Slides
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BAKKAFROST GROUP Oslo November 2nd 2026 Q3 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 Q3 2026
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SUMMARY OF INCREASED EARNINGS REVENUE mDKK Q3 2025 ▲ OPERATIONAL EBIT* mDKK Q3 2025 ▲ CASH FLOW FROM OPS mDKK Q3 2025 HARVEST – FAROE ISLANDS 23,097 Q3 2025 ▲ HARVEST – SCOTLAND 4,537 Q3 2025 ▲ FEED SALES** 48,237 Q3 2025 ▲ FISH MEAL SALE 1,206 Q3 2025 ▲ MARINE SOURCING 9,587 Q3 2025 ▼ SEGMENTS – POSITIVE OPERATIONAL EBIT IN Fishmeal, Oil & Feed • Freshwater 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 1,681 : mDKK 1,686 128 22: mDKK -0% 476% 149 -39% Q3 2026 tgw 25,392: tgw tgw : 5,286 tgw : 49,087 t t -9% -14% -2% t : 5,118 t t :39,940 t -76% **) Feed Sales include internal sales of tonnes ( : tonnes).48,83348,183 Q3 2025 : mDKK 245 -76% Q3 2026 ▲
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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 4.61 0.72 -38.72 11.57 8.93 -30.79 Q3 2026 Q3 2025 ( ) ( ) ( )
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Q3 2026
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SUPPLY DEVELOPMENT Q3 2026 Q3 2025 Change % Norway 495 455 8.8% UK 43 42 3.2% Faroes 31 32 -5.0% Iceland 15 12 29.8% Ireland 4 4 -10.6% Total Europe 588 545 7.8% Chile 199 203 -2.1% Canada 23 29 -18.5% USA 5 5 3.6% Total Americas 227 236 -4.0% Other 29 23 23.4% Total (Harvested quantity) 844 805 4.8% Inventory movements -25 -39 -36.5% Total (Sold Quantity) 819 766 6.9% GLOBAL HARVEST INCREASED BY 5% SUPPLY TO THE MARKETS BY 7% 7 5% increase in global harvest volumes ▪ 8% growth in Europe ▪ Drop in Americas after four quarters of strong growth Europe – continued strong growth ▪ Norway – Good biology, reduced mortality ▪ Iceland – Biological challenges advancing harvest Americas - 4% drop ▪ Chile – Stabilised harvest volume ▪ Decreasing biomass ▪ Canada – Continued strong harvest on West coast ▪ Impacted potential going forward Source: Kontali
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GLOBAL MARKETS SOLD VOLUMES INCREASED BY 7% 8 Source: Kontali EU/UK – 10% growth ▪ Above European supply increase (8%) Stable demand in the US – 1% growth ▪ Supply from the Americas down 4% ▪ In spite of weaker USD and tariffs Mix development in Asia ▪ Greater China up 5%, ASEAN flat, Japan down 9% Growth in Latin America – 8% Strong growth in the Middle-East – 12% Salmon markets, sold quantity (head on gutted weight)
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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 74.15 63.73 66.87 Source: Kontali Size distribution Average spot prices increased YoY and reduced QoQ (Q2 2026) (Q3 2026) (Q3 2025) 4.9% -9.2% 3.14 -7.28 9 Source: Kontali 66.87 (Q3 2026) -9% 10% -30% -20% -10% 0% 10% 20% 30% 40% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Yearly prices 2-3kg / 4-5kg 6-7kg / 4-5kg 10% 20% 30% 40% 50% 60% 2020 2021 2022 2023 2024 2025 2025 Q3 2026 Q3 Size distribution 1-4kg 5+kg 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 2021 2022 2023 2024 2025 2026
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Q3 2026 Førka, biogas-plant, Faroe Islands
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GROUP PROFIT AND LOSS LOWER REVENUE, HIGHER 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) 12822 231 19177 122 Q3 2025 Q3 2026 114 -5 105 109 1,6811,686 (DKK million) Q3 26 YTD 26 Q3 25 YTD 25 Operating revenue 1,681 5,620 1,686 5,160 Operational EBITDA* 325 1,569 218 1,171 Operational EBIT* 128 944 22 592 Fair value adjustment of biological assets 231 -162 122 -442 Income from associates 6 8 5 21 Revenue tax -41 -190 -18 -121 EBIT 323 600 131 50 Net Financial items -68 -172 -54 -202 EBT 255 428 77 -151 Taxes -64 -92 -0 84 Profit for the period 191 337 77 -67
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7.97 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 6.90 944 418 565 710 505 544 587 353 388 65 273 325 269 173 22 128 376 356 280 295 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 0.50 3.43 3.56 4.37 2.60 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: 20 7,312 3,422 3,442 1,224 835 300 523 13111,044 11,175 57% 434790 135700 7,136 End Q3 2026 58% 176 223 -1% (DKK million) Q3 26 End 2025 Intangible assets 4,516 4,509 Property, plant and equipment 7,312 7,136 Right of use assets 698 829 Financial assets 345 346 Deferred tax assets 614 699 Biological assets 3,442 3,422 Inventory 1,224 790 Financial derivatives 0 0 Receivables 835 700 Other receivables 131 298 Cash and cash equivalents 523 300 Total Assets 19,639 19,028 Equity 11,175 11,044 Deferred tax and other taxes 2,144 2,162 Long-term interest-bearing debt 4,652 4,197 Long-term leasing debt 620 798 Financial derivatives 43 2 Short-term leasing debt 157 49 Accounts and other payables 848 776 Total Equity and Liabilities 19,639 19,028 2025 * * 338 (501)
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CASH FLOW 14 Cash flow, operations (mDKK) Cash flow, investments (mDKK) Cash flow, financing (mDKK) 149245 -209-311 255147 102 Q3 2026Q3 2025 -96 108 (DKK million) Q3 26 YTD 26 Q3 25 YTD 25 Cash flow from operations 149 875 245 631 Cash flow from investments -209 -649 -311 -853 Cash flow from financing 255 -3 147 28 Net change in cash 195 223 81 -194 Cash at the end of the period 523 523 286 286
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NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING NIBD was increased by: • Net investments (mDKK 209) • Change in Working Capital (mDKK 52) NIBD was decreased by: • Operating Activities (mDKK 172) Financing end • NIBD: DKK million • Bank facilities of EUR 722 million and an accordion of EUR 150 million. • Undrawn credit facilities: DKK million 15 Development in NIBD in DKK millions NIBD and available funding Q3 2026 Q3 2026 4,129 1,257 4,040 209 52 0 -172 4,129 NIBD Q2 2026 Net Investment Δ Working Capital Dividend Operating activities NIBD Q3 2026 0 500 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
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Árnafjørður Q3 2026 Hvannasund S Faroe Islands, north east area Borðoyavík KunoyarnesFuglafjørður Funningsfjørður Hvannasund N Haraldsund Gøtuvík
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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 in the Faroes 97% ASC in 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 Q3 YTD Q3 YTD change 2026 2026 2025 2025 Marine raw material sourced -76% 9,587 170,217 39,940 309,393 Feed sold (tonnes)* -2% 48,237 121,044 49,087 117,958 Fishmeal sold external (tonnes) -76% 1,206 2,406 5,118 17,774 Fishoil sold external (tonnes) N/A 6 7 0 6 *Including internal sales, corresponding to 100% of feed volumes in Q3 2026 (Q3 2025: 99%) Margin Operational EBIT 118 209 412 91 244 Operational EBIT margin 12% 24% 21% 12% 13% 170 349 310 467 298 152 283 279 302 342 0 50 100 150 200 250 300 350 400 450 500 26 YTD 25 24 23 22 21 20 19 18 17 RM (YTD) 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 Q3 26 Volumes of raw material purchase and feed sale Raw material Total feed sale Raw material Feed sale 0 10 20 30 40 50 60 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 JUL SEP 2020 2021 2022 2023 2024 2025 2026 Feed RM FISHMEAL SPC WHEAT GLUTEN RAPESEED OIL FISH OIL SCAND 10 40 0 5 10 15 20 25 30 35 40 45 Q3 26 Q3 25 RM(Qtr)
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Target range 466 0 100 200 300 400 500 600 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Historic Smolt FO Avg Weight FRESHWATER – FAROE ISLANDS PRODUCTION CONTINUES TO SCALE – 2ND BATCH TAKEN INTO NEW HATCHERY AT SKÁLAVÍK 19 Freshwater investments delivering excellent results • More, large & high-quality smolt • Stronger biological performance driving growth Ramping up smolt production • Planned smolt transfer in 2026 increased to 20.7 million • Increasing capacity utilisation and efficiency • New hatchery at Skálavík started operation w/ 2nd batch Smolt transfer 2027 • 21 million smolt at around 440g Strond Glyvradal Norðtoftir Viðareiði Avg. smolt weight 466g in Q3 2026 Volumes YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Transferred number of smolt (million) -6% 4.5 14.0 4.8 13.4 Average weight (g) 9% 466 466 427 441 Margin Operational EBIT (mDKK) -15 68 240 83 225 Operational EBIT/KG (NOK) -17.03 47.31 54.92 64.34 59.74 Operational EBIT margin -6% 30% 34% 36% 36% Skálavík hatchery in operation
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FARMING – FAROE ISLANDS SMALLER SITES HARVESTED AFFECTING RING-SIDE COST • Ring-side costs increased 7% YoY • Smaller sites harvested • Biomass broadly stable feeding activity remains strong • Operational EBIT increased significantly • Strong cost discipline Ring-side costs are up 7% Biomass steady YoY Quarterly feeding strong 20 -1% Volumes YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Total harvest volume (tgw) -9% 23,097 74,985 25,392 60,326 Average harvest weight (kg) -5% 5.0 5.4 5.2 5.1 Margin Operational EBIT (mDKK) 21 -8 487 -29 262 Operational EBIT/KG (NOK) 1.28 -0.50 9.72 -1.78 6.81 Operational EBIT margin 2% -1% 13% -3% 9% -4% 0.0 0.5 1.0 1.5 0 2 4 6 8 10 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TEMPERATURE DIFFERENCE (°C) SEA TEMPERATURE (°C) MONTH SEA TEMPERATURE - FAROE ISLANDS (18m depth) Normal Range 2003-2024 Average 2003-25 2026 Temperature difference 2025 - Avg (2003-2024) (Second axis) 0 2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SEA TEMPERATURE - FAROE ISLANDS (18m depth) Normal Range 2003-2024 Average 2003-25 2026 57kt 56kt 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 Q3 26 Biomass FO - Tonnage (in 1,000s) 29.23 DKK/kg 31.23 DKK/kg 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 Q3 26 Ringside-side Cost: Farming FO 38.7 kt 35.4 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 Q3 26 Feeding FO - Tonnage (in 1,000s)
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SERVICES STEADY AND RELIABLE OPERATION 21 Services provided: • Fish transports & treatments • Farming Support • Harvest & Packaging • Waste-to-biogas production 90d post-transfer survivability (Faroe Islands) Margin YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Operational EBIT (mDKK) -10 28 105 38 93 Operational EBIT/KG (NOK) -0.48 1.49 1.77 1.97 1.85 Operational EBIT margin -3% 12% 14% 15% 14% 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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68% 14% 18% 0% 0% 91% 3% 1% 0% 5% 0% 50% 100% Western Europe North America Asia Eastern Europe Rest of world Sale of Salmon of Scottish Origin Q3 2026 Q3 2025 56% 24% 15% 4% 1% 47% 33% 13% 3% 3% 0% 20% 40% 60% Western Europe North America Asia Eastern Europe Rest of world Sale of Salmon of Faroese Origin Q3 2026 Q3 2025 SALES & OTHER STRONG OPERATION IN VAP – US MARKET EXPOSURE GROWING • 19% more volume (FO) transferred to VAP • Increased volumes sold • Higher supply putting pressure on price premium • 33% of Faroese sales to the US Sale of Faroese salmon (value excluding freight) Sale of Scottish salmon (value excluding freight) 22 Volumes YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Farming FO volume transferred to VAP (tgw) 19% 5,719 18,254 4,823 13,090 Volume HOG sold FO&SCT (tgw) -15% 21,915 70,611 25,855 65,842 Volume total FO&SCT (tgw) -10% 27,634 88,865 30,678 78,932 Margin Operating revenue (mDKK) 7% 2,641 8,928 2,462 7,485 Operational EBIT (mDKK) -11 62 224 73 211 Operational EBIT/KG (NOK) -0.47 3.28 3.77 3.75 4.19 Operational EBIT margin -1% 2% 3% 3% 3% 25% 19% 75% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3 26 Q3 25 VAP vs. HOG sale (FO only) VAP on contract HOG, Spot
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FRESHWATER – SCOTLAND SMOLT COSTS REDUCING RAPIDLY – ONLY INTERNAL SMOLT IN 2027 23 Applecross hatchery is steadily ramping up • Ramping up production of large high-quality smolt Smolt transfer 2026 • On-track for total transfer in 2026 of 10 million @ 179g Smolt transfer 2027 • 11.5 million at around 222g – no external smolt Applecross: Number of fish in tanks (quarterly average in millions) Applecross: Increasing production (tonnes per quarter) Volumes YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Transferred number of smolt (million) -19% 2.9 7.8 3.6 5.1 …whereof externally sourced 33% 1.2 2.7 0.9 1.5 Average weight (g) 7% 166 159 155 159 Average weight (g) Applecross -3% 221 230 229 232 Margin Operational EBIT (mDKK) 24 -14 -71 -38 -109 Operational EBIT/KG (NOK) 64.20 -41.50 -85.94 -105.70 -209.11 Operational EBIT margin 30% -22% -41% -51% -99% 4.8m 12.8m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Applecross_number_of_fish 150t 592t Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Applecross_Monthly_production All smolt transfer: Cost/kg of transferred smolt reducing Significant cost reduction ahead as volumes increase from Applecross 278 DKK/kg 180 DKK/kg 78 DKK/kg 63 DKK/kg Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Scotland Faroe Islands
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FARMING – SCOTLAND LARGE SMOLT SHOW SUPERIOR PERFORMANCE AT SEA • Improved exceptional mortality YoY • EBIT impacted by low prices and low volumes • Harvest weights impacted by challenged fish harvested in July & September (spill-over effect in Q4) Volumes YoY Q3 YTD Q3 YTD change 2026 2026 2025 2025 Total harvest volume (tgw) -14% 4,537 13,880 5,286 18,606 Average harvest weight (kg) -38% 3.0 4.5 4.8 5.8 Margin Operational EBIT (mDKK) 53 -138 -340 -191 -302 Operational EBIT/KG (NOK) 12.44 -44.60 -36.73 -57.04 -25.50 Operational EBIT margin 22% -73% -50% -96% -33% 24 0 2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SEA TEMPERATURE - SCOTLAND (5m Depth) Normal range 2005-2025 average 2005-2025 2026 Superior performance from large smolt Accumulated survivability 224 184 70 42 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2026 Exceptional mortality (mDKK) All biomass at sea 70% 75% 80% 85% 90% 95% 100% 1 2 3 4 5 6 7 8 9 10 11 12 Months after transfers <200g smolt >200g smolt 4qtr moving avg
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Farming – Biomass at sea changing: Increasing share from internally produced large smolt Freshwater - smolt transfer plan: Only internally produced smolt – mostly large SCOTLAND IS TRANSITIONING WITH HIGH-QUALITY LARGE SMOLT INCREASED INTERNAL SMOLT PRODUCTION REPLACES BIOMASS AT SEA 25 63% 61% 100% 37% 39% 2025 2026 YTD 2027 plan Origin of transferred smolt Internal External 26% 26% 75% 74% 74% 25% 2025 2026 YTD 2027 plan Avg. weight of transferred smolt >=200g "Large" <200g "Small" 22% 70% Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 Share of biomass at sea originating from +200g smolt 59% 100% Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 Share of biomass at sea originating from internally produce smolt
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Applecross, Kishorn Q3 2026
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OUTLOOK LIMITED SUPPLY GROWTH EXPECTED Reduced supply expected in Q4 2026 - low growth in 2027 Europe • Flat supply growth in 2027 Americas • 13% drop expected in Q4 2026 • Low growth in 2027 27Source: Kontali European harvest Total harvest Americas harvest -5% 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q1 2026 Q2 2026 Q3 2026 Q4 2026 1H 2027 2H 2027 TOTAL Change same period last year Estimate in Q2 2026 -15% -10% -5% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 300 350 400 450 500 Q1 2026 Q2 2026 Q3 2026 Q4 2026 1H 2027 2H 2027 AMERICAS Change same period last year Estimate in Q2 2026 -5% 0% 5% 10% 15% 20% 25% 0 200 400 600 800 1,000 1,200 Q1 2026 Q2 2026 Q3 2026 Q4 2026 1H 2027 2H 2027 EUROPE Change same period last year Estimate in Q2 2026
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OUTLOOK MAINTAINING VOLUME GUIDANCE 28 Farming • For 2027, Bakkafrost intends to sign contracts covering around 15-25% of the expected total harvest volumes. • In 2027 Bakkafrost expects higher production volumes of fishmeal and fish oil than in 2026 • Feed production of 185,000 tonnes is expected vs 175,000 tonnes 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 2027 plan 20.7m 21.0m 10m 11.5m 30.7m 32.5m Harvest [HOG] Faroe Islands Scotland Total 2026 plan 97,000 20,000 117,000 2027 plan 97,000 28,000 125,000 SCT FO Freshwater 5,422 3,877 8,798 9,903 21,750 21,420 25,325 28,505 Q1 Q2 Q3 Q4 Harvest plan break-down by quarters 19% 22% 22%14% 31% 26% 35% 29% 2027 harvest plan break-down by quarters
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97 97 105 112 20 28 40 50 Harvest volume (KT) Faroe Islands Scotland 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 29 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) 117 145 162 107 125
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SUMMARY OF MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Q3 2026
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ELIMINATIONS INTERNAL PROFITS ACCUMULATE ON BIOMASS TO BE RELEASED TO P&L AT HARVEST 31 Profit to Biomass Profit to P&L -300 -200 -100 000 100 200 300 Q1-2024 Q3-2024 Q1-2025 Q3-2025 Q1-2026 Q3-2026 Smolt Feed FSV Net elimination Internal profit vs biomass ultimo month (FO) to P&L 0 100 200 300 400 500 600 700 Smolt Fóður FSV Internal profit on biomass ultimo month (mDKK) (FO) Feed 0 2 4 6 8 10 12 14 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Biomass Feed Smolt FSV Total kilotonnes DKK/kg Smolt: Internal profit booked on biomass at smolt transfer (FO: approximately 12m ahead of harvest) Feed: Internal profit accumulates on biomass as the fish is fed (most dominant the last 6 months before harvest) FSV: Internal profit booked on biomass when the fish is treated or transported All internal profit accumulated on the biomass is released to P&L when the fish is harvested Faroe Islands only The dynamic of internal profit elimination from Smolt, Feed & FSV (FO)
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FARMING FO & SCT: EBIT / KG YEAR OVER YEAR 32 Comments The Faroe Islands have good biology and cost control • Higher price but still pressure on the market • Lower volumes YoY , smaller sites harvested and higher feed prices leading to increased production cost/kg Scotland low volume to consume cost variations • Harvest volume down equals less cost dilution • Lower harvest weight equals higher cost/kg and reduced price achievement • Exceptional mortality lower YoY , but still impacting the quarter • Vessel and harvesting costs mainly = Higher cost/kg • Higher fallow costs due to downscaled harvest in 2026 (low site utilisation) -1.13 4.97 -4.08 -0.11 -0.34 Q3 25 EBIT / KG Price Impact Cost ringside Other Cost Q3 26 EBIT / KG -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 Q3 2026 vs Q3 2025: Farming Faroe Islands EBIT / KG (In DKK / KG) -36.09 3.85 0.72 5.33 -0.27 -4.03 -30.49 Q3 25 EBIT / KG Price Impact Cost Ringside Exceptional Mortality Fallow Cost All Other Q3 26 EBIT / KG 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 -30.00 -35.00 -40.00 Q3 2026 vs Q3 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 Q3 2026 Q3 2025 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Operational EBIT -140 267 128 -205 227 22 Operational EBIT/KG -30.79 11.57 4.61 -38.72 8.93 0.72 - of which FOF 0.00 9.05 7.57 0.00 3.57 2.95 - of which Freshwater -2.98 2.94 1.97 -7.11 3.28 1.49 - of which Farming -30.49 -0.34 -5.29 -36.09 -1.13 -7.15 - of which Services -1.44 1.50 1.02 0.23 1.46 1.25 - of which Sales & Other 3.44 2.01 2.24 5.93 1.63 2.37 - of which Eliminations 0.68 -3.59 -2.89 -1.67 0.12 -0.19 33 310 310 435 211 227 392 572 411 267 0 100 200 300 400 500 600 700 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Fo-opebit -138 -31 71 -146 -205 -97 -28 -139 -140 -250 -200 -150 -100 -50 0 50 100 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sct-opebit 132 -48 -106 84 250 -41 -60 2020 2021 2022 2023 2024 2025 2026 OP EBITDA
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PERFORMANCE PER REGION Q3 2026 Q3 2025 DKK 1,000,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues 245 1,436 1,681 282 1,405 1,686 Depreciation and amortization -79 -118 -197 -80 -117 -196 Operating expenses -313 -1,051 -1,364 -414 -1,061 -1,476 Other income 8 0 8 8 0 8 Operational EBIT -140 267 128 -205 227 22 Operational EBITDA -61 385 325 -125 343 218 Volume tonnes 4,537 23,097 27,634 5,286 25,392 30,678 Operational EBIT/KG -30.79 11.57 4.61 -38.72 8.93 0.72 - of which FOF 0.00 9.05 7.57 0.00 3.57 2.95 - of which Freshwater -2.98 2.94 1.97 -7.11 3.28 1.49 - of which Farming -30.49 -0.34 -5.29 -36.09 -1.13 -7.15 - of which Services -1.44 1.50 1.02 0.23 1.46 1.25 - of which Sales & Other 3.44 2.01 2.24 5.93 1.63 2.37 - of which Eliminations 0.68 -3.59 -2.89 -1.67 0.12 -0.19 *included a marginal contribution from US, DK, UK and FR 34 -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 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26 Scotland - Operational EBIT / KG Scotland - TGW Scotland - 10.00 20.00 30.00 40.00 50.00 0 5,000 10,000 15,000 20,000 25,000 30,000 Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Q3 26 Faroe Islands* - Operational EBIT / KG Faroe Islands - TGW Faroe Islands*
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Q3 2026 – PREMIUM FOR LARGER SIZES ARE BACK IN THE QUARTER 35 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 • Premium for large fish is back in the quarter • 6-7 kg sold at 10% premium to 4-5 kg • Average premium of 9% last five years • Lower share of large fish than in Q2 2026 • 5+ kg share of 34% vs. 40% in Q2 2026 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 0 20 40 60 80 100 120NOK Price Norway Sisalmoni/Nasdaq less SSB price Sisalmoni/Nasdaq price 9.7 9.0 6.0 6.5 7.8 6.2 5.3 6.8 7.6 6.62 6.12 6.87 7.80 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 Q1 2024 (Nasdaq) Q3 2024 (Mix) Q1 2025 (Sisalmoni) Q3 2025 (Sisalmoni) Q1 2026 (Sisalmoni) Q3 2026 (Sisalmoni) 2027 (Euronext) EUR/kg Reference price/Euronext Salmon Futures Futures
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2026-2030 CAPEX IS 5.0BN – 1.3 BN LOWER THAN THE PREVIOUS 2024-2028 CAPEX PLAN REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH 36 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 37
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FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS 38 Number of released smolt (million) 20.7 21.0 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 39 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 January 2026, Building site in progress, first phase started operation in Q2 2026
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40 Scotland total smolt transfer (million) 221 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 Q3 2026 AX: Avg. smolt weight (g) AX: Smolt production Fish in hatchery Applecross, May 2025 Applecross (AX) ramping up to produce high-quality smolt of 200-400g 592 0 100 200 300 400 500 600 700 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 12,811 3,000 5,000 7,000 9,000 11,000 13,000 15,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 (tonnes per quarter) 6.0 7.3 10.0 11.5 14.0 16.0 2024 2025 2026 2027 2028 2029
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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 41 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 42 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 875 48,183 1,206 6 209 23.9% 229 4,510 466 32.34 30% 68 62 -14 -28.37 1,684 -22% 166 1,055 23,097 -8 -0.34 -1% 5.0 188 4,537 3.0 -138 -30.49 -73% 237 6.7 28 1.02 12% 2,641 25% 2.24 2% 62 28.0% 1.41 16.9% 74.0% -11% 1.77 83.97 54 -70.1% N/A 23.0%10.5% 2.94 1.86 54% 29% 3% 3% 12% Q3 2026 Q3 2026 Q3 2026 Q3 2026 Q3 2026
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DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN 43 Source: Kontali Expected supply growth in ▪ 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 1,611 1,599 UK 145 137 170 169 176 181 Ireland 15 13 17 17 14 17 Iceland 42 29 42 49 64 70 Faroes 89 80 91 117 125 126 Total Europe 1,650 1,589 1,679 1,876 1,990 1,992 Chile 649 665 633 679 735 746 Canada 120 99 107 105 100 105 USA 18 17 18 18 18 18 Total Americas 787 781 757 803 853 868 Others 95 94 98 99 115 123 Total (Sold Quantity) 2,532 2,464 2,533 2,777 2,958 2,983 Supply growth - Global -2% -3% 3% 10% 7% 1% Supply growth - Europe -3% -4% 6% 12% 6% 0% Supply growth - Americas 1% -1% -3% 6% 6% 2% 2022 2023 2024 2025 2026E 2027E EU+UK 1,137 1,084 1,145 1,201 1,297 1,294 USA 587 586 573 625 631 644 Japan 55 45 45 56 57 62 Russia 52 62 45 55 55 53 Others 701 687 725 841 918 931 Total (Sold Quantity) 2,532 2,463 2,533 2,777 2,958 2,984 1% 0% 2% 2027
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Q3 2026 MARKET ENVIRONMENT 44 Price Norway (EUR/kg) All sizes, weighted average price • 15% increase in European reference price vs Q3 2025 • 8% drop compared to Q2 2026 • Premium on large sized fish back at normal levels • 5% global supply increase • 7% when taking inventory movements into account • 8% supply increase in Europe • Generally good demand • Strong demand in Europe • Stable consumption in the US market • In spite of weaker USD and tariffs • Mixed development in Asian consumption • Prices have increased in Q4 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 Q3 2026 Q3 2025 Change % NOK 67.0 62.8 6.7% DKK 45.8 39.7 15.2% EUR 6.1 5.3 15.0% USD 7.0 6.2 13.3% 9.0 6.0 6.5 7.8 6.2 5.3 6.8 7.6 6.6 6.1 - 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 Q3 2026 DKK EUR NORWAY Sisalmoni/Nasdaq (EUR) Sisalmoni/Nasdaq (DKK)
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DEVELOPMENT PER QUARTER 45 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 Q3 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 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 1,681 Operational EBIT 418 587 325 376 565 353 269 356 710 388 173 280 505 65 22 295 544 273 128 Profit/Loss 405 845 249 -154 467 -123 219 392 401 -117 -116 477 -6 -138 77 591 307 -161 191 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 23,097 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 4,537 Equity ratio 64% 65% 64% 62% 64% 61% 61% 61% 62% 62% 62% 63% 62% 59% 57% 58% 59% 58% 57% NIBD 2,192 2,267 2,427 2,664 2,357 2,911 3,045 3,533 3,180 2,966 2,710 3,000 2,788 3,824 3,964 3,897 3,762 4,040 4,129 -400 -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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46 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 47 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 48
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OUR PILLARS AND VALUES 49
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