Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q4 2025 Earnings Presentation
51 slides from Bakkafrost P/f's earnings presentation, Feb 9, 2026
Slide 1: Bakkafrost Group Q4 2025
Q4 2025 BAKKAFROST GROUP Oslo February 9th 2026
Slide 2: Disclaimer
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
Slide 3: Summary of Q4 2025
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 4: Summary Q4 2025 (Q4 2024)
SUMMARY Q4 2025 (Q4 2024) Revenues and ▪ Revenue of DKK 1,847 million (DKK 1,470 million) Operational EBIT ▪ Operational EBIT* of DKK 295 million (DKK 280 million) ▪ Harvest in the Faroe Islands: 23,312 tgw (16,639 tgw) ▪ Harvest in Scotland: 4,579 tgw (3,840 tgw) Operation ▪ Feed sales: 47,216 tonn
Slide 5: Margins
MARGINS Q4 2025 VS. (Q4 2024) OPERATIONAL EBIT/KG, ALL INCLUSIVE Group DKK/kg 10.59 (13.65) Faroes* Scotland DKK/kg DKK/kg 16.81 -21.11 (18.63) (-7.94) 5 *included a marginal contribution from US, DK, UK and FR
Slide 6: Markets & Sales
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 7: Global Markets - Prices
GLOBAL MARKETS - PRICES INCREASED PRICES, BUT MORE SUPPLY OF LARGE FISH REDUCING LARGE-FISH PREMIUM Average spot prices decreased YoY and QoQ Spot prices (NASDAQ/Sisalmoni) on superior 4-5 [NOK/kg HOG] 150 Q1 Q2 Q3 Q4 Superior 4-5kg (NOK/KG) 130 110 y/y: 80.74 +1.8% 82.23 (Q4 2024) +1.49 (Q4 2025) 9
Slide 8: Global Markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 8% EU/UK: Unchanged consumption Salmon markets, sold quantity (head on gutted weight) Estimated volumes Q4 comparison Estimated volumes FY comparison • Below European supply increase (2%) Markets Q4 2025 E Q4 2024 Volume % FY 2025 E FY 2024 Volume % EU+UK 335
Slide 9: Global Harvest Increased by 9%
GLOBAL HARVEST INCREASED BY 9% SUPPLY TO THE MARKETS BY 8% 9% increase in global harvest Supply Development Q4 2025 Q4 2024 Change % ▪ Limited contribution from Europe Norway 416 414 0.6 % UK 35 41 -14.8 % ▪ Strong re-bound in Americas Faroes 33 21 61.8 % Iceland 16 16 -1.1 % Ireland 3 3 -6.7 % Tota
Slide 10: Finance
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Faroe Islands
Slide 11: Group Profit and Loss
GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT Q4 2024 Q4 2025 (DKK million) Q4 25 YTD 25 Q4 24 YTD 24 Revenue (mDKK) Operating revenue 1,847 7,007 1,470 7,334 1,470 377 1,847 Operational EBITDA* 502 1,673 465 2,254 Operational EBIT* 295 888 280 1,550 Operational EBIT (mDKK) 280 15 295 Fa
Slide 12: Operational EBIT and Adjusted Earnings per Share
OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** 710 587 565 505 407 418 376 388 Operational EBIT* 353 356 325 280 295 (mDKK) 269 224 173 120 71 65 22 2021 2022 2023 2024 2025 YTD 821 1,705 1,544 1,550 888 7.66 7.19 6.77 4.80 4.82 4.37 4.39 4.00 3.79 Adjusted EPS** 3.43 3.56 3.37 2.95 2.93 (DKK)
Slide 13: Balance Sheet
BALANCE SHEET Headlines (mDKK) (DKK million) Q4 25 End 2024 End 2024 Q4 2025 Intangible assets 4,509 4,518 Property, plant and equipment 7,136 6,733 PPE: 6,733 403 7,136 829 321 Right of use assets Financial assets 346 334 Biological assets: Deferred tax assets 603 590 3,139* 283 3,422* *(whereof mD
Slide 14: Cash Flow
CASH FLOW YTD YTD Q4 2024 Q4 2025 (DKK million) Q4 25 Q4 24 25 24 Cash flow, operations (mDKK) 68 379 448 Cash flow from operations 448 1,079 68 2,355 Cash flow from investments -282 -1,135 -291 -1,014 Cash flow from financing -152 -124 -136 -1,272 Net change in cash 13 -181 -359 69 Cash flow, inves
Slide 15: Net Interest-Bearing Debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q4 2025 NIBD was increased by: Development in NIBD in DKK millions Change in NIBD • Net investments (mDKK 282) 4,500 282 188 3,964 3,897 • Taxes paid (mDKK 188) 4,000 -311 -227 3,500 3,000 2,500 NIBD was decreased by: 2,000 1,500 • Operating Act
Slide 16: Bakkafrost enters Global 100 Most Sustainable Companies list
Corporate Knights 2026 Global 100 Bakkafrost enters Global 100 Most Sustainable Companies list by Corporate Knights #2 In Food & Beverage Manufacturing Ranked #83 globally 16
Slide 17: Operations
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Strond, Faroe Islands
Slide 18: The Power of the Fully Integrated Value Chain
THE POWER OF THE FULLY INTEGRATED VALUE CHAIN CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE FCR 2025 FTE 2025 1,635 ~1.10 Converting low food value proteins into high volume & value healthy proteins in the Faroes Revenue 2025 (DKK) 100% ASC ~7.0 bn certified in the Faroes 97% ASC 750 tonnes (edibl
Slide 19: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH Q/Q Q4 YTD Q4 YTD Raw material sourcing vs. feed sale (tonnes) Volumes change 2025 2025 2024 2024 200,000 60,000 Volumes of raw material purchase and feed sale Marine raw material sourced -5% 39,826 349,219 41,919 309
Slide 20: Freshwater – Faroe Islands
FRESHWATER – FAROE ISLANDS STRONG AND STABLE PRODUCTION – CONTINUOUSLY IMPROVING QUALITY AND POST-TRANSFER SURVIVABILITY Q/Q Q4 YTD Q4 YTD Freshwater investments delivering excellent results Volumes change 2025 2025 2024 2024 Strond Glyvradal Norðtoftir Viðareiði Transfered number of smolt (million)
Slide 21: Freshwater – Scotland
FRESHWATER – SCOTLAND KEY PRIORITY IS STEADY RAMP-UP Q/Q Q4 YTD Q4 YTD Volumes change 2025 2025 2024 2024 Applecross hatchery: Transferred number of smolt (million) 120% 2.2 7.3 1.0 6.0 ….whereof externally sourced 300% 1.2 2.7 0.3 1.2 • Stabilised operation Average weight (g) -7% 142 154 152 109 Av
Slide 22: Farming – Faroe Islands
FARMING – FAROE ISLANDS VERY GOOD BIOLOGICAL PERFORMANCE Q/Q Q4 YTD Q4 YTD Volumes • Ring-side costs reduced 8% YoY change 2025 2025 2024 2024 Total harvest volume (tgw) 40% 23,312 83,638 16,639 62,777 • Strong growth – Q4 2025 34% above 2024 Average harvest weight (kg) 6% 5.6 5.2 5.3 5.2 • Quarterl
Slide 23: Farming – Scotland
FARMING – SCOTLAND CONTINUOUSLY IMPROVING BIOLOGICAL PERFORMANCE Q/Q Q4 YTD Q4 YTD Volumes change 2025 2025 2024 2024 • Strong harvest weights, despite low in October Total harvest volume (tgw) 19% 4,579 23,185 3,840 27,880 Average harvest weight (kg) -15% 4.1 5.3 4.8 4.3 • Good growth and stable bi
Slide 24: Services
SERVICES VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE Q/Q Q4 YTD Q4 YTD Services provided: Margin change 2025 2025 2024 2024 • Fish transports & treatments Operational EBIT (mDKK) 24% 31 124 25 83 • Farming Support Operational EBIT/KG (NOK) -9% 1.75 1.83 1.93 1.42 • Harvest & P
Slide 25: Sales & Other
SALES & OTHER IMPROVING MARKET CONDITIONS THROUGH THE QUARTER Q/Q Q4 YTD Q4 YTD • 2% less volume (FO) transferred to VAP Volumes change 2025 2025 2024 2024 • 43 mDKK decrease in Operational EBIT Farming FO volume transferred to VAP (tgw) 24% 4,090 17,180 3,299 13,666 Volume HOG sold (t) 39% 23,801 8
Slide 26: Outlook
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Kunoyarnes, Faroe Islands
Slide 27: Outlook
OUTLOOK HIGHER 1H 2026 GROWTH AT EXPENSE OF 2H Total harvest • Increased estimates for 1H 2026 1,800 25% • Higher temperatures and better biology than expected in 1,600 20% 1,400 Norway 1,200 15% 1,000 • Strong growth in Scotland, Faroes and Ireland 800 10% 600 5% • Estimates largely unchanged 400 0
Slide 28: Continued Strong Growth
OUTLOOK CONTINUED STRONG GROWTH Farming Contracts Harvest [HOG] Faroe Islands Scotland Total • For 2026, Bakkafrost intends to sign contracts covering 2026 plan 92,000 20,000 112,000 around 15-20% of the expected total harvest volumes. Harvest plan break-down by quarters Fishmeal, Oil and Feed 23,92
Slide 29: 2026-2030: Investing 5.0bn in Sustainable Growth
2026-2030: INVESTING 5.0BN IN SUSTAINABLE GROWTH 162,000 TONNES HARVEST IN 2030, FAROE ISLANDS AND SCOTLAND COMBINED Harvest volume (kilotonnes) 2026-2030 Capex* of DKK 5.0 bn *Including maintenance capex 1,400 16.00 162 145 1,200 14.00 50 12.00 40 1,000 Investments per kg (DKK) 112 107 10.00 20 800
Slide 30: Appendix
SUMMARY OF Q4 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
Slide 31: Farming FO & SCT: EBIT/kg Year over Year
FARMING FO & SCT: EBIT / KG YEAR OVER YEAR Comments The Faroe Islands have good biology and cost control • Strong biology leading to efficient resource use and lower cost/kg • Price reflecting the pressured market on superior quality • High volume and good throughput leading to improved production c
Slide 32: Performance per Region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q4 2025 Q4 2024 Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 671 Operational EBIT -97 392 295 -31 310 280 Operational EBIT/KG -21.11 16.81 10.59 -7.9
Slide 33: Performance per Region
PERFORMANCE PER REGION Scotland - Operational EBIT / KG Q4 2025 Q4 2024 12,000 40.00 Faroe Faroe 20.00 DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 10,000 0.00 Total operating revenues 303 1,544 1,847 286 1,184 1,470 8,000 -20.00 6,000 -40.00 Depreciation and amortization -89 -118 -
Slide 34: Q4 2025 – Contract Prices Significantly Higher than Spot
Q4 2025 – CONTRACT PRICES SIGNIFICANTLY HIGHER THAN SPOT Sisalmoni/Nasdaq spot price reflecting marginal weekly price Price Norway (NOK/kg) 120 12 Statistics Norway (SSB) publish average price for all exported 10 whole fish (HOG) per week 100 8 6 80 4 ▪ Incorporates bilateral contracts of variable d
Slide 35: 2026-2030 Capex is 5.0bn – 1.3bn Lower than Previous Plan
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 Faroe Islands: 2026-2030 Capex split across value chain (mDKK) • Complete Skálavík Hatchery • Reaching total annual production capacity of 12 kt/year
Slide 36: Growing with the Large-Smolt Strategy
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 36
Slide 37: Freshwater - Faroe Islands
FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS Number of released smolt (million) Smolt production scaling up 30 • 2024 previously best year of 17m smolt release 24.4 25 24.0 • 18.7m smolt released in 2025, increasing to >24m in 2028 20.2 20 18.7
Slide 38: Freshwater – Faroe Islands: New Hatchery at Skálavík
FRESHWATER – FAROE ISLANDS ONGOING CONSTRUCTION OF NEW HATCHERY AT SKÁLAVÍK Existing hatcheries Gjógv Húsar Strond Glyvradal Norðtoftir Viðareiði Construction of Skálavík hatchery • Same design as Glyvradal and Applecross • 3,500 tonnes capacity • Built in phases to allow early start of operation Ne
Slide 39: Freshwater – Scotland
FRESHWATER – SCOTLAND SMOLT TRANSFER (200-400G) Scotland smolt transfer (million) 16.0 16.0 16.0 10.0 7.3 6.0 2024 2025 2026 2027 2028 2029 Applecross hatchery, spring 2025 39
Slide 40: Freshwater - Scotland
FRESHWATER - SCOTLAND SMOLT CAPACITY 11m 14m 16m 600 Tullich closed Barvas closed Harris Lochs closed ✓ Applecross 29,620m3, complete 500 500 ? RAS 2 future 400Geocrab broodstock Amhuinnsuidhe closed 300 275 275 241 200 ? KLM 1,150 m3 ? Couldoran 1,166m3 100 103 92 106 0 2019 2020 2021 2022
Slide 41: The Importance of Robust Smolt
THE IMPORTANCE OF ROBUST SMOLT A RECENT CASE STUDY RINGSIDE COST FROM MARINE SITE- FAROE DEVELOPMENT KUNOYARNES, FAROE ISLANDS VS.ISLANDS SCOTLAND HEALTHY LIVING SCOTTISH COST MORE VOLATILE DUE TO MORTALITY COST. FALLING TREND IN 2024 High-quality Reduced-quality Smolt weight (g) Time to harvest (no
Slide 42: Segment Overview
SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS FOF Freshwater Farming Services Sales & Other Q4 2025: Q4 2025: Q4 2025: Q4 2025: Q4 2025: Revenue = 697M Revenue = 278M Revenue = 1,172M Revenue = 235M Revenue = 2,792M Internal Feed sale = 46,976t Smolt transferred = 5.3M Harvest Volume = 23.3 ktgw
Slide 43: Development in Supply and Sold Quantity by Origin
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Expected supply growth in 2026 Global Supply of Atlantic Salmon (head on gutted – HOG) 2021 2022 2023 2024 2025E 2026E ▪ 5% increase in Global supply* Norway 1,385 1,360 1,330 1,359 1,523 1,559 UK 179 145 137 170 168 177 ▪ 3% increase in supply* from
Slide 44: Q4 2025 Market Environment
Q4 2025 MARKET ENVIRONMENT 4% increase in European reference price vs Q4 2025 Price Norway (NOK/kg) ▪ 27% increase compared to Q3 2025 NORWAY 12.0 100.0 9.7 90.0 10.0 9.0 80.0 2% supply increase in Europe 8.0 7.1 7.8 70.0 6.7 6.5 6.8 6.0 6.2 60.0 EUR DKK 6.0 5.3 50.0 ▪ 9% global supply increase driv
Slide 45: Development per Quarter
DEVELOPMENT PER QUARTER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 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 Operational EBIT 418 587 325 376 565
Slide 46: Dividend History
DIVIDEND HISTORY Dividend per share in % of adj. EPS* Dividend 99% • On 30 April 2025, the AGM decided to pay out a dividend on 8.44 DKK per share for the year 2024 (equals 50% of adjusted EPS) 59% 53% 49% 49% 50% 50% 50% 50% 50% 50% 46% • Dividend of 501 mDKK was paid out on or around May 21 2025 4
Slide 47: Bakkafrost – Overview
\Wi/ BAKKAFROST BAKKAFROST - OVERVIEW UNITED STATES OF AMERICA @ sates Processing \\L// Bakkarrost Mist’ Leading Producer of Sunerior Quality Salmon from the Faroe Islands and Scotland Estapiisned: 1958 Headquarters: Giyvrar, Faroe islands Employees: Approximately 1,700 full-t 1@ employees across th
Slide 48: Bakkafrost – Farming Site Overview
BAKKAFROST – FARMING SITE OVERVIEW 48
Slide 49: Our Pillars and Values
OUR PILLARS AND VALUES PROVENANCE Committed to provenance e S HEALTHY BUSINESS HEALTHY SALMON Responsible growth Exceeding leading standards Sustainable growth Integrated value chain Ethical conduct Health & welfare Partnership Best practice Healthy & ble Salmon PASSION Passion of our people HEALTHY
Slide 50: Bakkafrost Salmon at a Glance
Bakkafrost salmon at a glance NUTRITION OMEGA-3 LEVELS OMEGA-3 706 vain D eat man vent 2.58 1.4 10.1 ug er 100e ver 1008 012538 wol10e PROTEIN LEVELS VITAMIN B12 LEVELS: VITAMIN E LEVELS Vea wet 21.02 5.0 ug 4.9 mg ver 1008 ver 1068 ber 100 nols6-1166 oi2ve nolome SELENIUM (ooiNe z rat Mea 0.018 mg
Slide 51: Bakkafrost
\W/ BAKKAFROST