 11,156,667 Consolidated profit 0 0 0 0 0 0 0 -441,653 376,202 -1,959 -67,410 Changes in financial derivatives 0 0 0 0 0 15,117 0 0 0 0 15,117 Hereof income tax effect 0 0 0 0 0 -2,306 0 0 0 0 -2,306 Share-based payment 0 0 0 -3,092 0 0 0 0 0 0 -3,092 Currency translation differences 0 0 0 0 -158,713 0 0 0 0 0 -158,713 Total other comprehensive income 0 0 0 -3,092 -158,713 12,811 0 0 0 0 -148,994 Total comprehensive income 0 0 0 -3,092 -158,713 12,811 0 -441,653 376,202 -1,959 -216,404 Treasury shares 0 0 -24,359 0 0 0 0 0 -1,046 0 -25,405 Share Capital increase 85 27,255 0 0 0 0 0 0 0 0 27,340 Paid-out dividend 0 0 0 0 0 0 -500,531 0 11 0 -500,520 Total transaction with owners 85 27,255 -24,359 0 0 0 -500,531 0 -1,035 0 -498,585 Total changes in equity 85 27,255 -24,359 -3,092 -158,713 12,811 -500,531 -441,653 375,168 -1,959 -714,989 Total equity 30.09.2025 59,390 4,085,934 -38,861 26,096 51,693 9,983 0 -69,128 6,327,279 -10,707 10,441,679 Equity 01.01.2024 59,228 4,027,375 -8,478 21,627 76,395 702 515,284 741,434 5,429,232 3,055 10,865,854 Consolidated profit 0 0 0 0 0 0 0 -729,621 902,784 -7,505 165,658 Changes in financial derivatives 0 0 0 0 0 -7,158 0 0 0 0 -7,158 Hereof income tax effect 0 0 0 0 0 1,092 0 0 0 0 1,092 Share-based payment 0 0 0 5,028 0 0 0 0 0 0 5,028 Currency translation differences 0 0 0 0 113,996 0 0 0 0 0 113,996 Total other comprehensive income 0 0 0 5,028 113,996 -6,066 0 0 0 0 112,958 Total comprehensive income 0 0 0 5,028 113,996 -6,066 0 -729,621 902,784 -7,505 278,616 Treasury shares 0 0 -8,571 0 0 0 0 0 0 0 -8,571 Share Capital increase 77 31,304 0 0 0 0 0 0 0 0 31,381 Paid-out dividend 0 0 0 0 0 0 -515,284 0 719 0 -514,565 Total transaction with owners 77 31,304 -8,571 0 0 0 -515,284 0 719 0 -491,755 Total changes in equity 77 31,304 -8,571 5,028 113,996 -6,066 -515,284 -729,621 903,503 -7,505 -213,139 Total equity 30.09.2024 59,305 4,058,679 -17,049 26,655 190,391 -5,364 0 11,813 6,332,735 -4,450 10,652,715 Equity 01.01.2024 59,228 4,027,375 -8,478 21,627 76,395 702 515,284 741,434 5,429,232 3,055 10,865,854 Consolidated profit 0 0 0 0 0 0 0 -368,909 1,025,507 -11,803 644,795 Changes in financial derivatives 0 0 0 0 0 -4,166 0 0 0 0 -4,166 Hereof income tax effect 0 0 0 0 0 636 0 0 0 0 636 Share-based payment 0 0 0 7,561 0 0 0 0 0 0 7,561 Currency translation differences 0 0 0 0 134,011 0 0 0 0 0 134,011 Total other comprehensive income 0 0 0 7,561 134,011 -3,530 0 0 0 0 138,042 Total comprehensive income 0 0 0 7,561 134,011 -3,530 0 -368,909 1,025,507 -11,803 782,837 Treasury shares 0 0 -6,024 0 0 0 0 0 -2,816 0 -8,840 Share Capital increase 77 31,304 0 0 0 0 0 0 0 0 31,381 Paid-out dividend 0 0 0 0 0 0 -515,284 0 719 0 -514,565 Proposed dividend 0 0 0 0 0 0 500,531 0 -500,531 0 0 Total transaction with owners 77 31,304 -6,024 0 0 0 -14,753 0 -502,628 0 -492,024 Total changes in equity 77 31,304 -6,024 7,561 134,011 -3,530 -14,753 -368,909 522,879 -11,803 290,813 Total equity 31.12.2024 59,305 4,058,679 -14,502 29,188 210,406 -2,828 500,531 372,525 5,952,111 -8,748 11,156,667
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 19 Notes to the Accounts Accounting Policy General Information P/F Bakkafrost is a limited company incorporated and domiciled in the Faroe Islands. The Group's Annual Report 2024 is available at www.bakkafrost.com or upon request from the company's registered office at Bakkavegur 9, FO-625 Glyvrar, Faroe Islands. This Condensed Consolidated Interim Report is presented in DKK. Note 1. Statement of Compliance This Condensed Consolidated Interim Report is prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting as adopted by the EU. It does not include all the information required for the full Annual and Consolidated Report and Accounts and should be read in conjunction with the Annual and Consolidated Report and Accounts for the Group as of 31 December 2024. This interim report has not been subject to any external audit. Note 2. Significant Accounting Policies The accounting policies applied by the Group in this Condensed Consolidated Interim Report are the same as those used in the Annual Report for the year ended 31 December 2024. Note 3. Estimates and Risk Exposures The preparation of financial statements is in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognized amounts of assets, liabilities, income, and expenses. Th e most significant estimates relate to the valuation of the fair value of biological assets. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on the management's best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur. Bakkafrost has made no significant changes in the estimates for these interim financial statements compared with the annual financial statements. Bakkafrost has changed the internal invoicing between the Farming and Sales and other segments to better align with industry peers and comply with applicable tax regulations. The change is that freight is no longer included in the salmon price between the segments, ensuring a more transparent and comparable pricing structure. The change is made from 1 Jan 2025, and no adjustments are made for 2024 as the intercompany invoicing is unchanged for 2024. The change affects the segments revenue and costs figures with the same amount and has no impact on operational EBIT. Nor has the change any effect on consolidated revenue, operational EBIT, profit, or equity. Freight restated numbers for 2024 are found in appendix B. Descriptions of the accounting estimates are in the notes to the financial statements in the Annual Report 2024.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 20 Note 4. Biological Assets 30 Sep 30 Sep 31 Dec 2025 2024 2024 Biological assets carrying amount 01.01. 3,138,657 3,335,570 3,335,570 Increase due to production or purchases 3,866,553 3,534,071 4,794,473 Reduction due to harvesting or sale (costs of goods sold) -3,585,717 -3,460,457 -4,481,597 Reduction due to mortality (costs of incidents-based mortality) *) -117,121 -76,443 -95,218 Fair value adjustment at the beginning of the period reversed -372,525 -741,433 -741,433 Fair value adjustment at the end of the period -69,130 11,813 372,525 Reversal of elimination at the beginning of the period 498,799 434,167 434,167 Eliminations -530,450 -440,428 -498,799 Currency translation differences -86,405 4,704 18,969 Biological assets carrying amount at the end of the period 2,742,661 2,601,564 3,138,657 Cost price biological assets 3,428,646 3,025,475 3,245,962 Fair value adjustment at the end of the period -69,130 11,813 372,525 Eliminations -530,450 -440,428 -498,799 Currency translation differences -86,405 4,704 18,969 Biological assets carrying amount 2,742,661 2,601,564 3,138,657 Biomass (tonnes) < 1 kg 3,140 3,873 4,505 1 kg < 2 kg 6,552 6,662 7,336 2 kg < 3 kg 9,983 6,622 9,035 3 kg < 4 kg 16,760 13,580 7,190 4 kg < 33,719 26,821 35,580 Volume of biomass at sea (tonnes) 70,154 57,558 63,646 Q3 Q3 YTD YTD * Costs of incident-based mortality per Farming segment: 2025 2024 2025 2024 Faroe Islands 0 0 0 0 Scotland 68,431 33,951 113,689 76,443 Total 68,431 33,951 113,689 76,443 30 Sep 30 Sep 31 Dec Number of fish (thousand) 2025 2024 2024 < 1 kg 7,042 7,220 8,573 1 kg < 2 kg 4,462 4,709 4,648 2 kg < 3 kg 4,041 2,686 3,800 3 kg < 4 kg 4,772 4,003 2,071 4 kg < 6,367 5,122 6,736 Total number of fish at sea (thousand) 26,684 23,740 25,828 Number of smolt transferred YTD (thousand) Farming Faroe Island 13,410 10,989 17,082 Farming Scotland 5,123 4,980 5,999 Total number of smolts transferred YTD (thousand) 18,533 15,969 23,081 Sensitivity in DKK 1,000 Change in discount rate +1% -146,804 -133,103 -164,354 Change in discount rate -1% 146,804 143,338 164,354 Change in sales price +5 DKK 408,182 381,738 426,073 Change in sales price -5 DKK -408,182 -381,738 -426,073 Change in biomass volume +1% 11,323 33,142 8,442 Change in biomass volume -1% -11,323 -33,142 -8,442 One-year forward prices in EUR FCA Oslo** Period end 5.90 6.93 8.10 1 Q (forward) 6.59 9.37 9.53 2 Q (forward) 8.47 9.16 9.39 3 Q (forward) 8.33 6.35 6.39 4 Q (forward) 6.35 7.00 7.06 ** Pricing is based on the Fish Pool forward prices. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated based on price expectations obtained from industry analysts.
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 21 Note 5. Segments Fishmeal, Freshwater Freshwater Farming Farming Sales Q3 - 2025 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 758,896 231,083 73,229 1,033,878 199,007 251,564 2,461,521 -3,322,982 1,686,196 Depreciation and amortization -6,639 -31,087 -13,402 -37,861 -62,474 -24,906 -19,854 0 -196,223 Operating expenses -661,709 -116,624 -97,407 -1,024,634 -327,320 -188,385 -2,376,706 3,317,189 -1,475,596 Other Income 0 0 0 0 0 0 7,772 0 7,772 Operational EBIT 90,548 83,372 -37,580 -28,617 -190,787 38,273 72,733 -5,793 22,149 Fair value adjustments on biological assets 0 0 0 293,684 -172,069 0 0 0 121,615 Income from associates 5,111 0 0 0 0 0 0 0 5,111 Revenue tax 0 0 0 -14,238 -3,293 0 0 0 -17,531 EBIT 95,659 83,372 -37,580 250,829 -366,149 38,273 72,733 -5,793 131,344 Operational EBITDA 97,187 114,459 -24,178 9,244 -128,313 63,179 92,587 -5,793 218,372 Fishmeal, Freshwater Freshwater Farming Farming Sales Q3 - 2024 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 740,341 219,068 28,976 1,099,834 235,478 237,418 2,488,050 -3,312,567 1,736,598 Depreciation and amortization -6,645 -32,742 -9,143 -31,384 -51,035 -28,544 -22,682 0 -182,175 Operating expenses -586,683 -102,019 -25,558 -1,096,855 -363,770 -189,902 -2,338,289 3,300,116 -1,402,960 Other Income 0 0 0 0 0 0 21,090 0 21,090 Operational EBIT 147,013 84,307 -5,725 -28,405 -179,327 18,972 148,169 -12,451 172,553 Fair value adjustments on biological assets 0 0 0 -209,294 -56,959 0 0 0 -266,253 Income from associates -915 0 0 0 0 0 0 0 -915 Revenue tax 0 0 0 -4,341 -3,593 0 0 0 -7,934 EBIT 146,098 84,307 -5,725 -242,040 -239,879 18,972 148,169 -12,451 -102,549 Operational EBITDA 153,658 117,049 3,418 2,979 -128,292 47,516 170,851 -12,451 354,728
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 22 Fishmeal, Freshwater Freshwater Farming Farming Sales YTD 2025 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 1,910,537 619,155 109,869 2,879,028 905,455 685,282 7,485,237 -9,434,311 5,160,252 Depreciation and amortization -20,113 -95,562 -36,847 -103,611 -189,885 -74,602 -57,347 -578 -578,545 Operating expenses -1,646,533 -298,620 -184,532 -2,513,708 -1,028,285 -517,354 -7,249,703 9,403,620 -4,035,115 Other Income 0 0 2,720 0 10,320 0 32,634 0 45,674 Operational EBIT 243,891 224,973 -108,790 261,709 -302,395 93,326 210,821 -31,269 592,266 Fair value adjustments on biological assets 0 0 0 -169,196 -272,457 0 0 0 -441,653 Income from associates 19,019 0 0 0 0 0 2,097 0 21,116 Revenue tax 0 0 0 -108,820 -12,591 0 0 0 -121,411 EBIT 262,910 224,973 -108,790 -16,307 -587,443 93,326 212,918 -31,269 50,318 Operational EBITDA 264,004 320,535 -71,943 365,320 -112,510 167,928 268,168 -30,691 1,170,811 INVESTMENTS in Property, plant and equipment 96,502 229,543 166,111 204,202 19,129 106,062 31,075 852,623 Fishmeal, Freshwater Freshwater Farming Farming Sales YTD 2024 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 2,165,618 499,399 93,562 3,014,082 1,633,670 701,534 7,919,239 -10,017,152 6,009,952 Depreciation and amortization -19,969 -85,468 -26,981 -89,881 -153,752 -90,273 -53,008 0 -519,332 Operating expenses -1,709,366 -234,344 -137,408 -2,274,480 -1,523,604 -553,865 -7,831,124 9,990,066 -4,274,125 Other Income 0 0 0 0 0 0 53,653 0 53,653 Operational EBIT 436,283 179,587 -70,827 649,721 -43,686 57,396 88,760 -27,086 1,270,148 Fair value adjustments on biological assets 0 0 0 -300,054 -429,567 0 0 0 -729,622 Income from associates 1,080 0 0 0 0 214 214 0 1,507 Revenue tax 0 0 0 -184,681 -18,982 0 0 0 -203,663 EBIT 437,363 179,587 -70,827 164,986 -492,235 57,610 88,973 -27,087 338,369 Operational EBITDA 456,252 265,055 -43,846 739,602 110,066 147,669 141,768 -27,086 1,789,480 INVESTMENTS in Property, plant and equipment 154,945 93,359 145,224 152,402 45,899 76,968 37,077 0 705,874
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 23 Note 6. Capital Commitments The Group had capital expenditure committed but not provided in these accounts at the date of the Statement of Financial Position of approximately DKK 769 million. DKK 459 million, DKK 51 million, and DKK 66 million relate to the Freshwater, FOF, and Farmi ng segments in the Faroe Islands, respectively. DKK 119 million and DKK 60 million relate to the Freshwater and Farming segments in Scotland, respectively. DKK 11 million and DKK 3 million relate to other investments in the Faroe Islands and in Scotland, respectively. Note 7. Transactions with Related Parties Note 5.2 in Bakkafrost's Annual Report for 2024 provides detailed information on related parties' transactions. Transactions between P/F Bakkafrost and its subsidiaries meet the definition of related party transactions. As these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Note 8. Fair Value Measurements As of ended 30 June 2025, the Group held the following classes of assets/liabilities measured at fair value: DKK 1,000 Assets and liabilities measured at fair value Fair value Cost amount Level 1 Level 2 Level 3 Biological assets (biomass) 2,742,661 2,811,791 0 0 2,742,661 Assets measured at fair value 30/09-2025 2,742,661 2,811,791 0 0 2,742,661 Liabilities measured at fair value 30/09-2025 0 0 0 0 0 Biological assets (biomass) 3,138,657 2,766,132 0 0 3,138,657 Assets measured at fair value 31/12-2024 3,138,657 2,766,132 0 0 3,138,657 Liabilities measured at fair value 31/12-2024 0 0 0 0 0 All assets/liabilities for which fair value is recognized or disclosed are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities. Level 2: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable). Level 3: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). For biological assets, the fair value calculation uses a valuation model (level 3 in the valuation hierarchy) where the value is estimated based on observable market prices per period end. For more information on these calculations, please refer to Note 4. For assets/liabilities recognized at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement). There have been no transfers into or out of Level 3 fair value measurements. Note 9. Business Combinations There have not been any new business combinations in 2025, nor in 2024. Note 10 Alternative Performance Measures NIBD Net interest-bearing debt consists of both current and non -current interest-bearing liabilities, less related current and non -current hedging instruments, financial instruments, such as debt instruments and derivatives and cash and cash equivalents. The net interest-bearing debt is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. It is also a single measure that can be used to assess both the Group's cash position and its indebtedness. The use of t he term net debt does not necessarily mean that the cash included in the net debt calculation is available to settle the liabilities included in this measure. Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate interest-bearing liabilities (both current and non-current), derivatives and cash and cash equivalents. A reconciliation is provided below. 30 Sep 31 Dec DKK 1,000 2025 2024 Cash and cash equivalents 286,328 480,506 Long- and short term interest bearing debt -4,250,295 -3,480,527 Net interest-bearing debt -3,963,967 -3,000,021
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 24 Operational EBIT Operational EBIT is EBIT aligned for fair value adjustments, onerous contracts pro visions, income from associates and revenue tax. Operational EBIT is a major alternative performance measure in the salmon farming industry. A reconciliation from EBIT to Operational EBIT is provided below. Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 EBIT 131,344 -102,549 50,318 338,369 Fair value adjustments of biological assets -121,615 266,253 441,653 729,621 Income from associates -5,111 915 -21,116 -1,508 Revenue tax 17,531 7,934 121,411 203,666 Operational EBIT 22,149 172,553 592,266 1,270,148 Operational EBIT per kg Freshwater FO segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐅𝐫𝐞𝐬𝐡𝐰𝐚𝐭𝐞𝐫 𝐅𝐎 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐬𝐦𝐨𝐥𝐭 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐫𝐞𝐝 𝐅𝐎 (𝐤𝐠) Freshwater SCT segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐅𝐫𝐞𝐬𝐡𝐰𝐚𝐭𝐞𝐫 𝐒𝐂𝐓 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐬𝐦𝐨𝐥𝐭 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐫𝐞𝐝 𝐒𝐂𝐓 (𝐤𝐠) Farming FO segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐅𝐎 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐡𝐚𝐫𝐯𝐞𝐬𝐭𝐞𝐝 𝐯𝐨𝐥𝐮𝐦𝐞𝐬 𝐅𝐎 (𝐠𝐰) Farming SCT segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐅𝐚𝐫𝐦𝐢𝐧𝐠 𝐒𝐂𝐓 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐡𝐚𝐫𝐯𝐞𝐬𝐭𝐞𝐝 𝐯𝐨𝐥𝐮𝐦𝐞𝐬 𝐒𝐂𝐓 (𝐠𝐰) Services segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐡𝐚𝐫𝐯𝐞𝐬𝐭𝐞𝐝 𝐯𝐨𝐥𝐮𝐦𝐞𝐬 (𝐠𝐰) Sales & Other segment: 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐁𝐈𝐓 𝐒𝐚𝐥𝐞𝐬 & 𝐎𝐭𝐡𝐞𝐫 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐓𝐨𝐭𝐚𝐥 𝐡𝐚𝐫𝐯𝐞𝐬𝐭𝐞𝐝 𝐯𝐨𝐥𝐮𝐦𝐞𝐬 (𝐠𝐰) EBITDA Earnings before interest, tax, depreciation, and amortizations (EBITDA) is a key financial parameter for Bakkafrost's FOF segment. EBITDA before other income and other expenses is defined as EBITDA less gains and losses on disposals of fixed assets and ope rations and is reconciled in the section Group overview. This measure is useful to users of Bakkafrost's financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation and amortization expenses related primarily to capital expenditures and acquisitions, which occurred in the past, nonrecurring items, as well as evaluating operating performance in relation to Bakkafrost's FOF segment's competitors. The EBITDA margin is defined as EBITDA before other income and other expenses divided by total revenues. ROCE Return on av erage capital employed (ROCE) is the period's operational EBIT divided by the average capital employed, which is total assets adjusted for total current liabilities. The performance measure is expressed as a percentage and is useful for evaluating Bakkafrost's profitability. Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 Group -Operational EBIT 22,149 172,553 592,266 1,270,148 Average Capital Employed 17,373,950 16,516,558 17,191,679 16,760,582 ROCE 0.1% 1.0% 3.4% 7.6% Adjusted EPS Adjusted EPS is based on the reversal of certain fair value adjustments shown in the table below, as it is Bakkafrost's view that this figure provides a more reliable measure of the underlying performance. Q3 Q3 YTD YTD DKK 1,000 2025 2024 2025 2024 Profit for the period to the shareholders of P/F Bakkafrost 76,556 -116,301 -67,410 168,117 Fair value adjustment of biomass -121,615 266,253 441,653 729,621 Tax on fair value adjustment and onerous contracts provisions 45,088 -62,576 -119,541 -156,877 Adjusted profit for the period to shareholders of P/F Bakkafrost 29 87,376 254,702 740,861 Time-weighted average number of shares outstanding through the period 59,290,731 59,263,902 59,290,731 59,263,902 Adjusted earnings per share (before fair value adjustment of biomass and provisions for onerous contracts) (adjusted EPS) 0.00 1.47 4.30 12.50
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 25 Contacts P/F BAKKAFROST Bakkavegur 9 FO-625 Glyvrar Faroe Islands Telephone: +298 40 50 00 Fax: +298 40 50 09 Email: bakkafrost@bakkafrost.com Website: www.bakkafrost.com
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 26 Appendix A – Performance FO vs SCT The performance related to the Faroe Islands and Scotland as a region. Q3 2025 Q3 2024 2025 YTD 2024 YTD DKK 1,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues 282 1,405 1,686 317 1,420 1,737 1,209 3,951 5,160 1,810 4,200 6,010 Depreciation and amortization -80 -117 -196 -68 -114 -182 -239 -340 -579 -203 -316 -519 Operating expenses -414 -1,061 -1,476 -408 -995 -1,403 -1,295 -2,740 -4,035 -1,639 -2,635 -4,274 Other income 8 0 8 21 0 21 46 0 46 48 0 48 Operational EBIT -205 227 22 -138 310 173 -280 872 592 15 1,250 1,264 Operational EBITDA -125 343 218 -70 425 355 -41 1,212 1,171 218 1,566 1,784 Volume tonnes 5,286 25,392 30,678 5,411 21,618 27,029 18,606 60,326 78,932 24,040 46,138 70,178 Operational EBIT/KG -38.72 8.93 0.72 -25.45 14.35 6.38 -15.04 14.46 7.50 0.61 27.08 18.01 DKK 1.00 - of which FOF 0.00 3.57 2.95 0.00 6.80 5.44 0.00 4.04 3.09 0.00 9.46 6.22 - of which Freshwater -7.11 3.28 1.49 -1.06 3.90 2.91 -5.85 3.73 1.47 -2.95 3.89 1.55 - of which Farming -36.09 -1.13 -7.15 -33.14 -1.31 -7.69 -16.25 4.34 -0.52 -1.82 14.08 8.64 - of which Services 0.23 1.46 1.25 -0.62 1.03 0.70 1.09 1.21 1.18 0.56 0.95 0.82 - of which Sales & Other 5.93 1.63 2.37 9.60 4.45 5.48 6.19 1.58 2.67 2.18 0.79 1.26 - of which Eliminations -1.67 0.12 -0.19 -0.23 -0.52 -0.46 -0.22 -0.45 -0.40 2.63 -2.09 -0.47 *included a marginal contribution from US, DK, UK and FR
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BAKKAFROST | INTERIM REPORT | Q3 2025 and First Nine Months of 2025 27 Appendix B – Adjusted Segment 2024 (Assuming freight invoicing aligned with 2025 practices) Corrected segment numbers if freight was treated as in 2025 Fishmeal, Freshwater Freshwater Farming Farming Sales Q3 - 2024 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 740,341 219,068 28,976 1,000,420 221,408 237,418 2,374,566 -3,085,599 1,736,598 Depreciation and amortization -6,645 -32,742 -9,143 -31,384 -51,035 -28,544 -22,682 0 -182,175 Operating expenses -586,683 -102,019 -25,558 -997,441 -349,700 -189,902 -2,224,805 3,073,148 -1,402,960 Other Income 0 0 0 0 0 0 21,090 0 21,090 Operational EBIT 147,013 84,307 -5,725 -28,405 -179,327 18,972 148,169 -12,451 172,553 Fair value adjustments on biological assets 0 0 0 -209,294 -56,959 0 0 0 -266,253 Income from associates -915 0 0 0 0 0 0 0 -915 Revenue tax 0 0 0 -4,341 -3,593 0 0 0 -7,934 EBIT 146,098 84,307 -5,725 -242,040 -239,879 18,972 148,169 -12,451 -102,549 Operational EBITDA 153,658 117,049 3,418 2,979 -128,292 47,516 170,851 -12,451 354,728 Fishmeal, Freshwater Freshwater Farming Farming Sales YTD 2024 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 2,165,618 499,399 93,562 2,765,307 1,571,961 701,534 7,608,755 -9,396,184 6,009,952 Depreciation and amortization -19,969 -85,468 -26,981 -89,881 -153,752 -90,273 -53,008 0 -519,332 Operating expenses -1,709,366 -234,344 -137,408 -2,025,705 -1,461,895 -553,865 -7,520,640 9,369,098 -4,274,125 Other Income 0 0 0 0 0 0 53,653 0 53,653 Operational EBIT 436,283 179,587 -70,827 649,721 -43,686 57,396 88,760 -27,086 1,270,148 Fair value adjustments on biological assets 0 0 0 -300,054 -429,567 0 0 0 -729,622 Income from associates 1,080 0 0 0 0 214 214 0 1,507 Revenue tax 0 0 0 -184,681 -18,982 0 0 0 -203,663 EBIT 437,363 179,587 -70,827 164,986 -492,235 57,610 88,974 -27,087 338,370 Operational EBITDA 456,252 265,055 -43,846 739,602 110,066 147,669 141,768 -27,086 1,789,480 Corrected numbers