Interim report
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INTERIM REPORT Q3 2026 and First Nine Months of 2026 Faroese Company Registration No. 1724 www.bakkafrost.com 30,700 27,900 31,300 29,900 27,600 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 HARVEST VOLUME TGW 22 295 544 273 128 0 100 200 300 400 500 600 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 OPERATIONAL EBIT MDKK
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 Reporting Period ………………………………………………………13 Statement by the Management and the Board of Directors on the Interim Report ..14 Consolidated Income Statement ………………………………………………………..15 Consolidated Statement of Comprehensive Income ………………………………….15 Consolidated Statement of Financial Position …………………………………………16 Consolidated Cash Flow Statement …………………………………………………….17 Consolidated Statement of Changes in Equity ………………………………………..18 Notes to the Accounts ……………………………………………………………………19 Contacts …………………………………………………………………………………... 25 Appendix …………………………………………………………………………………..26
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 2 Highlights Q3 Q3 YTD YTD DKK 1,000,000 2026 2025 2026 2025 ------------------- INCOME STATEMENT Group - Operating revenue 1,681 1,686 5,620 5,160 Group - Operational EBIT* 128 22 944 592 Group - OP. EBITDA 325 218 1,569 1,171 Group - EBIT 323 131 600 50 Group - Profit for the period 191 77 337 -67 FOF - Operating Revenue 875 759 1,999 1,911 FOF - Operational EBITDA 216 97 434 264 FOF - Operational EBITDA margin 25% 13% 22% 14% Freshwater FO - Operating Revenue 229 231 712 619 Freshwater FO - Operational EBIT 68 83 240 225 Freshwater FO - Operational EBIT Margin 30% 36% 34% 36% Freshwater FO - Operational EBIT / KG (DKK)**** 32.34 40.71 36.64 38.08 Freshwater FO - Operational EBIT / KG (NOK)**** 47.31 64.34 54.92 59.74 Freshwater SCT - Operating Revenue 62 73 175 110 Freshwater SCT - Operational EBIT -14 -38 -71 -109 Freshwater SCT - Operational EBIT Margin -22% -51% -41% -99% Freshwater SCT - Operational EBIT / KG (DKK)**** -28.37 -66.88 -57.35 -133.30 Freshwater SCT - Operational EBIT / KG (NOK)**** -41.50 -105.70 -85.94 -209.11 Farming FO - Operating Revenue 1,055 1,034 3,671 2,879 Farming FO - Operational EBIT -8 -29 487 262 Farming FO - Operational EBIT Margin -1% -3% 13% 9% Farming FO - Operational EBIT / KG (DKK) -0.34 -1.13 6.49 4.34 Farming FO - Operational EBIT / KG (NOK) -0.50 -1.78 9.72 6.81 Farming SCT - Operating Revenue 188 199 676 905 Farming SCT - Operational EBIT -138 -191 -340 -302 Farming SCT - Operational EBIT Margin -73% -96% -50% -33% Farming SCT - Operational EBIT / KG (DKK) -30.49 -36.09 -24.51 -16.25 Farming SCT - Operational EBIT / KG (NOK) -44.60 -57.04 -36.73 -25.50 Services - Operating Revenue 237 252 742 685 Services - Operational EBIT 28 38 105 93 Services - Operational EBIT Margin 12% 15% 14% 14% Services - Operational EBIT / KG (DKK) 1.02 1.25 1.18 1.18 Services - Operational EBIT / KG (NOK) 1.49 1.97 1.77 1.85 ------------------- Sales & Other - Operating Revenue 2,641 2,462 8,928 7,485 Sales & Other - Operational EBIT 62 73 224 211 Sales & Other - Operational EBIT Margin 2% 3% 3% 3% Sales & Other - Operational EBIT / KG (DKK) 2.24 2.37 2.52 2.67 Sales & Other - Operational EBIT / KG (NOK) 3.28 3.75 3.77 4.19 NOK/DKK (average) 68.36 63.27 66.73 63.75 Q3 Q3 YTD YTD DKK 1,000,000 2026 2025 2026 2025 FINANCIAL POSITION AND CASH FLOW Total Assets** 19,639 19,028 19,639 19,028 Equity** 11,175 11,044 11,175 11,044 Equity ratio** 57% 58% 57% 58% Net interest-bearing debt** 4,129 3,897 4,129 3,897 Cash flow from operations 149 245 875 631 Cash flow from financing 255 147 -3 28 PROFITABILITY Basic earnings per share (DKK) 3.21 1.29 5.67 -1.14 Diluted earnings per share (DKK) 3.21 1.29 5.67 -1.14 ROCE*** 0.7% 0.1% 5.2% 3.4% VOLUMES Harvested Faroe Islands (tgw) 23,097 25,392 74,985 60,326 Harvested Scotland (tgw) 4,537 5,286 13,880 18,606 Total Harvest 27,634 30,678 88,865 78,932 Farming FO transferred to VAP (tgw) 5,719 4,823 18,254 13,090 VAP produced (tgw) 5,723 4,800 18,280 12,804 Sold feed tonnes 48,237 49,087 121,044 117,958 Internal feed sales tonnes 48,183 48,833 120,972 116,823 Smolt transferred thousand Faroe Islands (pcs) 4,510 4,796 13,993 13,410 Smolt transferred thousand Scotland (pcs) 2,867 3,625 7,798 5,124 Total smolt release 7,377 8,421 21,791 18,534 * 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 | Q3 2026 and First Nine Months of 2026 3 Summary (Figures in parenthesis refer to the same period last year). The Bakkafrost Group delivered a total operational EBIT of DKK 128 million (DKK 22 million) in Q3 2026 and reported a net profit of DKK 191 million (DKK 77 million). The business segment’s operational EBIT/EBITDA were as follows: Q3 Q3 2026 2025 FOF - Operational EBITDA 216 97 Freshwater FO - Operational EBIT 68 83 Freshwater SCT - Operational EBIT -14 -38 Farming FO - Operational EBIT -8 -29 Farming SCT - Operational EBIT -138 -191 Services - Operational EBIT 28 38 Sales & Other - Operational EBIT 62 73 During Q3 2026, the FOF segment sourced 9,587 tonnes (39,940 tonnes) of raw material. The Operational EBIT margin was 24% (12%), and fish feed sales amounted to 48,237 tonnes (49,087 tonnes). For the first nine months of 2026, the FOF segment's operational EBIT margin was 21% (13%). During the first nine months of 2026, Havsbrún sourced 170,217 tonnes (309,393 tonnes) of raw material. In Q3 2026, the Freshwater segments in the Faroe Islands and Scotland transferred a total of 7.4 million (8.4 million) smolts combined: • Freshwater FO: 4.5 million (4.8 million), • Freshwater SCT: 2.9 million (3.6 million). For the first nine months of 2026, the freshwater segments have released a total of 21.8 million (18.5 million) smolts: • Freshwater FO: 14.0 million (13.4 million), • Freshwater SCT: 7.8 million (5.1 million). In Q3 2026, the Freshwater FO segment made an operational EBIT per kg transferred smolt of DKK 32.34 (DKK 40.71), corresponding to NOK 47.31 (NOK 64.34). The Freshwater SCT segment made an operational EBIT per kg transferred smolt of DKK -28.37 (DKK -66.88), corresponding to NOK -41.50 (NOK -105.70). The Farming segments achieved higher prices in Q3 2026 than in Q3 2025. The Farming segments had lower volumes in Q3 2026 compared to Q3 2025. In Q3 2026, the Farming SCT segment had incident -based costs of DKK 42 million (DKK 70 million). The total combined harvest in Q3 2026 of the farming segments in the Faroe Islands and Scotland was 27,634 tonnes gutted weight (30,678 tgw): • Farming FO: 23,097 tgw (25,392 tgw), • Farming SCT: 4,537 tgw (5,286 tgw). For the first nine months of 2026, the farming segments have harvested a total of 88,865 tonnes gutted weight (78,932 tgw): • Farming FO: 74,985 tgw (60,326 tgw), • Farming SCT: 13,880 tgw (18,606 tgw). In Q3 2026, the Farming FO segment made an operational EBIT per kg of DKK -0.34 (DKK -1.13), corresponding to NOK -0.50 (NOK -1.78). The Farming SCT segment made an operational EBIT per kg of DKK -30.49 (DKK -36.09), corresponding to NOK -44.60 (NOK -57.04). The Services segment made an operational EBIT per kg of DKK 1.02 (DKK 1.25), corresponding to NOK 1.49 (NOK 1.97). The operational EBIT margin for the segment was 12% (15%). The Sales & Other segment had a revenue of DKK 2,641 million (DKK 2,462 million) and an operational EBIT margin of 2% (3%). The operational EBIT per kg was DKK 2.24 (DKK 2.37), corresponding to NOK 3.28 (NOK 3.75). The performance related to the Faroe Islands and Scotland as a region can be found in the Appendix. The long-term goal of the Board of Directors is that 30 -50% of earnings per share shall be paid out as a dividend. Bakkafrost’s financial position is strong, with a solid balance sheet, a competitive operation, and available credit facilities.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 4 Outlook and Operational Performance Market Increased supply in Q3 2026 The supply of salmon increased 6.9% in Q3 2026 compared to Q3 2025, incl uding inventory movements. Without inventory movements, the supply increase was 4.8%, according to the latest estimate from Kontali Analyse. Slightly lower salmon prices in Q3 2026 Salmon reference prices (in NOK) for 4-5kg superior salmon were 0.6% lower this quarter compared to Q3 2025, however in EUR the reference prices increased YoY. Compared to previous quarter (Q2 2026) prices were 15.7% lower in this quarter. Reduced supply in Q4 2026 and low supply growth in 2027 In Q4 2026, the global supply is expected to reduce 3% YoY, excluding inventory movements. In H1 2027, global supply is expected to be on the same level as in H1 2026, increasing to around 2% supply growth YoY in H2 2027. 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, Middle East and Asia. Operations Farming Faroe Islands The Faroese farming operations continued to deliver strong biological performance in Q3 2026, although slightly weaker than last year, which in terms of biological performance was the strongest year in 10 years. At the end of Q3 2026, biomass at sea remains high, supported by robust growth and rapidly increasing feeding rates through the quarter. The continued transition towards larger, high -quality smolt is contributing to shorter production cycles, improved production efficiency and stronger biological control. More efficient management of fallow periods is also supporting improved utilisation of the farming sites. Harvest volumes in the Faroe Islands were lower in Q3 2026 than in the same period last year, reflecting the timing of the harvest cycle. For the first nine months of 2026, Faroese harvest volumes increased to around 75,000 tonnes gutted weight, compared with around 60,000 tonnes in the same period in 2025. Freshwater Faroe Islands The Faroese freshwater operations continue to develop positively, with production and capacity utilisation increasing across the hatcheries. Overall capacity utilisation across the Faroese freshwater hatcheries is currently at an all-time high, supporting higher output and improved utilisation of the Group’s freshwater infrastructure. Construction of the new hatchery in Skálavík is ongoing and on track to be completed towards the end of 2027 and within budget. Two batches of eggs have now been introduced into the hatchery with good performance to date and the first batch is expected to be transferred to sea in Q4 2027. Upon completion, Skálavík will contribute to increasing total freshwater capacity in the Faroe Islands to approximately 24.4 million smolt at 500 grams, compared with current capacity of around 18 million smolt. The continued development of freshwater and broodstock capacity supports the production of larger, high -quality smolt and strengthens biological control throughout the value chain. The broodstock programme is also being expanded, increasing Bakkafrost’s capacity towards self-sufficiency to produce eggs , hereby strengthening control over the genetic foundation of the production. The hatcheries are now beginning to receive eggs from so-called “ elite fish ”, where both parents have the desired genetic traits. Farming Scotland The Scottish farming operation remains in a transition phase. Q3 2026 performance was affected by low harvest volumes, small average harvest weights and the under - utilisation of fixed -cost infrastructure. The average harvest weight was negatively affected by the biological challenges reported in the previous quarter at two farming sites, where a batch of externally supplied smolt was challenged. The early harvesting of these sites continued into the third quarter and contributed to the lower average harvest weight. Towards the end of the quarter, exceptional mortality was primarily recorded at sites harvested out in September , however also with impact on Q4 2026. At the same time, overall biological performance is improving with lower mortality than in the same quarter last year. Also, the larger -smolt cohorts continue to show improved growth, survivability and biological performance. The proportion of larger fish in the biomass is increasing, although legacy biomass and externally sourced smolt will continue to affect near-term results. The focus remains on strengthening biological control, reducing fallow costs, improving site utilisation and increasing harvest weights. The benefits of the larger-smolt strategy are expected to become increasingly visible from 2027 onwards. Freshwater Scotland The ramp -up of the freshwater operation at Applecross continues, with a focus on biological stability, operational predictability and the production of larger, high -quality smolt. Smolt stocking is progressing broadly in line with plan, and the operation r emains on track to deliver the planned 2026 transfer programme. Smolt quality is increasing and production costs decreasing rapidly as capacity utilisation increases. Applecross smolt transferred in Q3 had an average weight of approximately 221g, which is 3% lower than in Q3 2025. The average smolt weight for all Bakkafrost’s smolt release in Scotland in the quarter was 166g, which is 7% higher than in Q3 2025. The continued ramp -up of the Applecross hatchery is an important part of strengthening the biological foundation of the Scottish farming operation and reducing biological risk over time.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 5 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. Smolt transfer Bakkafrost’s expected smolt transfer in 2026 in the Faroe Islands is increased to around 20.7 million smolts with an average weight of around 440g. In 2027, the expected smolt transfer in the Faroe Islands is expected to increase to 21.0 million smolts 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. In 2027, the expected smolt release in Scotland is expected to increase to 11.5 million smolts of around 222g. This is lower than previously planned due to a decision to stop using external smolt to reduce the risk in the marine farming operation. Going forward, Bakk afrost will only rely on it’s own freshwater hatchery capabilities and broodstock partnerships in Scotland. The number and average weight of smolts transferred are key elements of predicting Bakkafrost’s future production. Million smolt transferred ‘27e ‘26e ‘25 ‘24 ‘23 FO 21.0 20.7 18.7 17.1 14.2 SCT 11.5 10.0 7.3 6.0 9.0 Avg. weight (g) FO 440 440 453 410 396 SCT 222 179 154 109 117 Harvest In 2026, the harvest in the Faroe Islands is expected to be around 97,000 tonnes gutted weight, an increase from the original guiding of 92,000 tonnes. In 2027, the harvest in the Faroe Islands is expected to be 97,000 tonnes gutted weight. In 2026, the harvest in Scotland is expected to be around 20,000 tonnes gutted weight, increasing to around 28,000 tonnes gutted weight in 2027. In total, the harvest in 2027 is expected to be around 125,000 tonnes gutted weight, compared to around 117,000 tonnes in 2026. The expected quarterly harvest profile 2027 is outlined in the table below: Region Q1 Q2 Q3 Q4 FO 22% 22% 26% 29% SCT 19% 14% 31% 35% The estimates for harvest volumes and smolt transfers in both geographies are dependent on biological development. Biological, environmental and market conditions can affect the expected harvest profile. 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 202 7, 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 2027 recommendation for blue whiting is 1,064 thousand tonnes, which represents a 25.0% increase from the recommendation for 2026. In 2027 Bakkafrost expects higher production volumes of fishmeal and fish oil compared to 2026. Consequently, Bakkafrost expects higher external sale of fishmeal in 2027. Bakkafrost has great flexibility to adapt feed formulations to changing market conditions. As raw material prices for feed have increased recently especially impacting marine raw materials, Bakkafrost has adapted the feed formulation to mitigate feed cost increases . However, despite these changes, Bakkafrost still maintains its premium position with a high share of marine content in the feed. Also, Bakkafrost has large quantities of fishmeal inventories sufficient to support feed production into Q2 2027. Bakkafrost increases the expect ed feed production from 170,000 tonnes to around 185,000 tonnes in 2027. 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.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 6 2026-2030 Investment programme per category (DKK 1,000 ,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) 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 1,000,000) 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 Group's financial strength for organic growth and cost reduction in Scotland, while also facilitating M&A a nd future organic growth opportunities, and upholding an unchanged dividend policy.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 7 Financial Performance Income Statement (Figures in parenthesis refer to the same period last year). The Group's operating revenue amounted to DKK 1,681 million (DKK 1,686 million) in Q3 2026. For the first nine months of 2026, the operating revenue amounted to DKK 5,620 million (DKK 5,160 million). The Group's operational EBIT was DKK 128 million (DKK 22 million) in Q3 2026. For the first nine months of 2026, the Group's operational EBIT was DKK 944 million (DKK 592 million). The fair value adjustment of the Group's biological assets amounted to DKK 231 million (DKK 122 million) in Q3 2026. For the first nine months of 2026, the fair value adjustment amounted to DKK -162 million (DKK -442 million). The revenue tax amounted to DKK -41 million (DKK -18 million) in Q3 2026. The revenue tax for the first nine months of 2026, was DKK -190 million (DKK -121 million). Net taxes amounted to DKK -64 million (DKK 0 million) in Q3 2026. For the first nine months of 2026, net taxes amounted to DKK -92 million (DKK 84 million). The result for Q3 2026 was DKK 191 million (DKK 77 million) and for the first nine months of 2026, the result was DKK 337 million (DKK -67 million). Statement of Financial Position (Figures in parenthesis refer to the end of last year). The Group's total assets amounted to DKK 19,639 million (DKK 19,028 million) at the end of Q3 2026. Intangible assets amounted to DKK 4,516 million (DKK 4,509 million) at the end of Q3 2026. Property, plant, and equipment amounted to DKK 7,312 million (DKK 7,136 million) at the end of Q3 2026. In Q3 2026, the purchase of property, plant, and equipment amounts to DKK 209 million compared to DKK 311 million same quarter last year. Right-of-use assets amounted to DKK 698 million (DKK 829 million) in Q3 2026. Biological assets' carrying amount (fair value) amounted to DKK 3,442 million (DKK 3,422 million) at the end of Q3 2026. Compared to year -end 202 5, biological assets have increased. A fair value adjustment amount to DKK 338 million (DKK 501 million) at the end of Q3 2026 is included in the carrying amount of the biological assets. Inventories amounted to DKK 1,224 million (DKK 790 million) at the end of Q3 2026. Total receivables, including long -term receivables, financial derivatives, and deferred tax assets, amounted to DKK 1,580 million (DKK 1,696 million) at the end of Q3 2026. Total cash and cash equivalents amounted to DKK 523 million (DKK 300 million) at the end of Q3 2026. The Group's equity amounted to DKK 11,175 million (DKK 11,044 million) at the end of Q3 2026. The change in equity consists primarily of the result for Q3 2026 and the pay out of dividend. Total non-current liabilities amounted to DKK 7,416 million (DKK 7,157 million) at the end of Q3 2026. Deferred and other taxes amounted to DKK 2,144 million (DKK 2,162 million) at the end of Q3 2026. Long-term interest-bearing debt was DKK 4,652 million (DKK 4,197 million) at the end of Q3 2026. Leasing debt amounted to DKK 778 million (DKK 847 million) at the end of Q3 2026. At the end of Q3 2026, the Group's total current liabilities were DKK 1,048 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 57% at the end of Q3 2026, compared to 58% at the end of 2025.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 8 Cash Flow (Figures in parenthesis refer to the same period last year). The cash flow from operations was DKK 149 million (DKK 245 million) in Q3 2026. The year-on-year decrease reflected less favourable working capital movements, largely offset by higher cash generation before working capital changes. In Q3 2026, working capital absorbed DKK 51 million, driven by an increase in inventories, partly offset by cash released from receivables and an increase in operating current liabilities. This compares with a net working capital inflow of DKK 59 million in Q3 2025. For the first nine months of 2026, the cash flow from operations was DKK 875 million (DKK 631 million). The cash flow from investment activities amounted to DKK -209 (DKK -311 million) in Q3 2026. The primary investments have been in new and current hatcheries and the new feed line. For the first nine months of 2026, the cash flow from investments amounted to DKK -649 million (DKK -853 million). The cash flow from financing activities totalled DKK 255 million (DKK 147 million) in Q3 2026. For the first nine months of 2026, cash flow from financing amounted to DKK -3 million (DKK 28 million). In Q3 2026, the net change in cash flow amounted to DKK 195 million (DKK 81 million). For the first nine months of 2026, net change in cash flow amounted to DKK 223 million (DKK -194 million). The net interest-bearing debt amounted to DKK 4,129 million at the end of Q3 2026, compared to DKK 3,897 million at year-end 2025. Unused committed credit facilities amounted to DKK 1,257 million at end of Q3 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 | Q3 2026 and First Nine Months of 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. Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 874,624 758,896 15% 1,999,339 1,910,537 5% EBIT 214,813 95,659 125% 420,036 262,910 60% Operational EBIT 209,092 90,548 131% 411,785 243,891 69% Operational EBITDA 216,493 97,187 123% 433,695 264,004 64% Operational EBIT-margin 24% 12% 21% 13% Operational EBITDA-margin 25% 13% 22% 14% Volumes (tonnes) Total Feed sold 48,237 49,087 -2% 121,044 117,958 3% - Feed internal sale FO 37,862 41,363 -8% 97,699 94,849 3% - Feed internal sale SCT 10,321 7,470 38% 23,273 21,974 6% - Feed external sale 54 254 -79% 72 1,135 -94% Fishmeal external sale 1,206 5,118 -76% 2,406 17,774 -86% Fish oil external sale 6 0 N/A 7 6 17% Received raw material 9,587 39,940 -76% 170,217 309,393 -45% Fishmeal production 2,336 8,813 -73% 36,821 65,619 -44% Fish oil production 1,288 3,865 -67% 4,212 9,108 -54% Volumes In Q3 2026, Havsbrún received 9,587 tonnes (39,940 tonnes) of raw material for fishmeal and fish oil production. The raw material intake depends on the North Atlantic fisheries and available species of fish. The ratio of fishmeal to fish-oil output therefore varies with both the mix of species landed and the timing of the fishery. In the first nine months of 2026, Havsbrún received 170,217 tonnes (309,393 tonnes) of raw material. The fishmeal production in Q3 2026 was 2,336 tonnes (8,813 tonnes). In the first nine months of 2026, Havsbrún produced 36,821 tonnes (65,619 tonnes) of fishmeal Fish oil production in Q3 2026 was 1,288 tonnes (3,865 tonnes). The production of fish oil varies depending on the species of fish sourced for production and the timing of the catch. In the first nine months of 2026, Havsbrún produced 4,212 tonnes (9,108 tonnes) of fish oil. Fish feed sales amounted to 48,237 tonnes (49,087 tonnes) in Q3 2026. The FO farming segment internally used 37,862 tonnes (41,363 tonnes). The SCT farming segment internally used 10,321 tonnes (7,470 tonnes). In the first nine months of 2026, Havsbrún sold 121,044 tonnes (117,958 tonnes). Financial Performance The operating revenue for the FOF segment amounted to DKK 875 million (DKK 759 million) in Q3 2026. Total revenue for the FOF segment in Q3 2026 was higher than the same quarter last year. In the first nine months of 2026, the revenue amounted to DKK 1,999 million (DKK 1,911 million). Operational EBIT was DKK 209 million (DKK 91 million) in Q3 2026, and the operational EBIT margin was 24% (12%). In the first nine months of 2026, the operational EBIT was DKK 412 million (DKK 244 million), and the operational EBIT margin was 21% (13%).
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 228,566 231,083 -1% 711,640 619,155 15% EBIT 67,966 83,372 -18% 239,542 224,973 6% Operational EBIT 67,966 83,372 -18% 239,542 224,973 6% Operational EBIT/kg (DKK)* 32.48 40.71 -20% 36.70 38.08 -4% Operational EBIT-margin 30% 36% 34% 36% Volumes Smolt Transferred - Pieces 4,490 4,796 -6% 13,973 13,410 4% Smolt Transferred - Avg Size (g) 466 427 9% 466 441 6% * Calculated EBIT per KG transferred smolt Volumes 4.5 million (4.8 million) smolts were transferred to the sea in Q3 2026. The average weight of smolt transferred was 466g in Q3 2026 (427g). In the first nine months of 2026, 14 million (13 million) smolts were transferred to the sea, with an average weight of 466g (441g). Financial Performance In Q3 2026, the operating revenue for the Freshwater Faroe Islands segment was DKK 229 million (231 million) a decrease of 1%. The operational EBIT/kg for Q3 2026 was DKK 32.48 (DKK 40.71) a decrease of 20%. In the first nine months of 2026, the operating revenue was DKK 712 million (DKK 619 million) and the operational EBIT/kg was DKK 36.70 (DKK 38.08). Freshwater – Scotland Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 61,886 73,229 -15% 174,864 109,869 59% EBIT -13,502 -37,580 64% -70,891 -108,790 35% Operational EBIT -13,502 -37,580 64% -70,891 -108,790 35% Operational EBIT/kg (DKK)* -28.37 -66.88 58% -57.35 -133.30 57% Operational EBIT-margin -22% -51% -41% -99% Volumes Total Smolt Transferred - Pieces 2,867 3,625 -21% 7,798 5,124 52% Whereof externally sourced - Pieces 1,183 877 35% 2,672 1,498 78% Whereof Applecross Smolt Transf. - Pieces 1,684 1,779 -5% 3,564 2,570 39% Whereof other internal Transf. - Pieces 0 969 N/A 1,562 1,056 48% Total Smolt Transferred - Avg Size (g) 166 155 7% 159 159 0% Whereof Applecross Smolt Transf. - Avg Size (g) 221 229 -3% 230 232 -1% * Calculated EBIT per KG transferred smolt Volumes 2.9 million (3.6 million) smolts were transferred to the sea in Q3 2026. The average weight of total smolt transferred was 166g in Q3 2026 (155g). The average weight of Applecross smolts transferred was 221g in Q3 2026 (229g). In the first nine months of 2026, 7,798 million (5,124 million) smolts were transferred to the sea, with an average weight of 159g (159g). Financial Performance In Q3 2026, the operating revenue for the Freshwater Scotland segment was DKK 62 million (73 million) – a decrease of 15%. The operational EBIT/kg for Q3 2026 was DKK -28.37 (DKK -66.88) an increase of DKK 38.51 EBIT/kg. In the first nine months of 2026, the operating revenue was DKK 175 million (DKK 110 million) and the operational EBIT/kg was DKK -57.35 (DKK - 133.30).
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 1,055,316 1,033,878 2% 3,671,326 2,879,028 28% EBIT 209,772 250,829 -16% 610,453 -16,307 N/A Operational EBIT -7,960 -28,617 72% 486,557 261,709 86% Operational EBIT/kg (DKK) -0.34 -1.13 69% 6.49 4.34 50% Operational EBIT-margin -1% -3% 13% 9% Volumes Harvested volumes (tgw) 23,097 25,392 -9% 74,985 60,326 24% Volumes The total volumes harvested in Q3 2026 were 23,097 tonnes gutted weight (25,392 tgw) – a change in volume of -9%. The harvested volumes for the first nine months of 2026 were 74,985 tgw (60,326 tgw). Financial Performance In Q3 2026, the operating revenue for the Farming Faroe Islands segment was DKK 1,055 million (DKK 1,034 million) an increase of 2%. The operational EBIT/kg for Q3 2026 was DKK -0.34 (DKK -1.13) an increase of 69%. In the first nine months of 2026, the operating revenue was DKK 3,671 million (DKK 2,879 million) and the operational EBIT/kg was DKK 6.49 (DKK 4.34). Costs of DKK 0 million (DKK 0 million) relate to incident -based mortality in Q3 2026. In the first nine months of 2026, the cost related to incident-based mortality was DKK 0 million (DKK 0 million). Farming – Scotland Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 188,262 199,007 -5% 676,041 905,455 -25% EBIT -166,599 -366,149 54% -815,878 -587,443 -39% Operational EBIT -138,334 -190,787 27% -340,153 -302,395 -12% Operational EBIT/kg (DKK) -30.49 -36.09 16% -24.51 -16.25 -51% Operational EBIT-margin -73% -96% -50% -33% Volumes Harvested volumes (tgw) 4,537 5,286 -14% 13,880 18,606 -25% Volumes The total volumes harvested in Q3 2026 were 4,537 tonnes gutted weight ( 5,286 tgw) – a change in volume of -14%. Financial Performance In Q3 2026, the operating revenue for the Farming Scotland segment was DKK 188 million (DKK 199 million) – a decrease of 5%. The operational EBIT/kg for Q3 2026 was DKK -30.49 (DKK -36.09). In the first nine months of 2026, the operating revenue was DKK 676 million (DKK 905 million) and the operational EBIT/kg was DKK -24.51 (DKK -16.25). Costs of DKK 42 million (DKK 70 million) relate to incident-based mortality in Q3 2026. In the first nine months of 2026, the cost related to incident -based mortality was DKK 76 million (DKK 117 million).
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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. Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 236,751 251,564 -6% 741,582 685,282 8% EBIT 28,111 38,273 -27% 105,047 93,326 13% Operational EBIT 28,111 38,273 -27% 105,047 93,326 13% Operational EBIT/kg (DKK) 1.02 1.25 -18% 1.18 1.18 0% Operational EBIT-margin 12% 15% 14% 14% Volumes Total Energy produced (Mwh) 6,730 3,826 76% 19,769 11,375 74% Harvested Volumes (tgw) 27,634 30,678 -10% 88,865 78,932 13% Volumes Førka produced 6,730 Mwh (3,826 Mwh) of energy in Q3 2026 – a change in volume of 76%. In the first nine months of 2026, total energy production was 19,769 Mwh (11,375 Mwh). Financial Performance In Q3 2026, the operating revenue for the Services segment was DKK 237 million (DKK 252 million) – a decrease of 6%. The operational EBIT was 28 million (38 million) – a decrease of 27%. In the first nine months of 2026, the operating revenue was DKK 742 million (DKK 685 million) and the operational EBIT was DKK 105 million (DKK 93 million). Sales & Other The Sales & Other segment optimises the value retention and provides freight & logistical services. The segment has processing capacity in the Faroe Islands, Scotland, Denmark, and the US to produce value-added products (VAP). A significant share of the salmon sold is processed to VAP-products for the retail market. Q3 Q3 YTD YTD DKK 1,000 2026 2025 Change 2026 2025 Change Financial Total revenue 2,640,831 2,461,521 7% 8,928,102 7,485,237 19% EBIT 61,979 72,733 -15% 223,518 212,919 5% Operational EBIT 61,979 72,733 -15% 223,518 210,822 6% Operational EBIT/kg (DKK) 2.24 2.37 -5% 2.52 2.67 -6% Operational EBIT-margin 2% 3% 3% 3% Volumes Harvested Volumes (tgw) 27,634 30,678 -10% 88,865 78,932 13% Farming FO transferred to VAP (tgw) 5,719 4,823 19% 18,254 13,090 39% VAP produced (tgw) 5,723 4,800 19% 18,280 12,804 43% Harvested volumes used in VAP production 25% 19% 24% 22% Harvested volumes sold fresh/frozen 75% 81% 76% 78% Volumes Total volumes harvested in Q3 2026 for Bakkafrost Group were 27,634 tgw (30,678 tgw) – a change in volume of -10%. The harvested volumes for the first nine months of 2026 were 88,865 tgw (78,932 tgw). 25% (19%) of the Faroese harvested volumes in Q3 2026 went to the production of VAP products and 24% (22%) in the first nine months of 2026. VAP produced 5,723 tonnes gutted weight in Q3 2026 (4,800 tgw) – a change in volume of 19%. In the first nine months of 2026, the VAP production was 18,280 tgw (12,804 tgw). Financial Performance In Q3 2026, the operating revenue for the Sales & other segment was DKK 2,641 million (DKK 2,462 million) – an increase of 7%. The operational EBIT was 62 million (73 million) – a decrease of 14.79%. In the first nine months of 2026, the operating revenue was DKK 8,928 million (DKK 7,485 million)
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 2025, exposed to the salmon price. The Integrated Annual Report 202 5 is available on request from Bakkafrost and Bakkafrost's website, www.bakka- frost.com. Events after the Reporting Period From the date of the statement of financial position until today, no events have occurred that materially influence the information presented herein.
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 September 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 September 2026, as well as the results of the Group activities and cash flows for the period 1 January 2026 to 30 September 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, November 1st, 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 | Q3 2026 and First Nine Months of 2026 15 Consolidated Income Statement For the period ended 30 Sep 2026 Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 Operating revenue 1,680,739 1,686,196 5,620,180 5,160,252 Purchase of goods/change in inventory at cost -466,369 -663,564 -1,517,877 -1,725,267 Salary and personnel expenses -271,454 -245,358 -792,313 -708,305 Other operating expenses -625,919 -566,674 -1,764,675 -1,601,544 Depreciation -197,285 -196,223 -625,098 -578,545 Other income 7,797 7,772 23,687 45,675 Operational EBIT* 127,509 22,149 943,904 592,266 Fair value adjustments of biological assets 230,674 121,615 -162,177 -441,653 Income from associates 5,721 5,111 8,251 21,116 Revenue tax -41,207 -17,531 -189,652 -121,411 Earnings before interest and taxes (EBIT) 322,697 131,344 600,326 50,318 Net interest revenue 413 3,464 10,936 11,945 Net interest expenses -46,857 -30,849 -134,656 -109,236 Net currency effects -19,665 -25,123 -43,638 -104,621 Other financial expenses -1,787 -1,897 -4,562 276 Earnings before taxes (EBT) 254,801 76,939 428,406 -151,318 Taxes -64,000 -383 -91,668 83,908 Profit or loss for the period 190,801 76,556 336,738 -67,410 Profit or loss for the year attributable to Non-controlling interests 432 29 959 -1,959 Owners of P/F Bakkafrost 190,369 76,527 335,779 -65,451 Earnings per share (DKK) 3.21 1.29 5.67 -1.14 Diluted earnings per share (DKK) 3.21 1.29 5.67 -1.14 * Operational EBIT is EBIT before fair value of biomass, onerous contracts, income from associates and revenue tax. Consolidated Statement of Comprehensive Income For the period ended 30 Sep 2026 Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 Profit for the period 190,801 76,556 336,738 -67,410 Changes on financial derivatives -2,750 -8,715 -40,339 15,117 Hereof income tax effect 419 1,330 6,153 -2,306 Currency translation differences 18,519 -48,465 39,866 -156,754 Net other comprehensive income to be reclassified to profit or loss in subsequent periods 16,188 -55,850 5,680 -143,943 Other comprehensive income 16,188 -55,850 5,680 -143,943 Total comprehensive income for the period 206,989 20,706 342,418 -211,353 Comprehensive income for the period attributable to Non-controlling interests 432 29 959 -1,959 Owners of P/F Bakkafrost 206,557 20,677 341,459 -209,394
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 16 Consolidated Statement of Financial Position As on 30 Sep 2026 30 Sep 31 Dec DKK 1,000 2026 2025 ASSETS Non-current assets Intangible assets 4,515,630 4,509,171 Property, plant and equipment 7,311,610 7,136,020 Right of use assets 697,787 829,037 Financial assets 345,359 346,084 Deferred tax assets 613,760 698,693 Total non-current assets 13,484,146 13,519,005 Current assets Biological assets (biomass) 3,441,925 3,422,053 Inventory 1,224,173 789,723 Total inventory 4,666,098 4,211,776 Accounts receivable 835,154 699,696 Other receivables 130,685 297,505 Total receivables 965,839 997,201 Cash and cash equivalents 522,562 299,749 Total current assets 6,154,499 5,508,726 TOTAL ASSETS 19,638,645 19,027,731 30 Sep 31 Dec DKK 1,000 2026 2025 EQUITY AND LIABILITIES Equity Share capital 59,390 59,390 Other equity 11,112,392 10,982,751 Non-controlling interests 2,830 1,871 Total equity 11,174,612 11,044,012 Non-current liabilities Deferred taxes and other taxes 2,143,684 2,161,872 Long-term interest-bearing debt 4,651,614 4,196,642 Long-term leasing debt 620,418 798,395 Total non-current liabilities 7,415,716 7,156,909 Current liabilities Financial derivatives 42,681 1,840 Short-term leasing debt 157,414 48,549 Accounts payable and other debt 848,222 776,421 Total current liabilities 1,048,317 826,810 Total liabilities 8,464,033 7,983,719 TOTAL EQUITY AND LIABILITIES 19,638,645 19,027,731
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 17 Consolidated Cash Flow Statement For the period ended 30 Sep 2026 Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 Earnings before interest and taxes (EBIT) 322,697 131,344 600,327 50,319 Adjustments for write-downs and depreciation 197,285 196,223 625,097 578,542 Adjustments for value adjustment of biomass -230,674 -121,615 162,177 441,653 Adjustments for income from associates -4,818 -5,111 -4,940 -2,869 Adjustments for currency effects -84,319 -15,065 -67,214 -56,493 Change in inventory -240,310 72,847 -598,468 -287,551 Change in receivables 66,254 -477,278 37,172 -367,267 Change in current debts 122,432 463,526 121,047 274,409 Cash flow from operations 148,547 244,871 875,198 630,743 Cash flow from investments Payments for purchase of fixed assets -208,949 -311,331 -649,309 -852,623 Cash flow from investments -208,949 -311,331 -649,309 -852,623 Cash flow from financing Change in interest-bearing debt (short and long) 329,477 216,273 454,972 758,929 Financial income 5,277 3,675 15,922 8,783 Financial expenses -48,180 -30,779 -132,942 -116,022 Lease payments -39,667 -41,836 -130,577 -130,048 Net proceeds from sale of own shares 8,576 52 -5,564 -20,759 Proceeds from share capital increases 0 0 0 27,340 Dividend paid 0 0 -204,887 -500,521 Cash flow from financing 255,483 147,385 -3,076 27,702 Net change in cash and cash equivalents in period 195,081 80,925 222,813 -194,178 Cash and cash equivalents – opening balance 327,481 205,403 299,749 480,506 Cash and cash equivalents – closing balance total 522,562 286,328 522,562 286,328
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 18 Consolidated Statement of Changes in Equity As on 30 Sep 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 28,861 64,380 -810 204,894 500,604 6,129,757 1,871 11,044,012 Consolidated profit 0 0 0 0 0 0 0 -162,177 497,956 959 336,738 Changes in financial derivatives 0 0 0 0 0 -40,339 0 0 0 0 -40,339 Hereof income tax effect 0 0 0 0 0 6,153 0 0 0 0 6,153 Currency translation differences 0 0 0 0 39,866 0 0 0 0 0 39,866 Total other comprehensive income 0 0 0 0 39,866 -34,186 0 0 0 0 5,680 Total comprehensive income 0 0 0 0 39,866 -34,186 0 -162,177 497,956 959 342,418 Share-based payment 0 0 0 -686 0 0 0 0 0 0 -686 Treasury shares 0 0 -4,630 0 0 0 0 0 -1,615 0 -6,245 Paid-out dividend 0 0 0 0 0 0 -204,894 0 7 0 -204,887 Total transaction with owners 0 0 -4,630 -686 0 0 -204,894 0 -1,608 0 -211,818 Total changes in equity 0 0 -4,630 -686 39,866 -34,186 -204,894 -162,177 496,348 959 130,600 Total equity 30.09.2026 59,390 4,085,934 -35,499 28,175 104,246 -34,996 0 338,427 6,626,105 2,830 11,174,612 Equity 01.01.2025 59,305 4,058,679 -14,502 29,187 210,406 -2,829 500,531 372,525 5,952,113 -8,748 11,156,667 Consolidated profit 0 0 0 0 0 0 0 -441,653 376,202 -1,959 -67,410 Changes in financial derivatives 0 0 0 0 0 15,117 0 0 0 0 15,117 Hereof income tax effect 0 0 0 0 0 -2,306 0 0 0 0 -2,306 Currency translation differences 0 0 0 0 -158,713 0 0 0 0 0 -158,713 Total other comprehensive income 0 0 0 0 -158,713 12,811 0 0 0 0 -145,902 Total comprehensive income 0 0 0 0 -158,713 12,811 0 -441,653 376,202 -1,959 -213,312 Share-based payment 0 0 0 -3,092 0 0 0 0 0 0 -3,092 Treasury shares 0 0 -24,359 0 0 0 0 0 -1,045 0 -25,404 Share Capital increase 85 27,255 0 0 0 0 0 0 0 0 27,340 Paid-out dividend 0 0 0 0 0 0 -500,531 0 11 0 -500,520 Total transaction with owners 85 27,255 -24,359 -3,092 0 0 -500,531 0 -1,034 0 -501,676 Total changes in equity 85 27,255 -24,359 -3,092 -158,713 12,811 -500,531 -441,653 375,168 -1,959 -714,988 Total equity 30.09.2025 59,390 4,085,934 -38,861 26,095 51,693 9,982 0 -69,128 6,327,281 -10,707 10,441,679 Equity 01.01.2025 59,305 4,058,679 -14,502 29,187 210,406 -2,829 500,531 372,525 5,952,113 -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 Currency translation differences 0 0 0 0 -146,026 0 0 0 0 0 -146,026 Total other comprehensive income 0 0 0 0 -146,026 2,019 0 0 0 0 -144,007 Total comprehensive income 0 0 0 0 -146,026 2,019 0 128,079 402,087 -6,408 379,751 Share-based payment 0 0 0 -326 0 0 0 0 0 0 -326 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 0 204,894 0 -204,894 0 0 Total transaction with owners 85 27,255 -16,367 -326 0 0 -295,637 0 -224,443 17,027 -492,406 Total changes in equity 85 27,255 -16,367 -326 -146,026 2,019 -295,637 128,079 177,644 10,619 -112,655 Total equity 31.12.2025 59,390 4,085,934 -30,869 28,861 64,380 -810 204,894 500,604 6,129,757 1,871 11,044,012
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 | Q3 2026 and First Nine Months of 2026 20 Note 4. Biological Assets 30 Sep 30 Sep 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 4,577,225 3,866,553 5,259,497 Reduction due to harvesting or sale (costs of goods sold) -4,193,600 -3,585,717 -4,773,586 Reduction due to mortality (costs of incidents-based mortality) *) -75,889 -117,121 -172,348 Fair value adjustment at the beginning of the period reversed -500,604 -372,525 -372,524 Fair value adjustment at the end of the period 338,427 -69,130 500,604 Reversal of elimination at the beginning of the period 576,207 498,799 498,799 Eliminations -687,222 -530,450 -576,207 Currency translation differences -14,672 -86,405 -80,840 Biological assets carrying amount at the end of the period 3,441,924 2,742,661 3,422,052 Cost price biological assets 3,805,391 3,428,646 3,578,495 Fair value adjustment at the end of the period 338,427 -69,130 500,604 Eliminations -687,222 -530,450 -576,207 Currency translation differences -14,672 -86,405 -80,840 Biological assets carrying amount 3,441,924 2,742,661 3,422,052 Biomass (tonnes) < 1 kg 4,723 3,140 5,785 1 kg < 2 kg 8,380 6,552 6,174 2 kg < 3 kg 9,979 9,983 7,021 3 kg < 4 kg 14,076 16,760 10,183 4 kg < 35,584 33,719 45,861 Volume of biomass at sea (tonnes) 72,742 70,154 75,024 Q3 Q3 YTD YTD * Costs of incident-based mortality per Farming segment: 2026 2025 2026 2025 Faroe Islands 0 0 0 0 Scotland 41,985 69,644 75,889 117,121 Total 41,985 69,644 75,889 117,121 30 Sep 30 Sep 31 Dec Number of fish (thousand) 2026 2025 2025 < 1 kg 8,129 7,042 9,426 1 kg < 2 kg 5,821 4,462 4,178 2 kg < 3 kg 4,189 4,041 2,710 3 kg < 4 kg 4,005 4,772 2,886 4 kg < 6,996 6,367 8,210 Total number of fish at sea (thousand) 29,140 26,684 27,410 Number of smolt transferred YTD (thousand) Farming Faroe Island 13,993 13,410 18,732 Farming Scotland 7,801 5,123 7,328 Total number of smolts transferred YTD (thousand) 21,794 18,533 26,060 Sensitivity in DKK 1,000 Change in discount rate +1% -164,708 -146,804 -157,320 Change in discount rate -1% 164,708 146,804 157,320 Change in sales price +5 DKK 507,046 408,182 465,565 Change in sales price -5 DKK -507,046 -408,182 -465,565 Change in biomass volume +1% 18,194 11,323 13,783 Change in biomass volume -1% -18,194 -11,323 -13,783 One-year forward prices in EUR FCA Oslo** Period end 6.20 5.90 7.90 1 Q (forward) 6.53 6.59 8.35 2 Q (forward) 8.45 8.47 7.76 3 Q (forward) 8.40 8.33 6.30 4 Q (forward) 6.67 6.35 7.00 ** Pricing is based on forward prices from Fish Pool and Kontali
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 21 Note 5. Segments Fishmeal, Freshwater Freshwater Farming Farming Sales Q3 - 2026 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 874,624 228,566 61,886 1,055,316 188,262 236,751 2,640,831 -3,605,497 1,680,739 Depreciation and amortization -7,401 -33,511 -19,401 -36,821 -55,673 -26,485 -17,993 0 -197,285 Operating expenses -658,131 -127,089 -55,987 -1,026,455 -270,936 -182,155 -2,568,643 3,525,654 -1,363,742 Other Income 0 0 0 0 13 0 7,784 0 7,797 Operational EBIT 209,092 67,966 -13,502 -7,960 -138,334 28,111 61,979 -79,843 127,509 Fair value adjustments on biological assets 0 0 0 244,157 -13,483 0 0 0 230,674 Income from associates 5,721 0 0 0 0 0 0 0 5,721 Revenue tax 0 0 0 -26,425 -14,782 0 0 0 -41,207 EBIT 214,813 67,966 -13,502 209,772 -166,599 28,111 61,979 -79,843 322,697 Operational EBITDA 216,493 101,477 5,899 28,861 -82,661 54,596 79,972 -79,843 324,794 Fishmeal, Freshwater Freshwater Farming Farming Sales Q3 - 2025 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 758,896 231,083 73,229 1,033,878 199,007 251,564 2,461,521 -3,322,982 1,686,196 Depreciation and amortization -6,639 -31,087 -13,402 -37,861 -62,474 -24,906 -19,854 0 -196,223 Operating expenses -661,709 -116,624 -97,407 -1,024,634 -327,320 -188,385 -2,376,706 3,317,189 -1,475,596 Other Income 0 0 0 0 0 0 7,772 0 7,772 Operational EBIT 90,548 83,372 -37,580 -28,617 -190,787 38,273 72,733 -5,793 22,149 Fair value adjustments on biological assets 0 0 0 293,684 -172,069 0 0 0 121,615 Income from associates 5,111 0 0 0 0 0 0 0 5,111 Revenue tax 0 0 0 -14,238 -3,293 0 0 0 -17,531 EBIT 95,659 83,372 -37,580 250,829 -366,149 38,273 72,733 -5,793 131,344 Operational EBITDA 97,187 114,459 -24,178 9,244 -128,313 63,179 92,587 -5,793 218,372
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 1,999,339 711,640 174,864 3,671,326 676,041 741,582 8,928,102 -11,282,714 5,620,180 Depreciation and amortization -21,910 -101,017 -57,501 -113,618 -177,662 -97,498 -55,892 0 -625,098 Operating expenses -1,565,644 -371,081 -192,092 -3,071,151 -838,666 -539,037 -8,668,407 11,171,213 -4,074,865 Other Income 0 0 3,838 0 134 0 19,715 0 23,687 Operational EBIT 411,785 239,542 -70,891 486,557 -340,153 105,047 223,518 -111,501 943,904 Fair value adjustments on biological assets 0 0 0 291,258 -453,435 0 0 0 -162,177 Income from associates 8,251 0 0 0 0 0 0 0 8,251 Revenue tax 0 0 0 -167,362 -22,290 0 0 0 -189,652 EBIT 420,036 239,542 -70,891 610,453 -815,878 105,047 223,518 -111,501 600,326 Operational EBITDA 433,695 340,559 -13,390 600,175 -162,491 202,545 279,410 -111,501 1,569,002 INVESTMENTS in Property, plant and equipment 64,256 298,747 61,598 130,202 8,764 50,206 35,535 649,309 Fishmeal, Freshwater Freshwater Farming Farming Sales YTD 2025 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 1,910,537 619,155 109,869 2,879,028 905,455 685,282 7,485,237 -9,434,311 5,160,252 Depreciation and amortization -20,113 -95,562 -36,847 -103,611 -189,885 -74,602 -57,347 -578 -578,545 Operating expenses -1,646,533 -298,620 -184,532 -2,513,708 -1,028,285 -517,354 -7,249,703 9,403,619 -4,035,116 Other Income 0 0 2,720 0 10,320 0 32,635 0 45,675 Operational EBIT 243,891 224,973 -108,790 261,709 -302,395 93,326 210,822 -31,270 592,266 Fair value adjustments on biological assets 0 0 0 -169,196 -272,457 0 0 0 -441,653 Income from associates 19,019 0 0 0 0 0 2,097 0 21,116 Revenue tax 0 0 0 -108,820 -12,591 0 0 0 -121,411 EBIT 262,910 224,973 -108,790 -16,307 -587,443 93,326 212,919 -31,270 50,318 Operational EBITDA 264,004 320,535 -71,943 365,320 -112,510 167,928 268,169 -30,692 1,170,811 INVESTMENTS in Property, plant and equipment 96,502 229,542 166,111 204,202 19,129 106,062 31,075 852,623
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 30 September 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) 3,441,925 3,103,497 0 0 3,441,925 Assets measured at fair value 30/09-2026 3,441,925 3,103,497 0 0 3,441,925 Liabilities measured at fair value 30/09-2026 42,681 n/a 0 42,681 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 1,840 n/a 0 1,840 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 (NIBD) is defined as current and non -current interest -bearing borrowings, excluding lease liabilities, less cash and cash equivalents. Derivative assets and liabilities are excluded from this measure. The net interest -bearing debt is a measure of the Group's net indebt edness 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 the term net debt does not necessarily mean that the cash includ ed in the net debt calculation is available to settle the liabilities included in this measure. Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate interest-bearing liabilities (both current and non- current), derivatives and cash and cash equivalents. A reconciliation is provided below. 30 Sep 31 Dec DKK 1,000 2026 2025 Cash and cash equivalents 522,562 299,749 Long- and short term interest bearing debt -4,651,614 -4,196,642 Net interest-bearing debt -4,129,052 -3,896,893
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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. Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 EBIT 322,697 131,344 600,326 50,318 Fair value adjustments of biological assets -230,674 -121,615 162,177 441,653 Income from associates -5,721 -5,111 -8,251 -21,116 Revenue tax 41,207 17,531 189,652 121,411 Operational EBIT 127,509 22,149 943,904 592,266 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 average capital employed (ROCE) is the period's operational EBIT divided by the average capital employed, which is total assets adjusted for total current liabilities. The performance measure is expressed as a percentage and is useful for evaluating Bakkafrost's profitability. Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 Group -Operational EBIT 127,509 22,149 943,904 592,266 Average Capital Employed 18,319,491 17,373,950 18,033,022 17,373,950 ROCE 0.7% 0.1% 5.2% 3.4% Adjusted EPS Adjusted EPS is based on the reversal of certain fair value adjustments shown in the table below, as it is Bakkafrost's view that this figure provides a more reliable measure of the underlying performance. Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 Profit for the period to the shareholders of P/F Bakkafrost 190,369 76,556 336,306 -67,410 Fair value adjustment of biomass -230,674 -121,615 162,177 441,653 Tax on fair value adjustment and onerous contracts provisions 69,876 45,088 -25,982 -119,541 Adjusted profit for the period to shareholders of P/F Bakkafrost 29,571 29 472,501 254,702 Time-weighted average number of shares outstanding through the period 59,295,037 59,290,731 59,295,037 59,290,731 Adjusted earnings per share (before fair value adjustment of biomass and provisions for onerous contracts) (adjusted EPS) 0.50 0.00 7.97 4.30
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BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 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 | Q3 2026 and First Nine Months of 2026 26 Appendix – Performance FO vs SCT The performance related to the Faroe Islands and Scotland as a region. Q3 2026 Q3 2025 2026 YTD 2025 YTD Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Scotland Faroe Islands* Group Total operating revenues DKK 1,000 245 1,436 1,681 282 1,405 1,686 901 4,720 5,620 1,209 3,951 5,160 Depreciation and amortization DKK 1,000 -79 -118 -197 -80 -117 -196 -247 -378 -625 -239 -339 -578 Operating expenses DKK 1,000 -313 -1,051 -1,364 -414 -1,061 -1,476 -984 -3,091 -4,075 -1,295 -2,740 -4,035 Other income DKK 1,000 8 0 8 8 0 8 24 0 24 46 0 46 Operational EBIT DKK 1,000 -140 267 128 -205 227 22 -307 1,251 944 -280 873 593 Operational EBITDA DKK 1,000 -61 385 325 -125 343 218 -60 1,629 1,569 -41 1,212 1,171 Volume tonnes 4,537 23,097 27,634 5,286 25,392 30,678 13,880 74,985 88,865 18,606 60,326 78,932 Operational EBIT/KG DKK 1.00 -30.79 11.57 4.61 -38.72 8.93 0.72 -22.11 16.68 10.62 -15.04 14.46 7.51 DKK 1.00 - of which FOF 0.00 9.05 7.57 0.00 3.57 2.95 0.00 5.49 4.63 0.00 4.04 3.09 - of which Freshwater -2.98 2.94 1.97 -7.11 3.28 1.49 -5.11 3.19 1.90 -5.85 3.73 1.47 - of which Farming -30.49 -0.34 -5.29 -36.09 -1.13 -7.15 -24.51 6.49 1.65 -16.25 4.34 -0.52 - of which Services -1.44 1.50 1.02 0.23 1.46 1.25 -0.94 1.57 1.18 1.09 1.21 1.18 - of which Sales & Other 3.44 2.01 2.24 5.93 1.63 2.37 5.90 1.89 2.52 6.19 1.58 2.67 - of which Eliminations 0.68 -3.59 -2.89 -1.67 0.12 -0.19 2.55 -1.96 -1.25 -0.22 -0.44 -0.39 *included a marginal contribution from US, DK, UK and FR