Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Bakkafrost — Q3 2026 Earnings Presentation
27 slides from Bakkafrost P/f's earnings presentation, Nov 2, 2026
Slide 1: Interim Report Q3 2026 and First Nine Months of 2026
INTERIM HARVEST VOLUME TGW OPERATIONAL EBIT MDKK REPORT 35,000 600 30,700 31,300 544 29,900 30,000 27,900 27,600 500 25,000 400 20,000 295 300 273 15,000 Q3 2026 10,000 5,000 200 100 128 and 22 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 First Nine Months of 2026 Faroese Company
Slide 2: Contents
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 1 Contents Contents …………………………………………………………………………………….1 Farming – Scotland ……………………………………………………………………….11 Highlights …………………………………………………………………………………... 2 Services ……………………………………………………………………………………12 Summary ………………………………………………………………………
Slide 3: Highlights
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 2 Highlights Q3 Q3 YTD YTD Q3 Q3 YTD YTD DKK 1,000,000 2026 2025 2026 2025 DKK 1,000,000 2026 2025 2026 2025 ------------------- INCOME STATEMENT FINANCIAL POSITION AND CASH FLOW Group - Operating revenue 1,681 1,686 5,620 5,160 Tot
Slide 4: Summary
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 In Q3 2026, the Freshwater segments in the Faroe Islands For the first nine months of 2026, the farming s
Slide 5: Outlook and Operational Performance
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 4 Outlook and Operational Performance Market Harvest volumes in the Faroe Islands were lower in Q3 2026 weight was negatively affected by the biological challenges Increased supply in Q3 2026 than in the same period last year, refle
Slide 6: Services, Harvest and Outlook
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 5 Harvest In 2027 Bakkafrost expects higher production volumes of In 2026, the harvest in the Faroe Islands is expected to be fishmeal and fish oil compared to 2026. Consequently, Services around 97,000 tonnes gutted weight, an incr
Slide 7: 2026-2030 Investment programme
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 6 2026-2030 Investment programme per category (DKK 1,000,000) Since the announcement of the 2026-2030 investment plan Financial on the CMD in 2025, Bakkafrost has decided to let some of The global salmon product market's long-term b
Slide 8: Financial Performance
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 7 Financial Performance Income Statement Statement of Financial Position Total cash and cash equivalents amounted to DKK 523 (Figures in parenthesis refer to the same period last year). (Figures in parenthesis refer to the end of la
Slide 9: Cash Flow
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 8 Cash Flow In Q3 2026, the net change in cash flow amounted to DKK (Figures in parenthesis refer to the same period last year). 195 million (DKK 81 million). For the first nine months of 2026, net change in cash flow amounted to DK
Slide 10: FOF Segment
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 Fugl
Slide 11: Freshwater Segments
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 hatc
Slide 12: Farming Segments
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 s
Slide 13: Services and Sales & Other
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 12 Services Sales & Other The Services segment provides several services to the Group. The segment operates The Sales & Other segment optimises the value retention and provides freight & a fleet of large wellboats and Farming Suppor
Slide 14: Risks and Events after the Reporting Period
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 13 Risks Events after the Biological risk has been and will be a substantial risk for Bakkafrost. The Integrated Annual Report 2025 explains the Reporting Period biological risk and Bakkafrost's risk management in this regard. From
Slide 15: Statement by the Management and the Board of Directors
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 In our opinion, the accounting policies used are appropriate, of the overall financial position of
Slide 16: Consolidated Income Statement and Comprehensive Income
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 15 Consolidated Income Statement Consolidated Statement of Comprehensive Income For the period ended 30 Sep 2026 For the period ended 30 Sep 2026 Q3 Q3 YTD YTD Q3 Q3 YTD YTD DKK 1,000 2026 2025 2026 2025 DKK 1,000 2026 2025 2026 202
Slide 17: Consolidated Statement of Financial Position
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 30 Sep 31 Dec DKK 1,000 2026 2025 DKK 1,000 2026 2025 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Intangible assets 4,515,630 4,509,171 Shar
Slide 18: Consolidated Cash Flow Statement
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 1
Slide 19: Consolidated Statement of Changes in Equity
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 Der
Slide 20: Notes to the Accounts
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 19 Notes to the Accounts Accounting Policy Note 3. Estimates and Risk Exposures The preparation of financial statements is in accordance with IFRS requires management to General Information make judgments, estimates and assumptions
Slide 21: Note 4. Biological Assets
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 20 Note 4. Biological Assets 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec DKK 1,000 2026 2025 2025 Number of fish (thousand) 2026 2025 2025 Biological assets carrying amount 01.01. 3,422,052 3,138,657 3,138,657 < 1 kg 8,129 7,042 9,426
Slide 22: Note 5. Segments
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
Slide 23: Note 5. Segments YTD 2026
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 3,671,32
Slide 24: Note 6. Capital Commitments
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 23 Note 6. Capital Commitments For more information on these calculations, please refer to Note 4. The Group had capital expenditure committed but not provided in these accounts at the date of the Statement of Financial Position of
Slide 25: Operational EBIT and EBITDA
BAKKAFROST | INTERIM REPORT | Q3 2026 and First Nine Months of 2026 24 Operational EBIT EBITDA Operational EBIT is EBIT aligned for fair value adjustments, onerous contracts provisions, income from Earnings before interest, tax, depreciation, and amortizations (EBITDA) is a key financial parameter f
Slide 26: Contacts
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
Slide 27: Appendix – Performance FO vs SCT
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 Faroe Faroe Faroe Faroe Scotland Group Scotland Group Scotland Group Scotland Group Islands