Bakkafrost P/f

Investor Presentation • Feb 20, 2024

HIGHLIGHTS Q4 23 (Q4 22)

HIGHLIGHTS Q4 23 (Q4 22)
Revenues and	 Revenue of DKK 1,562 million (DKK 1,940 million)
Operational EBIT	 Operational EBIT* of DKK 356 million (DKK 376 million)
	 Harvest in the Faroe Islands: 16,005 tgw (19,276 tgw)
	 Harvest in Scotland: 1,062 tgw (5,198 tgw)
Operation	 Feed sales: 39,354 tonnes (32,600 tonnes)
	 External fish oil sales: 5,438 tonnes (2,802 tonnes)
	 Sourcing of marine raw material: 53,552 tonnes (46,051 tonnes)
Cash Flow	 Cash flow from operations of DKK -112 million (DKK 382 million)
Segments	 Positive operational EBIT from all segments except Freshwater Scotland DKK -9 million (DKK -8 million) and Farming Scotland DKK -48 million (DKK -170 million)
Dividend	 Proposed dividend of DKK 8.70 per share for 2023
	) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax *) Including internal sales of 38,734 tonnes (31,422 tonnes)

SUMMARY OF Q4 2023

MARKETS & SALES

FINANCIAL UPDATE OPERATIONAL UPDATE OUTLOOK

APPENDIX

Stable YoY prices in EUR in Q4 2023

Reduced large-fish premium

Reduced discount for smaller fish despite larger than normal proportion of small fish

SALMON MARKETS, SOLD QUANTITY

EU/UK: Drop in line with European supply

Margin pressure for processing industry

Stable development in US consumption

High growth in China

Strong price resilience

Japan and ASEAN

• Higher airfreight cost due to war in Ukraine
• Consumer price sensitivity in Japan

Latin America price competitive

Brazil in particular

HEALTHY LIVING

Salmon markets, sold quantity (head on gutted weight)

							HEALTHY LIVING
Salmon markets, sold quantity (head on gutted weight) Salmon markets, sold quantity (head on gutted - HOG)	Estimated volumes		Q4 comparison			Estimated volumes	Comparison
Markets	Q4 2023 E	Q4 2022	Volume	%	FY 2023E	FY 2022E	Volume	%
EU	317,800	323,000	-5,200	-2%	1,082,700	1,137,200	-54,500	-5%
USA	149,600	150,300	-700	0%	587,300	585,800	1,500	0%
	16,200	16,700	-500	-3%	61,200	51,800	9,400	18%
		15,800	-3,400	-22%	45,000	55,000	-10,000	-18%
Russia				29%	134,600	102,700	31,900	31%
Japan	12,400						-14,100	-17%
Greater China	33,600	26,000	7,600
ASEAN	19,000	23,900	-4,900	-21%	69,800	83,900
Latin America	51,800	45,400	6,400	14%	183,900	179,100	4,800	3%
Ukraine	5,000	5,800	-800	-14%	18,400	18,800	-400	-2%
Other markets	88,600	91,900	-3,300	-4%	301,200	329,800	-28,600	-9%
Total all markets	694,000	698,800	-4,800	-0.7 %	2,484,100	2,544,100	-60,000	-2.4 %

Comments:

EU+UK incl. estimates for both European Union (Post-Brexit) & United Kingdom Greater China = China / Hong Kong / Taiwan (incl. estimated re-export from Vietnam & Thailand) ASEAN = Association of Southeast Asian Nations (estimated re-export from Vietnam & Thailand subtracted) Latin America (including both Mexico and Caribbean + domestic consumption in Chile) All figures above are in tonnes hog, and are rounded to the nearest 100 tonnes.

GLOBAL HARVESTED VOLUME REDUCED 2%

Scotland: Effects from another challenging fall Faroes: Growth after period of building biomass

3% drop in European harvest volumes

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1% increase in American harvest

• Good productivity and accelerated harvest in Chile
• Stable development in North America

Limited changes to frozen inventory in the quarter

GLOBAL HARVESTED VOLUME REDUCED 2%				HEALTHY LIVING
2% drop in global harvest – flat supply to the markets	Supply Development	Q4 2023		Q4 2022 Change %
	Norway	391	404	-3,4 %
3% drop in European harvest volumes	UK	26	32	-17,7 %
	Faroes Iceland	32 14	27 12	17,9 % 23,8 %
 Norway: Challenging biological situation and cold temperatures	Ireland	3	3	-9,7 %
 Scotland: Effects from another challenging fall	Total Europe	466	478	-2,5 %
 Faroes: Growth after period of building biomass	Chile	176	175	0,9 %
 Iceland: Recovery from 2022/23 biological issues	Canada	26	26	0,0 %
	USA	4	4	12,5 %
	Total Americas	206	204	1,0 %
1% increase in American harvest	Other	27	29	-8,3 %
 Good productivity and accelerated harvest in Chile	Total (Harvested quantity)	699	712	-1,8 %
 Stable development in North America	Inventory movements	2	-12	-118,1 %
	Total (Sold Quantity)	701	699	0,3 %

7

SUMMARY OF Q4 2023

MARKETS & SALES

FINANCIAL UPDATE

OPERATIONAL UPDATE OUTLOOK APPENDIX

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	LOWER REVENUE AND OPERATIONAL EBIT					HEALTHY LIVING
Q4 2022	Q4 2023	(DKK million)	Q4 23	YTD 23	Q4 22	YTD 22
Revenue (mDKK)		Operating revenue	1.562	7.141	1.940	7.130
1,940 -19%	1,562	Operational EBITDA*	536	2.181	504	2.243
		Operational EBIT*	356	1.544	376	1.705
Operational EBIT (mDKK)		Fair value adjustment of biological assets	182	-142	-426	278
-5%	356	Onerous contracts	0	0	0	0
Fair value of biomass (mDKK)		Income from associates	39	71	48	58
	182	Revenue tax	-27	-153	-51	-215
		EBIT	550	1.320	-53	1.826
Profit after tax (mDKK)		Net Financial items	-71	-172	-88	-136
	392	EBT	479	1.148	-141	1.690
		Taxes	-87	-193	-13	-346
		Profit for the period	392	955	-154	1.344

OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

*) Operational EBIT is EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Earnings per share adjusted for fair value of biomass, onerous contracts provisions and tax and these.

BALANCE SHEET

(DKK million)	Q4 23	End 2022
Intangible assets	4,509	4,509
Property, plant and equipment	6,220	5,647
Right of use assets	413	439
Financial assets	289	234
Deferred tax assets	512	336
Biological assets	3,336	2,938
Inventory	1,149	1,074
Financial derivatives	0	7
Receivables	850	809
Other receivables	150	168
Cash and cash equivalents	412	720
Total Assets	17,841	16,882
Equity	10,866	10,396
Deferred tax and other taxes	1,953	1,826
Long-term interest-bearing debt	3,944	3,383

Long-term leasing debt 331 353 Short-term leasing debt 66 106 Accounts and other payables 681 817

Total Equity and Liabilities 17,841 16,882

CASH FLOW

(DKK million)	Q4 23	YTD 23	Q4 22	YTD 22
Cash flow from operations	-112	1,023	382	1,202
Cash flow from investments	-302	-1,044	-570	-1,255
Cash flow from financing	456	-287	339	263
Net change in cash	41	-308	151	210
Cash at the end of the period	412	412	720	720
Undrawn facilities	2,857	2,857	2,999	2,999

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q4 2023

NIBD was increased by:

• Net investments (mDKK -303)
• Change in working capital (mDKK -399)

NIBD was decreased by:

• Cash flow, operating activities (mDKK 214)

Financing end Q4 2023

• NIBD: DKK 3,533 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 1,851 million

HEALTHY LIVING

NIBD and available funding

NIBD and available funding

Q4 2023 ESG UPDATE

"COLLABORATION" IS A KEY WORD FOR REDUCING GHG EMISSIONS

Bakkafrost Supplier Day, Scotland:

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Eysturlund: The largest wind farm in the Faroes

• 10% of all oil consumption in the Faroes (land and sea)
• feed production with renewable energy
• the Faroese authorities

Bakkafrost salmon on world's first transatlantic test flight with 100% Sustainable Air Fuel (SAF) • In participation with Virgin Atlantic & • Currently SAF represents 0.1% of • Fuel standards only allow 50% SAF • Test flight demonstrated potential

• Kuehne+Nagel
• jet fuel volumes used
• in commercial jet engines

SUMMARY OF Q4 2023

MARKETS & SALES

FINANCIAL UPDATE

OPERATIONAL UPDATE

OUTLOOK

APPENDIX

Nes, Faroe Islands

PERFORMANCE PER REGION

STRONG PERFORMANCE IN THE FAROES										HEALTHY LIVING
		–		WEAK BUT IMPROVING IN SCOTLAND
		Q4 2023		Q4 2022			2023		2022
DKK million	Group	Scotland	Faroe Islands*	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Scotland	Faroe Islands*
Total operating revenues	1,562	84	1,478	298	1,641	7,141	1,611	5,529	1,442	5,688
Depreciation and amortization	-160	-45	-115	-40	-84	-599	-225	-374	-192	-198
Operational EBIT	356	-104	460	-149	525	1,544	-141	1,685	-298	2,003
Operational EBITDA	516	-59	575	-109	608	2,143	84	2,059	-106	2,201
Volume tonnes [GWT]	17,067	1,062	16,005	5,198	19,276	73,006	20,598	52,408	23,917	66,686
Operational EBIT/KG [DKK]	20.87	-97.75	28.74	-28.61	27.22	21.15	-6.84	32.15	-12.44	30.03
- of which FOF	14.01	0.00	14.93	0.00	5.42	10.84	0.00	15.10	0.00	6.17
			3.24	-1.59	2.71	2.27	0.45	2.99	-1.00	2.82
							-7.53	10.51	-9.46	22.71
- of which Freshwater	2.49	-8.77
- of which Farming	0.96	-44.97	4.01	-32.64	13.19	5.42
- of which Services - of which Sales & Other*	0.76 5.94	-21.82 -12.33	2.25 7.15	-4.49 -0.43	1.27 5.62	0.60 2.88	-1.45 3.24	1.40 2.74	-0.37 -3.91	0.35 -1.18

EXCEPTIONALLY HIGH SOURCING IN ALL QUARTERS OF 2023

Source: Holtermann

Q4 23 ²⁰²³ Q4 22 ²⁰²² Q/Q change Volumes Marine raw material sourced +16% 53,552 467,037 46,051 297,814 Feed sold (tonnes)* +21% 39,354 127,775 32,600 127,840 Fishmeal sold external (tonnes) -4% 11.935 63,063 12,493 34,667 Fishoil sold external (tonnes) +94% 5,438 18,889 2,802 5,286

• Including internal sales, corresponding to 98% of feed volumes in Q4 2023 (Q4 2022: 96%)

Margin
Operational EBIT	+129%	239	791	105	411
Operational EBIT margin	+12%	25%	23%	13%	17%

Sourcing of raw material (tonnes)

FRESHWATER – FAROE ISLANDS BENEFITING FROM LARGE CAPACITY IN HATCHERIES MADE AVAILABLE IN 2023

Good capacity in hatcheries

Smolt transfer in 2024 planning for 17.8 million smolt

Focus on producing consistent size & quality

				HEALTHY LIVING
BENEFITING FROM LARGE CAPACITY IN HATCHERIES MADE AVAILABLE IN 2023
	Volumes	Q/Q Q4 23 change	YTD 23	Q4 22 YTD 22
Good capacity in hatcheries	Released number of smolt (million)	+4% 5.2	14.2	5.0 14.4

Margin
Operational EBIT (NOK/kg)	-13%	41.78	42.82	48.26	51.39
Operational EBIT margin	-4%	28%	27%	32%	39%

FRESHWATER – FAROE ISLANDS CONTRACT SIGNED FOR NEW HATCHERY AT SKÁLAVÍK • Same design as Glyvradal and Applecross • 3,500 tonnes capacity • Built in phases to allow early start of operation • Finished late 2026 • Annual production capacity in the Faroe

Construction started of Skálavík hatchery

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Total FO hatchery capacity will be 12,000 tonnes

Islands to exceed 24 million smolt of 500g

FRESHWATER – SCOTLAND

Applecross hatchery:

• Ramping up production • Close to all smolt (9.1 million) delivered from Applecross in 2024 at above 200g • Increasing production in 2025 with AP 5&6 (>11m) • Discontinue external smolt • Seeking self-sufficiency of smolt • Parallel trials with different strains and sizes

Smolt strategy revised to de-risk operation

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Hatchery expansion, Scotland

29,300m³ capacity

8m smolt at 500g 32,300m³ capacity

FARMING – FAROE ISLANDS POSTPONED HARVEST TO OPTIMISE VALUE • Building biomass and larger fish in the water • Lower harvest volumes YoY • All-time low sea lice levels • Growth rate heading back to right direction

Good biological development

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					HEALTHY LIVING
Volumes	Q/Q	Q4 23	YTD 23	Q4 22	YTD 22
Total harvest volume (tonnes HOG)	change -17%	16,005	52,408	19,276	66,686

Margin
Operational EBIT (NOK/kg)	-66%	6.27	16.10	18.43	30.82
Operational EBIT margin	-17%	7%	17%	24%	31%

FARMING – SCOTLAND • Significantly improved biology since mid-September • Low sea lice levels

Comments

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IMPROVED BIOLOGY FROM MID-SEPTEMBER - POSTPONED HARVEST TO OPTIMISE VALUE Q4 23 YTD 23 Q4 22 YTD 22 Q/Q change Volumes Total harvest volume (tonnes HOG) -80% 1,062 20,598 5,198 23,917 Average harvest weight (kg) -15% 2.8 3.1 3.2 3.6 • Minimizing harvest to let the fish grow • Sea temperatures normalized during Q4

Margin
Operational EBIT (NOK/kg)	-45%	-70.24	-11.53	-45.60	-12.83
Operational EBIT margin	-34%	-96%	-11%	-62%	-15%

Exceptional mortality (% of Opening Biomass)

SERVICES EFFICIENT SEA LICE MITIGATION

Services provided:

• Fish transportation
• Treatments
• Farming Support
• Harvest & Packaging
• Waste-to-biogas production

Low sea lice numbers across both Faroese and Scottish farming sites • Good capacity with gentle highly effective treatment

capacities

HEALTHY LIVING

Q/Q Margin Q4 23 YTD 23 Q4 22 YTD 22 change Operational EBIT (NOK/kg) 1.18 0.93 0.06 0.22 +1,867% Operational EBIT margin +6% 7% 6% 1% 2%	Sea Lice – Faroe Islands 1,10
HEALTHY LIVING
0,90		0,70

SALES & OTHER

Services provided:

• Sales & Marketing
• Freight & Logistics
• Value added processing (VAP)
• Increased sale to the US market • Reduced contract share to only 9% of 2024 harvest volume

SALES & OTHER						HEALTHY LIVING
LESS VOLUMES FOR VAP - GROWING SALE TO THE US MARKET
		Q/Q		YTD 23	Q4 22
Services provided:	Volumes	change	Q4 23			YTD 22
• Sales & Marketing	Volume transferred to VAP (tgw)	-17%	5,735	22,787	6,944	26,401
• Freight & Logistics
• Value added processing (VAP)
	Margin
• Increased sale to the US market	Operational EBIT (NOK/kg)	+53%	9.27	4.41	6.05	--2.58
• VAP share of 36% in Q4 2023 – unchanged from '22	Operational EBIT margin	+2%	4%	4%	2%	-2%
• Reduced contract share to only 9% of 2024 harvest

SUMMARY OF Q4 2023 MARKETS & SALES FINANCIAL UPDATE OPERATIONAL UPDATE

OUTLOOK

APPENDIX

OUTLOOK SUPPLY VOLUME COMMING DOWN

• Europe far below expectations (biological challenges in Norway and low feed sales)

• 6% reduction in Americas (accelerated Q4 harvest, tighter consent management)

*excluding inventory movements

OUTLOOK GROWING VOLUME

Contracts

• For 2024, Bakkafrost has signed contracts for around 9% of the total expected harvest volumes

Fishmeal, Oil and Feed

• Continued high production volumes of fishmeal and normalisation of fish oil production volumes expected

Headlines from CMD on 6 June 2023

CAPEX: 6,3bn DKK (2024-2028)

• 2028: 165,000kt harvest volume / 200,000kt capacity
• FO: Sustainable growth (site optimisation & new technology) Cost-efficient (repurposed) broodstock facilities. Hatchery capacity of 24m smolt @500g
• SCT: Build hatchery capacity of 15m smolt @500g New processing facility Improved cost-efficiency in vessel operation 2024 plan 17.8m 9.3m 27.1m

LARGE HIGH-QUALITY SMOLT ARE THE KEY TO GROWTH AND IMPROVEMENT

LARGE SMOLT STRATEGY DELIVERING LARGE HEALTHY SMOLT

HEALTHY LIVING

8m smolt at 500g 32,300m³ capacity

29,300m³ capacity

165,000 TONNES HARVEST IN 2028, FAROE ISLANDS AND SCOTLAND COMBINED

BAKKAFROST'S	NEW SEGMENTS		HEALTHY LIVING
	Previous	segments
New segments:
• FOF
• Freshwater FO
• Freshwater SCT
• Farming FO
• Farming SCT
• Services

New segments:

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SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS

FOF	Freshwater	Farming	Services	Sales & Other
Q4 2023 Volumes: Revenue = 966M Internal Feed sale = 38,734t External Meal sale = 620t	Q4 2023 Volumes: Revenue = 187M Smolt transferred = 5,2M Average Weight = 375g	Q4 2023 Volumes: Revenue = 909M Harvest Volume = 16,005t Average Weight = 4.73kg	Q4 2023 Volumes: Revenue = 198M Energy produced = 3,3 gWh	Q4 2023 Volumes: Revenue = 2,355M Portion in VAP = 36%
External Fish Oil sale = 5,438t OP EBIT = 239M OP EBIT % = 25%	OP EBIT = 52M OP EBIT / KG = 26.75 OP EBIT % = 25%	OP EBIT = 64M OP EBIT / KG = 4.01 OP EBIT % = 7%	OP EBIT = 32M OP EBIT / KG = 0.76 OP EBIT % = 16%	OP EBIT = 83M OP EBIT / KG = 5.94 OP EBIT % = 4%
Key Ratios: OP EBIT / PPE = 46.6% Debt / EBITDA = 0.75x	Key Ratios: OP EBIT / PPE = 8.7% Debt / EBITDA = 2.67x	Key Ratios: OP EBIT / PPE = 63.2% Debt / EBITDA = 0.55x	Key Ratios: OP EBIT / PPE = 3.2% Debt / EBITDA = 4.74x	Key Ratios: OP EBIT / PPE = 15.9% Debt / EBITDA = 2.55x
	Volumes: Revenue = 26M Smolt transferred = 1,7M Average Weight = 117g	Volumes: Revenue = 50M Harvest Volume = 1,062t Average Weight = 2.75kg		Market Split – Sales: Western Europe = 63 % North America = 24% Asia = 6%
	OP EBIT = (9M) OP EBIT / KG = (49.44) OP EBIT % = (35%)	OP EBIT = (48M) OP EBIT / KG = (44.97) OP EBIT % = (96%)		Eastern Europe = 6% Rest of world = 1%
 Revenue, EBIT & EBITDA are in DKK  Key Ratios based on 12 month rolling  PPE at fair value	Key Ratios: OP EBIT / PPE = 1.3% Debt / EBITDA = 10.14x	Key Ratios: OP EBIT / PPE = (19.1)% Debt / EBITDA = 5.7x

HEALTHY LIVING

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN

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						HEALTHY LIVING
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN
Expected supply growth in 2024		Global Supply of Atlantic Salmon (head on gutted –				HOG)
	Norway	2019 1,198	2020 1,226	2021 1,383	2022 1,359	2023E 1,329	2024E 1,376
4% increase in Global supply*	UK	171	160	179	145	138	151
	Ireland	14	14	14	15	13	15
 5% increase in supply* from Europe	Iceland	22	27	35	42	29	43
	Faroes	78	72	96	89	80	93
 no supply growth from the Americas	Total Europe	1,484	1,499	1.,07	1,649	1,590	1,677
* Including expected inventory movements	Chile	601	657	638	649	665	662
	Canada	123	123	126	120	98	104
	USA	19	18	17	18	17	15
	Total Americas	743	798	781	787	780	781
	Others	71	91	109	109	114	122
				2,597	2,545	2,485	2,581
	Total (Sold Quantity)	2,298	2,388
	Supply growth - Global Supply growth - Europe	6% 10%	4% 1%	9% 14%	-2% -3%	-2% -4%	4% 5%

	2019	2020	2021	2022	2023E	2024E
EU+UK	1.017	1.073	1.158	1.137	1.083	1.139
USA	471	506	571	586	587	597
Japan	53	64	66	55	45	44
Russia	78	79	86	52	61	57
Others	678	666	717	714	708	744
Total (Sold Quantity)	2.298	2.388	2.597	2.544	2.484	2.581

Q4 2023 MARKET ENVIRONMENT

Signs of consumer price sensitivity in most markets

MARKET CURRENCY			Q4 2023 Q4 Q022 Change %
Nasdaq Norway (EUR)	7.15	7.17	-0.2 %
UB North East US 14-16lb HOG (USD per kq)	8.87	10.63	-16.5 %
DKK			Q4 2023 Q4 2022 Change %
Nasdaq Norway	53.32	53.30	0.0 %
UB North East US 14-16lb HOG (per kg)		61.57 77.57 8	-20.6 %

Nasdaq spot price reflecting marginal pricing per week

Statistics Norway (SSB) publish average price for all whole fish sold per week

Incorporates bilateral contracts of variable duration

SSB price exceeded Nasdaq in Q4 2023

Normal spot/contract relationship in the quarter

Fish Pool forward prices

• Indication of tight market during 1H 2024
• Fish Pool prices for 2024 have increased vs. Q3 report
• Limited volume traded
• Clearing being transferred from Nasdaq to Euronext

DEVELOPMENT PER QUARTER

	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
(mDKK)	2021	2022	2022	2022	2022	2023	2023	2023	2023
Revenue	1,488	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562
Operational EBIT	120	418	587	325	376	565	353	269	356
Profit/Loss	-3	405	845	249	-154	467	-123	219	392
Harvest FO (tgw)	20,694	17,459	13,101	16,850	19,276	11,005	8,658	16,740	16,005
Harvest SCT (tgw)	5,122	3,973	6,646	8,100	5,198	8,093	7,343	4,100	1,062
Equity ratio	64%	64%	65%	64%	62%	64%	61%	61%	61%
NIBD	2,126	2,192	2,267	2,427	2,664	2,357	2,911	3,045	3,533

DIVIDEND

Dividend

• The Board of Directors propose to the AGM, that the dividend for 2023 shall be 8.70 DKK per share, corresponding to 50% of adjusted EPS Competitive return through: Dividends Increase in the value of the equity
• The AGM will be held on 30 April 2024

Dividend policy

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• Generally, Bakkafrost shall pay a dividend to its shareholders
• A long-term goal is that 30–50% of adjusted EPS shall be paid out as a dividend

* Adjusted EPS is EPS adjusted for fair value adjustments of biomass and onerous contracts provisions

** Dividend and acquisition of treasury shares

*** Dividend is paid out the following year

OUR PILLARS AND VALUES

PERFORMANCE

BEST PRACTICES & WELL-INVESTED VALUE CHAIN DRIVES PERFORMANCE

HEALTHY LIVING

IMPROVEMENTS OF LARGE-SMOLT QUALITY, FAROES (2021G VS. 2020G)

VALUE CHAIN INSIGHT FARMING CYCLES GETTING SHORTER WITH LARGE HIGH-QUALITY SMOLT

~ 6.3BN PLANNED INVESTMENTS 2024-2028

REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH

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- Cost-efficient broodstock (repurposing old hatcheries)

• Increase feed capacity, including storage and logistics • Optimization of existing farming sites • Improved vessel capacity • Energy Transition • Harvest and processing plant • Site expansions • Vessel capacity for transport and treatment • Marine Site development
  • Offshore postponed

Scotland:

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