Bakkafrost P/f

Quarterly Report • Nov 7, 2023

HIGHLIGHTS Q3-23 (Q3-22)

HIGHLIGHTS Q3-23 (Q3-22)
Revenues and Operational EBIT	 Revenue of DKK 1,859 million (DKK 1,867 million)  Operational EBIT* of DKK 269 million (DKK 325 million)
Operation	 Harvest in the Faroe Islands: 16,740 tgw (16,850 tgw)  Harvest in Scotland: 4,100 tgw (8,100 tgw)  Feed sales: 35,903 tonnes (37,805 tonnes)  Sourcing of marine raw material: 109,685 tonnes (76,182 tonnes)
Cash Flow	 Cash flow from operations of DKK 185 million (DKK 127 million)
Segments	 Positive operational EBIT from all segments except Farming Scotland DKK -282 million (DKK -180 million)

*) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Including internal sales of 34,148 tonnes (36,442 tonnes)

SUMMARY OF Q3 2023

MARKETS & SALES

FINANCIALS

SEGMENT INFORMATION

OUTLOOK

APPENDIX

Kolbeinagjógv, Faroe Islands

GLOBAL MARKETS HIGHER PRICES Y/Y AND LOWER Q/Q

Average spot prices increased y/y and decreased q/q in Q3 2023

YoY price increased 9.2% in EUR

Increasing prices so far in Q4 2023

Increasing divergence in prices for small vs. large fish

SALMON MARKETS, SOLD QUANTITY

EU/UK/US consumption below supply growth

Indication of modest price sensitivity

Strong development in US demand

while 5% drop in American harvest

Increased export from Chile to Russia

Partly replacing trade through Belarus

Strong growth in Greater China

Driving demand for large-sized fish

Japan and ASEAN weaker

• Rich access of coho and wild salmon
• Higher airfreight cost & consumer price sensitivity in Japan

						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		Q3 comparison		Estimated volumes		H1 comparison
Markets	Q3 2023	Q3 2022	Volume	%	H1 2023	H1 2022	Volume	%
EU+UK	307,200	320,900	-13,700	-4%	458,600	495,200	-36,600	-7%
USA	154,800	148,700	6,100	4%	288,200	286,800	1,400	0%
Russia	17,500	13,800	3,700	27%	24,000	20,100	3,900	19%
Japan	11,500	13,700	-2,200	-16%	21,300	25,600	-4,300	-17%
Greater China	39,200	31,000	8,200	26%	63,500	45,700	17,800	39%
ASEAN	16,100	19,400	-3,300	-17%	34,400	40,500	-6,100	-15%
Latin America	46,400	45,000	1,400	3%	87,100	88,700	-1,600	-2%
Ukraine	4,200	4,900	-700	-14%	9,000	8,100	900	11%
Other markets Total all markets	84,400 681,300	93,600 691,000	-9,200 -9,700	-10% -1.4 %	135,500 1,121,600	140,900 1,151,600	-5,400 -30,000	-4% -2.6 %

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.

Source: Kontali

GLOBAL HARVESTED VOLUME REDUCED 3% Norway – Low productivity

1% drop supply to the markets

1% drop in European harvest volumes

-

-

5% drop in American harvest

• Chile Good productivity (accelerated harvest to comply to convent thresholds)
• North American drop continued

	HEALTHY LIVING Supply Development Q3 2023 Q3 2022 Change % SUPPLY DEVELOPMENT Q3 2023 Q3 2022 Change % Norway 374 380 -1.6 % UK 39 43 -8.6 % Faroes 25 23 9.7 % Iceland 9 7 19.3 % Ireland 4 4 -2.2 % Total Europe 452 458 -1.3 % Chile 182 189 -3.6 % Canada 28 31 -10.9 %
GLOBAL HARVESTED VOLUME REDUCED 3%
1% drop supply to the markets
1% drop in European harvest volumes
 Norway – Low productivity
 Scotland – Low incoming biomass and low productivity
 Faroes – Growth after period of building biomass
 Iceland – Limited harvest due to 2022/23 biological issues
	USA Total Americas	5 215	6 226	-12.5 % -4.8 %
5% drop in American harvest	Other	24	27	-11.8 %
 Chile – Good productivity	Total (Harvested quantity)	690	711	-2.8 %
(accelerated harvest to comply to convent thresholds)	Inventory movements	-9	-19	-52.6 %
	Total (Sold Quantity)	681	691	-1.4 %

SUMMARY OF Q3 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX

Skálafjørður, Faroe Islands

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	LOWER REVENUE AND OPERATIONAL EBIT					HEALTHY LIVING
Q3 2022	Q3 2023	(DKK million)	Q3 23	YTD 23	Q3 22	YTD 22
Revenue (mDKK)		Operating revenue	1,859	5,579	1,867	5,190
1,867 0%	1,859	Operational EBITDA*	424	1,645	461	1,739
		Operational EBIT*	269	1,188	325	1,329
Operational EBIT (mDKK)		Fair value adjustment of biological assets	55	-323	-49	704
-17%	269	Onerous contracts	0	0	64	0
Fair value of biomass (mDKK)		Income from associates	11	31	10	10
	55	Revenue tax	-57	-125	-43	-164
		EBIT	278	770	307	1,879
Profit after tax (mDKK)		Net Financial items	-42	-101	-25	-48
	219	EBT	236	669	282	1,831
		Taxes	-17	-106	-33	-333
		Profit for the period	219	563	249	1,498

INTRODUCING NEW SEGMENTS

INTRODUCING NEW SEGMENTS
7 segments:
• FOF
• Freshwater FO
• Freshwater SCT
• Farming FO
• Farming SCT
• Services
• Sales & Other

7 segments:

-

-

-

Group

OPERATIONAL EBIT (mDKK) NEW SEGMENTS

-400 -300 -200 -100

Group

HEALTHY LIVING

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)	Q3 23	End 2022
Intangible assets	4,512	4,509
Property, plant and equipment	6,063	5,647
Right of use assets	448	439
Financial assets	250	234
Deferred tax assets	429	336
Biological assets	2,766	2,938
Inventory	1,292	1,074
Financial derivatives	0	7
Receivables	951	809
Other receivables	171	168
Cash and cash equivalents	370	720
Total Assets	17,252	16,882
Equity	10,484	10,396
Deferred tax and other taxes	2,005	1,826
Long-term interest-bearing debt	3,415	3,383
Long-term leasing debt	360	353

Short-term leasing debt 81 106 Accounts and other payables 896 817

Total Equity and Liabilities 17,252 16,882

CASH FLOW

(DKK million)	Q3 23	YTD 23	Q3 22	YTD 22
Cash flow from operations	185	1,135	127	820
Cash flow from investments	-235	-741	-237	-685
Cash flow from financing	-124	-742	171	-76
Net change in cash	-173	-349	60	59
Cash at the end of the period	370	370	568	1,521
Undrawn facilities	2,857	2,857	2,999	2,999

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q3 2023

NIBD was increased by:

-

NIBD was decreased by:

Financing end Q3 2023

• NIBD: DKK 3,045 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,339 million

Development in NIBD in DKK millions

HEALTHY LIVING

SUMMARY OF Q3 2023

MARKETS & SALES

FINANCIALS

SEGMENT INFORMATION

OUTLOOK

APPENDIX

Kolbeinagjógv, Faroe Islands

EXCEPTIONALLY HIGH SOURCING IN ALL QUARTERS OF 2023

	Volumes	QonQ change	Q3 23	YTD 23	Q3 22	YTD 22
50.000	Marine raw material sourced	+44%	109,685	413,485	76,182	251,763
40.000 30.000	Feed sold (tonnes)*	-5%	35,903	88,421	37,805	95,240
20.000	Fishmeal sold external (tonnes)	+125%	16,026	51,129	7,130	22,174

• Including internal sales, corresponding to 95% of feed volumes in Q3 2023 (Q3 2022: 96%)

0	Margin
	Operational EBITDA	+165%	316	573	119	326
	Operational EBITDA margin	+12%	30%	23%	18%	20%

0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000

MAI

JUL

SEP

JAN

MAR

MAI

JUL

SEP

NOV

MAI

JUL

MAR

JAN

NOV

DKK(1,000kg

JAN

MAR

MAI

JUL

SEP

NOV

JAN

MAR

HEALTHY LIVING

Sourcing of raw material (tonnes)

10.000

Source: Holtermann

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

Comments

• • larger in safe environment, rather than releasing in sea during cold and stormy winter season
• • Improves productivity in marine farming sites

						HEALTHY LIVING
		QonQ
	Volumes	change	Q3 23	YTD 23	Q3 22	YTD 22
BENEFITING FROM LARGE CAPACITY IN HATCHERIES MADE AVAILABLE IN 2023 Comments Good capacity in hatcheries	Released number of smolt (million)	-19%	3,3	9,0	4,1	9,4

Margin
Operational EBIT (NOK/kg)	-24%	53,04	43,52	69,88	50,96
Operational EBIT margin	-36%	32%	26%	68%*	43%

FRESHWATER – FAROE ISLANDS CONTRACT SIGNED FOR NEW HATCHERY AT SKÁLAVÍK • Contract signed

Comments

• Same design as Glyvradal and Applecross
• 28,600 m3 / around 7 million smolt of 500g
• Built in phases to allow early start of operation
• Finished late 2026
• Total capacity in Freshwater FO will be 100,000m3
• Will bring annual production capacity in the Faroe Islands of more than 24 million smolt of 500g

FRESHWATER – SCOTLAND • Applecross hatchery:

Comments

• -
  -
  -
  -
• -
  -
• Discontinue external smolt • Self-sufficient supply in 2024 (9.3 million) • Close to all smolt (9.1 million) delivered from Applecross in 2024 at 200-250g

Margin Operational EBIT (NOK/kg) +59% 91,46 29,47 57,52 -26,95 Operational EBIT margin +3% 33% 16% 30% -18% Hatchery expansion, Scotland Fairlie - Planning Applecross - Construction
			21

Hatchery expansion, Scotland

29,300m³ capacity

8m smolt at 500g 32,300m³ capacity

FARMING – FAROE ISLANDS POSTPONED HARVEST TO OPTIMISE VALUE • Low harvest volumes • Lower average harvest weight YoY ( higher than in H1) • Slower growth than in previous quarters • All-time low sea lice levels

Comments

-

- -

Sea water temperatures at 18m depth in the Faroe Islands

						HEALTHY LIVING
POSTPONED HARVEST TO OPTIMISE VALUE
Comments	Volumes	QoQ	Q3 23	YTD 23	Q3 22	YTD 22
		change
	Total harvest volume (tonnes HOG)	-1%	16,740	36,403	16,850
Low harvest volumes	Average harvest weight (kg)	-7%	4.8	4,5	5.1
Lower average harvest weight YoY ( higher than in H1) Slower growth than in previous quarters
– issue with one specific batch of smolt in Aug '21
All-time low sea lice levels	Margin Operational EBIT (NOK/kg)	-55%	9,90	20,35	22,02	47,410 4,9 35,73

Margin
Operational EBIT (NOK/kg)	-55%	9,90	20,35	22,02	35,73
Operational EBIT margin	-15%	12%	20%	27%	32%

FARMING – SCOTLAND • Significantly improved since mid-September • Reduced harvest volumes and biomass • Low sea lice levels • Decreased average harvest weight

Comments

-

-

Sea water temperatures at 5m depth in the Scotland

IMPROVED BIOLOGY FROM MID-SEPTEMBER - POSTPONED HARVEST TO OPTIMISE VALUE Q3 23 YTD 23 Q3 22 YTD 22 QoQ change Volumes Total harvest volume (tonnes HOG) -49% 4,100 19,536 8,100 18,719 Average harvest weight (kg) -8% 3.1 4,4 3.4 3,6 • Biological challenges in Q3 driving mortality

Margin
Operational EBIT (NOK/kg)	-249%	-105,09	-8,36	-30,07	-4,06
Operational EBIT margin	-90%	-133%	-8%	-42%	-5%

SERVICES

ABUNDANT FRESHWATER TREATMENT CAPACITY = EFFICIENT SEA LICE CONTROL • Services provided: • Fish transportation

Comments

• -
  • Treatments
  • Farming Support
  • Harvest & Packaging
  • Waste-to-biogas production
• the Faroe Islands • High efficiency against sea lice => all-time low • Freshwater capacity in Scotland important to reduce
  • levels
• impact of biological challenges

SERVICES ABUNDANT FRESHWATER TREATMENT CAPACITY = EFFICIENT SEA LICE CONTROL		HEALTHY LIVING
Comments	Volumes	QoQ change	Q3 23	YTD 23	Q3 22	YTD 22
	Renewable energy produced (MWh)	-27%	863	3,233	1,179	4,551
• Treatments	Margin
• Farming Support	Operational EBIT (NOK/kg)	+89%	1.52	0.83	0.80	0.28
• Harvest & Packaging	Operational EBIT margin	+3%	10%	5%	7%	2%
• Waste-to-biogas production	Services in segment
• New wellboat Bakkafossur delivers very good results in the Faroe Islands • High efficiency against sea lice => all-time low levels

Services in segment

SALES & OTHER

LARGE FRESHWATER TREATMENT CAPACITY DELIVERING EFFICIENT SEA LICE CONTROL • Services provided: • Sales & Marketing

Comments

• -
  • Freight & Logistics
  • Value added processing (VAP)
• -
• Changed revenue tax in the Faroe Islands:

SALES & OTHER LARGE FRESHWATER TREATMENT CAPACITY DELIVERING EFFICIENT SEA LICE CONTROL		QoQ				HEALTHY LIVING
Comments	Volumes	change	Q3 23	YTD 23	Q3 22	YTD 22
	Volume transferred to VAP (tgw)	+8%	6,997	17,052	6,462	19,457
	VAP produced (tgw)	-2%	6,529	16,281	6,636	19,516
• Freight & Logistics
• Value added processing (VAP)	Margin
	Operational EBIT (NOK/kg)	145%	5,70	2,97	2,33	-5,66
	Operational EBIT margin	+2%	4%	2%	2%	-3%
Changed revenue tax in the Faroe Islands:
• VAP contract share reduced in 2024	VAP contract share FO			Markets Served Group
• Contracts for next year secured:	100%				66%
	90%		58%
Q3 2023: 9% vs. Q3 2022: 22%
	80% 58% 70% 62%

Margin
Operational EBIT (NOK/kg)	145%	5,70	2,97	2,33	-5,66
Operational EBIT margin	+2%	4%	2%	2%	-3%

SUMMARY OF Q3 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION

OUTLOOK

APPENDIX

Scotland

-

HEALTHY LIVING

Source: Kontali

OUTLOOK

Global harvest

• Decrease of 2.8% in Q3 2023 vs Q3 2022
• No global supply growth expected in 2023 3% growth expected in H1 2024

OUTLOOK
Global harvest
• •	Decrease of 2.8% in Q3 2023 vs Q3 2022 No global supply growth expected in 2023
•	3% growth expected in H1 2024
Farming Harvest	Faroe Islands	Scotland	Total
2023	53,000t	20,000t	73,000t
2024	66,000t	25,000t	91,000t
Profile Q1-Q4		Profile Q1-Q4
23% 20%	28% 30%	23% 52%	10% 15%
Smolt release	Faroe Islands	Scotland	Total
2023 2024	14.4m 17.8m	10.5m 9.3m	24.9m 27.1m

Contracts

• For 2023, Bakkafrost has signed contracts for around 23% of the total expected harvest volumes and 9% for 2024

Fishmeal, Oil and Feed

• Fishmeal and fish oil volumes are expected to be record-high in 2023
• Continued high fishmeal production expected in 2024 which fish oil production volumes expected to normalise

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

SUMMARY OF Q3 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK

APPENDIX

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

MARKETS & SALES

MARKETS & SALES	TO NORTH AMERICA INCREASED -											HEALTHY LIVING
		SALES TO WESTERN EUROPE DECREASED
SALES	Sales & volume	Total sales of salmon by markets		Q3 2023			Q3 2022			YTD 2023			YTD 2022
Q3 2022	Q3 2023		FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT Total
		Western Europe	53%	83%	58%	55%	92%	66%	60%	63%	61%	57%	91% 66%
Western Europe		North America	28%	7%	25%	23%	5%	17%	22%	23%	23%	24%	5% 19%
66%	58%	Asia Eastern Europe	13% 6%	4% 6%	11% 6%	14% 7%	1% 2%	10% 6%	13% 4%	11% 3%	12% 3%	13% 5%	3% 10% 1% 4%

Eastern Europe	6%	6%	6%	7%	2%	6%	4%	3%	3%	5%	1%	4%
Rest of world	0%	0%	0%	1%	0%	1%	1%	0%	1%	1%	0%	1%
Fresh salmon only		Q3 2023			Q3 2022			YTD 2023			YTD 2022
by markets	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
Western Europe	47%	84%	56%	46%	92%	64%	49%	63%	56%	49%	90%	62%
North America	27%	7%	22%	26%	5%	18%	24%	23%	24%	26%	6%	20%
Asia	17%	4%	14%	19%	1%	12%	22%	11%	16%	19%	3%	13%
Eastern Europe	9%	5%	8%	9%	2%	6%	5%	2%	4%	6%	1%	5%
Rest of world	0%	0%	0%	0%	0%	0%	0%	1%	0%	0%	0%	0%
							Contract share FO, VAP products [% of qty]
100%
80%
60%		58%							62%
40%
20%		42%
0%									38%
		Q3 23							Q3 22
				VAP on contract		HOG, Spot
												33

Contract share FO, VAP products [% of qty]

-

-

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN						HEALTHY LIVING
	Global Supply of Atlantic Salmon (head on gutted -
Expected supply growth in 2024	HOG)
 5% increase in Global supply*			2019	2020 2021	2022	2023E	2024E
	Norway		1,198	1,226 1,383	1,359	1,356	1,430
 6% increase in supply* from Europe	UK Ireland		171 14	160 179 14 14	145 17	153 14	160 15
	Iceland		22	27 35	42	33	46
	Faroes		78	72 96	89	85	95
 3% increase in supply* from the Americas	Total Europe		1,484	1,499 1,707	1,651	1,641	1,746
* Including expected inventory movements
	Chile		601	657 638	649	671	690
	Canada		124	123 128	118	107	113
	USA Total Americas		19 744	18 17 798 783	18 785	17 795	15 818
	Others		71	91 109	106	109	120
	Total (Sold Quantity)		2,299	2,388 2,600	2,542	2,545	2,684
	Supply growth - Global		6%	4% 9%	-2%	0%	5%
	Supply growth - Europe		10%	1% 14%	-3%	-1%	6%
	Supply growth - Americas		0%	7% -2%	0%	1%	3%
	Salmon Markets (head on gutted -	HOG)
		2019	2020	2021	2022	2023E	2024E
			1,073	1,158	1,139	1,108	1,172
Comments: All figures are in hog-equivalents and thousand tonnes.	EU+UK USA	1,017 471	506	571	586	599	621

	2019	2020	2021	2022	2023E	2024E
EU+UK	1,017	1,073	1,158	1,139	1,108	1,172
USA	471	506	571	586	599	621
Japan	53	64	66	55	49	50
Russia	78	79	86	49	56	60
Others	678	665	719	713	733	781
Total (Sold Quantity)	2,299	2,387	2,600	2,542	2,545	2,684

	Comments

Source: Kontali

Q3 2023 MARKET ENVIRONMENT

Increased prices in Q3

-

• Reduced import from Europe in the quarter

MARKET CURRENCY			Q3 2023 Q3 2022 Change %
Nasdaq Norway (EUR)	7.31	6.70	9.2 %
UB North East US 14-16lb HOG (USD per kg)	11.23	10.80	4.0 %
DKK			Q3 2023 Q3 2022 Change %
Nasdaq Norway	50.10	49.83	0.5 %
UB North East US 14-16lb HOG (per kg)	83.72	79.84	4.9 %

Source: Kontali

35

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 Q3 2023

Normal spot/contract relationship in the quarter

Reduced Fish Pool forward price for Q4 2023

Reduced supply estimates

Strengthened forward prices for 2024/2025

Source: Kontali

DEVELOPMENT PER QUARTER

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
(mDKK)	2021	2021	2022	2022	2022	2022	2023	2023	2023
Revenue	1,272	1,488	1,639	1,684	1,867	1,940	2,050	1,670	1,859
Operational EBIT	71	120	418	587	325	376	565	353	269
Profit/Loss	131	-3	405	845	249	-154	467	-123	219
Harvest FO (tgw)	14,937	20,694	17,459	13,101	16,850	19,276	11,005	8,658	16,740
Harvest SCT (tgw)	6,914	5,122	3,973	6,646	8,100	5,198	8,093	7,343	4,100
Equity ratio	67%	64%	64%	65%	64%	62%	64%	61%	61%
NIBD	1,986	2,126	2,192	2,267	2,427	2,664	2,357	2,911	3,045

0,00

3,65

8,25

50% 53%

5,14 10,00

3,91

1,00

0,02

5,09

6,00

Dividend

• The AGM, which was held 28 April 2023, decided to pay out dividend for 2022 of DKK 10.00 per share. The payment was paid out on 22 May 2023. Competitive return through: Dividends
• Dividend payment equals 53% of adjusted EPS

Dividend policy

-

• 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

8,70

10,50

8,25

39

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

-

- 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:

-

-