Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q2 2025 Earnings Presentation
52 slides from Bakkafrost P/f's earnings presentation, Aug 26, 2025
Slide 1: Bakkafrost Group Q2 2025
Q2 2025 BAKKAFROST GROUP Oslo August 26th 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 Q2 2025
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Gøtuvík, Faroe Islands
Slide 4: Summary Q2 2025 (Q2 2024)
SUMMARY Q2 2025 (Q2 2024) Revenues and Revenue of DKK 1,575 million (DKK 2,067 million) Operational EBIT Operational EBIT* of DKK 65 million (DKK 388 million) Harvest in the Faroe Islands: 16,020 tgw (10,226 tgw) Harvest in Scotland: 7,034 tgw (11,366 tgw) Feed sales: 37,533 tonnes** (32,9
Slide 5: Markets & Sales
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 6: 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) 130 110 y/y: 111.82 -33.3% 74.64 (Q2 2024) -37.18 (Q2 2025) 90 q/
Slide 7: Global Markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 17% EU/UK: 13% consumption increase Salmon markets, sold quantity (head on gutted weight) Estimated volumes Q2 comparison Estimated volumes FY comparison Significantly below European supply increase (24%) Markets Q2 2025 E Q2 2024 Volume % FY 2024 FY 2023 V
Slide 8: Global Harvest Increased by 18%
GLOBAL HARVEST INCREASED BY 18% SUPPLY TO THE MARKETS BY 17% 18% increase in global harvest volumes Supply Development Q2 2025 Q2 2024 Change % Exceptional growth in Europe Norway 355 281 26.7 % Rebound in Chile after weak 2024 UK 50 52 -2.6 % Faroes 25 17 51.1 % Iceland 8 3 140.5 % Ireland 6 6
Slide 9: Finance
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Viðareiði, Faroe Islands
Slide 10: Group Profit and Loss
GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT Q2 2024 Q2 2025 (DKK million) Q2 25 YTD 25 Q2 24 YTD 24 Revenue (mDKK) Operating revenue 1,575 3,474 2,067 4,273 2,067 -492 1,575 Operational EBITDA* 258 952 556 1,435 Operational EBIT* 65 570 388 1,098 Operational EBIT (mDKK) Fair value adjus
Slide 11: Operational EBIT and Adjusted Earnings per Share
OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** 710 587 565 505 407 418 376 388 353 356 325 269 280 Operational EBIT* 224 (mDKK) 173 120 71 65 2021 2022 2023 2024 2025 YTD 822 1,705 1,543 1,551 570 7.66 7.19 6.77 4.80 4.82 4.37 4.39 4.00 3.79 3.43 3.56 3.37 Adjusted EPS** 2.95 2.93 (DKK) 1.89 1.
Slide 12: Balance Sheet
BALANCE SHEET Headlines (mDKK) (DKK million) Q2 25 End 2024 End 2024 Q2 2025 Intangible assets 4,511 4,518 Property, plant and equipment 6,918 6,733 PPE: 6,733 185 6,918 925 321 Right of use assets Financial assets 320 334 Biological assets: Deferred tax assets 588 590 3,139* -550 2,589* *(whereof m
Slide 13: Cash Flow
CASH FLOW Q2 2024 Q2 2025 (DKK million) Q2 25 YTD 25 Q2 24 YTD 24 Cash flow from operations -204 386 1,036 1,712 Cash flow, operations (mDKK) 1,036 -1,240 -204 Cash flow from investments -238 -541 -241 -479 Cash flow from financing 397 -120 -759 -1,037 Net change in cash -45 -275 36 196 Cash flow, i
Slide 14: Net Interest-Bearing Debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q2 2025 NIBD was increased by: Development in NIBD in DKK millions 4,500 • Net investments (mDKK 238) 4,000 460 3,824 501 -163 • Dividend payout (mDKK 501) 3,500 238 3,000 2,788 • Change in Working Capital (mDKK 460) 2,500 2,000 1,500 NIBD was d
Slide 15: Operations
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Bakkafossur, Faroe Islands
Slide 16: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES AND INVENTORY BUILDING Q/Q Q2 YTD Q2 YTD Raw material sourcing vs. feed sale (tonnes) Volumes 200,000 50,000 change 2025 2025 2024 2024 Volumes of raw material purchase and feed sale Marine raw material sourced 77% 159,951 269,453 90,575 227,449 150,000
Slide 17: Freshwater – Faroe Islands
FRESHWATER – FAROE ISLANDS STRONG QUARTER WITH INCREASING SMOLT TRANSFER AND CONTINUED SMOLT QUALITY IMPROVEMENT Q/Q Q2 YTD Q2 YTD Volumes change 2025 2025 2024 2024 Good capacity in hatcheries Transfered number of smolt (million) 35% 5.4 8.6 4.0 6.1 Average weight (g) 20% 464 447 391 398 Strond Gly
Slide 18: Freshwater – Scotland
FRESHWATER – SCOTLAND INTERNALLY PRODUCED SMOLT AVERAGING 243G IN Q2 2025 Q/Q Q2 YTD Q2 YTD Volumes change 2025 2025 2024 2024 Applecross hatchery: Transferred number of smolt (million) -40% 0.9 1.5 1.5 3.1 Average weight (g) All transferred 79% 170 170 95 108 • Ramping up production Average weight
Slide 19: Freshwater – Scotland: Challenges at Applecross
FRESHWATER – SCOTLAND CHALLENGES AT APPLECROSS AND ORGANISATIONAL CHANGES Exceptional mortality in Q2 2025 • Disease outbreak in D1 module E2 • Probable cause linked to E1 construction work • Mortality cost of 52mDKK in Q2 2025 D2 • All affected fish cleared from the facility C1 Organisational chang
Slide 20: Farming – Faroe Islands
FARMING – FAROE ISLANDS VERY STRONG BIOLOGICAL DEVELOPMENT Q/Q Q2 YTD Q2 YTD • Ring-side costs reduced 12% YoY Volumes 2025 2025 2024 2024 change Total harvest volume (tgw) 57% 16,020 34,934 10,226 24,520 • Strong growth YTD 42% above 2024 Average harvest weight (kg) 1% 4.9 5.0 4.9 5.2 • Quarterly f
Slide 21: Farming – Scotland
FARMING – SCOTLAND 45% HIGHER AVERAGE HARVEST WEIGHTS Very strong harvest weights Q/Q Q2 YTD Q2 YTD Volumes change 2025 2025 2024 2024 Good growth (higher sea temperature) Total harvest volume (tgw) -38% 7,034 13,320 11,366 18,629 Average harvest weight (kg) 45% 5.9 6.2 4.1 4.3 EBIT impacted by low
Slide 22: Services
SERVICES VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE Q/Q Q2 YTD Q2 YTD Margin change 2025 2025 2024 2024 Services provided: Operational EBIT (mDKK) 42% 17 55 12 38 • Fish transportation Operational EBIT/KG (NOK) 34% 1.16 1.78 0.87 1.37 Operational EBIT margin 2% 8% 13% 6% 8% •
Slide 23: Sales & Other
SALES & OTHER ONE “BAKKAFROST”-BRAND AND LARGE FISH ENABLED HIGH SALE FROM SCOTLAND TO US AND CHINA Q/Q Q2 YTD Q2 YTD • 50% more volume (FO) transferred to VAP Volumes change 2025 2025 2024 2024 • 154 mDKK increase in Operational EBIT Farming FO volume transferred to VAP (tgw) 50% 3,874 8,267 2,576
Slide 24: Farming FO & SCT: EBIT / KG Year over Year
FARMING FO & SCT: EBIT / KG YEAR OVER YEAR Q2 2025 vs Q2 2024: Farming Faroe Islands: OP EBIT / KG Comments (In DKK / KG) 20.15 Feed, treatment & maintenance, and other harvest costs • Cost associated with the harvested fish (Biomass cost) • Feed cost stabilizing – trending downward in 2025 0.95 4.1
Slide 25: Performance per Region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q2 2025 Q2 2024 Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 671 Operational EBIT -146 211 65 113 275 388 Operational EBIT/KG -20.70 13.15 2.82 9.96
Slide 26: Outlook
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
Slide 27: Outlook: Reduced Growth Ahead
OUTLOOK REDUCED GROWTH AHEAD European growth rate expected to drop significantly Total harvest • 2H 2025 expected to be curtailed by licence constraints (MAB) 1,800 25% and fewer individuals 1,600 1,400 20% 18% • Expecting good biology in Norway in 2026 1,200 15% 1,000 13% 800 10% 600 9% Balanced gr
Slide 28: Outlook: Growing Volume
OUTLOOK GROWING VOLUME 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. Increased from 77,000 20,000 97,000 Harvest plan 2025 Fishmeal, Oil and F
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 16.00 180 1,200 14.00 Investments per kg (DKK) 162 160 12.00 145 1,000 140 10.00 50 800 4
Slide 30: Appendix
SUMMARY OF Q2 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
Slide 31: 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 32: 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 32
Slide 33: 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 34: 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 35: Freshwater – Scotland: Applecross Smolt Production
FRESHWATER – SCOTLAND APPLECROSS 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
Slide 36: 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 37: 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 38: Segment Overview
SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS FOF Freshwater Farming Services Sales & Other Q2 2025: Q2 2025: Q2 2025: Q2 2025: Q2 2025: Revenue = 665M Revenue = 234M Revenue = 730M Revenue = 215M Revenue = 2,198M Internal Feed sale = 37,048t Smolt transferred = 5.4M Harvest Volume = 16,020tgw En
Slide 39: 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 9% increase in Global supply* Norway 1,226 1,385 1,360 1,330 1,359 1,508 UK 160 179 145 137 170 167 10% increase in supply* from
Slide 40: Q2 2025 Market Environment
Q2 2025 MARKET ENVIRONMENT Significant drop in European reference price Price Norway (NOK/kg) 12.0 100.0 31% down compared to Q2 2024 (DKK) 9.7 90.0 10.0 8.9 9.0 80.0 7.8 70.0 8.0 7.1 6.7 6.5 60.0 6.0 6.2 Strong supply pressure in the quarter DKK EUR 6.0 50.0 40.0 4.0 24% increase in European ha
Slide 41: Q2 2025 – Contract Prices Significantly Higher Than Spot
Q2 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 42: Development per Quarter
DEVELOPMENT PER QUARTER 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 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 Revenue 418 587 325 376 565 353 269 356 710 388 173 280 505 65 Operationa
Slide 43: 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 44: Performance per Region
PERFORMANCE PER REGION Q2 2025 Q2 2024 2025 YTD 2024 YTD Faroe Faroe Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group Scotland Islands* Group Scotland Islands* Group Total operating revenues 431 1,144 1,575 880 1,187 2,067 927 2,547 3,474 1,492 2,781 4,273 Depreciation and a
Slide 45: Performance per Region
PERFORMANCE PER REGION Q2 2025 Q2 2024 Scotland - Operational EBIT / KG 12,000 50.00 Faroe Faroe 10,000 25.00 DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 0.00 8,000 Total operating revenues 431 1,144 1,575 880 1,187 2,067 -25.00 6,000 Depreciation and amortization -81 -113 -193 -63
Slide 46: Performance per Region
PERFORMANCE PER REGION Faroe Islands – EBIT/kg (DKK) Scotland – EBIT/kg (DKK) 26.86 Breakdown per segment Breakdown per segment 9.96 9.79 6.12 20.15 3.78 0.93 1.55 0.67 0.00 0.00 13.15 10.99 -2.71 -2.45 7.21 5.54 5.32 3.34 0.66 -10.30 0.24 -0.54 -2.87 -1.95 -18.13 -20.70 -8.08 Total FOF Freshwater F
Slide 47: Bakkafrost — Overview
\Wi/ BAKKAFROST BAKKAFROST — OVERVIEW UNITED STATES OF AMERICA @ sates am Procescing \\L// Baxtarrost MM [eacine Produce of Suneriar Quality Saimon from the Fare islands ard Scotland Estapied: 1958 Headquarters: Giyvrar, Faroe \slands Employees: Approximately 1,700 ful-time employees across the Crou
Slide 48: Bakkafrost – Farming Site Overview
BAKKAFROST – FARMING SITE OVERVIEW 48
Slide 49: State-of-the-Art and Fully Integrated Value Chain
STATE-OF-THE ART AND FULLY INTEGRATED VALUE CHAIN STRONG CONTROL IN THE FAROE ISLANDS 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 (edible yield)
Slide 50: Our Pillars and Values
BAKKAFROST OUR PILLARS AND VALUES HEALTHY BUSINESS HEALTHY SALMON HEALTHY PEOPLE Responsible growth Exceeding leading standards Preferred employer * ad HEALTHY ENVIRONMENT J HEALTHY COMMUNITIES Committed to environmental Create shared value Stewardship Sustainable growth Integrated value chain Emplo
Slide 51: Bakkafrost Salmon at a Glance
Bakkafrost salmon at a glance NUTRITION oMEca-3 706 virano eat wean 1.4 10.1 Wg — #01 10u8 PROTEIN LEVELS 21.08 VITAMIN ME ELEVELS RO! SELENIUM IODINE MEAN MEAN 0.018mg 0.05 mg ROI 0.06 mg ROI0.15 me
Slide 52: — AY ul
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