Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q2 2026 Earnings Presentation
49 slides from Bakkafrost P/f's earnings presentation, Aug 31, 2026
Slide 1: Bakkafrost Group Q2 2026
Q2 2026 BAKKAFROST GROUP Oslo August 31st 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 Q2 2026
SUMMARY OF Q2 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 4: Summary of Q2 2026
SUMMARY OF Q2 2026 INCREASED EARNINGS FINANCIAL REVENUE OPERATIONAL EBIT* CASH FLOW FROM OPS DIVIDEND 2025 mDKK 1,826 mDKK 273 mDKK 273 DKK 3.45 Q2 2025: mDKK 1,575 Q2 2025 : mDKK 65 Q2 2025 : mDKK -204 per share ▲ 16% ▲ 319% ▲ 234% SEGMENTS – POSITIVE OPERATIONAL EBIT IN Q2 2026 Fishmeal, Oil & Fee
Slide 5: Margins
MARGINS Q2 2026 VS. Q2 2025 OPERATIONAL EBIT/KG, ALL INCLUSIVE Group DKK/kg 9.12 ( 2.82 ) Faroes* Scotland DKK/kg DKK/kg 15.38 -44.13 ( 13.15 ) ( -20.70 ) 5 *included a marginal contribution from US, DK, UK and FR
Slide 6: Markets & Sales
SUMMARY OF Q2 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 7: Global harvest increased by 3%
GLOBAL HARVEST INCREASED BY 3% SUPPLY TO THE MARKETS BY 7% 3% increase in global harvest volumes SUPPLY DEVELOPMENT Q2 2026 Q2 2025 Change % ▪ 5% growth in Europe Norway 366 355 3.1% UK 52 53 -2.2% ▪ Drop in Americas after four quarters of strong growth Faroes 33 25 29.2% Iceland 14 9 66.0% Ireland
Slide 8: Global markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 7% EU/UK – 11% growth Salmon markets, sold quantity (head on gutted weight) ▪ Above European supply increase (5%) Good demand in the US - 4% growth ▪ Well above American supply change ▪ Growth driven by increase from Canada/US ▪ 10% reduction in import from E
Slide 9: Global markets - prices
GLOBAL MARKETS - PRICES LOWER PRICES AND 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 -0.6% y/y: 74.64 -0.48 74.15 (Q2 2025) (Q2 2026) 90 q/q: 87.95 -15.7% 74.15 70
Slide 10: Finance
SUMMARY OF Q2 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Gøtuvík, Faroe Islands
Slide 11: Group profit and loss
GROUP PROFIT AND LOSS HIGHER REVENUE, OPERATIONAL EBIT AND PROFIT (DKK million) Q2 26 YTD 26 Q2 25 YTD 25 Q2 2025 Q2 2026 Operating revenue 1,826 3,939 1,575 3,474 Revenue (mDKK) Operational EBITDA* 480 1,244 258 952 1,575 251 1,826 Operational EBIT* 273 816 65 570 Operational EBIT (mDKK) Fair value
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 (mDKK) 269 280 273 173 65 22 2022 2023 2024 2025 2026 YTD 1,705 1,543 1,551 888 816 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) Q2 26 End 2025 Headlines (mDKK) Intangible assets 4,514 4,509 End 2025 Q2 2026 Property, plant and equipment 7,259 7,136 PPE: 7,136 123 7,259 Right of use assets 726 829 Financial assets 349 346 Deferred tax assets 614 699 Biological assets: 3,422 * -472 2,950 * *(whereof
Slide 14: Cash flow
CASH FLOW Q2 2025 Q2 2026 (DKK million) Q2 26 YTD 26 Q2 25 YTD 25 Cash flow, operations (mDKK) -204 478 273 Cash flow from operations 273 727 -204 386 Cash flow from investments -224 -440 -238 -541 Cash flow from financing -92 -259 397 -120 Net change in cash -43 28 -45 -275 Cash flow, investments (
Slide 15: Net interest-bearing debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q2 2026 NIBD was increased by: Development in NIBD in DKK millions Development NIBD • Net investments (mDKK 224) 5,000 4,500 205 224 164 4,040 • Change in Working Capital (mDKK 164) 4,000 3,762 -315 3,500 • Dividend pay out (mDKK 205) 3,000 2,50
Slide 16: Operations
SUMMARY OF Q2 2026 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 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 both in in the Faroe Islands and Scotla
Slide 18: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) CONTINUED STRONG FEED SALES – HIKING PRICES ON MARINE RAW MATERIALS YoY Q2 YTD Q2 YTD Raw material sourcing vs. feed sale (kilotonnes) Volumes change 2026 2026 2025 2025 200 60 Volumes of raw material purchase and feed sale Marine raw material sourced -32% 109,431 160,63
Slide 19: Freshwater – Scotland
FRESHWATER – SCOTLAND SMOLT TRANSFER MORE THAN TRIPLED WHILE FOCUSING ON STEADY RAMP-UP YoY Q2 YTD Q2 YTD Volumes change 2026 2026 2025 2025 Applecross hatchery: Transferred number of smolt (million) 333% 3.9 4.9 0.9 1.5 • Stable operation …whereof externally sourced 275% 1.5 1.5 0.4 0.6 Average wei
Slide 20: Farming – Scotland
FARMING – SCOTLAND OVERALL STABLE BIOLOGICAL PERFORMANCE – RAPIDLY INCREASING FEEDING YoY Q2 YTD Q2 YTD Volumes • Generally good growth and stable biology change 2026 2026 2025 2025 Total harvest volume (tgw) -55% 3,145 9,343 7,034 13,320 • Challenges at two sites (stocked with external smolt) Avera
Slide 21: Freshwater – Faroe Islands
FRESHWATER – FAROE ISLANDS PRODUCTION CONTINUES TO SCALE, SUPPORTING FUTURE MARINE GROWTH YoY Q2 YTD Q2 YTD Freshwater investments delivering excellent results Volumes change 2026 2026 2025 2025 Strond Glyvradal Norðtoftir Viðareiði Transferred number of smolt (million) 4% 5.6 9.5 5.4 8.6 Average we
Slide 22: Farming – Faroe Islands
FARMING – FAROE ISLANDS HIGH HARVEST VOLUME & GOOD BIOLOGICAL PERFORMANCE YoY Q2 YTD Q2 YTD • Ring-side costs reduced 4% YoY Volumes change 2026 2026 2025 2025 Total harvest volume (tgw) 67% 26,749 51,888 16,020 34,934 • Biomass steady while feeding increased YoY Average harvest weight (kg) 11% 5.5
Slide 23: Services
SERVICES HIGH ACTIVITY IN THE QUARTER YoY Q2 YTD Q2 YTD Services provided: Margin change 2026 2026 2025 2025 • Fish transports & treatments Operational EBIT (mDKK) 18 35 77 17 55 • Farming Support Operational EBIT/KG (NOK) 0.58 1.74 1.91 1.16 1.78 • Harvest & Packaging Operational EBIT margin 7% 15%
Slide 24: Sales & Other
SALES & OTHER STRONG OPERATION IN VAP YoY Q2 YTD Q2 YTD • 71% more volume (FO) transferred to VAP Volumes change 2026 2026 2025 2025 • Increased volumes sold Farming FO volume transferred to VAP (tgw) 71% 6,630 12,535 3,874 8,267 • Higher supply putting pressure on price premium Volume HOG sold FO&S
Slide 25: Outlook
SUMMARY OF Q2 2026 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Glyvrar, Faroe Islands
Slide 26: Outlook: limited supply growth expected
OUTLOOK LIMITED SUPPLY GROWTH EXPECTED Total harvest Low supply growth expected in 2026 and 2027 Total harvest 1,800 25% Europe 1,600 20% 1,400 • Low single digit growth expected 1,200 15% 1,000 10% Americas 800 600 5% • 10% drop expected in 2H 2026 400 0% 200 • Return to moderate growth in 2027 0 -
Slide 27: Maintaining volume guidance
OUTLOOK MAINTAINING VOLUME GUIDANCE 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 H
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 Q2 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 Q2 2026 vs 2025: Farming Faroe Islands EBIT / KG (In DKK / KG) Comments 4.50 2.66 0.01 4.06 4.00 3.50 The Faroe Islands have good biology and cost control 3.00 • Strong biology leading to efficient resource use and lower cost/kg 2.50 • Higher price but stil
Slide 31: Performance per region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q2 2026 Q2 2025 Fo-opebit 700 Faroe Faroe Scotland Islands* Group Scotland Islands* Group 600 572 Operational EBIT -139 411 273 -146 211 65 Operational EBIT/KG -44.13 15.38 9.12
Slide 32: Performance per region
PERFORMANCE PER REGION Q2 2026 Q2 2025 Scotland - Operational EBIT / KG Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 12,000 40.00 20.00 Total operating revenues 213 1,613 1,826 431 1,144 1,575 10,000 0.00 8,000 Depreciation and amortization -159 -49 -207 -81 -113 -193 -2
Slide 33: Q2 2026 – larger sizes sold at a discount in the quarter
Q2 2026 – LARGER SIZES SOLD AT A DISCOUNT IN THE QUARTER •Sisalmoni/Nasdaq spot Sisalmoni include price pricing forreflecting marginal weekly price different sizes Price Norway (NOK/kg) Statistics Norway (SSB) publish average price for all exported Price Norway 120 12 whole fish (HOG) per week 10 In
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 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: Applecross ramping up to produce high-quality smolt
APPLECROSS (AX) RAMPING UP TO PRODUCE HIGH-QUALITY SMOLT OF 200-400G AX: Avg. smolt weight (g) AX: Smolt production Fish in hatchery Scotland total smolt transfer (million) 300 400 (tonnes per quarter) 12 11.4 16.0 16.0 16.0 340 350 11 250 219 300 10 200 250 9 10.0 8 200 7.7 150 7 150 6.0 6 100 100
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 Q2 2026 Q2 2026 Q2 2026 Q2 2026 Q2 2026 Revenue (M) = 582 Revenue (M) = 273 Revenue (M) = 1,251 Revenue (M) = 239 Revenue (M) = 2,955 Internal Feed (t) = 37,368 Smolt transferred (P) = 5,620 Harvest Volume
Slide 41: Development in supply and sold quantity by origin
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Expected supply growth in 2027 Global Supply of Atlantic Salmon (head on gutted – HOG) 2022 2023 2024 2025 2026E 2027E ▪ 2% increase in Global supply* Norway 1,360 1,330 1,359 1,523 1,585 1,599 UK 145 137 170 169 176 181 Ireland 15 13 17 17 14 17 ▪ 2
Slide 42: Q2 2026 market environment
Q2 2026 MARKET ENVIRONMENT Price Norway (EUR/kg) • 6% increase in European reference price vs Q2 2025 NORWAY 10.0 100.0 • 13% drop compared to Q1 2026 9.0 9.0 90.0 7.8 7.6 • No premium on large sized fish due to high supply 8.0 6.5 6.8 6.6 80.0 7.0 6.0 6.2 70.0 6.0 5.3 60.0 EUR DKK 5.0 50.0 • 3% 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 Q2 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 1,639 1,684 1,867 1,940 2,050 1,670 1,859 1,562 2,206 1,947 1,711 1,470 1,899 1,575 1,686 1,847 2,114 1,826 Operation
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 mDKK 205 was paid out May 21 2026 40% Divide
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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