Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q3 2025 Earnings Presentation
50 slides from Bakkafrost P/f's earnings presentation, Nov 4, 2025
Slide 1: Bakkafrost Group Q3 2025
Q3 2025 BAKKAFROST GROUP Oslo November 4th 2025
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 Q3 2025
SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Funningsfjørður, Faroe Islands
Slide 4: Summary Q3 2025 (Q3 2024)
SUMMARY Q3 2025 (Q3 2024) Revenues and ▪ Revenue of DKK 1,686 million (DKK 1,737 million) Operational EBIT ▪ Operational EBIT* of DKK 22 million (DKK 173 million) ▪ Harvest in the Faroe Islands: 25,392 tgw (21,618 tgw) ▪ Harvest in Scotland: 5,286 tgw (5,411 tgw) ▪ Feed sales: 49,087 tonnes** (41,51
Slide 5: Margins
MARGINS Q3 2025 VS. (Q3 2024) OPERATIONAL EBIT/KG, ALL INCLUSIVE Group DKK/kg 0.72 (6.38) Faroes* Scotland DKK/kg DKK/kg 8.93 -38.72 (14.35) (-25.45) 5 *included a marginal contribution from US, DK, UK and FR
Slide 6: Markets & Sales
SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 7: Global Markets - Prices
GLOBAL MARKETS - PRICES INCREASE SUPPLY OF SUPERIOR FISH CAUSING DOWNWARD PRESSURE ON PRICES 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 y/y: 73.33 -13.1% 63.73 110 (Q3 2024) -9.60 (Q3 2025) 90 q/q:
Slide 8: Global Markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 12% EU/UK: 4% consumption increase Salmon markets, sold quantity (head on gutted weight) • Significantly below European supply increase (12%) Strong demand in the US • 13% consumption increase • In line with American supply change Increased sales from Chile t
Slide 9: Global Harvest Increased by 12%
GLOBAL HARVEST INCREASED BY 12% SUPPLY TO THE MARKETS BY 12% 12% increase in global harvest volumes Supply Development Q3 2025 Q3 2024 Change % ▪ Strong growth in Europe Norway 457 397 15.0 % UK 41 43 -4.6 % ▪ Rebound in Chile after weak 2024 Faroes 32 31 3.2 % Iceland 10 9 10.8 % Ireland 4 5 -22.4
Slide 10: Finance
SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Cairndow, Scotland
Slide 11: Group Profit and Loss
GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT Q3 2024 Q3 2025 (DKK million) Q3 25 YTD 25 Q3 24 YTD 24 Revenue (mDKK) Operating revenue 1,686 5,160 1,737 6,010 1,737 -50 1,686 Operational EBITDA* 218 1,171 355 1,789 Operational EBIT* 22 592 173 1,270 Operational EBIT (mDKK) Fair value adju
Slide 12: Operational EBIT and Adjusted Earnings per Share
OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** 710 587 565 505 407 418 376 388 353 356 Operational EBIT* 325 269 280 (mDKK) 224 173 120 71 65 22 2021 2022 2023 2024 2025 YTD 821 1,705 1,544 1,550 592 7.66 7.19 6.77 4.80 4.82 4.37 4.39 4.00 Adjusted EPS** 3.43 3.79 3.56 3.37 (DKK) 2.95 2.93 1.89
Slide 13: Balance Sheet
BALANCE SHEET Headlines (mDKK) (DKK million) Q3 25 End 2024 End 2024 Q3 2025 Intangible assets 4,508 4,518 Property, plant and equipment 7,060 6,733 PPE: 6,733 327 7,060 862 321 Right of use assets Financial assets 324 334 Biological assets: Deferred tax assets 684 590 3,139* -396 2,743* *(whereof m
Slide 14: Cash Flow
CASH FLOW Q3 2024 Q3 2025 (DKK million) Q3 25 YTD 25 Q3 24 YTD 24 Cash flow from operations 245 631 575 2,287 Cash flow, operations (mDKK) 575 -330 245 Cash flow from investments -311 -853 -245 -723 Cash flow from financing 147 28 -99 -1,136 Net change in cash 81 -194 231 428 Cash flow, investments
Slide 15: Net Interest-Bearing Debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q3 2025 NIBD was increased by: Development in NIBD in DKK millions Change in • Net investments (mDKK 311) 4,500 311 4,000 3,824 3,964 -59 -112 3,500 NIBD was decreased by: 3,000 2,500 • Operating Activities (mDKK 112) 2,000 1,500 • Change in Wor
Slide 16: Operations
SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Bakkafossur, Faroe Islands
Slide 17: The Power of the Fully Integrated Value Chain
THE POWER OF THE FULLY INTEGRATED VALUE CHAIN CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE FCR 2024 FTE 2024 1,567 ~1.09 Converting low food value proteins into high volume & value healthy proteins in the Faroes Revenue 2024 (DKK) 100% ASC ~7.3 bn certified in the Faroes 70% ASC 750 tonnes (edibl
Slide 18: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH Q/Q Q3 YTD Q3 YTD Raw material sourcing vs. feed sale (tonnes) Volumes 200,000 60,000 change 2025 2025 2024 2024 Volumes of raw material purchase and feed sale Marine raw material sourced 0% 39,940 309,393 40,134 267,
Slide 19: Freshwater – Faroe Islands
FRESHWATER – FAROE ISLANDS STRONG AND STABLE PRODUCTION – CONTINUOUSLY IMPROVING QUALITY AND POST-TRANSFER SURVIVABILITY Q/Q Q3 YTD Q3 YTD Freshwater investments delivering excellent results Volumes change 2025 2025 2024 2024 Strond Glyvradal Norðtoftir Viðareiði Transfered number of smolt (million)
Slide 20: Freshwater – Scotland
FRESHWATER – SCOTLAND INCREASING SMOLT TRANSFER - APPLECROSS AVERAGING 229G IN Q3 2025 Q/Q Q3 YTD Q3 YTD Volumes change 2025 2025 2024 2024 Transferred number of smolt (million) 89% 3.6 5.1 1.9 5.0 Applecross hatchery: ….Whereof externally sourced 29% 0.9 1.5 0.7 0.9 • Transition phase - shifting fr
Slide 21: Farming – Faroe Islands
FARMING – FAROE ISLANDS EXCEPTIONAL BIOLOGICAL PERFORMENCE EVER Q/Q Q3 YTD Q3 YTD Volumes • Ring-side costs reduced 14% YoY change 2025 2025 2024 2024 Total harvest volume (tgw) 17% 25,392 60,326 21,618 46,138 • Strong growth YTD 33% above 2024 Average harvest weight (kg) -1% 5.2 5.1 5.3 5.2 • Quart
Slide 22: Farming – Scotland
FARMING – SCOTLAND OVERALL GOOD, BUT VERY CHALLENGING AT THE PORTREE FARMING SITE Q/Q Q3 YTD Q3 YTD Volumes change 2025 2025 2024 2024 • Very strong harvest weights Total harvest volume (tgw) -2% 5,286 18,606 5,411 24,040 Average harvest weight (kg) 13% 4.8 5.4 4.2 4.3 • Good growth and biology at m
Slide 23: Services
SERVICES VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE Q/Q Q3 YTD Q3 YTD Services provided: Margin change 2025 2025 2024 2024 • Fish transports & treatments Operational EBIT (mDKK) 100% 38 93 19 57 • Farming Support Operational EBIT/KG (NOK) 78% 1.97 1.85 1.11 1.27 • Harvest & P
Slide 24: Sales & Other
SALES & OTHER ONE “BAKKAFROST”-BRAND AND LARGE FISH ENABLED HIGH SALE FROM SCOTLAND TO US AND CHINA Q/Q Q3 YTD Q3 YTD • 7% more volume (FO) transferred to VAP Volumes change 2025 2025 2024 2024 • 75 mDKK decrease in Operational EBIT Farming FO volume transferred to VAP (tgw) 7% 4,823 13,090 4,495 10
Slide 25: Outlook
SUMMARY OF Q3 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Kolbeinagjógv, Faroe Islands
Slide 26: Outlook: Tightening Supply, Improving Balance
OUTLOOK TIGHTENING SUPPLY, IMPROVING BALANCE European growth rate expected to drop significantly Total harvest 1,800 25% • 6% drop expected for Norway in Q4 2025 1,600 • Further drop expected in 2026 assuming 1,400 20% good biology in Norway 18% 1,200 15% 1,000 14% 12% 800 Low single digit growth ex
Slide 27: Strong Roots - Steady Growth
OUTLOOK STRONG ROOTS - STEADY GROWTH Farming Contracts Harvest [gwt] Faroe Islands Scotland Total • For 2025, Bakkafrost intends to sign contracts covering 2025 plan 82,000 22,000 104,000 around 15-20% of the expected total harvest volumes. 2026 plan 92,000 20,000 112,000 Harvest plan 2025 Fishmeal,
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 1,400 16.00 1,200 14.00 Investments per kg (DKK) 12.00 162 1,000 10.00 145 800 DKK Million 8.00
Slide 29: Appendix
SUMMARY OF Q3 2025 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 Q3 2025 vs 2024: Farming Faroe Islands EBIT / KG (In DKK / KG) Comments 0 1.01 (1.31) 2.21 (1.13) The Faroe Islands have good biology and cost control 7.12 • Strong biology leading to efficient resource use and lower cost/kg • Price reflecting the pressured
Slide 31: Performance per Region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q3 2025 Q3 2024 Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 671 Operational EBIT -205 227 22 -138 310 173 532 Operational EBIT/KG -38.72 8.93 0.72 -
Slide 32: Performance per Region
PERFORMANCE PER REGION Scotland - Operational EBIT / KG Q3 2025 Q3 2024 12,000 40.00 Faroe Faroe 20.00 DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 10,000 0.00 8,000 Total operating revenues 282 1,405 1,686 317 1,420 1,737 -20.00 6,000 -40.00 Depreciation and amortization -80 -117 -
Slide 33: Q3 2025 – Contract Prices Significantly Higher than Spot
Q3 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 34: 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 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
FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS Number of released smolt (million) Smolt production scaling up 30 • 2024 best year yet of 17m smolt release 24.4 25 24.0 • Big growth in coming years (smolt release): 20.2 20 18.5 • 18.5m smolt to be
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 Production
FRESHWATER – SCOTLAND SMOLT PRODUCTION • Technical design issues & construction delays pushed smolt plan back more than 12 months • Construction due to complete Q4 2025 • Normal freshwater cycle is around 5 quarters from ova input to smolt output E2 • Smolt output at capacity from H2 2027 E1 + 9,200
Slide 39: Freshwater - Scotland Smolt Capacity
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 40: 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 41: Segment Overview
SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS FOF Freshwater Farming Services Sales & Other Q3 2025: Q3 2025: Q3 2025: Q3 2025: Q3 2025: Revenue = 759M Revenue = 231M Revenue = 1,034M Revenue = 252M Revenue = 2,462M Internal Feed sale = 48,833t Smolt transferred = 4.8M Harvest Volume = 25,392tgw
Slide 42: Development in Supply and Sold Quantity by Origin
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Expected supply growth in 2025 Global Supply of Atlantic Salmon (head on gutted – HOG) 2020 2021 2022 2023 2024 2025E Norway 1,226 1,385 1,360 1,330 1,359 1,502 ▪ 9% increase in Global supply* UK 160 179 145 137 170 168 Ireland 14 14 15 13 17 18 ▪ 10
Slide 43: Q3 2025 Market Environment
Q3 2025 MARKET ENVIRONMENT Significant drop in European reference price Price Norway (NOK/kg) 12.0 100.0 ▪ 12% down compared to Q3 2024 (DKK) 9.7 90.0 10.0 9.0 80.0 ▪ Lowest quarterly NOK price recorded since 2021 8.0 7.8 70.0 7.1 6.7 6.5 60.0 6.0 6.2 EUR DKK 6.0 5.3 50.0 Strong supply pressure in t
Slide 44: Development per Quarter
DEVELOPMENT PER QUARTER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue 1,639 1,684 1,867 1,940 2,050 1,670 1,859 1,562 2,206 2,067 1,737 1,470 1,899 1,575 1,686 Operational EBIT 418 587 325 376 565 353 269 356 71
Slide 45: Dividend
DIVIDEND 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 40% Divid
Slide 46: Bakkafrost – Overview
\Wi/ BAKKAFROST BAKKAFROST - OVERVIEW FAROE ISLANDS Headquarters, Sales & Logistics Fishmeal, Fish oll & Fish feed Broodstock, Hatcheries & Farming Harvest & Processing Farming Service Vessels, Packaging & Biogas a SCOTLAND Sg & sss 2 (© Paxton sae: amr Harvest & Processing sr Processing saute Farmi
Slide 47: Bakkafrost – Farming Site Overview
BAKKAFROST – FARMING SITE OVERVIEW 47
Slide 48: 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 49: 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 50: Bakkafrost
\W/ BAKKAFROST