Interim report
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INTERIM REPORT Q2 2026 and H1 2026 Faroese Company Registration No. 1724 www.bakkafrost.com 23,100 30,700 27,900 31,300 29,900 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 HARVEST VOLUME TGW 65 22 295 544 273 0 100 200 300 400 500 600 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 OPERATIONAL EBIT MDKK
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 1 Contents Contents …………………………………………………………………………………….1 Highlights …………………………………………………………………………………... 2 Summary ……………………………………………………………………………………3 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 | Q2 2026 and H1 2026 2 Highlights Q2 Q2 YTD YTD DKK 1,000,000 2026 2025 2026 2025 ------------------- INCOME STATEMENT Group - Operating revenue 1,826 1,575 3,939 3,474 Group - Operational EBIT* 273 65 816 570 Group - OP. EBITDA 480 258 1,244 952 Group - EBIT -192 -133 278 -81 Group - Profit for the period -161 -138 146 -144 FOF - Operating Revenue 582 665 1,125 1,152 FOF - Operational EBITDA 126 95 217 167 FOF - Operational EBITDA margin 22% 14% 19% 14% Freshwater FO - Operating Revenue 273 234 483 388 Freshwater FO - Operational EBIT 82 85 172 142 Freshwater FO - Operational EBIT Margin 30% 36% 36% 36% Freshwater FO - Operational EBIT / KG (DKK)**** 34.13 33.80 38.68 36.68 Freshwater FO - Operational EBIT / KG (NOK)**** 50.01 52.88 58.69 57.33 Freshwater SCT - Operating Revenue 72 21 113 37 Freshwater SCT - Operational EBIT -30 -72 -57 -71 Freshwater SCT - Operational EBIT Margin -41% -342% -51% -194% Freshwater SCT - Operational EBIT / KG (DKK)**** -55.81 -464.58 -75.48 -280.08 Freshwater SCT - Operational EBIT / KG (NOK)**** -81.78 -726.77 -114.53 -437.75 Farming FO - Operating Revenue 1,251 730 2,616 1,845 Farming FO - Operational EBIT 109 4 495 290 Farming FO - Operational EBIT Margin 9% 1% 19% 16% Farming FO - Operational EBIT / KG (DKK) 4.06 0.24 9.53 8.31 Farming FO - Operational EBIT / KG (NOK) 5.96 0.37 14.46 12.99 Farming SCT - Operating Revenue 152 322 488 706 Farming SCT - Operational EBIT -139 -127 -202 -112 Farming SCT - Operational EBIT Margin -91% -40% -41% -16% Farming SCT - Operational EBIT / KG (DKK) -44.26 -18.13 -21.60 -8.38 Farming SCT - Operational EBIT / KG (NOK) -64.85 -28.36 -32.77 -13.10 Services - Operating Revenue 239 215 505 434 Services - Operational EBIT 35 17 77 55 Services - Operational EBIT Margin 15% 8% 15% 13% Services - Operational EBIT / KG (DKK) 1.19 0.74 1.26 1.14 Services - Operational EBIT / KG (NOK) 1.74 1.16 1.91 1.78 ------------------- Sales & Other - Operating Revenue 2,955 2,198 6,287 5,024 Sales & Other - Operational EBIT 114 97 162 138 Sales & Other - Operational EBIT Margin 4% 4% 3% 3% Sales & Other - Operational EBIT / KG (DKK) 3.82 4.19 2.64 2.86 Sales & Other - Operational EBIT / KG (NOK) 5.60 6.55 4.00 4.47 NOK/DKK (average) 68.25 63.92 65.91 63.98 Q2 Q2 YTD YTD DKK 1,000,000 2026 2025 2026 2025 FINANCIAL POSITION AND CASH FLOW Total Assets** 19,008 19,028 19,008 19,028 Equity** 10,964 11,044 10,964 11,044 Equity ratio** 58% 58% 58% 58% Net interest-bearing debt** 4,040 3,897 4,040 3,897 Cash flow from operations 273 -204 727 386 Cash flow from financing -92 397 -259 -120 PROFITABILITY Basic earnings per share (DKK) -2.71 -2.33 2.46 -2.43 Diluted earnings per share (DKK) -2.71 -2.33 2.46 -2.43 ROCE*** 1.5% 0.4% 4.6% 3.3% VOLUMES Harvested Faroe Islands (tgw) 26,749 16,020 51,888 34,934 Harvested Scotland (tgw) 3,145 7,034 9,343 13,320 Total Harvest 29,894 23,054 61,231 48,254 Farming FO transferred to VAP (tgw) 6,630 3,874 12,535 8,267 VAP produced (tgw) 6,630 3,903 12,557 8,004 Sold feed tonnes 37,386 37,533 72,807 68,871 Internal feed sales tonnes 37,368 37,048 72,789 67,990 Smolt transferred thousand Faroe Islands (pcs) 5,620 5,434 9,483 8,614 Smolt transferred thousand Scotland (pcs) 3,885 917 4,931 1,499 Total smolt release 9,505 6,351 14,414 10,113 * Aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax – refer to Note 10. ** Comparing figures from end 2025. *** 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 | Q2 2026 and H1 2026 3 Summary of the 2nd Quarter and H1 2026 (Figures in parenthesis refer to the same period last year). The Bakkafrost Group delivered a total operational EBIT of DKK 273 million (DKK 65 million) in Q2 2026 and reported a net profit of DKK -161 million (DKK -138 million). The business segment’s operational EBIT/EBITDA were as follows: Q2 Q2 2026 2025 FOF - Operational EBITDA 126 95 Freshwater FO - Operational EBIT 82 85 Freshwater SCT - Operational EBIT -30 -72 Farming FO - Operational EBIT 109 4 Farming SCT - Operational EBIT -139 -127 Services - Operational EBIT 35 17 Sales & Other - Operational EBIT 114 97 During Q2 2026, the FOF segment sourced 109,431 tonnes (159,951 tonnes) of raw material. The Operational EBIT margin was 20% (13%), and fish feed sales amounted to 37,386 tonnes (37,533 tonnes). For H1 2026, the FOF segment's operational EBIT margin was 18% (13%). During H1 2026, Havsbrún sourced 160,630 tonnes (269,453 tonnes) of raw material. In Q2 2026, the Freshwater segments in the Faroe Islands and Scotland transferred a total of 9.5 million (6.4 million) smolts combined: • Freshwater FO: 5.6 million (5.4 million), • Freshwater SCT: 3.9 million (0.9 million). For H1 2026, the freshwater segments have released a total of 14.4 million (10.1 million) smolts: • Freshwater FO: 9.5 million (8.6 million), • Freshwater SCT: 4.9 million (1.5 million). In Q2 2026, the Freshwater FO segment made an operational EBIT per kg transferred smolt of DKK 34.13 (DKK 33.80), corresponding to NOK 50.01 (NOK 52.88). The Freshwater SCT segment made an operational EBIT per kg transferred smolt of DKK -55.81 (DKK -464.58), corresponding to NOK -81.78 (NOK -726.77). The Farming segments achieved higher prices in Q2 2026 than in Q2 2025. The Farming segments had higher volumes in Q2 2026 compared to Q2 2025. In Q2 2026, the Farming SCT segment had incident -based costs of DKK 31 million (DKK 39 million). The total combined harvest in Q2 2026 of the farming segments in the Faroe Islands and Scotland was 29,894 tonnes gutted weight (23,054 tgw): • Farming FO: 26,749 tgw (16,020 tgw), • Farming SCT: 3,145 tgw (7,034 tgw). In H1 2026, the farming segments have harvested a total of 61,231 tonnes gutted weight (48,254 tgw): • Farming FO: 51,888 tgw (34,934 tgw), • Farming SCT: 9,343 tgw (13,320 tgw). In Q2 2026, the Farming FO segment made an operational EBIT per kg of DKK 4.06 (DKK 0.24), corresponding to NOK 5.96 (NOK 0.37). The Farming SCT segment made an operational EBIT per kg of DKK -44.26 (DKK -18.13), corresponding to NOK -64.85 (NOK -28.36). The Services segment made an operational EBIT per kg of DKK 1.19 (DKK 0.74), corresponding to NOK 1.74 (NOK 1.16). The operational EBIT margin for the segment was 15% (8%). The Sales & Other segment had a revenue of DKK 2,955 million (DKK 2,198 million) and an operational EBIT margin of 4% (4%). The operational EBIT per kg was DKK 3.82 (DKK 4.19), corresponding to NOK 5.60 (NOK 6.55). 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. The Annual General Meeting convened on 30 April 2026 decided to pay out a dividend on DKK 3.45 (NOK 5.06). The total dividend of DKK 205 million (NOK 300 million) was paid out in May 2026.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 4 Outlook and Operational Performance Market Increased supply in Q2 2026 The supply of salmon increased 6.7% in Q2 2026 compared to Q2 2025, incl uding inventory movements. Without inventory movements, the supply increase was 3.3%, according to the latest estimate from Kontali Analyse. Slightly lower salmon prices in Q2 2026 Salmon reference prices (in NOK) for 4-5kg superior salmon were 0.6% lower this quarter compared to Q2 2025. Compared to previous quarter (Q1 2026) prices were 15.7% lower in this quarter. Tighter supply in H2 2026 In H2 2026, the global harvest is expected to decrease around 1%, compared to H2 202 5. Including inventory movements, the global supply is expected to increase around 2% in H2 2026 . For the full year 202 6, the global supply is expected grow around 2-3%, excluding inventory movements and around 6% including inventory movements. 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 operations continued to deliver strong biological performance in Q2 2026. The biomass at sea remains strong and healthy, supported by robust fish health and stronger growth. Sea lice levels remain well managed through Bakkafrost’s dual-freshwater treatment strategy. The continued transition towards larger, high -quality smolt is contributing to shorter farming cycles and improved production efficiency. At the same time, more efficient management of fallow periods is supporting better utilisation of farming sites and further shortening the overall production cycle. These developments strengthen biological control and provide a solid foundation for continued operational performance and future harvest volumes. Freshwater Faroe Islands The Faroese freshwater operations continue to increase production and capacity utilisation across the hatcheries, supporting higher output of large, high -quality smolt and improved production efficiency. Also, broodstock production capacity has been expanded, with further expansion ongoing. This will increase Bakkafrost’s capacity to produce own eggs for internal use and strengthen control over the biological value chain. Operations at the new hatchery in Skálavík have commenced, with the first eggs introduced in June 2026. The facility is being brought into production gradually, with the first output of smolt expected towards the end of 2027. Upon completion, the hatchery will increase total smolt production capacity in the Faroe Islands to approximately 24.4 million smolt at 500g, compared with the current capacity of around 18 million. Farming Scotland The operation in Scotland is affected by low harvest volumes in 2026, which is at result of the chosen de-risking strategy while the capacity to produce large , high-quality smolt is established. In the marine farming operation , biological performance in Q2 2026 was overall stable. Most farming sites developed well during the quarter, although biological challenges affected the Sgian Dubh and Ardyne farming sites. The fish at these sites originated from externally supplied smolt. Bakkafrost remains focused on maintaining strong biological control and cost discipline across the Scottish operations. A central priority remains the continued transition towards large, high -quality smolt, which is expected to provide a stronger biological foundation through shorter marine production cycles, improved fish robustness and reduced biological risk. The transformation of the biomass at sea will continue during 2026, with the benefits from the increasing share of large, high-quality smolt expected to become increasingly visible from 2027 onwards. Freshwater Scotland The ramp -up of the Scottish freshwater operation at Applecross continues, with focus on biological stability, operational predictability and consistent production of large, high-quality smolt. Smolt stocking developed well during Q2 2026, and the operation remains on track to deliver the planned full -year smolt transfer target. The continued ramp-up at Applecross is an important element in building a stronger biological foundation for the Scottish marine farming operations. In Q2 2026, the average weight of transferred smolt from Applecross in Scotland was 219g, which is 10% lower than in Q2 2025. The average smolt weight for all Bakkafrost’s smolt release in Scotland in the quarter was 137g, which is 19% lower than in Q2 2025. Services Bakkafrost’s freshwater dual -treatment service vessels continue to play a vital role in ensuring good fish welfare and efficient sea lice removal through freshwater treatments. As biomass grows, capacity utilisation of these vessels is increasing, supporti ng stronger biological control and operational efficiency across the marine farming operations. The Group’s large, rebuilt farming service vessels for smolt transport are securing efficient and fish -welfare-friendly smolt transfers in both the Faroe Islands and Scotland. The upgraded smolt transport systems strengthen operational reliability during t ransfer operations and support the continued development of robust farming platforms in both regions.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 5 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 ‘25 ‘24 ‘23 ‘22 ‘21 FO 20.0 18.7 17.1 14.2 14.4 14.4 SCT 10.0 7.3 6.0 9.0 11.0 11.1 Avg. weight (g) FO 440 453 410 396 345 376 SCT 179 154 109 117 107 95 Harvest In 2026, the harvest in the Faroe Islands is expected to be around 97,000 tonnes gutted weight. The expected harvest in Scotland is around 20,000 tonnes in Scotland, giving at total of around 117,000 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 26% 28% 22% 24% SCT 31% 14% 19% 34% The estimates for harvest volumes and smolt transfers in both geographies are dependent on biological development. Sales & VAP (Value added products) Bakkafrost’s flexible value chain, including state -of-the-art VAP processing capacity, enables the Group to adapt to changes in market dynamics and other factors that may affect commercial risk. This flexibility supports balanced allocation between spot sa les, contracts and value -added production. For 2026, Bakkafrost intends to sign contracts covering approximately 15 -25% of the expected combined harvest volumes in the Faroe Islands and Scotland. 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 2026. Consequently, Bakkafrost expects lower external sale of fishmeal in 2026. Feed raw material prices have increased, putting upward pressure on production costs. However, Bakkafrost has the flexibility to adapt feed formulations to changing market conditions. Its current fishmeal inventory is sufficient to support feed production into Q2 2027. Bakkafrost increases the expect ed feed production from 165,000 tonnes to around 175,000 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 reduce biological risk , improve efficiency 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. 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 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. With the investment plan, Bakkafrost expects to sustainably grow the total annual harvest volumes to 162,000 tonnes in 2030. Harvest volume (kilotonnes)
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 6 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 | Q2 2026 and H1 2026 7 Financial Performance Income Statement (Figures in parenthesis refer to the same period last year). The Group's operating revenue amounted to DKK 1,826 million (DKK 1,575 million) in Q2 2026. For H1 2026, the operating revenue amounted to DKK 3,939 million (DKK 3,474 million). The Group's operational EBIT was DKK 273 million (DKK 65 million) in Q2 2026. For H1 2026, the Group's operational EBIT was DKK 816 million (DKK 570 million). The fair value adjustment of the Group's biological assets amounted to DKK -406 million (DKK -187 million) in Q2 2026. For H1 2026, the fair value adjustment amounted to DKK -393 million (DKK -563 million). The revenue tax amounted to DKK -58 million (DKK -25 million) in Q2 2026. The revenue tax for the first half of 2026, was DKK -148 million (DKK -104 million). Net taxes amounted to DKK 80 million (DKK 53 million) in Q2 2026. For H1 2026, net taxes amounted to DKK -28 million (DKK 84 million). The result for Q2 2026 was DKK -161 million (DKK -138 million) and for H1 2026, the result was DKK 146 million (DKK -144 million). Statement of Financial Position (Figures in parenthesis refer to the end of last year). The Group's total assets amounted to DKK 19,008 million (DKK 19,028 million) at the end of H1 2026. Intangible assets amounted to DKK 4,514 million (DKK 4,509 million) at the end of H1 2026. Property, plant, and equipment amounted to DKK 7,259 million (DKK 7,136 million) at the end of H1 2026. In Q2 2026, the purchase of property, plant, and equipment amounts to DKK 224 million compared to DKK 244 million same quarter last year. Right-of-use assets amounted to DKK 726 million (DKK 829 million) in H1 2026. The addition consists primarily of lease of FSV vessels in Scotland. Biological assets' carrying amount (fair value) amounted to DKK 2,950 million (DKK 3,422 million) at the end of H1 2026. Compared to year -end 202 5, biological assets have decreased. A fair value adjustment amount to DKK 108 million (DKK 501 million) at the end of H1 2026 is included in the carrying amount of the biological assets. Inventories amounted to DKK 1,238 million (DKK 790 million) at the end of H1 2026. Total receivables, including long -term receivables, financial derivatives, and deferred tax assets, amounted to DKK 1,646 million (DKK 1,696 million) at the end of H1 2026. Total cash and cash equivalents amounted to DKK 327 million (DKK 300 million) at the end of H1 2026. The Group's equity amounted to DKK 10,964 million (DKK 11,044 million) at the end of H1 2026. The change in equity consists primarily of the result for H1 2026 and the pay out of dividend. Total non-current liabilities amounted to DKK 7,085 million (DKK 7,157 million) at the end of H1 2026. Deferred and other taxes amounted to DKK 2,081 million (DKK 2,162 million) at the end of H1 2026. Long-term interest-bearing debt was DKK 4,368 million (DKK 4,197 million) at the end of H1 2026. Leasing debt amounted to DKK 788 million (DKK 847 million) at the end of H1 2026. At the end of H1 2026, the Group's total current liabilities were DKK 959 million (DKK 827 million). The current liabilities consist of short -term leasing debt and accounts payable, tax payable and other debt. The equity ratio was 58% at the end of H1 2026, compared to 58% at the end of 2025.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 8 Cash Flow (Figures in parenthesis refer to the same period last year). The cash flow from operations was DKK 273 million (DKK -204 million) in Q2 2026. The decrease was mainly driven by negative working capital movements, particularly an increase in receivables and lower current liabilities, partly offset by a higher EBIT . For H1 2026, the cash flow from operations was DKK 727 million (DKK 386 million). The cash flow from investment activities amounted to DKK -224 (DKK -238 million) in Q2 2026. The primary investments have been in new and current hatcheries and the new feed line. For H1 2026, the cash flow from investments amounted to DKK -440 million (DKK -541 million). The cash flow from financing activities totalled DKK -92 million (DKK 397 million) in Q2 2026. For H1 2026, cash flow from financing amounted to DKK -259 million (DKK -120 million). In Q2 2026, the net change in cash flow amounted to DKK -43 million (DKK -45 million). For H1 2026, net change in cash flow amounted to DKK 28 million (DKK -275 million). The net interest-bearing debt amounted to DKK 4,040 million at the end of Q2 2026, compared to DKK 3,897 million at year-end 2025. Unused committed credit facilities amounted to DKK 1,624 million at end of Q2 2026, compared to DKK 1,489 million at year-end 2025. In addition, the Group has an accordion of EUR 150 million (EUR 150 million), which is the same as at end of 2025.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 582,123 664,657 -12% 1,124,715 1,151,641 -2% EBIT 117,713 102,539 15% 205,223 167,251 23% Operational EBIT 118,699 88,714 34% 202,693 153,343 32% Operational EBITDA 126,047 95,472 32% 217,202 166,817 30% Operational EBIT-margin 20% 13% 18% 13% Operational EBITDA-margin 22% 14% 19% 14% Volumes (tonnes) Total Feed sold 37,386 37,533 0% 72,807 68,871 6% - Feed internal sale FO 30,104 30,241 0% 59,837 53,486 12% - Feed internal sale SCT 7,264 6,807 7% 12,952 14,504 -11% - Feed external sale 18 485 -96% 18 881 -98% Fishmeal external sale 0 9,008 -100% 1,200 12,656 -91% Fish oil external sale 0 5 -100% 1 6 -83% Received raw material 109,431 159,951 -32% 160,630 269,453 -40% Fishmeal production 23,359 33,942 -31% 34,485 56,806 -39% Fish oil production 994 2,196 -55% 2,924 5,243 -44% Volumes In Q2 2026, Havsbrún received 109,431 tonnes (159,951 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 H1 2026, Havsbrún received 160,630 tonnes (269,453 tonnes) of raw material. The fishmeal production in Q2 2026 was 23,359 tonnes ( 33,942 tonnes). For H1 2026, Havsbrún produced 34,485 tonnes (56,806 tonnes) of fishmeal Fish oil production in Q2 2026 was 994 tonnes (2,196 tonnes). The production of fish oil varies depending on the species of fish sourced for production and the timing of the catch. For H1 2026, Havsbrún produced 2,924 tonnes (5,243 tonnes) of fish oil. Fish feed sales amounted to 37,386 tonnes (37,533 tonnes) in Q2 2026. The FO farming segment internally used 30,104 tonnes (30,241 tonnes). The SCT farming segment internally used 7,264 tonnes ( 6,807 tonnes). For H1 2026, Havsbrún sold 72,807 tonnes ( 68,871 tonnes). Financial Performance The operating revenue for the FOF segment amounted to DKK 582 million (DKK 665 million) in Q2 2026. Total revenue for the FOF segment in Q2 2026 was lower than the same quarter last year. In H1 2026, the revenue amounted to DKK 1,125 million (DKK 1,152 million). Operational EBIT was DKK 119 million (DKK 89 million) in Q2 2026, and the operational EBIT margin was 20% (13%). In H1 2026, the operational EBIT was DKK 203 million (DKK 153 million), and the operational EBIT margin was 18% (13%).
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 272,573 234,004 16% 483,074 388,072 24% EBIT 81,910 85,228 -4% 171,576 141,601 21% Operational EBIT 81,910 85,228 -4% 171,576 141,601 21% Operational EBIT/kg (DKK)* 34.13 33.80 1% 38.68 36.68 5% Operational EBIT-margin 30% 36% 36% 36% Volumes Smolt Transferred - Pieces 5,620 5,434 3% 9,483 8,614 10% Smolt Transferred - Avg Size (g) 427 464 -8% 467 447 4% * Calculated EBIT per KG transferred smolt Volumes 5.6 million (5.4 million) smolts were transferred to the sea in Q2 2026. The average weight of smolt transferred was 427g in Q2 2026 (464g). In H1 2026, 9 million (9 million) smolts were transferred to the sea, with an average weight of 467g (447g). Financial Performance In Q2 2026, the operating revenue for the Freshwater Faroe Islands segment was DKK 273 million (234 million) an increase of 16%. The operational EBIT/kg for Q2 2026 was DKK 34.13 (DKK 33.80) an increase of 1%. In H1 2026, the operating revenue was DKK 483 million (DKK 388 million) and the operational EBIT/kg was DKK 38.68 (DKK 36.68). Freshwater – Scotland Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 72,343 21,155 242% 112,978 36,640 208% EBIT -29,705 -72,423 59% -57,389 -71,210 19% Operational EBIT -29,705 -72,423 59% -57,389 -71,210 19% Operational EBIT/kg (DKK)* -55.81 -464.58 88% -75.48 -280.08 73% Operational EBIT-margin -41% -342% -51% -194% Volumes Total Smolt Transferred - Pieces 3,885 917 324% 4,931 1,499 229% Whereof externally sourced - Pieces 1,489 419 255% 1,489 621 140% Whereof Applecross Smolt Transf. - Pieces 1,130 498 127% 1,880 791 138% Whereof other internal Transf. - Pieces 1,266 0 N/A 1,562 87 1696% Total Smolt Transferred - Avg Size (g) 137 170 -19% 154 170 -9% Whereof Applecross Smolt Transf. - Avg Size (g) 219 243 -10% 239 239 0% * Calculated EBIT per KG transferred smolt Volumes 3.9 million (0.9 million) smolts were transferred to the sea in Q2 2026. The average weight of total smolt transferred was 137g in Q2 2026 (170g). The average weight of Applecross smolts transferred was 219g in Q2 2026 (243g). In H1 2026, 4,931 million (1,499 million) smolts were transferred to the sea, with an average weight of 154g (170g). Financial Performance In Q2 2026, the operating revenue for the Freshwater Scotland segment was DKK 72 million (21 million) – an increase of 242%. The operational EBIT/kg for Q2 2026 was DKK -55.81 (DKK -464.58) an increase of DKK 408.77 EBIT/kg. In H1 2026, the operating revenue was DKK 113 million (DKK 37 million) and the operational EBIT/kg was DKK -75.48 (DKK -280.08).
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 1,250,516 730,481 71% 2,616,010 1,845,150 42% EBIT -86,960 -164,746 47% 400,681 -267,136 N/A Operational EBIT 108,715 3,817 2748% 494,517 290,326 70% Operational EBIT/kg (DKK) 4.06 0.24 1606% 9.53 8.31 15% Operational EBIT-margin 9% 1% 19% 16% Volumes Harvested volumes (tgw) 26,749 16,020 67% 51,888 34,934 49% Volumes The total volumes harvested in Q2 2026 were 26,749 tonnes gutted weight (16,020 tgw) – a change in volume of 67%. The harvested volumes for H1 2026 were 51,888 tgw (34,934 tgw). Financial Performance In Q2 2026, the operating revenue for the Farming Faroe Islands segment was DKK 1,251 million (DKK 730 million) an increase of 71%. The operational EBIT/kg for Q2 2026 was DKK 4.06 (DKK 0.24) an increase of 1606%. In H1 2026, the operating revenue was DKK 2,616 million (DKK 1,845 million) and the operational EBIT/kg was DKK 9.53 (DKK 8.31). Costs of DKK 0 million (DKK 0 million) relate to incident -based mortality in Q2 2026. In H1 2026, the cost related to incident-based mortality was DKK 0 million (DKK 0 million). Farming – Scotland Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 152,274 322,309 -53% 487,779 706,448 -31% EBIT -407,321 -170,869 -138% -649,279 -221,294 -193% Operational EBIT -139,192 -127,499 -9% -201,819 -111,608 -81% Operational EBIT/kg (DKK) -44.26 -18.13 -144% -21.60 -8.38 -158% Operational EBIT-margin -91% -40% -41% -16% Volumes Harvested volumes (tgw) 3,145 7,034 -55% 9,343 13,320 -30% Volumes The total volumes harvested in Q2 2026 were 3,145 tonnes gutted weight ( 7,034 tgw) – a change in volume of -55%. Financial Performance In Q2 2026, the operating revenue for the Farming Scotland segment was DKK 152 million (DKK 322 million) – a decrease of 53%. The operational EBIT/kg for Q2 2026 was DKK -44.26 (DKK -18.13). In H1 2026, the operating revenue was DKK 488 million (DKK 706 million) and the operational EBIT/kg was DKK -21.60 (DKK -8.38). Costs of DKK 31 million (DKK 39 million) relate to incident-based mortality in Q2 2026. In H1 2026, the cost related to incident-based mortality was DKK 34 million (DKK 47 million).
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 238,526 214,624 11% 504,831 433,718 16% EBIT 35,490 17,105 107% 76,936 55,053 40% Operational EBIT 35,490 17,105 107% 76,936 55,053 40% Operational EBIT/kg (DKK) 1.19 0.74 60% 1.26 1.14 10% Operational EBIT-margin 15% 8% 15% 13% Volumes Total Energy produced (Mwh) 7,548 4,010 88% 13,039 7,549 73% Harvested Volumes (tgw) 29,894 23,054 30% 61,231 48,254 27% Volumes Førka produced 7,548 Mwh (4,010 Mwh) of energy in Q2 2026 – a change in volume of 88%. In H1 2026, total energy production was 13,039 Mwh (7,549 Mwh). Financial Performance In Q2 2026, the operating revenue for the Services segment was DKK 239 million (DKK 215 million) – an increase of 11%. The operational EBIT was 35 million (17 million) – an increase of 107%. In H1 2026, the operating revenue was DKK 504,831 million (DKK 433,718 million) and the operational EBIT was DKK 76,936 million (DKK 55,053 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 2,955,338 2,198,120 34% 6,287,271 5,023,716 25% EBIT 947,184 96,585 881% 994,389 140,186 609% Operational EBIT 114,334 96,585 18% 161,539 138,089 17% Operational EBIT/kg (DKK) 3.82 4.19 -9% 2.64 2.86 -8% Operational EBIT-margin 4% 4% 3% 3% Volumes Harvested Volumes (tgw) 29,894 23,054 30% 61,231 48,254 27% Farming FO transferred to VAP (tgw) 6,630 3,874 71% 12,535 8,267 52% VAP produced (tgw) 6,630 3,903 70% 12,557 8,004 57% Harvested volumes used in VAP production 25% 24% 24% 24% Harvested volumes sold fresh/frozen 75% 76% 76% 76% Volumes Total volumes harvested in Q2 2026 for Bakkafrost Group were 29,894 tgw (23,054 tgw) – a change in volume of 30%. The harvested volumes for H1 2026 were 61,231 tgw (48,254 tgw). 25% (24%) of the Faroese harvested volumes in Q2 2026 went to the production of VAP products and 24% (24%) in H1 2026. VAP produced 6,630 tonnes gutted weight in Q2 2026 (3,903 tgw) – a change in volume of 70%. In H1 2026, the VAP production was 12,557 tgw (8,004 tgw). Financial Performance In Q2 2026, the operating revenue for the Sales & other segment was DKK 2,955 million (DKK 2,198 million) – an increase of 34%. The operational EBIT was 114 million (97 million) – an increase of 18.38%. In H1 2026, the operating revenue was DKK 6,287 million (DKK 5,024 million)
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 13 Risks Biological risk has been and will be a substantial risk for Bakkafrost. The Integrated Annual Report 2025 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 202 5, exposed to the salmon price. The Integrated Annual Report 2025 is available on request from Bakkafrost and Bakkafrost's website, www.bakkafrost.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 presented herein.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 2026 to 30 June 2026. 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 June 2026, as well as the results of the Group activities and cash flows for the period 1 January 2026 to 30 June 2026. 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 2025. Glyvrar, August 30th, 2026. Management: J. Regin Jacobsen CEO The Board of Directors of P/F Bakkafrost: Rúni M. Hansen Annika Frederiksberg Guðrið Højgaard Chairman of the Board Board Member Board Member Teitur Samuelsen Einar Wathne Henrik Heiberg Board Member Board Member Board Member
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 15 Consolidated Income Statement For the period ended 30 Jun 2026 Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 Operating revenue 1,825,581 1,574,628 3,939,441 3,474,056 Purchase of goods/change in inventory at cost -510,890 -574,773 -1,051,508 -1,061,703 Salary and personnel expenses -271,175 -237,206 -520,859 -462,947 Other operating expenses -565,761 -518,896 -1,138,756 -1,034,870 Depreciation -207,202 -193,071 -427,813 -382,322 Other income 2,036 14,300 15,890 37,903 Operational EBIT* 272,589 64,982 816,395 570,117 Fair value adjustments of biological assets -406,300 -187,156 -392,851 -563,268 Income from associates -986 13,825 2,530 16,005 Revenue tax -57,504 -24,777 -148,445 -103,880 Earnings before interest and taxes (EBIT) -192,201 -133,126 277,629 -81,026 Net interest revenue 6,953 3,503 10,523 8,481 Net interest expenses -44,625 -38,027 -87,799 -78,387 Net currency effects -7,884 -26,969 -23,973 -79,498 Other financial expenses -2,856 2,910 -2,775 2,173 Earnings before taxes (EBT) -240,613 -191,709 173,605 -228,257 Taxes 79,817 53,439 -27,668 84,291 Profit or loss for the period -160,796 -138,270 145,937 -143,966 Profit or loss for the year attributable to Non-controlling interests 319 -1,835 527 -1,988 Owners of P/F Bakkafrost -161,115 -136,435 145,410 -141,978 Earnings per share (DKK) -2.71 -2.33 2.46 -2.43 Diluted earnings per share (DKK) -2.71 -2.33 2.46 -2.43 * 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 Jun 2026 Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 Profit for the period -160,796 -138,270 145,937 -143,966 Changes on financial derivatives -18,044 20,585 -37,589 23,832 Hereof income tax effect 2,752 -3,141 5,734 -3,636 Reserve to share-based payment 2,170 -12,929 -2,834 -4,979 Currency translation differences 8,858 -64,094 21,347 -108,289 Adjustment of treasury shares -16,242 -17,729 -8,700 -24,359 Net other comprehensive income to be reclassified to profit or loss in subsequent periods -20,506 -77,308 -22,042 -117,431 Other comprehensive income -20,506 -77,308 -22,042 -117,431 Total comprehensive income for the period -181,302 -215,578 123,895 -261,397 Comprehensive income for the period attributable to Non-controlling interests 319 -1,835 527 -1,988 Owners of P/F Bakkafrost -181,621 -213,743 123,368 -259,409
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 16 Consolidated Statement of Financial Position As on 30 Jun 2026 30 Jun 31 Dec DKK 1,000 2026 2025 ASSETS Non-current assets Intangible assets 4,513,573 4,509,171 Property, plant and equipment 7,258,825 7,136,020 Right of use assets 725,907 829,037 Financial assets 348,716 346,084 Deferred tax assets 613,730 698,693 Total non-current assets 13,460,751 13,519,005 Current assets Biological assets (biomass) 2,949,731 3,422,053 Inventory 1,237,937 789,723 Total inventory 4,187,668 4,211,776 Accounts receivable 852,405 699,696 Other receivables 179,717 297,505 Total receivables 1,032,122 997,201 Cash and cash equivalents 327,481 299,749 Total current assets 5,547,271 5,508,726 TOTAL ASSETS 19,008,022 19,027,731 30 Jun 31 Dec DKK 1,000 2026 2025 EQUITY AND LIABILITIES Equity Share capital 59,390 59,390 Other equity 10,901,770 10,982,751 Non-controlling interests 2,398 1,871 Total equity 10,963,558 11,044,012 Non-current liabilities Deferred taxes and other taxes 2,081,404 2,161,872 Long-term interest-bearing debt 4,367,544 4,196,642 Long-term leasing debt 636,148 798,395 Total non-current liabilities 7,085,096 7,156,909 Current liabilities Financial derivatives 39,840 1,840 Short-term leasing debt 152,351 48,549 Accounts payable and other debt 767,177 776,421 Total current liabilities 959,368 826,810 Total liabilities 8,044,464 7,983,719 TOTAL EQUITY AND LIABILITIES 19,008,022 19,027,731
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 17 Consolidated Cash Flow Statement For the period ended 30 Jun 2026 Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 Earnings before interest and taxes (EBIT) -192,200 -133,125 277,630 -81,025 Adjustments for write-downs and depreciation 207,202 193,070 427,812 382,319 Adjustments for value adjustment of biomass 406,300 187,156 392,851 563,268 Adjustments for income from associates -122 4,422 -122 2,242 Adjustments for currency effects 16,308 4,606 17,105 -41,428 Change in inventory -393,153 -264,415 -358,158 -360,398 Change in receivables 169,896 208,204 -29,082 110,011 Change in current debts 59,171 -404,045 -1,385 -189,117 Cash flow from operations 273,402 -204,127 726,651 385,872 Cash flow from investments Payments for purchase of fixed assets -224,395 -244,487 -440,360 -541,292 Net investment in financial assets 0 6,810 0 0 Cash flow from investments -224,395 -237,677 -440,360 -541,292 Cash flow from financing Change in interest-bearing debt (short and long) 208,872 984,513 125,495 542,656 Financial income 7,075 130 10,645 5,108 Financial expenses -43,079 -44,146 -84,762 -85,243 Lease payments -43,385 -42,523 -90,910 -88,212 Net proceeds from sale of own shares -16,220 -28,043 -14,140 -20,811 Proceeds from share capital increases 0 27,340 0 27,340 Dividend paid -204,887 -500,521 -204,887 -500,521 Cash flow from financing -91,624 396,750 -258,559 -119,683 Net change in cash and cash equivalents in period -42,617 -45,054 27,732 -275,103 Cash and cash equivalents – opening balance 370,098 250,457 299,749 480,506 Cash and cash equivalents – closing balance total 327,481 205,403 327,481 205,403
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 18 Consolidated Statement of Changes in Equity As on 30 Jun 2026 Share Share Premium Treasury Sharebased Currency translation Biomass Fair value Retained Non controlling Total DKK 1,000 Capital Reserve Shares Payment differences Derivatives Dividend adjustments Earnings interest Equity Equity 01.01.2026 59,390 4,085,934 -30,869 28,862 64,380 -809 204,895 500,604 6,129,754 1,871 11,044,012 Consolidated profit 0 0 0 0 0 0 0 -392,851 538,580 208 145,937 Changes in financial derivatives 0 0 0 0 0 -37,589 0 0 0 0 -37,589 Hereof income tax effect 0 0 0 0 0 5,734 0 0 0 0 5,734 Share-based payment 0 0 0 -2,833 0 0 0 0 0 0 -2,833 Currency translation differences 0 0 0 0 21,347 0 0 0 0 0 21,347 Total other comprehensive income 0 0 0 -2,833 21,347 -31,855 0 0 0 0 -13,341 Total comprehensive income 0 0 0 -2,833 21,347 -31,855 0 -392,851 538,580 208 132,596 Treasury shares 0 0 -8,700 0 0 0 0 0 537 0 -8,163 Paid-out dividend 0 0 0 0 0 0 -204,895 0 8 0 -204,887 Total transaction with owners 0 0 -8,700 0 0 0 -204,895 0 545 0 -213,050 Total changes in equity 0 0 -8,700 -2,833 21,347 -31,855 -204,895 -392,851 539,125 208 -80,454 Total equity 31.06.2026 59,390 4,085,934 -39,569 26,029 85,727 -32,664 0 107,753 6,668,879 2,079 10,963,558 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 -563,268 419,302 0 -143,966 Changes in financial derivatives 0 0 0 0 0 23,832 0 0 0 0 23,832 Hereof income tax effect 0 0 0 0 0 -3,636 0 0 0 0 -3,636 Share-based payment 0 0 0 -4,979 0 0 0 0 0 0 -4,979 Currency translation differences 0 0 0 0 -108,289 0 0 0 0 0 -108,289 Total other comprehensive income 0 0 0 -4,979 -108,289 20,196 0 0 0 0 -93,072 Total comprehensive income 0 0 0 -4,979 -108,289 20,196 0 -563,268 419,302 0 -237,038 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 -106 -500,626 Total transaction with owners 85 27,255 -24,359 0 0 0 -500,531 0 -1,035 -106 -498,691 Total changes in equity 85 27,255 -24,359 -4,979 -108,289 20,196 -500,531 -563,268 418,267 -106 -735,729 Total equity 30.06.2025 59,390 4,085,934 -38,861 24,209 102,117 17,368 0 -190,743 6,370,378 -8,854 10,420,938 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 0 128,079 402,087 -6,408 523,758 Changes in financial derivatives 0 0 0 0 0 2,383 0 0 0 0 2,383 Hereof income tax effect 0 0 0 0 0 -364 0 0 0 0 -364 Share-based payment 0 0 0 -326 0 0 0 0 0 0 -326 Currency translation differences 0 0 0 0 -146,026 0 0 0 0 0 -146,026 Total other comprehensive income 0 0 0 -326 -146,026 2,019 0 0 0 0 -144,333 Total comprehensive income 0 0 0 -326 -146,026 2,019 0 128,079 402,087 -6,408 379,425 Treasury shares 0 0 -16,367 0 0 0 0 0 -2,534 0 -18,901 Share Capital increase 85 27,255 0 0 0 0 0 0 0 0 27,340 Change of non-controlling interests 0 0 0 0 0 0 0 0 -17,027 17,027 0 Paid-out dividend 0 0 0 0 0 0 -500,531 0 12 0 -500,519 Proposed dividend 0 0 0 0 0 0 204,895 0 -204,895 0 0 Total transaction with owners 85 27,255 -16,367 0 0 0 -295,636 0 -224,444 17,027 -492,080 Total changes in equity 85 27,255 -16,367 -326 -146,026 2,019 -295,636 128,079 177,643 10,619 -112,655 Total equity 31.12.2025 59,390 4,085,934 -30,869 28,862 64,380 -809 204,895 500,604 6,129,754 1,871 11,044,012
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 2025 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 2025. 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 2025. 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. Descriptions of the accounting estimates are in the notes to the financial statements in the Annual Report 2025.
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 20 Note 4. Biological Assets 30 Jun 30 Jun 31 Dec DKK 1,000 2026 2025 2025 Biological assets carrying amount 01.01. 3,422,052 3,138,657 3,138,657 Increase due to production or purchases 2,771,537 2,246,323 5,259,497 Reduction due to harvesting or sale (costs of goods sold) -2,765,968 -2,211,202 -4,773,586 Reduction due to mortality (costs of incidents-based mortality) *) -33,904 -47,477 -172,348 Fair value adjustment at the beginning of the period reversed -500,604 -385,429 -372,524 Fair value adjustment at the end of the period 107,753 -192,325 500,604 Reversal of elimination at the beginning of the period 576,207 498,799 498,799 Eliminations -607,190 -524,135 -576,207 Currency translation differences -20,153 65,636 -80,840 Biological assets carrying amount at the end of the period 2,949,731 2,588,847 3,422,052 Cost price biological assets 3,469,321 3,239,671 3,578,495 Fair value adjustment at the end of the period 107,753 -192,325 500,604 Eliminations -607,190 -524,135 -576,207 Currency translation differences -20,153 65,636 -80,840 Biological assets carrying amount 2,949,731 2,588,847 3,422,052 Biomass (tonnes) < 1 kg 4,459 3,784 5,785 1 kg < 2 kg 8,160 8,686 6,174 2 kg < 3 kg 13,595 12,158 7,021 3 kg < 4 kg 11,697 4,488 10,183 4 kg < 27,243 34,413 45,861 Volume of biomass at sea (tonnes) 65,154 63,529 75,024 Q2 Q2 YTD * Costs of incident-based mortality per Farming segment: 2026 2025 2026 Faroe Islands 0 0 0 Scotland 31,290 39,192 33,904 Total 31,290 39,192 33,904 30 Jun 30 Jun 31 Dec Number of fish (thousand) 2026 2025 2025 < 1 kg 9,044 5,914 9,426 1 kg < 2 kg 5,579 5,939 4,178 2 kg < 3 kg 5,522 4,782 2,710 3 kg < 4 kg 3,454 1,896 2,886 4 kg < 5,323 6,828 8,210 Total number of fish at sea (thousand) 28,922 25,359 27,410 Number of smolt transferred YTD (thousand) Farming Faroe Island 9,482 8,614 18,732 Farming Scotland 4,934 1,498 7,328 Total number of smolts transferred YTD (thousand) 14,416 10,112 26,060 Sensitivity in DKK 1,000 Change in discount rate +1% -174,770 -153,650 -157,320 Change in discount rate -1% 174,770 153,650 157,320 Change in sales price +5 DKK 467,760 421,698 465,565 Change in sales price -5 DKK -467,760 -421,698 -465,565 Change in biomass volume +1% 14,773 5,776 13,783 Change in biomass volume -1% -14,773 -5,776 -13,783 One-year forward prices in EUR FCA Oslo** Period end 5.59 7.62 7.90 1 Q (forward) 5.78 7.58 8.35 2 Q (forward) 6.11 6.70 7.76 3 Q (forward) 8.20 6.87 6.30 4 Q (forward) 7.87 8.74 7.00 ** Pricing is based on forward prices from Fish Pool and Kontali
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 21 Note 5. Segments Fishmeal, Freshwater Freshwater Farming Farming Sales Q2 - 2026 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 582,123 272,573 72,343 1,250,516 152,274 238,526 2,955,338 -3,698,112 1,825,581 Depreciation and amortization -7,348 -34,064 -19,648 -41,822 -59,268 -26,328 -18,724 0 -207,202 Operating expenses -456,076 -156,599 -82,400 -1,099,979 -232,198 -176,708 -2,824,316 3,680,450 -1,347,826 Other Income 0 0 0 0 0 0 2,036 0 2,036 Operational EBIT 118,699 81,910 -29,705 108,715 -139,192 35,490 114,334 -17,662 272,589 Fair value adjustments on biological assets 0 0 0 -140,981 -265,319 0 0 0 -406,300 Income from associates -986 0 0 0 0 0 832,850 -832,850 -986 Revenue tax 0 0 0 -54,694 -2,810 0 0 0 -57,504 EBIT 117,713 81,910 -29,705 -86,960 -407,321 35,490 947,184 -850,512 -192,201 Operational EBITDA 126,047 115,974 -10,057 150,537 -79,924 61,818 133,058 -17,662 479,791 Fishmeal, Freshwater Freshwater Farming Farming Sales Q2 - 2025 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 664,657 234,004 21,155 730,481 322,309 214,624 2,198,120 -2,810,722 1,574,628 Depreciation and amortization -6,758 -32,123 -13,705 -33,115 -63,152 -24,718 -19,500 0 -193,071 Operating expenses -569,185 -116,653 -79,873 -693,549 -386,656 -172,801 -2,096,335 2,784,177 -1,330,875 Other Income 0 0 0 0 0 0 14,300 0 14,300 Operational EBIT 88,714 85,228 -72,423 3,817 -127,499 17,105 96,585 -26,545 64,982 Fair value adjustments on biological assets 0 0 0 -141,362 -45,794 0 0 0 -187,156 Income from associates 13,825 0 0 0 0 0 0 0 13,825 Revenue tax 0 0 0 -27,201 2,424 0 0 0 -24,777 EBIT 102,539 85,228 -72,423 -164,746 -170,869 17,105 96,585 -26,545 -133,126 Operational EBITDA 95,472 117,351 -58,718 36,932 -64,347 41,823 116,085 -26,545 258,053
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 22 Fishmeal, Freshwater Freshwater Farming Farming Sales YTD 2026 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 1,124,715 483,074 112,978 2,616,010 487,779 504,831 6,287,271 -7,677,217 3,939,441 Depreciation and amortization -14,509 -67,506 -38,100 -76,797 -121,989 -71,013 -37,899 0 -427,813 Operating expenses -907,513 -243,992 -136,105 -2,044,696 -567,730 -356,882 -6,099,764 7,645,559 -2,711,123 Other Income 0 0 3,838 0 121 0 11,931 0 15,890 Operational EBIT 202,693 171,576 -57,389 494,517 -201,819 76,936 161,539 -31,658 816,395 Fair value adjustments on biological assets 0 0 0 47,101 -439,952 0 0 0 -392,851 Income from associates 2,530 0 0 0 0 0 832,850 -832,850 2,530 Revenue tax 0 0 0 -140,937 -7,508 0 0 0 -148,445 EBIT 205,223 171,576 -57,389 400,681 -649,279 76,936 994,389 -864,508 277,629 Operational EBITDA 217,202 239,082 -19,289 571,314 -79,830 147,949 199,438 -31,658 1,244,208 INVESTMENTS in Property, plant and equipment 53,728 201,373 40,209 84,664 6,795 34,442 19,149 0 440,360 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 1,151,641 388,072 36,640 1,845,150 706,448 433,718 5,023,716 -6,111,329 3,474,056 Depreciation and amortization -13,474 -64,475 -23,445 -65,750 -127,411 -49,696 -37,493 -578 -382,322 Operating expenses -984,824 -181,996 -87,125 -1,489,074 -700,965 -328,969 -4,872,997 6,086,430 -2,559,520 Other Income 0 0 2,720 0 10,320 0 24,863 0 37,903 Operational EBIT 153,343 141,601 -71,210 290,326 -111,608 55,053 138,089 -25,477 570,117 Fair value adjustments on biological assets 0 0 0 -462,880 -100,388 0 0 0 -563,268 Income from associates 13,908 0 0 0 0 0 2,097 0 16,005 Revenue tax 0 0 0 -94,582 -9,298 0 0 0 -103,880 EBIT 167,251 141,601 -71,210 -267,136 -221,294 55,053 140,186 -25,477 -81,026 Operational EBITDA 166,817 206,076 -47,765 356,076 15,803 104,749 175,582 -24,899 952,439 INVESTMENTS in Property, plant and equipment 67,938 161,517 60,407 135,551 13,019 75,445 27,415 541,292
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 504 million. DKK 374 million, DKK 24 million, and DKK 47 million relate to the Freshwater, FOF, and Farmi ng segments in the Faroe Islands, respectively. DKK 18 million and DKK 30 million relate to the Freshwater and Farming segments in Scotland, respectively. DKK 10 million and DKK 1 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 2025 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 31 December 2026, 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) 2,949,731 2,841,978 0 0 2,949,731 Assets measured at fair value 30/06-2026 2,949,731 2,841,978 0 0 2,949,731 Liabilities measured at fair value 30/06-2026 0 0 0 0 0 Biological assets (biomass) 3,422,053 2,921,448 0 0 3,422,053 Assets measured at fair value 31/12-2025 3,422,053 2,921,448 0 0 3,422,053 Liabilities measured at fair value 31/12-2025 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 2026, nor in 2025. 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 Jun 31 Dec DKK 1,000 2026 2025 Cash and cash equivalents 327,481 299,749 Long- and short term interest bearing debt -4,367,544 -4,196,642 Net interest-bearing debt -4,040,063 -3,896,893
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 EBIT -192,201 -133,126 277,629 -81,026 Fair value adjustments of biological assets 406,300 187,156 392,851 563,268 Income from associates 986 -13,825 -2,530 -16,005 Revenue tax 57,504 24,777 148,445 103,880 Operational EBIT 272,589 64,982 816,395 570,117 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 Group -Operational EBIT 272,589 64,982 816,395 570,117 Average Capital Employed 18,227,462 17,165,429 17,762,185 17,165,429 ROCE 1.5% 0.4% 4.6% 3.3% 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. Q2 Q2 YTD YTD DKK 1,000 2026 2025 2026 2025 Profit for the period to the shareholders of P/F Bakkafrost -160,796 -138,270 145,937 -143,966 Fair value adjustment of biomass 406,300 187,156 392,851 563,268 Tax on fair value adjustment and onerous contracts provisions -108,624 -54,525 -95,858 -164,629 Adjusted profit for the period to shareholders of P/F Bakkafrost 136,880 -5,639 442,930 254,673 Time-weighted average number of shares outstanding through the period 59,306,023 59,316,958 59,306,023 59,316,958 Adjusted earnings per share (before fair value adjustment of biomass and provisions for onerous contracts) (adjusted EPS) 2.31 -0.10 7.47 4.29
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BAKKAFROST | INTERIM REPORT | Q2 2026 and H1 2026 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 | Q2 2026 and H1 2026 26 Appendix – Performance FO vs SCT The performance related to the Faroe Islands and Scotland as a region. Q2 2026 Q2 2025 2026 YTD 2025 YTD DKK 1,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues 213 1,613 1,826 431 1,144 1,575 656 3,284 3,939 927 2,547 3,474 Depreciation and amortization -159 -49 -207 -81 -113 -193 -244 -184 -428 -159 -223 -382 Operating expenses -195 -1,153 -1,348 -510 -821 -1,331 -595 -2,116 -2,711 -881 -1,679 -2,560 Other income 2 0 2 14 0 14 16 0 16 38 0 38 Operational EBIT -139 411 273 -146 211 65 -167 984 816 -75 646 571 Operational EBITDA 20 460 480 -65 323 258 76 1,168 1,244 84 868 952 Volume tonnes 3,145 26,749 29,894 7,034 16,020 23,054 9,343 51,888 61,231 13,320 34,934 48,254 Operational EBIT/KG -44.13 15.38 9.12 -20.70 13.15 2.82 -17.89 18.96 13.33 -5.64 18.49 11.83 DKK 1.00 - of which FOF 0.00 4.44 3.97 0.00 5.54 3.85 0.00 3.91 3.31 0.00 4.39 3.18 - of which Freshwater -9.45 3.06 1.75 -10.30 5.32 0.56 -6.14 3.31 1.86 -5.35 4.05 1.46 - of which Farming -44.26 4.06 -1.02 -18.13 0.24 -5.36 -21.60 9.53 4.78 -8.38 8.31 3.70 - of which Services -4.74 1.88 1.19 0.93 0.66 0.74 -0.69 1.61 1.26 1.43 1.03 1.14 - of which Sales & Other 5.08 3.68 3.82 6.12 3.34 4.19 7.09 1.84 2.64 6.30 1.55 2.86 - of which Eliminations 9.24 -1.75 -0.59 0.67 -1.95 -1.15 3.45 -1.23 -0.52 0.36 -0.85 -0.52 *included a marginal contribution from US, DK, UK and FR