Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Bakkafrost — Q1 2026 Earnings Presentation
49 slides from Bakkafrost P/f's earnings presentation, May 19, 2026
Slide 1: Q1 2026 Bakkafrost Group
Q1 2026 BAKKAFROST GROUP Oslo May 19th 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 Q1 2026
SUMMARY OF Q1 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 4: Summary Q1 2026
SUMMARY Q1 2026 SOLID START TO 2026 WITH HIGHER HARVEST VOLUMES AND IMPROVED EARNINGS FINANCIAL REVENUE OPERATIONAL EBIT* CASH FLOW FROM OPS PROPOSED DIVIDEND 2025 mDKK 2,114 mDKK 544 mDKK 453 DKK 3.45 Q1 2025: mDKK 1,899 Q1 2025 : mDKK 505 Q1 2025 : mDKK 590 per share ▲ ▲ 11% ▲ 8% -23% SEGMENTS – P
Slide 5: Margins
MARGINS Q1 2026 VS. Q1 2025 OPERATIONAL EBIT/KG, ALL INCLUSIVE Group DKK/kg 17.35 ( 20.07 ) Faroes* Scotland DKK/kg DKK/kg 22.76 -4.58 ( 23.01 ) ( 11.22 ) 5 *included a marginal contribution from US, DK, UK and FR
Slide 6: Markets & Sales
SUMMARY OF Q1 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 7: Global harvest increased by 12%
GLOBAL HARVEST INCREASED BY 12% SUPPLY TO THE MARKETS BY 15% 12% increase in global harvest volumes SUPPLY DEVELOPMENT Q1 2026 Q1 2025 Change % ▪ 10% growth in Europe Norway 337 307 9.7% UK 39 40 -3.1% ▪ Last quarter of significant growth in Americas Faroes 31 26 19.7% Iceland 17 11 53.3% Ireland 4
Slide 8: Global markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 15% EU/UK – 12% growth Salmon markets, sold quantity (head on gutted weight) ▪ Above European supply increase (10%) 4% growth in US consumption ▪ Reduced import from Europe (currency) Large part of American supply increase sold to Asia and Latin America Great
Slide 9: Global markets - prices
GLOBAL MARKETS - PRICES INCREASED PRICES, BUT REDUCED 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 Spot prices Superior 4-5kg (NOK/KG) 130 110 -5.2% y/y: 92.73 87.95 (Q1 2025) -4.78 (Q1 2026) 90 q/q: 82.23 +7
Slide 10: Finance
SUMMARY OF Q1 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Glyvrar, Faroe Islands
Slide 11: Group profit and loss
GROUP PROFIT AND LOSS HIGHER REVENUE, OPERATIONAL EBIT AND PROFIT Q1 2025 Q1 2026 (DKK million) Q1 26 Q1 25 Revenue (mDKK) Operating revenue 2,114 1,899 1,899 214 2,114 Operational EBITDA* 764 694 Operational EBIT* 544 505 Operational EBIT (mDKK) Fair value adjustment of biological assets 13 -376 50
Slide 12: Operational EBIT and adjusted earnings per share
OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** Op EBIT 710 587 565 544 505 418 376 388 353 356 Operational EBIT* 325 295 269 280 (mDKK) 173 65 22 2022 2023 2024 2025 YTD 2026 YTD 1,705 1,543 1,551 888 544 Ad EPS 7.66 7.19 6.77 5.16 4.82 4.37 4.39 Adjusted EPS** 4.00 3.79 3.56 3.43 3.37 (DKK) 2.
Slide 13: Balance sheet
BALANCE SHEET (DKK million) Q1 26 End 2025 Headlines (mDKK) Intangible assets 4,512 4,509 End 2025 Q1 2026 Property, plant and equipment 7,171 7,136 PPE: 7,136 35 7,171 Right of use assets 791 829 Financial assets 350 346 Deferred tax assets 614 699 Biological assets: 3,422 * -53 3,369 * *(whereof m
Slide 14: Cash flow
CASH FLOW Q1 2025 Q1 2026 (DKK million) Q1 26 Q1 25 Cash flow, operations (mDKK) 590 -137 453 Cash flow from operations 453 590 Cash flow from investments -216 -304 Cash flow from financing -167 -516 Net change in cash 70 -230 Cash flow, investments (mDKK) -304 88 -216 Cash at the end of the period
Slide 15: Net interest-bearing debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q1 2026 NIBD was increased by: Development in NIBD in DKK millions Development NIBD • Net investments (mDKK 216) 5,000 4,500 225 • Change in Working Capital (mDKK 225) 3,897 216 4,000 3,762 3,500 -576 3,000 2,500 NIBD was decreased by: 2,000 • O
Slide 16: Bakkafrost is 100% ASC certified
Applecross, Scotland SUMMARY OF Q1 2026 BAKKAFROST IS 100% ASC CERTIFIED MARKETS & SALES FINANCE NOW ALSO IN SCOTLAND OPERATIONS OUTLOOK APPENDIX AP7 (A2, B2 and C2)
Slide 17: 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 18: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH - LOW MARINE SOURCING Q/Q Q1 Q1 Raw material sourcing vs. feed sale (kilotonnes) Volumes change 2026 2025 200 60 Volumes of raw material purchase and feed sale Marine raw material sourced -53% 51,199 109,502 50 150 Fe
Slide 19: Freshwater - Scotland
FRESHWATER – SCOTLAND KEY PRIORITY IS STEADY RAMP-UP Q/Q Q1 Q1 Volumes change 2026 2025 Applecross hatchery: Transferred number of smolt (million) 67% 1.0 0.6 • Stabilised operation …whereof externally sourced N/A 0.0 0.0 Average weight (g) 29% 218 169 • Improved biosecurity Average weight (g) Apple
Slide 20: Farming - Scotland
FARMING – SCOTLAND CONTINUOUSLY IMPROVING BIOLOGICAL PERFORMANCE Q/Q Q1 Q1 Volumes • Good growth and stable biology at most sites change 2026 2025 Total harvest volume (tgw) -1% 6,198 6,286 • Strong harvest weights Average harvest weight (kg) -5% 6.4 6.7 • Improved mortality YoY Margin • EBIT impact
Slide 21: Freshwater - Faroe Islands
FRESHWATER – FAROE ISLANDS CONTINUOUSLY PRODUCING BETTER, LARGER AND CHEAPER SMOLT Q/Q Q1 Q1 Freshwater investments delivering excellent results Volumes change 2026 2025 Strond Glyvradal Norðtoftir Viðareiði Transferred number of smolt (million) 22% 3.9 3.2 Average weight (g) 25% 527 421 Margin • La
Slide 22: Farming - Faroe Islands
FARMING – FAROE ISLANDS SIGNIFICANTLY REDUCED COST & GOOD BIOLOGICAL PERFORMANCE Q/Q Q1 Q1 • Ring-side costs reduced 13% YoY Volumes change 2026 2025 • Strong growth – Q1 2026 30% above 2025 Total harvest volume (tgw) 33% 25,139 18,914 Average harvest weight (kg) 14% 5.8 5.1 • Quarterly feeding 30%
Slide 23: Services
SERVICES RESULT AFFECTED BY ONE-OFF COST Q/Q Q1 Q1 Services provided: Margin change 2026 2025 • Fish transports & treatments Operational EBIT (mDKK) 8% 41 38 • Farming Support Operational EBIT/KG (NOK) -12% 2.08 2.35 Operational EBIT margin -2% 16% 17% • Harvest & Packaging • Waste-to-biogas product
Slide 24: Sales & Other
SALES & OTHER IMPROVING MARKET CONDITIONS THROUGH THE QUARTER Q/Q Q1 Q1 • 34% more volume (FO) transferred to VAP Volumes change 2026 2025 • Increased volumes sold Farming FO volume transferred to VAP (tgw) 34% 5,905 4,393 • Increased supply putting pressure on margin premiums Volume HOG FO&SCT sold
Slide 25: Outlook
SUMMARY OF Q1 2026 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Faroe Islands
Slide 26: Outlook: limited supply growth expected
OUTLOOK LIMITED SUPPLY GROWTH EXPECTED Total harvest Low supply growth expected in 2026 1,800 European harvest 25% • Comparing with high growth in Norway last year 1,600 20% 1,400 15% • Chile relatively stable at high level 1,200 1,000 10% • Minor changes from estimates last quarter: 800 5% 600 • 5%
Slide 27: Outlook: 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 97,000 20,000 117,000 around 15-25% of the expected total harvest volumes. Fishmeal, Oil and Feed Harvest plan break-down by quarters Harve
Slide 28: 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 Harvest volume (KT) 1,400 16.00 1,200 14.00 162 145 12.00 1,000 Investments per kg (DKK) 50 10.0
Slide 29: Appendix
SUMMARY OF Q1 2026 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
Slide 30: Farming FO & SCT: EBIT/kg year over year
FARMING FO & SCT: EBIT / KG YEAR OVER YEAR Q1 2026 vs 2025: Farming Faroe Islands EBIT / KG (In DKK / KG) Comments 18.00 16.00 15.15 5.11 15.35 -0.30 The Faroe Islands have good biology and cost control 14.00 12.00 • Strong biology leading to efficient resource use and lower cost/kg 10.00 -4.62 • Pr
Slide 31: Performance per region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q1 2026 Q1 2025 Fo-opebit 800 Faroe Faroe Scotland Islands* Group Scotland Islands* Group 700 671 Operational EBIT -28 572 544 71 435 506 600 572 Operational EBIT/KG -4.58 22.76
Slide 32: Performance per region
PERFORMANCE PER REGION Q1 2026 Q1 2025 Scotland - Operational EBIT / KG Faroe Faroe 12,000 40 DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 20 Total operating revenues 443 1,671 2,114 496 1,403 1,899 10,000 0 8,000 -4.58 -20 Depreciation and amortization -85 -136 -221 -78 -110 -189 6
Slide 33: Q1 2026 - contract prices higher than spot
Q1 2026 – CONTRACT PRICES HIGHER THAN SPOT •Sisalmoni/Nasdaq spotreflecting Sisalmoni spot price price reflecting marginalmarginal weekly price weekly price Price Norway (NOK/kg) Statistics Norway (SSB) publish average price for all exported Price Norway •whole Statistics Norway fish (HOG) per(SSB)
Slide 34: 2026-2030 capex is 5.0bn
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 35: 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 35
Slide 36: Freshwater - Faroe Islands: significant volume increase
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 37: Ongoing construction of 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 38: Freshwater - Scotland smolt transfer
FRESHWATER – SCOTLAND SMOLT TRANSFER (200-400G) Scotland Scotlandsmolt transfer smolt transfer (million) (million) 16.0 16.0 16.0 10.0 7.3 6.0 2024 2025 2026 2027 2028 2029 Applecross hatchery, spring 2025 38
Slide 39: 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 40: Segment overview
SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS FOF Freshwater Farming Services Sales & Other Q1 2026 Q1 2026 Q1 2026 Q1 2026 Q1 2026 Revenue (M) = 543 Revenue (M) = 211 Revenue (M) = 1,365 Revenue (M) = 266 Revenue (M) = 3,332 Internal Feed (t) = 35,421 Smolt transferred (P) = 3,863 Harvest Volume
Slide 41: 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 ▪ 6% increase in Global supply* Norway 1,385 1,360 1,330 1,359 1,525 1,575 UK 179 145 137 170 169 173 Ireland 14 15 13 17 17 14 ▪ 4
Slide 42: Q1 2026 market environment
Q1 2026 MARKET ENVIRONMENT Price Norway NORWAY (EUR/kg) 12.0 100.0 • 3% decrease in European reference price vs Q1 2025 90.0 9.7 10.0 9.0 • 12% increase compared to Q4 2025 7.8 80.0 7.6 70.0 8.0 7.1 6.7 6.5 6.8 60.0 6.0 6.2 EUR DKK 6.0 5.3 50.0 • 10% supply increase in Europe 40.0 4.0 30.0 • 12% glo
Slide 43: Development per quarter
DEVELOPMENT PER QUARTER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 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 Operational EBIT 418 58
Slide 44: Dividend history
DIVIDEND HISTORY Dividend per share in % of adj. EPS* Dividend 99% • 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) 59% 53% 49% 49% 50% 50% 50% 50% 50% 50% 50% 46% • Dividend of 205 mDKK will be paid out on or around May 2
Slide 45: Bakkafrost - overview
BAKKAFROST – OVERVIEW 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:
Slide 46: Bakkafrost - farming site overview
BAKKAFROST – FARMING SITE OVERVIEW 46
Slide 47: Our pillars and values
OUR PILLARS AND VALUES PROVENANCE Committed to provenance e = HEALTHY BUSINESS HEALTHY SALMON Responsible growth Exceeding leading standards Sustainable growth Integrated value chain Ethical conduct Health & welfare Partnership Best practice Tasty, Healthy & Sustainable Salmon PASSION Passion of our
Slide 48: Bakkafrost salmon at a glance
Bakkafrost salmon at a glance NUTRITION (OMEGA-3 LEVELS OMEGA-3T06 VITAMIN D eat ee wean 2.58 1.4 10.1 ug pare per 1008 012538 woo PROTEIN LEVELS VITAMIN B12 LEVELS: VITAMIN E LEVELS WEAN meat 21.0¢ 5.0 ug 4.9 mg ver 1008 ver tobe ser 100 € 90158-1168 pou ao1ome ‘SELENIUM 1ODINE rat mean 0.018 mg 0.
Slide 49: Bakkafrost
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