Slides
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BAKKAFROST GROUP Oslo August 31st 2026 Q2 2026
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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 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Q2 2026
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SUMMARY OF INCREASED EARNINGS REVENUE mDKK Q2 2025 ▲ OPERATIONAL EBIT* mDKK Q2 2025 ▲ CASH FLOW FROM OPS mDKK Q2 2025 DIVIDEND 2025 DKK 3.45 per share HARVEST – FAROE ISLANDS 26,749 Q2 2025 ▲ HARVEST – SCOTLAND 3,145 Q2 2025 ▲ FEED SALES** 37,386 Q2 2025 ▲ FISH MEAL SALE 0 Q2 2025 ▲ MARINE SOURCING 109,431 Q2 2025 ▼ SEGMENTS – POSITIVE OPERATIONAL EBIT IN Fishmeal, Oil & Feed • Freshwater Faroe Islands • Farming Faroe Islands • Services • Sales & Other *) Operational EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax. FINANCIAL OPERATIONS 1,826 : mDKK 1,575 273 65: mDKK 16% 319% 273 234% Q2 2026 tgw 16,020: tgw tgw : 7,034 tgw : 37,533 t t 67% -55% 0% t : 9,008 t t :159,951 t -32% **) Feed Sales include internal sales of tonnes ( : tonnes).37,04837,368 Q2 2025 : mDKK -204 -100% Q2 2026 ▲ 4
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MARGINS VS. OPERATIONAL EBIT/KG, ALL INCLUSIVE 5 Faroes* DKK/kg Scotland DKK/kg Group DKK/kg *included a marginal contribution from US, DK, UK and FR 9.12 2.82 -20.70 15.38 13.15 -44.13 Q2 2026 Q2 2025 ( ) ( ) ( )
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Q2 2026
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SUPPLY DEVELOPMENT Q2 2026 Q2 2025 Change % Norway 366 355 3.1% UK 52 53 -2.2% Faroes 33 25 29.2% Iceland 14 9 66.0% Ireland 5 6 -29.2% Total Europe 470 449 4.7% Chile 158 166 -4.3% Canada 33 28 18.0% USA 5 5 -13.8% Total Americas 196 199 -1.4% Other 23 19 18.3% Total (Harvested quantity) 689 667 3.3% Inventory movements 11 -12 -191.5% Total (Sold Quantity) 699 655 6.7% GLOBAL HARVEST INCREASED BY 3% SUPPLY TO THE MARKETS BY 7% 7 3% increase in global harvest volumes ▪ 5% growth in Europe ▪ Drop in Americas after four quarters of strong growth Europe ▪ Norway – Good biology, reduced mortality ▪ UK – Stable mortality and fish health, slower growth ▪ Faroes – Growth driven by large smolt strategy Americas – 1% drop ▪ Chile – Stabilised after strong step-up last 12 months ▪ Canada – Accelerated harvest due to biological issues ▪ Reduced frozen inventories (Chile) Source: Kontali
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GLOBAL MARKETS SOLD VOLUMES INCREASED BY 7% 8 Source: Kontali EU/UK – 11% growth ▪ Above European supply increase (5%) Good demand in the US - 4% growth ▪ Well above American supply change ▪ Growth driven by increase from Canada/US ▪ 10% reduction in import from Europe Strong demand in Greater China Strong growth in Latin America Stable consumption in the Middle-East Salmon markets, sold quantity (head on gutted weight)
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-7% 0% -30% -20% -10% 0% 10% 20% 30% 40% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Yearly prices 2-3kg / 4-5kg 6-7kg / 4-5kg 0% 10% 20% 30% 40% 50% 2020 2021 2022 2023 2024 2025 2025 Q2 2026 Q2 Size distribution 1-4kg 5+kg Superior 4-5kg (NOK/KG) y/y: q/q: GLOBAL MARKETS - PRICES LOWER PRICES AND LARGE-FISH PREMIUM 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 87.95 74.64 74.15 Source: Kontali Size distribution Average spot prices decreased YoY and QoQ (Q1 2026) (Q2 2026) (Q2 2025) -0.6% -15.7% -0.48 -13.80 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 Spot prices 2020 2021 2022 2023 2024 2025 2026 Source: Kontali 74.15 (Q2 2026) 9
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Gøtuvík, Faroe Islands Q2 2026
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GROUP PROFIT AND LOSS HIGHER REVENUE, OPERATIONAL EBIT AND PROFIT 11 * 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) 27365 -406 -161-138 -187 Q2 2025 Q2 2026 -23 251 208 -219 1,8261,575 (DKK million) Q2 26 YTD 26 Q2 25 YTD 25 Operating revenue 1,826 3,939 1,575 3,474 Operational EBITDA* 480 1,244 258 952 Operational EBIT* 273 816 65 570 Fair value adjustment of biological assets -406 -393 -187 -563 Income from associates -1 3 14 16 Revenue tax -58 -148 -25 -104 EBIT -192 278 -133 -81 Net Financial items -48 -104 -59 -147 EBT -241 174 -192 -228 Taxes 80 -28 53 84 Profit for the period -161 146 -138 -144
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7.47 OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** 12 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) 1,705 1,543 1,551 888 19.01 17.47 16.87 6.94 816 418 565 710 505 544 587 353 388 65 273 325 269 173 22 376 356 280 295 2022 2023 2024 2025 2026 YTD Op EBIT 4.82 7.19 7.66 4.39 5.16 6.77 3.79 3.37 -0.10 2.31 4.00 2.93 1.47 0.00 3.43 3.56 4.37 2.64 2022 2023 2024 2025 2026 YTD Ad EPS
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13 BALANCE SHEET Headlines (mDKK) PPE: Biological assets: *(whereof mDKK are fair value adjustments) Inventory: Receivables: Cash & cash equiv.: Equity: Equity ratio: -472 7,259 3,422 2,950 1,238 852 300 327 -8011,044 10,964 58% 448790 153700 7,136 End Q2 2026 58% 123 28 0% (DKK million) Q2 26 End 2025 Intangible assets 4,514 4,509 Property, plant and equipment 7,259 7,136 Right of use assets 726 829 Financial assets 349 346 Deferred tax assets 614 699 Biological assets 2,950 3,422 Inventory 1,238 790 Financial derivatives 0 0 Receivables 852 700 Other receivables 180 298 Cash and cash equivalents 327 300 Total Assets 19,008 19,028 Equity 10,964 11,044 Deferred tax and other taxes 2,081 2,162 Long-term interest-bearing debt 4,368 4,197 Long-term leasing debt 636 798 Financial derivatives 40 2 Short-term leasing debt 152 49 Accounts and other payables 767 776 Total Equity and Liabilities 19,008 19,028 2025 * * 108 (501)
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CASH FLOW 14 Cash flow, operations (mDKK) Cash flow, investments (mDKK) Cash flow, financing (mDKK) 273-204 -224-238 -92397 13 Q2 2026Q2 2025 478 -488 (DKK million) Q2 26 YTD 26 Q2 25 YTD 25 Cash flow from operations 273 727 -204 386 Cash flow from investments -224 -440 -238 -541 Cash flow from financing -92 -259 397 -120 Net change in cash -43 28 -45 -275 Cash at the end of the period 327 327 205 205
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NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING NIBD was increased by: • Net investments (mDKK 224) • Change in Working Capital (mDKK 164) • Dividend pay out (mDKK 205) NIBD was decreased by: • Operating Activities (mDKK 315) Financing end • NIBD: DKK million • Bank facilities of EUR 722 million and an accordion of EUR 150 million. • Undrawn credit facilities: DKK million Development in NIBD in DKK millions NIBD and available funding Q2 2026 Q2 2026 4,040 1,346 3,762 224 164 205 -315 4,040 NIBD Q1 2026 Net Investment Δ Working Capital Dividend Operating activities NIBD Q2 2026 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Development NIBD 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 NIBD NIBD Available funding Incl. accordion 15
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Bakkafossur, Faroe Islands Q2 2026
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THE POWER OF THE FULLY INTEGRATED VALUE CHAIN CONTROL, FLEXIBILITY , EFFICIENCY AND RECILIANCE 17 750 tonnes (edible yield) 2,200 tonnes (edible yield) Converting low food value proteins into high volume & value healthy proteins FTE 2025 1,635 Revenue 2025 (DKK) ~7.0 bn Market cap ~NOK 30 bn ~USD 2.9 bn Harvest volume 2026E 117,000t FCR 2025 ~1.10 in the Faroes 100% ASC certified both in in the Faroe Islands and Scotland Scope 1,2 & 3 50% reduced by 2030 Net Zero by 2050 Op.EBIT 2025 (DKK) ~0.9 bn
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FOF (FISHMEAL, OIL AND FEED) CONTINUED STRONG FEED SALES – HIKING PRICES ON MARINE RAW MATERIALS 18 Source: Holtermann Feed raw material prices (DKK per kg) Raw material sourcing vs. feed sale (kilotonnes) Sourcing of raw material (1,000 tonnes) Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Marine raw material sourced -32% 109,431 160,630 159,951 269,453 Feed sold (tonnes)* 0% 37,386 72,807 37,533 68,871 Fishmeal sold external (tonnes) -100% 0 1,200 9,008 12,656 Fishoil sold external (tonnes) -100% 0 1 5 6 *Including internal sales, corresponding to 100% of feed volumes in Q2 2026 (Q2 2025: 99%) Margin Operational EBIT 30 119 203 89 153 Operational EBIT margin 7% 20% 18% 13% 13% 0 10 20 30 40 50 60 0 50 100 150 200 Q1 17 Q3 17 Q1 18 Q3 18 Q1 19 Q3 19 Q1 20 Q3 20 Q1 21 Q3 21 Q1 22 Q3 22 Q1 23 Q3 23 Q1 24 Q3 24 Q1 25 Q3 25 Q1 26 Volumes of raw material purchase and feed sale Raw material Total feed sale Raw material Feed sale 0 5 10 15 20 25 30 35 40 45 50 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 NOV JAN MAR MAI 2020 2021 2022 2023 2024 2025 2026 Feed RM FISHMEAL SPC WHEAT GLUTEN RAPESEED OIL FISH OIL SCAND 109 160 0 20 40 60 80 100 120 140 160 180 Q2 26 Q2 25 RM(Qtr) 161 349 310 467 298 152 283 279 302 342 0 50 100 150 200 250 300 350 400 450 500 26 YTD 25 24 23 22 21 20 19 18 17 RM (YTD)
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FRESHWATER – SCOTLAND SMOLT TRANSFER MORE THAN TRIPLED WHILE FOCUSING ON STEADY RAMP-UP 19 Applecross hatchery: • Stable operation • Improved biosecurity • Still low capacity utilisation (around 35%) • Focus on steady ramp-up of the production of large high-quality smolt Smolt transfer: • Considerable increase in smolt transfer • On-track for total smolt transfer in 2026 of 10 million • Applecross to produce 200-400g smolt in 2026 • Avg. weight for all smolt release in 2026 (internal & external) expected at 179g Applecross: Biomass per quarter (million pcs) Applecross: Production per quarter (tonnes) Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Transferred number of smolt (million) 333% 3.9 4.9 0.9 1.5 …whereof externally sourced 275% 1.5 1.5 0.4 0.6 Average weight (g) -19% 137 154 170 170 Average weight (g) Applecross -10% 219 239 243 239 Margin Operational EBIT (mDKK) 42 -30 -57 -72 -71 Operational EBIT/KG (NOK) 645.00 -81.78 -114.53 -726.77 -437.75 Operational EBIT margin 301% -41% -51% -342% -194% 0 50 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Applecross_Monthly_production 3 4 5 6 7 8 9 10 11 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Applecross_number_of_fish
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FARMING – SCOTLAND OVERALL STABLE BIOLOGICAL PERFORMANCE – RAPIDLY INCREASING FEEDING • Generally good growth and stable biology • Challenges at two sites (stocked with external smolt) • Strong harvest weights • Improved mortality and FCR YoY • EBIT impacted by low prices and low volumes Exceptional mortality (% of Opening Biomass) Q2 Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Total harvest volume (tgw) -55% 3,145 9,343 7,034 13,320 Average harvest weight (kg) -11% 5.2 5.9 5.9 6.2 Margin Operational EBIT (mDKK) -12 -139 -202 -127 -112 Operational EBIT/KG (NOK) -36.49 -64.85 -32.77 -28.36 -13.10 Operational EBIT margin -52% -91% -41% -40% -16% 20 0 2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SEA TEMPERATURE (°C) SEA TEMPERATURE - SCOTLAND (5m Depth) Normal range 2005-2025 average 2005-2025 2026 Weekly feeding (kilotonnes) 300 400 500 600 700 800 900 1,000 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 2025 2026
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Target range 427 0 100 200 300 400 500 600 Smolt FO Avg Weight FRESHWATER – FAROE ISLANDS PRODUCTION CONTINUES TO SCALE, SUPPORTING FUTURE MARINE GROWTH 21 Freshwater investments delivering excellent results • Larger smolt • Higher volumes • Improved robustness • Stronger biological performance driving growth Ramping up smolt production • 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 *Q2 26 not finished Avg. smolt weight 427g in Q2 2026 Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Transferred number of smolt (million) 4% 5.6 9.5 5.4 8.6 Average weight (g) -8% 427 467 464 447 Margin Operational EBIT (mDKK) -3 82 172 85 142 Operational EBIT/KG (NOK) -2.87 50.01 58.69 52.88 57.33 Operational EBIT margin -6% 30% 36% 36% 36% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% Q1 Q2* Q3 Q4 90 day 2021-2024 Range 2025 2026
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28.6 kt 29.0 kt 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 Q4 25 Q1 26 Q2 26 Feeding FO - Tonnage (in 1,000s) 51.8 kt 51.5 kt 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 Q4 25 Q1 26 Q2 26 Biomass FO - Tonnage (in 1,000s) DKK/kg 31.10 DKK/kg 29.96 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 Q4 25 Q1 26 Q2 26 Ringside-side Cost: Farming FO FARMING – FAROE ISLANDS HIGH HARVEST VOLUME & GOOD BIOLOGICAL PERFORMANCE • Ring-side costs reduced 4% YoY • Biomass steady while feeding increased YoY • Operational EBIT increased significantly • Strong cost discipline Ring-side costs 3% down Biomass steady YoY Quarterly feeding steady YoY -1% +5% Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Total harvest volume (tgw) 67% 26,749 51,888 16,020 34,934 Average harvest weight (kg) 11% 5.5 5.6 4.9 5.0 Margin Operational EBIT (mDKK) 105 109 495 4 290 Operational EBIT/KG (NOK) 5.58 5.96 14.46 0.37 12.99 Operational EBIT margin 8% 9% 19% 1% 16% 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SEA TEMPERATURE (°C) SEA TEMPERATURE - FAROE ISLANDS (18m depth) Normal Range 2003-2024 Average 2003-25 2026 -4% 22
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SERVICES HIGH ACTIVITY IN THE QUARTER Services provided: • Fish transports & treatments • Farming Support • Harvest & Packaging • Waste-to-biogas production Accumulated Survivability – Smolt Transfer BF Faroe Islands Margin YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Operational EBIT (mDKK) 18 35 77 17 55 Operational EBIT/KG (NOK) 0.58 1.74 1.91 1.16 1.78 Operational EBIT margin 7% 15% 15% 8% 13% 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% Q1 Q2* Q3 Q4 90 day 2021-2024 Range 2025 2026 23
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SALES & OTHER STRONG OPERATION IN VAP • 71% more volume (FO) transferred to VAP • Increased volumes sold • Higher supply putting pressure on price premium • More Faroese volumes sold to the US and China Sale of Faroese salmon (value excluding freight) Sale of Scottish salmon (value excluding freight) 24 Volumes YoY Q2 YTD Q2 YTD change 2026 2026 2025 2025 Farming FO volume transferred to VAP (tgw) 71% 6,630 12,535 3,874 8,267 Volume HOG sold FO&SCT (tgw) 21% 23,264 48,696 19,180 39,987 Volume total FO&SCT (tgw) 30% 29,894 61,231 23,054 48,254 Margin Operating revenue (mDKK) 34% 2,955 6,287 2,198 5,024 Operational EBIT (mDKK) 17 114 162 97 138 Operational EBIT/KG (NOK) -0.95 5.60 4.00 6.55 4.47 Operational EBIT margin -1% 4% 3% 4% 3% 25% 24% 75% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 26 Q2 25 VAP vs. HOG sale (FO only) VAP on contract HOG, Spot 52% 29% 14% 4% 1% 47% 31% 15% 4% 3% 0% 10% 20% 30% 40% 50% 60% Western Europe North America Asia Eastern Europe Rest of world Sale of Salmon of Faroese Origin Q2 2026 Q2 2025 49% 16% 34% 1% 0% 73% 17% 8% 1% 1% 0% 20% 40% 60% 80% Western Europe North America Asia Eastern Europe Rest of world Sale of Salmon of Scottish Origin Q2 2026 Q2 2025
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Glyvrar, Faroe Islands Q2 2026
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-15% -10% -5% 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 Q2 2026 Q3 2026 Q4 2026 Q1 2027 1H 2026 2H 2026 Americas harvest AMERICAS Change same period last year Estimate in Q1 2026 report -5% 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q2 2026 Q3 2026 Q4 2026 Q1 2027 1H 2026 2H 2026 Total harvest TOTAL Change same period last year Estimate in Q1 2026 report 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 Q2 2026 Q3 2026 Q4 2026 Q1 2027 1H 2026 2H 2026 European harvest EUROPE Change same period last year Estimate in Q1 2026 report OUTLOOK LIMITED SUPPLY GROWTH EXPECTED Low supply growth expected in 2026 and 2027 Europe • Low single digit growth expected Americas • 10% drop expected in 2H 2026 • Return to moderate growth in 2027 26Source: Kontali European harvest Total harvest Americas harvest
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OUTLOOK MAINTAINING VOLUME GUIDANCE 27 Farming • For 2026, Bakkafrost intends to sign contracts covering around 15-25% of the expected total harvest volumes. • In 2026 Bakkafrost expects lower production volumes of fishmeal and fish oil than in 2026 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 Smolt transfer Faroe Islands Scotland Total 2026 plan 20m 10m 30m Harvest [HOG] Faroe Islands Scotland Total 2026 plan 97,000 20,000 117,000 SCT FO Freshwater Harvest plan break-down by quarters 6,198 3,145 3,844 6,800 25,139 26,749 21,428 23,684 Q1 Q2 Q3 Q4 Harvest plan break-down by quarters 31% 26% 28%16% 19% 22% 34% 24%
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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 28 2026-2030 Capex of DKK 5.0 bnHarvest volume (kilotonnes) *Including maintenance capex 6 DKK/KG 2026-2030 Capex per region2026-2030 Capex per harvest 2.2 bn 1.6 bn 4 DKK / KG 7 DKK / KG 2 DKK / KG * Per kg harvested total company 1.3 bn 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) 97 105 112 20 40 50 Harvest volume (KT) Faroe Islands Scotland 117 145 162 107
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Q2 2026
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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 • Higher price but still pressure on the market • High volume and good throughput leading to improved production cost/kg Scotland lower volume to consume cost variations • Harvest volume down 55% equals less cost dilution • Cost ringside result of harvest from more expensive sites • Exceptional mortality higher at two sites stocked with external smolt • Vessel and harvesting costs mainly = Higher cost/kg • Higher fallow costs due to downscaled harvest in 2026 (low site utilisation) 0.24 1.15 2.66 0.01 4.06 Q2 25 EBIT / KG Price Impact Cost ringside Other Cost Q2 26 EBIT / KG 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Q2 2026 vs 2025: Farming Faroe Islands EBIT / KG (In DKK / KG) (18.13) 2.60 (13.34) (4.58) (4.10) (6.71) (44.26) Q2 25 EBIT / KG Price Impact Cost Ringside Exceptional Mortality Fallow Cost All Other Q2 26 EBIT / KG 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 -30.00 -35.00 -40.00 -45.00 -50.00 Q2 2026 vs 2025: Farming SCT EBIT / KG (in DKK / KG)
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PERFORMANCE PER REGION Scotland - Operational EBIT (mDKK) Faroe Islands* - Operational EBIT (mDKK) Scotland – Operational EBITDA * Included a marginal contribution from US, DK, UK and FR Q2 2026 Q2 2025 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Operational EBIT -139 411 273 -146 211 65 Operational EBIT/KG -44.13 15.38 9.12 -20.70 13.15 2.82 - of which FOF 0.00 4.44 3.97 0.00 5.54 3.85 - of which Freshwater -9.45 3.06 1.75 -10.30 5.32 0.56 - of which Farming -44.26 4.06 -1.02 -18.13 0.24 -5.36 - of which Services -4.74 1.88 1.19 0.93 0.66 0.74 - of which Sales & Other 5.08 3.68 3.82 6.12 3.34 4.19 - of which Eliminations 9.24 -1.75 -0.59 0.67 -1.95 -1.15 31 132 -48 -106 84 250 84 76 2020 2021 2022 2023 2024 2025 2026 OP EBITDA 275 310 310 435 211 227 392 572 411 0 100 200 300 400 500 600 700 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Fo-opebit 113 -138 -31 71 -146 -205 -97 -28 -139 -250 -200 -150 -100 -50 0 50 100 150 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Sct-opebit
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-44.13 -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 Q4 25 Q1 26 Q2 26 Scotland - Operational EBIT / KG Scotland - TGW Scotland PERFORMANCE PER REGION Q2 2026 Q2 2025 DKK 1,000,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues 213 1,613 1,826 431 1,144 1,575 Depreciation and amortization -83 -124 -207 -81 -113 -193 Operating expenses -271 -1,077 -1,348 -510 -821 -1,331 Other income 2 0 2 14 0 14 Operational EBIT -139 411 273 -146 211 65 Operational EBITDA -56 535 480 -65 323 258 Volume tonnes 3,145 26,749 29,894 7,034 16,020 23,054 Operational EBIT/KG -44.13 15.38 9.12 -20.70 13.15 2.82 - of which FOF 0.00 4.44 3.97 0.00 5.54 3.85 - of which Freshwater -9.45 3.06 1.75 -10.30 5.32 0.56 - of which Farming -44.26 4.06 -1.02 -18.13 0.24 -5.36 - of which Services -4.74 1.88 1.19 0.93 0.66 0.74 - of which Sales & Other 5.08 3.68 3.82 6.12 3.34 4.19 - of which Eliminations 9.24 -1.75 -0.59 0.67 -1.95 -1.15 *included a marginal contribution from US, DK, UK and FR 32 15.38 - 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 Q4 25 Q1 26 Q2 26 Faroe Islands* - Operational EBIT / KG Faroe Islands - TGW Faroe Islands*
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9.7 9.0 6.0 6.5 7.8 6.2 5.3 6.8 7.6 6.62 6.64 7.48 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0EUR/kg Reference price Reference price/Euronext Salmon Futures Futures -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 Q4 2025 Q1 2026 Q2 2026 NOK Price Norway Sisalmoni/Nasdaq less SSB price Sisalmoni/Nasdaq price Q2 2026 – LARGER SIZES SOLD AT A DISCOUNT IN THE QUARTER 33 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 Includes sales to Asia (as opposed to Sisalmoni) “Production grade” fish excluded from both references HOG export of “production grade “ from Norway prohibited SSB price exceeded Nasdaq in Q4 2025 Lower impact from contracts compared to previous quarters ESF Euronext contracts Spot price ended above future price in Q4 Stable future prices for 2026 Limited number of contracts traded Price Norway (NOK/kg) Reference price/Euronext futures (EUR/kg) • Sisalmoni include pricing for different sizes • No premium for large fish in the quarter • Average premium of 9% last five years • Driven by high availability of large sized fish in Norway • Good biological and temperature conditions
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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 34 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) • New service vessel capacity to accommodate growth (transport & treatment) 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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FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS 36 Number of released smolt (million) 18.7 20.2 24.0 24.4 0 5 10 15 20 25 30 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Available expanded production capacity – last 6 yrs (m3 & tonnes) Average weight (g) - 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 previously best year of 17m smolt release • 18.7m smolt released in 2025, increasing to >24m in 2028 • Big growth in the coming years (smolt release): • Significant advances have been made in increasing the smolt quality 0 100 200 300 400 500 600
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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 • First egg in: Q2 2026 • First smolt out: Late 2027 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 July 2026, Building site in progress, first phase started operation in Q2 2026
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38 6.0 7.7 10.0 16.0 16.0 16.0 2024 2025 2026 2027 2028 2029 Scotland total smolt transfer (million) 219 50 100 150 200 250 300 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 AX: Avg. smolt weight (g) AX: Smolt production Fish in hatchery Applecross, May 2025 340 0 50 100 150 200 250 300 350 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 11.4 3 4 5 6 7 8 9 10 11 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 (tonnes per quarter) APPLECROSS (AX) RAMPING UP TO PRODUCE HIGH-QUALITY SMOLT OF 200-400G
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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 39 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 40 Revenue (M) = Internal Feed (t) = External Meal (t) = External Fish Oil (t) = OP EBIT (M) = OP EBIT % = Revenue (M) = Smolt transferred (P) = Average Weight (g) = OP EBIT (M) = OP EBIT / KG = OP EBIT % = Revenue (M) = Harvest Volume (kt) = Average Weight (kg) = OP EBIT (M) = OP EBIT / KG = OP EBIT % = Revenue (M) = Energy produced (GWH) = OP EBIT (M) = OP EBIT / KG = OP EBIT % = Revenue (M) = Portion in VAP % = OP EBIT (M) = OP EBIT / KG = OP EBIT % = Volumes: Revenue (M) = Smolt transferred (P) = Average Weight (g) = OP EBIT (M) = OP EBIT / KG = OP EBIT % = Volumes: Revenue (M) = Harvest Volume (kt) = Average Weight (kg) = OP EBIT (M) = OP EBIT / KG = OP EBIT % = FOF Freshwater Farming Services Sales & Other Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Key Ratios: OP EBIT / PPE = Debt / EBITDA = Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Key Ratios: OP EBIT / PPE % = Debt / EBITDA x = Market Split – Sales: Western Europe = North America = Asia = Eastern Europe = Rest of world = ❖ Revenue, EBIT & EBITDA are in DKK ❖ Key Ratios based on 12-month rolling ❖ PPE at fair value ❖ N/A = Negative Debt / EBITDA ratio 582 37,368 0 0 119 20% 273 5,620 427 34.13 30% 82 72 -30 -55.81 2,396 -41% 137 1,251 26,749 109 4.06 9% 5.5 152 3,145 5.2 -139 -44.26 -91% 239 7.5 35 1.19 15% 2,955 25% 3.82 4% 114 21.0% 1.80 18.4% 72.4% -14.2% 1.63 N/A 0.54 -72.2% N/A 22.5%11.1% 2.81 1.77 49% 29% 4% 3% 15% Q2 2026 Q2 2026 Q2 2026 Q2 2026 Q2 2026
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DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN 41 Source: Kontali Expected supply growth in 2027 ▪ increase in Global supply* ▪ increase in supply* from Europe ▪ 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 Global Supply of Atlantic Salmon (head on gutted – HOG) Salmon Markets (head on gutted – HOG) 2022 2023 2024 2025 2026E 2027E Norway 1,360 1,330 1,359 1,523 1,585 1,599 UK 145 137 170 169 176 181 Ireland 15 13 17 17 14 17 Iceland 42 29 42 49 62 70 Faroes 89 80 91 117 126 126 Total Europe 1,650 1,589 1,679 1,876 1,963 1,993 Chile 649 665 633 679 748 746 Canada 120 99 107 105 99 105 USA 18 17 18 18 18 18 Total Americas 787 781 757 803 865 869 Others 95 94 98 99 112 122 Total (Sold Quantity) 2,532 2,464 2,533 2,777 2,940 2,985 Supply growth - Global -2% -3% 3% 10% 6% 2% Supply growth - Europe -3% -4% 6% 12% 5% 2% Supply growth - Americas 1% -1% -3% 6% 8% 1% 2022 2023 2024 2025 2026E 2027E EU+UK 1,137 1,084 1,145 1,201 1,279 1,293 USA 587 586 573 625 645 668 Japan 55 45 45 56 57 60 Russia 52 62 45 55 50 50 Others 701 687 725 841 911 914 Total (Sold Quantity) 2,532 2,463 2,533 2,777 2,941 2,985 2% 2% 1%
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9.0 6.0 6.5 7.8 6.2 5.3 6.8 7.6 6.6 - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 DKK EUR NORWAY Sisalmoni/Nasdaq (EUR) Sisalmoni/Nasdaq (DKK) Q2 2026 MARKET ENVIRONMENT 42 Price Norway (EUR/kg) All sizes, weighted average price • 6% increase in European reference price vs Q2 2025 • 13% drop compared to Q1 2026 • No premium on large sized fish due to high supply • 3% global supply increase • 7% when taking inventory movements into account • 5% supply increase in Europe • Generally good demand • Strong demand in Europe • Increased consumption in the US market • Strong growth in Asian consumption • Prices have increased in Q3 2026 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 Sisalmoni Q2 2026 Q2 2025 Change % NOK 72.5 72.7 -0.3 % DKK 49.5 46.5 6.4 % EUR 6.6 6.2 6.2 % USD 7.7 7.1 8.9 %
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DEVELOPMENT PER QUARTER 43 Group Revenue (mDKK) Group Operational EBIT (mDKK)Segment Operating EBIT mDKK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 1,639 1,684 1,867 1,940 2,050 1,670 1,859 1,562 2,206 1,947 1,711 1,470 1,899 1,575 1,686 1,847 2,114 1,826 Operational EBIT 418 587 325 376 565 353 269 356 710 388 173 280 505 65 22 295 544 273 Profit/Loss 405 845 249 -154 467 -123 219 392 401 -117 -116 477 -6 -138 77 591 307 -161 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 23,312 25,139 26,749 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 4,579 6,198 3,145 Equity ratio 64% 65% 64% 62% 64% 61% 61% 61% 62% 62% 62% 63% 62% 59% 57% 58% 59% 58% 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 3,897 3,762 4,040 -300 -200 -100 0 100 200 300 400 500 600 FOF Freshwater FO Freshwater SCT Farming FO Farming SCT Services Sales & Other Development YTD YTD 2026 YTD 2025 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Revenue (mDKK) 0 300 600 900 1,200 1,500 1,800 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Operational EBIT (mDKK)
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44 DIVIDEND HISTORY Dividend • On 30 April 2026, the AGM decided to pay out a dividend on 3.45 DKK per share for the year 2025 (equals 50% of adjusted EPS) • Dividend of mDKK 205 was paid out May 21 2026 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% 50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 3.45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend per share in % of adj. EPS*
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BAKKAFROST – OVERVIEW 45 BAKKAFROST Leading Producer of Superior Quality Salmon from the Faroe Islands and Scotland Established: 1968 Headquarters: Glyvrar, Faroe Islands Employees: 1,635 full-time employees across the Group Markets Served: 40+ countries Listed on: Oslo Børs with ticker code BAKKA LEI: 2138007LH7OP4V112978 Parent company: Bakkafrost P/F, Faroese registration number 1724
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BAKKAFROST – FARMING SITE OVERVIEW 46
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OUR PILLARS AND VALUES 47
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