Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q1 2026 Earnings Presentation
26 slides from Bakkafrost P/f's earnings presentation, May 19, 2026
Slide 1: Interim Report Q1 2026
HARVEST VOLUME TGW OPERATIONAL EBIT MDKK 35,000 600 544 30,700 31,300 505 30,000 27,900 500 25,200 25,000 23,100 400 20,000 295 300 15,000 200 10,000 100 65 5,000 22 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 INTERIM REPORT Q1 2026 Faroese Company Registration No. 1724 www.bakka
Slide 2: Content
BAKKAFROST | INTERIM REPORT | Q1 2026 1 Content Content ……………………………………………………………………………………...1 Services ……………………………………………………………………………………12 Highlights …………………………………………………………………………………... 2 Sales & Other ……………………………………………………………………………..12 Summary ……………………………………………………………………………………3 Risks …………………………………………………
Slide 3: Highlights
BAKKAFROST | INTERIM REPORT | Q1 2026 2 Highlights Q1 Q1 Q1 Q1 DKK 1,000,000 2026 2025 DKK 1,000,000 2026 2025 ------------------- INCOME STATEMENT FINANCIAL POSITION AND CASH FLOW Group - Operating revenue 2,114 1,899 Total Assets** 19,203 19,028 Group - Operational EBIT* 544 505 Equity** 11,349 11
Slide 4: Summary
BAKKAFROST | INTERIM REPORT | Q1 2026 3 Summary (Figures in parenthesis refer to the same period last year). The Bakkafrost Group delivered a total operational EBIT In Q1 2026, the Freshwater segments in the Faroe Islands In Q1 2026, the Farming FO segment made an operational of DKK 544 million (DKK
Slide 5: Outlook and Operational Performance
BAKKAFROST | INTERIM REPORT | Q1 2026 4 Outlook and Operational Performance Market The continued stocking of large, high-quality smolt is Farming Scotland Substantially increased supply in Q1 2026 supporting strong survivability and growth in the marine The Scottish farming operations delivered stab
Slide 6: Outlook: harvest, feed production and investments
BAKKAFROST | INTERIM REPORT | Q1 2026 5 In Q1 2026, the average weight of transferred smolt from Harvest Bakkafrost increases the expected feed production from Applecross in Scotland was 269g, which is 16% higher than For 2026, Bakkafrost increases the expected harvest in the 165,000 tonnes to aroun
Slide 7: Investment plan and financial outlook
BAKKAFROST | INTERIM REPORT | Q1 2026 6 Incorporated into the investment plan is also 245mDKK Since the announcement of the 2026-2030 investment plan Financial earmarked to energy transition, spread across the value on the CMD in 2025, Bakkafrost has decided to let some of The global salmon product
Slide 8: Financial Performance
BAKKAFROST | INTERIM REPORT | Q1 2026 7 Financial Performance Income Statement Statement of Financial Position Total cash and cash equivalents amounted to DKK 370 (Figures in parenthesis refer to the same period last year). (Figures in parenthesis refer to the end of last year). million (DKK 300 mil
Slide 9: Cash Flow
BAKKAFROST | INTERIM REPORT | Q1 2026 8 Cash Flow In Q1 2026, the net change in cash flow amounted to DKK (Figures in parenthesis refer to the same period last year). 70 million (DKK -230 million). The cash flow from operations was DKK 453 million (DKK The net interest-bearing debt amounted to DKK 3
Slide 10: FOF Segment
BAKKAFROST | INTERIM REPORT | Q1 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 Fuglafjørður. Fishmeal and oil are
Slide 11: Freshwater Segments
BAKKAFROST | INTERIM REPORT | Q1 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 hatcheries who in turn produce fro
Slide 12: Farming Segments
BAKKAFROST | INTERIM REPORT | Q1 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 segments (Farming Faroe Islands
Slide 13: Services and Sales & Other
BAKKAFROST | INTERIM REPORT | Q1 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 Support Vessels in addition to conve
Slide 14: Risks and Events after the Reporting Period
BAKKAFROST | INTERIM REPORT | Q1 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 biological risk and Bakkafrost's risk management in this regard. Reporting Period Reference is made to the Outlook se
Slide 15: Statement by the Management and the Board of Directors on the Interim Report
BAKKAFROST | INTERIM REPORT | Q1 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 the Group as well as a conside
Slide 16: Consolidated Income Statement and Comprehensive Income
BAKKAFROST | INTERIM REPORT | Q1 2026 15 Consolidated Income Statement Consolidated Statement of Comprehensive Income For the period ended 31 Mar 2026 For the period ended 31 Mar 2026 Q1 Q1 Q1 Q1 DKK 1,000 2026 2025 DKK 1,000 2026 2025 Operating revenue 2,113,860 1,899,428 Profit for the period 306,
Slide 17: Consolidated Statement of Financial Position
BAKKAFROST | INTERIM REPORT | Q1 2026 16 Consolidated Statement of Financial Position As on 31 Mar 2026 31 Mar 31 Dec 31 Mar 31 Dec DKK 1,000 2026 2025 DKK 1,000 2026 2025 EQUITY AND LIABILITIES ASSETS Equity Non-current assets Share capital 59,390 59,390 Intangible assets 4,511,514 4,509,171 Other
Slide 18: Consolidated Cash Flow Statement
BAKKAFROST | INTERIM REPORT | Q1 2026 17 Consolidated Cash Flow Statement For the period ended 31 Mar 2026 Q1 Q1 DKK 1,000 2026 2025 Earnings before interest and taxes (EBIT) 469,830 52,100 Adjustments for write-downs and depreciation 220,610 189,249 Adjustments for value adjustment of biomass -13,4
Slide 19: Consolidated Statement of Changes in Equity
BAKKAFROST | INTERIM REPORT | Q1 2026 18 Consolidated Statement of Changes in Equity As on 31 Mar 2026 Share Share Premium Treasury Sharebased Currency translation Biomass Fair value Retained Non controlling Total DKK 1,000 Capital Reserve Shares Payment differences Derivatives Dividend adjustments
Slide 20: Notes to the Accounts
BAKKAFROST | INTERIM REPORT | Q1 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 that affect the application of
Slide 21: Note 4. Biological Assets
BAKKAFROST | INTERIM REPORT | Q1 2026 20 Note 4. Biological Assets 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 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 6,535 6,775 9,426 Increase due to production or
Slide 22: Note 5. Segments
BAKKAFROST | INTERIM REPORT | Q1 2026 21 Note 5. Segments Fishmeal, Freshwater Freshwater Farming Farming Sales Q1 - 2026 – DKK 1,000 oil and feed Faroe Islands Scotland Faroe Islands Scotland Services & Other Eliminations Group Total operating revenues 542,592 210,501 40,635 1,365,494 335,505 266,3
Slide 23: Note 6. Capital Commitments
BAKKAFROST | INTERIM REPORT | Q1 2026 22 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 approximately DKK 504 million.
Slide 24: Operational EBIT, ROCE and Adjusted EPS
BAKKAFROST | INTERIM REPORT | Q1 2026 23 Operational EBIT ROCE Operational EBIT is EBIT aligned for fair value adjustments, onerous contracts provisions, income from Return on average capital employed (ROCE) is the period's operational EBIT divided by the average associates and revenue tax. capital
Slide 25: Contacts
BAKKAFROST | INTERIM REPORT | Q1 2026 24 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 26: Appendix – Performance FO vs SCT
BAKKAFROST | INTERIM REPORT | Q1 2026 25 Appendix – Performance FO vs SCT The performance related to the Faroe Islands and Scotland as a region. Q1 2026 Q1 2025 Faroe Faroe DKK 1,000 Scotland Islands* Group Scotland Islands* Group Total operating revenues 443 1,671 2,114 496 1,403 1,899 Depreciation