Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Bakkafrost Group — Investor Day (June 2025)
122 slides from Bakkafrost P/f's investor day presentation, Jun 17, 2025
Slide 1: Capital Markets Days
Capital Markets Days BAKKAFROST GROUP Faroe Islands – 17-18 June 2025
Slide 2: Welcome
Welcome HEIMLAND | SHAPED.BYWATURE. RAISED WITH, PASSION a
Slide 3: 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 4: Content
Content • Strategic Update • Market • Sustainable Growth • Capex & Finance • Operational Update • Sustainability • Technology & Digitalisation 4
Slide 5: Strategic Update
Are you raised with Strategic Update
Slide 6: Bakkafrost – founded in 1968
BAKKAFROST FOUNDED IN 1968 - FARMED SALMON FOR 45 YEARS Herring processing 1974 First farming site 1979 The founding brothers (Hans, Róland and Martin) 6
Slide 7: Havsbrún – acquired in 2012
HAVSBRÚN – ACQUIRED IN 2012 FOUNDED IN 1966 – FISHMEAL AND OIL PRODUCTION 59 YEARS – FEED PRODUCTION 40 YEARS • Havsbrún established in 1966 by Plant construction 1966 Fishmeal operation in 70’ties Dagsbrún 2/3 (“Hvannasund brothers”) and 1/3 by Havsild • Daily capacity was 500 tonnes of raw materia
Slide 8: Bakkafrost today
BAKKAFROST TODAY Norðtoftir hatchery, Faroe Islands Glyvradal hatchery, Faroe Islands HQ, Harvest and Processing facility, FSV fleet, Faroe Islands Applecross hatchery, Scotland Fishmeal oil and feed plant, Faroe Islands Strond hatchery, Faroe Islands 8
Slide 9: Bakkafrost today – a global company
BAKKAFROST TODAY A GLOBAL COMPANY BAKKAFROST Leading Producer of Superior Quality Salmon from the Faroe Islands and Scotland Established: 1968 Headquarters: Glyvrar, Faroe Islands Employees: Approximately 1,600 full-time employees across the Group Markets Served: 40+ countries Listed on: Oslo Børs w
Slide 10: State-of-the-art and fully integrated value chain
STATE-OF-THE ART AND FULLY INTEGRATED VALUE CHAIN FULFILLING THE WORLD’S GROWING DEMAND FOR HEALTHY AND SUSTAINABLY PRODUCED PROTEIN FCR 2024 Employees ultimo 2024 1,567 ~1.09 Converting low food value proteins into high volume & value healthy proteins in the Faroes Revenue 2024 (DKK) ~7.3 bn 100% A
Slide 11: Our mission is simple: to produce the best salmon in the world
Our mission is simple: To produce the best salmon in the world! 11
Slide 12: Rooted in our values
ROOTED IN OUR VALUES VISION AND MISSION IMPLEMENTED THROUGH OUR SUSTAINABILITY FRAMEWORK 12
Slide 13: We deliver on our mission
WE DELIVER ON OUR MISSION GROWING PRODUCTION AND SOLID PRICE ACHIEVEMENT Salmon OP EBIT kt (HOG) mDKK • Salmon harvest more than quadrupled since listing 86 91 • EBIT increased from DKK 247 million to 1.55 billion 1,550 51 1,001 22 247 621 • Turnover grown from DKK 820 million to DKK 7.3 billion 201
Slide 14: Proven by certifications – celebrated by awards
WE DELIVER ON OUR MISSION PROVEN BY CERTIFICATIONS – CELEBRATED BY AWARDS Certified Excellence Award-Winning Time Magazine 14
Slide 15: Farming performance benchmark
WE DELIVER ON OUR MISSION FARMING PERFORMANCE BENCHMARK Net harvest ratio per input smolt (WFE) 6.00 Bakkafrost FO 5.50 Faroe Islands 5.00 Producing “more with less” 4.50 Chile North America Iceland • Bakkafrost Faroes outperforming all regions 4.00 Norway 3.50 Bakkafrost SCT • Bakkafrost Scotland i
Slide 16: Farming performance benchmark – feed conversion and survivability
WE DELIVER ON OUR MISSION FARMING PERFORMANCE BENCHMARK Economic Feed Conversion Ratio (harmonised WFE-to-HOG ratio) 2.1 Chile 1.9 North America Iceland Highly resource efficient Norway 1.7 Bakkafrost SCT • Bakkafrost Faroes leading on Economic Feed Scotland Conversion Ratio 1.5 Faroe Islands Bakkaf
Slide 17: Market
Are you strong and healthy? Our salpaon is is’ a = Z h HEUMLAND Market
Slide 18: Geopolitical resilience
GEOPOLITICAL RESILIENCE FLEXIBILITY AND AGILITY HAVE NEVER BEEN MORE IMPORTANT Markets served in 2024 Global trade volatility, sanctions, and shifting regulations pose real risks to seafood exporters. Geopolitical resilience safeguards market access, supply continuity, and value stability. Bakkafros
Slide 19: Megatrends driving demand for salmon – population and middle class
MEGATRENDS DRIVING THE DEMAND FOR SALMON GROWING POPULATION AND MIDDLE-CLASS The world’s population is growing The middle-class is growing Total World Population “We are adding 110 to 115 million people into the middle class each year, despite all the difficulties the global economy is presenting” 9
Slide 20: Megatrends driving demand – consumer preferences
MEGATRENDS DRIVING THE DEMAND FOR SALMON CONSUMER PREFERENCES Health-Conscious Consumers Consumers increasingly seek healthy, nutritious foods, and salmon’s rich protein and omega-3 content make it a preferred choice. Sustainable Seafood Practices Sustainable seafood practices and increased awarenes
Slide 21: Our differentiation strategy is aligned to consumer trends
OUR DIFFERENTIATION STRATEGY IS WELL ALIGNED TO CONSUMER TRENDS • Large sized fish short in supply • Faroes and Scotland preferred niche origins • Natural diet - healthy salmon - healthy products • Alignment between sustainability and healthy salmon • High control of value chain • Control of food sa
Slide 22: Producing a superior quality and healthy product is the core of our strategy
PRODUCING A SUPERIOR QUALITY AND HEALTHY PRODUCT IS THE CORE OF OUR STRATEGY 22
Slide 23: Market focus
MARKET FOCUS MARKET DIVERSIFICATION HIGH-END FOCUS WITHIN TARGET SEGMENTS HORECA RETAIL WHOLE SALE HOME / ONLINE 23
Slide 24: Branding examples
EXAMPLES BRANDING BAKKAFROST BRANDING “HEIMLAND BY BAKKAFROST” AND “NATIVE HEBRIDEAN”
Slide 25: Brand development and value added growth
BRAND DEVELOPMENT AND VALUE ADDED GROWTH
Slide 26: Good market opportunities for salmon
GOOD MARKET OPPORTUNITIES FOR SALMON LOW CONSUMPTION IN SEVERAL LARGE MARKETS • Scandinavian consumption is twice as high as in the large • Salmon is competitively priced vs. substitutes European countries… • …2½ times higher than in the US • …and 50 times higher than in China Salmon consumption per
Slide 27: Short-term market dynamics are more volatile
SHORT-TERM MARKET DYNAMICS ARE MORE VOLATILE PRICES DEPEND ON AVAILABILITY OF DIFFERENT QUALITIES AND SIZES OF SALMON TO THE SPOT MARKET Norwegian downgrade share correlated to spot prices Factors affecting pricing 40% • Downgrade share 35% • Contract share to retail 30% 25% • Weight distribution of
Slide 28: Structural tightness in long-term global salmon supply
STRUCTURAL TIGHTNESS IN LONG-TERM GLOBAL SALMON SUPPLY SUPPLY GROWTH FADING OFF TO 2-3% GROWTH AND BELOW DEMAND GROWTH OF AROUND 7% Global supply growth YoY Supply change vs price change 25% 20% 15% Price equilibrium at around 7% supply growth 10% 5% 2-3% growth 0% -5% -10% 2010 2011 2012 2013 2014
Slide 29: Supply outlook
SUPPLY OUTLOOK MARGINAL CONTRIBUTION FROM NON-CONVENTIONAL FARMING METHODS Total supply growth of 2.4% CAGR in 2025-2030 Landbased harvest of Atlantic Salmon (tonnes wfe) additional supply from landbased (tonnes wfe) Landbased: 150 (same scale as diagram below) 100 + 50 Ocean-farmed harvest of Atlan
Slide 30: Sustainable Growth
Sustainable Growth 30
Slide 31: Growth options for Bakkafrost
GROWTH OPTIONS FOR BAKKAFROST Conventional Landbased Off-shore Large-smolt hybrid Aquisitions (New technology exposed sites) (Conventional + Landbased) Pro: Pro: Pro: Pro: Pro: • Cost-efficient and well-known • Production near end-markets • Scalability • Scalability • Immediate upscaling • Flexible
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: Large-smolt strategy requires high land-based capacity
LARGE-SMOLT STRATEGY REQUIRES HIGH LAND-BASED CAPACITY OVERIVIEW OF CURRENT AND POTENTIAL FUTURE HATCHERIES Faroe Islands Capacity 2025: 9,500t Scotland Capacity 2025: 3,900t Addition of Skálavík: 13,250t future w. Ónavík: 17,000t future w. Hatchery 2: 7,650t Gjógv 170t Viðareiði 1,500t Couldoran 10
Slide 34: Growth enabled by flexible Faroese license system
GROWT ENABLED BY FLEXIBLE FAROESE LICENSE SYSTEM EXCLUSIVITY ALLOWS FOR NEW SITES WITHIN EXISTING LICENSES Quick-facts Closed/semi-closed systems • All fjords are given • A license gives exclusivity: ”One fjord = One operator” • Possible to get new sites within existing license Submerged pens Challe
Slide 35: Growth opportunities in Scotland are significant
GROWTH OPPORTUNITIES IN SCOTLAND ARE SIGNIFICANT EXISTING AN NEW LICENSES, COMBINED WITH LARGE SMOLT Growth opportunities 1. Productivity improvements with high-quality 250g smolt 2. Increase utilisation of current licenses • Harvest in 2025 is 20kt • Existing operational licenses allow maximum stan
Slide 36: Growth path to 2030
GROWTH PATH TO 2030 TOTAL HARVEST OF 162,000 Total harvest volume (kilotonnes, HOG) The roadmap to 2030 harvest volume 162 Faroe Islands: 145 • Complete construction of hatchery at Skálavík 50 40 • Continue ramp-up of existing hatcheries 110 • Healthy smolt for optimal yield per smolt ratio 97 25 •
Slide 37: Completing the Skálavík hatchery
COMPLETING THE SKÁLAVÍK HATCHERY STATUS AND OUTLOOK Timeline Phases from egg to post-smolt of Atlantic salmon (Salmo salar) involves several key biological stages, Egg-fry-parr, Module A-B-C………. Q2 2026 each with specific environmental requirements and physiological changes Smolt, Module D-1 & D-2……
Slide 38: Fish meal, oil and feed investments
FISH MEAL, OIL AND FEED INVESTMENTS ADDING MORE SILOS TO IMPROVE FLEXIBILITY WHILE INCREASING FEED PRODUCTION Feed production (kilotonnes) 2025 220 • Finalise the feed plant expansion to enable an 200 annual production capacity of 275 kt feed 160 145 (expandable to 400kt) 2026-2030 Capex • 8 new raw
Slide 39: Investing in marine farming growth in the Faroe Islands
INVESTING IN MARINE FARMING GROWTH IN THE FAROE ISLANDS WORKING ON 5 NEW FARMING SITES - EXPECT 2 NEW FARMING SITES BEFORE 2030 Growing with optimization and “new technology” Potential new site locations • Cost-efficient organic growth within existing licenses (long-term potential: +50%) • New sites
Slide 40: Investments in treatment and transport vessels
MORE FISH IN THE WATER REQUIRE INVESTMENTS IN TREATMENT AND TRANSPORT PLAN TO BUILD 2 NEW DUAL FRESHWATER TREATMENT VESSELS New vessel for Faroe Islands: New vessel for Scotland: • Larger than Bakkafossur with similar capabilities • Similar size and capabilities as Bakkafossur 40
Slide 41: Increased efficiency harvest and processing site in the Faroe Islands
INCREASED EFFICIENCY HARVEST & PROCESSING SITE IN THE FAROE ISLANDS ACCOMMODATING GROWTH – LIVE FISH HOLDING TANKS (LFHT) LFHT Increased Processing Capacity • 500 tons/day capacity, two shift operation • Increase efficiency and operational stability Enhanced Wellboat Flexibility • Reduces dependency
Slide 42: New harvest and processing facility in Scotland
NEW HARVEST AND PROCESSING FACILITY IN SCOTLAND ACCOMMODATING GROWTH – INCREASING COST-EFFICIENCY The new facility in Scotland will build on blueprint principles from Highlights of new facility: Bakkafrost’s facility in the Faroe Islands • Highly automated and efficient • High-quality focused proces
Slide 43: Broodstock – 5Y growth plan
BROODSTOCK 5Y GROWTH PLAN Planned roe delivery to hatcheries (million) 22.0 15.0 11.0 9.5 7.9 7.5 6.2 2024 2025 2026 2027 2028 2029 2030 Capacity: • 50m roes annually (60m with Svínoy) • Goal to ramp-up to becoming fully self-supplied 43
Slide 44: Options not included in the 2026-2030 capex plan
OPTIONS – NOT INCLUDED IN THE 2026-2030 CAPEX PLAN CAPACITY AND FLEXIBILITY Expansions of Strond hatchery in the Faroes • Can be built on existing site (Bakkafrost owns the land) • Increase flexibility of smolt production (size and timing) • Shorten marine production cycle New hatchery at Ónavík (Fa
Slide 45: Capex & Finance
Capex & Finance 45
Slide 46: 2026-2030 capex is 5.0bn
2026-2030 CAPEX IS 5.0BN - 1,3BN 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 1,550 1,535 • Reaching total annual production capacity of
Slide 47: 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 1,800 18 180 1,600 16 162 160 1,400 14 145 Investments per kg (DKK) 140 50 1,200 12 40 120 110
Slide 48: Strict focus on cost – feed production cost
STRICT FOCUS ON COST BAKKAFROST FEED PRODUCTION COST Total Feed Cost (DKK/kg produced) Total cost of feed produced 13 • “Perfect storm” during 2022 and into Q1 2023 with significant 12 cost increase on vegetable AND marine raw materials 11 10 Stabilised raw material costs 9 • Marine at a higher leve
Slide 49: Strict focus on cost – Faroe Islands freshwater
STRICT FOCUS ON COST FAROE ISLANDS - FRESHWATER Increased efficiency drives cost pr. smolt down Smolt Cost (DKK/kg) 120 • Cost spiked in 2022 (low volume, Strond ramp-up) 100 Strond ramp-up cost & low volume • Capacity utilisation increased significantly 80 Low volume • Strong cost control in 2024 a
Slide 50: Strict focus on cost – Faroe Islands farming
STRICT FOCUS ON COST FAROE ISLANDS - FARMING 2023 Cost increases Ringside cost (DKK/kg) • P&L effect from feed cost increase in 2022 38.00 36.00 • Low harvest weight adding to cost / kg 34.00 32.00 30.00 28.00 2024 Initial cost increases Feed cost New vessel +/- 1 DKK per KG 26.00 impact • Costs ram
Slide 51: Strict focus on cost – Scotland freshwater
STRICT FOCUS ON COST SCOTLAND - FRESHWATER Challenging ramp-up of Applecross – improving in 2025 Cost per released smolt (DKK/kg) 350 • Low-capacity utilization at Applecross impacting cost/kg 300 • Released smolt carrying high costs 250 • Improved results in 2025 200 • Focus on stability and produc
Slide 52: Strict focus on cost – Scotland farming
STRICT FOCUS ON COST SCOTLAND - FARMING Ringside cost relatively stable since start of 2024 Ringside cost (DKK/kg) • Considerably higher cost than the Faroes 60.00 • Volume needed to drive down cost 50.00 • Mean weight significantly improved 40.00 • Cost spikes due to volume variations 30.00 • 9-12
Slide 53: Financial performance – track record of strong margins
FINANCIAL PERFORMANCE TRACK RECORD OF STRONG MARGINS Operational EBIT/kg benchmark 2011-2024 (all-inclusive in NOK) Source: Infront, Bakkafrost 60.00 50.00 Bakkafrost – Faroe Islands 40.00 30.00 Bakkafrost Group 20.00 Norwegian listed peers: - Mowi - Salmar 10.00 - Grieg Seafood - Lerøy (Excl. White
Slide 54: High capex past years to build capacity for growth
HIGH CAPEX PAST 10 YEARS TO BUILD CAPACITY FOR GROWTH BAKKAFROST CAPEX = 18% OF SALES SINCE 2025 VS 8% FOR PEERS Capex to Sales Source: Infront, Bakkafrost Bakkafrost Capex 35% • Higher level since 2015 of around 18% of sales (peer group 9%) 30% • Lower capex intensity in 2026-2030 of 25% 9-10% of s
Slide 55: Returns have been lower while investing in growth
RETURNS HAVE BEEN LOWER WHILE INVESTING IN GROWTH ROCE DEPRESSED DURING HIGH-INTENSITY CAPEX PERIOD FOR SCOTTISH TURNAROUND AND FAROESE GROWTH ROCE Source: Infront, Bakkafrost High-intensity capex since 2015 50% Peer group* • Faroese growth Bakkafrost Group 40% • Turnaround of Scotland Peer group* 3
Slide 56: Financing and capital structure
FINANCING AND CAPITAL STRUCTURE STRONG FINANCIAL POSITION WITH LOW DEBT AND HIGH EQUITY RATIO Equity Ratio Source: Infront Financing KPI’s 80% • Sustainability linked bank • Survivability 70% facilities of EUR 700 million • Feed Conversion Ratio 60% • Accordion of EUR 150 million 50% • Own productio
Slide 57: Dividend – policy unchanged
DIVIDEND POLICY UNCHANGED Dividend per share (% of adj. EPS) Dividend Policy 99% Competitive return through: Dividends 59% Increase in the value of the equity 49% 49% 46% 50% 50% 50% 50% 53% 50% 50% 40% Generally, Bakkafrost shall pay a dividend to its shareholders 19% Long-term goal: 30–5
Slide 58: Break
Break 58
Slide 59: Operational Update – Faroe Islands
Bakkafrost’s biogas plant, Förka Operational Update Faroe Islands 59
Slide 60: Havsbrún, FOF – preparing for future growth and flexibility
HAVSBRÚN, FOF – PREPARING FOR FUTURE GROWTH AND FLEXIBILITY Storage tunnels Storage tunnels Fish oil storage Salmon meal & oil Fishmeal & oil Fish feed 24.000m2Sfa 24.000 m2fa 28.000 m3fa 60
Slide 61: Preparing for future – capacity
PREPARING FOR FUTURE CAPACITY Meal storage Storage tunnels Fishmeal & Fishfeed Storage tunnels Fish oil storage Feed production line 3 3.500 t 40.000 t oil capasity 2.500 t Capasity 600 t/day 40.000 t 32.000 ta 130.000 t/year fish/daya Line 1&2 150.000 t/y 10.000 m2 area & 10 new oil tanks 8 new sil
Slide 62: Preparing for the future
\W/ BAKKAFROST PREPARING FOR THE FUTURE Tasty, Healthy & Responsibly Raised 62
Slide 63: Raw material sourcing for fish meal and oil
RAW MATERIAL SOURCING FOR FISH MEAL AND OIL Raw material sourcing 1966 – 2025 63
Slide 64: ICES advice on blue whiting fishery
ICES ADVICE ON BLUE WHITING FISHERY 64
Slide 65: Havsbrún's feed sales from 1981 to 2030
1,000 tonnes 0 50 100 150 200 250 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 HAVSBRÚN'S FEED SALES FROM 1981 TO 2030 99 OO O1 O2 O3 Domestic O4 O5 O6 Export O7 O8 O9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 e 26 e 27 e 28 e 29 e 65 30 e
Slide 66: Norwegian salmon diets vs Bakkafrost salmon diets (Nofima)
NORWEGIAN SALMON DIETS VS BAKKAFROST SALMON DIETS (NOFIMA) 10 11 8 12 11 11 11 13 13 14 24 22 18 19 20 20 20 36 Inclusion 32 37 37 14 40 41 65 17 12 11 10 39 34 10 25 20 18 15 12 1990 2000 2010 2012 2013 2016 2020 Bakkafrost Fish meal Fishoil Veg. protein Veg. oil Carbohydrats Micro ingrediens Other
Slide 67: Healthy living – Bakkafrost feed vs plant-based feed
HEALTHY LIVING NORWEGIAN SALMON DIETS VS BAKKAFROST SALMON DIETS (NOFIMA) Bakkafrost feed Plant-based feed CO2 √ ÷ Water √ ÷ Land √ ÷ Deforrestation √ ÷ Biodiversity (sourcing) √ ÷ Inclusion FCR √ ÷ Fish welfare -mort. √ ÷ Product Quality √ ÷ Local Biodiversity Risk √ ÷ Growth rate √ ÷ Feed price/ (
Slide 68: Strong correlation between feed ingredients and CO2 footprint
STRONG CORRELATION BETWEEN INGREDIENTS IN FEED AND CO2 FOOTPRINT MARINE-BASED FEED HAS SIGNIFICANTLY LOWER CO2 FOOTPRINT 3.0 Aas et al. 2022 Ytrestøyl et al. 2014 Plant-based diet Havsbrún project 2021 Winther et al. 2017 Aas et al. 2019 Ytrestøyl et al. 2014, 2015 Kg CO2 eq. + 25% Ytrestøyl et al.
Slide 69: Flexibility for new recipes
FLEXIBILITY FOR NEW RECIPES 69
Slide 70: Research & development – our quality pillar
RESEARCH & DEVELOPMENT – OUR QUALITY PILLAR CONTINOUS R&D IS A PART OF OUR DAILY OPERATION
Slide 71: Example: fishmeal quality – growth & digestibility feed trial
EXAMPLE: FISHMEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL TRIAL OVERVIEW 6 Different types of fishmeal Feed production Growth and digestibility trial - 4 types of Blue whiting meal - 6 types of feed produced -The types of feed were fed - 2 types of trimming meal with these types of fishmeal to t
Slide 72: Same inclusion of fishmeal in trialed feed formulations
EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL SAME INCLUSION OF FISHMEAL IN TRIALED FEED FORMULATIONS Different TVN content in each mealbatch 30% 30% 30% 30% 30% 30% 70% 70% 70% 70% 70% 70% Svk TVN 88 Svk TVN 119 Svk TVN 147 Svk u/flash TVN 145 HB-slógv TVN 154 HB-slógv TVN 251 Feed
Slide 73: Different specific growth rate (SGR)
EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL DIFFERENT SPECIFIC GROWTH RATE (SGR) Specific Growth Rate %/day 1.09 1.08 y = -0.0151x + 1.108 1.06 R² = 0.967 1.05 1.04 1.01 Svk TVN 88 Svk TVN 119 Svk TVN 147 Svk u/flash TVN 145 HB-slógv TVN 154 HB-slógv TVN 251 Feeds
Slide 74: Different feed conversion ratio
EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL DIFFERENT FEED CONVERSION RATIO Feed Conversion Ratio 0.93 0.92 0.91 0.88 0.87 0.85 Svk TVN 88 Svk TVN 119 Svk TVN 147 Svk u/flash TVN 145 HB-slógv TVN 154 HB-slógv TVN 251 Feeds
Slide 75: Estimated growth with different fishmeal qualities
EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL ESTIMATED GROWTH WITH DIFFERENT FISHMEAL QUALITIES Estimated growth 7000 6000 5000 4000 Weight, g 3000 2000 1000 0 0 50 100 150 200 250 300 350 Days Svk TVN 88 Svk TVN 119 Svk TVN 147 Svk u/flash TVN 145 HB-slógv TVN 154 HB-slógv TVN 251
Slide 76: License to operate & social responsibility – Havsbrún odour control strategy
LICENSE TO OPERATE & SOCIAL RESPONSIBILITY Havsbrún Odour Control Strategy 76
Slide 77: Havsbrún 1967
\W/ BAKKAFROST HAVSBRUN 1967 Tasty, Healthy & Responsibly Raised
Slide 78: Havsbrún June 2025
BAKKAFROST HAVSBRUN 10 JUNE 2025 Tasty, Healthy & Responsibly Raised
Slide 79: Fish meal & feed production at the same time – odour dispersion prior to project
FISH MEAL & FEED PRODUCTION AT THE SAME TIME ODOUR DISPERSION PRIOR TO PROJECT Page 79
Slide 80: Fish meal and feed producing at the same time – L1&L2 air
FISH MEAL AND FEED PRODUCING AT THE SAME TIME L1&L2 AIR, CLEANED IN SCRUBBER 80
Slide 81: Fish meal and feed producing at the same time – all air cleaned
FISH MEAL AND FEED PRODUCING AT THE SAME TIME ALL AIR CLEANED IN SCRUBBER'S 81
Slide 82: Heilsan av ennivegi
HEILSAN AV ENNIVEGI Hey Odd Vil bara vísa mítt takksemi, at tit hava betra um luktin í Fuglafirði. Er so fantastiskta deiligt fyri okkum her norðuri. So praktfult at kunna njóta tí frísku luftina Heilsa øllum sum hava verið við í arbeiðinum frá einum vælnøgdum borgara. Vinarliga, xxxxx 82
Slide 83: Operational Update – Freshwater, Faroe Islands
OPERATIONAL UPDATE FRESHWATER, FAROE ISLANDS 83 Strond hatchery, Faroe Islands
Slide 84: Industry leader in large smolt
OPERATIONAL UPDATE - FRESHWATER, FAROE ISLANDS INDUSTRY LEADER IN LARGE SMOLT 10 years ahead in large smolt Smolt released (average weight - grams) • Bakkafrost (Faroes) increasing towards 500g • Bakkafrost (Faroes) YTD 2025 of 456g 600 Faroe Islands 500 Bakkafrost Scotland dramatically increasing 4
Slide 85: Significant volume increase after several hatchery expansions
OPERATIONAL UPDATE – 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
Slide 86: Importance of high-quality smolt – case study Kunoyarnes
OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS THE IMPORTANCE OF HIGH-QUALITY SMOLT - A RECENT CASE STUDY FROM MARINE SITE KUNOYARNES High-quality Reduced-quality Smolt weight (g) Time to harvest (no of days) 268 285 380 396 1 2 1 2 Harvest yield Feed Convertion Harvest size (kg) Mortality rate per
Slide 87: Advancements in ramping up new hatchery capacity
OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS ADVANCEMENTS IN RAMPING UP NEW HATCHERY CAPACITY Strond hatchery upscale Capacity Utilisation* ramp-up pace increasing for each new hatchery S-03 Norðtoftir S-16 Glyvradalur • Around six years to full utilisation S-21 Viðareiði (operational in 2023) (op
Slide 88: Broodstock overview
OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS BROODSTOCK OVERVIEW 1,000 families of fish in land-based biosecure facility Broodstock programme Historical data since 1978 2022 – 2025 achievement: Current prioritites: Identification of SNP’s associated with shape Identification of genetic variation
Slide 89: Operational Update – Farming, Faroe Islands
OPERATIONAL UPDATE FARMING, FAROE ISLANDS Fuglafjørður, Faroe Islands 89
Slide 90: Site overview and focus areas
OPERATIONAL UPDATE – FARMING, FAROE ISLANDS SITE OVERVIEW AND FOCUS AREAS Operating on 21 farming sites Three farming regions: • Farming North • Farming Vest • Farming South Actively pursuing additional farming sites within existing licsenses, enabled by new farming technology • Targeting 5 new site
Slide 91: New dual freshwater treatment capabilities are game-changing
OPERATIONAL UPDATE – FARMING, FAROE ISLANDS NEW DUAL FRESHWATER TREATMENT CAPABILITIES ARE GAME-CHANGING Treatment methods vs. mortality Considerable improvement on treatment: 70,000 2.50% Consistent effect well above 90% 2.25% Biomass Treated - Tonnage 60,000 2.00% 50,000 Mortality is significa
Slide 92: Continuous improvement in feed conversion and growth
OPERATIONAL UPDATE – FARMING, FAROE ISLANDS CONTINUOUS IMPROVEMENT IN FEED CONVERSION AND GROWTH Strong Feed Conversion Factor (bFCR) bFCR per generation 1.5 • Continuous positive trend the last 20 generations 1.4 • 2019G particularly strong at 1.05 1.3 • Focus of getting back to 2019G level 1.2 • A
Slide 93: Mortality trending down – more large fish
OPERATIONAL UPDATE – FARMING, FAROE ISLANDS MORTALITY TRENDING DOWN – MORE LARGE FISH Mortality back to previous achievements Average mortality – harvested full generation (%) 35% • Challenging previous generations 30% • Weather caused incidents 25% • New technology for seal protection 20% 10.89% •
Slide 94: Improved smolt period despite shorter production cycle
OPERATIONAL UPDATE – FARMING, FAROE ISLANDS IMPROVED SMOLT PERIOD DESPITE SHORTER PRODUCTION CYCLE Significant yield-per-smolt improvement Yield-per-smolt (kg WFE) 6.00 5.52 kg • Healthy smolt strategy 5.75 5.50 • Strong feed programme 5.25 • Freshwater treatment 5.00 4.75 4.50 4.25 4.00 2018 2019 2
Slide 95: Farming support vessels – the old fleet
OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) ”THE OLD FLEET” Bakkafossur* Our first vessel Our second vessel *In the Jacobsen family 95
Slide 96: Overview of Bakkafrost's own fleet of 13 large vessels
OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) OVERVIEW OF BAKKAFROST’S OWN FLEET OF 13 LARGE VESSELS Víkingur Stígabrúgv Martin Bakkanes Smolt Transport Vesthav Hans á Bakka + 2 leased vessels Harvest operating in Scotland Róland Bakkabrúgv Bakkafossur Service Vessels + 2 leased vessels operati
Slide 97: Video of dual freshwater treatment with Bakkafossur
VIDEO OF DUAL FRESHWATER TREATMENT WITH BAKKAFOSSUR 97
Slide 98: Bakkafossur – dual freshwater treatment
OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) BAKKAFOSSUR – DUAL FRESHWATER TREATMENT Image credits: Marni Olsen – Knud E. Hansen Average Weight (kg HOG) Bakkafossur dimensions: 6.0 Bakkafossur operational 5.5 108m long / 23m wide 5.0 10.000m3 Live Fish Carrier 4.5 4 x 1.750m3 tanks = 7.0
Slide 99: Dual freshwater treatment in Scotland have similar results
OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) DUAL FRESHWATER TREATMENT IN SCOTLAND HAVE SIMILAR RESULTS 30 Gill-health/AHD measured as RPL score (millions) Similar results as in the Faroe Island 25 • All-time low sea lice levels • Low treatment mortality 20 No dedicated 1st dual freshwater • P
Slide 100: Conversion of FSVs to smolt transfer
OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) CONVERSION OF FSV’S TO SMOLT TRANSFER Smolt transport - vessel capacity (m3) 4,000 240 – 275KT biomass Martin Bakkanes 3,415 3,415 3,500 3,000 155 – 175KT biomass 2,500 CAPACITY - M3 2,215 2,215 2,215 2,000 85 – 100KT biomass 1,500 1,215 1,215 1,215
Slide 101: Facility overview – harvest & processing
FACILITY OVERVIEW – HARVEST & PROCESSING Glyvrar Vágur Cairndow Marybank** Wayne NJ - USA Munkebo - Denmark Harvest & VAP Harvest Harvest Harvest VAP Can processing Harvest: Harvest: Harvest: Harvest: VAP: Processing: • 250 T/day – 1 shift • 80 T/day – 1 shift • 100 T/day – 1 shift • 70 T/day – 1 sh
Slide 102: Operational Update – Scotland
Kyles Vuia, Scotland Operational Update Scotland 102
Slide 103: High-level turnaround plan
OPERATIONAL UPDATE - SCOTLAND HIGH-LEVEL TURNAROUND PLAN Critical Past Current Future Swim through > 200g smolt 100% RAS end 2026 Quality smolt 3rd party smolt 10m smolt 16m smolt by 2027 (large & healthy) < 100g smolt BUT lost year > 200g smolt Competitiveness Past Current Future Small sites Stream
Slide 104: Freshwater Scotland
FRESHWATER SCOTLAND E2 E1 D2 Renewable energy 26km private wire D1 C1 B1 A2 A1 C2 B2 Applecross 104 RAS
Slide 105: Operational update – Scotland freshwater smolt capacity
OPERATIONAL UPDATE - SCOTLAND FRESHWATER 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
Slide 106: Freshwater – Applecross smolt production
OPERATIONAL UPDATE – SCOTLAND FRESHWATER – 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
Slide 107: Farming Scotland
FARMING SCOTLAND 107
Slide 108: Early datapoints on large-smolt
OPERATIONAL UPDATE - SCOTLAND EARLY DATAPOINTS ON LARGE-SMOLT Mean weight (grams) 1,800 *MW: Significant growth 1st batch of large smolt input in Jan 2025 1,600 Applecross performance after 21 large smolt • 932k fish input at 180g MW weeks 1,400 • Growth very strong versus previous inputs in same si
Slide 109: Operational update – Farming Scotland
OPERATIONAL UPDATE – FARMING SCOTLAND Mortality Tonnes (by week) [tonnes] Gill health (RPL) Jellyfish (count) 8,000,000 350 700 300 6,000,000 600 250 200 500 Large fish, end of 4,000,000 150 cycle, restricted 400 100 harvest capacity 2,000,000 50 300 - - 200 Lactate (stress/gill function 100 Lice (L
Slide 110: De-risking and ramp-up
OPERATIONAL UPDATE - SCOTLAND DERISKING AND RAMP-UP De-risking & transition Yield-per-smolt (kg WFE) 5 • Pre-2023 – small smolt, long cycles (two summers) = 4.5 environmental & secondary challenges • 2024 de-risking – removed second summer, risk-based 4 3.3 kg stocking & vaccination strategy 3.5 • T
Slide 111: Harvest Scotland
HARVEST SCOTLAND 111
Slide 112: Harvest & processing
OPERATIONAL UPDATE - SCOTLAND HARVEST & PROCESSING PAST CURRENT FUTURE Under invested & old Maximise utilisation & Growth & flexibility technology efficiency • One central location Challenges: • One site • Capacity 250T/shift • Scale • Potential flexibility from • Direct sea access • 2 sites shifts
Slide 113: Sustainability
Sustainability 113
Slide 114: Salmon is the sustainable protein choice
SALMON IS THE SUSTAINABLE PROTEIN CHOICE TRANSPARENT INSIGHT INTO BAKKAFROST’S CLIMATE IMPACT FROM FEED TO FOOD Efficient Life Cycle Feed Assessment Conversion High edible Low yield Biodiversity Risk Low Carbon Low Land Low use of Low Deforrestation Footprint use Freshwater Risk
Slide 115: Growing while reducing our emissions
GROWING WHILE REDUCING OUR EMISSIONS WE AIM TO DECOUPLE CARBON EMISSIONS FROM OUR PRODUCTION Bakkafrost GHG commitments: By 2030 reduce the scope 1 & 2 CO2 footprint by 50% By 2030 reduce the scope 3 CO2 footprint by 52%
Slide 116: Delivering on our climate strategy
DELIVERING ON OUR CLIMATE STRATEGY FROM 2030 SBTI COMMITMENTS TO NET-ZERO BY 2050 Group-wide Flagship Decarbonisation Climate Transition Plan Projects • Alignment with ESRS Applecross hatchery, Scotland • Charts net-zero pathway • 100% renewable energy • Converts sludge to biochar • Detailed emissio
Slide 117: Technology & Digitalisation
Technology & Digitalisation 117 Bakkafrost’s biogas plant, Förka
Slide 118: Highly digitalised and automated value chain
TECHNOLOGY & DIGITALISATION BAKKAFROST HAS A HIGHLY DIGITALISED AND AUTOMATED VALUE CHAIN Automations and AI • Central feeding stations powered by AI and machine learning • Testing AI in hatcheries to improve energy efficiency and biology optimization • Real-time monitoring devices in all farming pe
Slide 119: Centralising feeding to drive performance and efficiency
TECHNOLOGY & DIGITALISATION CENTRALISING FEEDING TO DRIVE PERFORMANCE AND EFFICIENCY # Feeding Cenrtal (number inside = number of operated sites) 119
Slide 120: Leveraging data and AI as the most vertically integrated salmon farmer
TECHNOLOGY & DIGITALISATION LEVERAGING ON DATA AND AI AS THE WORLDS MOST VERTICALLY INTEGRATED SALMON FARMER • High-quality data is essential for AI and machine learning COMPETITIVE ADVANTAGE • Bakkafrost owns huge amounts of structured high-quality data across the entire value chain • Advanced SCAD
Slide 121: One Company One Culture One Team
One Company One Culture One Team
Slide 122: Bakkafrost
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