Bakkafrost P/f

Investor Presentation • May 9, 2023

Q1 2023

Oslo 9 May 2023

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, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person's officers or employees or advisors accept any liability whatsoever arising directly or indirectly from the use of this document.

SUMMARY OF Q1 2023

MARKETS & SALES

FINANCIALS

SEGMENT INFORMATION

OUTLOOK

APPENDIX

HIGHLIGHTS Q1-23 (Q1-22)

HIGHLIGHTS Q1-23 (Q1-22)
Revenues and Operational EBIT	 All-time high revenue of DKK 2,050 million (DKK 1,639 million)  Operational EBIT* of DKK 565 million (DKK 418 million)
Operation	 Harvest in the Faroe Islands: 11,005 tgw (17,459 tgw)  Harvest in Scotland: 8,093 tgw (3,973 tgw)  Feed sales: 22,287 tonnes (26,192 tonnes)  Sourcing of marine raw material: 156,015 tonnes (77,971 tonnes)
Cash Flow	 Cash flow from operations of DKK 573 million (DKK 151 million)
Segments	 Positive operational EBIT in all segments
Dividends	 Proposed dividend of DKK 10.00 per share for 2022, to be paid out on 22 May 2023

*) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Including internal sales of 21,809 tonnes (25,023 tonnes)

GLOBAL MARKETS HIGHER PRICES Y/Y AND Q/Q

Increased spot prices throughout the quarter

Slightly increasing so far in Q2 2023

Change in global market [volume harvested and market price]

11% consumption drop in EU/UK

• Strong growth Q1 2022
• Reduced activity level for smoked salmon
• Lower contract share for processors

Stable consumption in the US

• Increased import from Europe
• Attractive currency situation

Low level in Russia due to sanctions

Strong growth in China

Corona reopening effect

Japan and ASEAN

• Higher airfreight cost
• Limited import from Western Canada

Salmon markets, sold quantity (head on gutted - HOG)
Estimated volumes Q1 comparison Estimated volumes FY comparison
Q1 2023E Q1 2022 Volume % FY 2022 FY 2021 Volume %	Markets
222,800 250,300 -27,500 -11% 1,143,500 1,158,000 -14,500 -1%	EU+UK
143,400 143,600 -200 0% 586,400 571,700 14,700 3%	USA
12,700 13,400 -700 -5% 48,600 86,000 -37,400 -43%	Russia
11,200 14,200 -3,000 -21% 55,000 65,500 -10,500 -16%	Japan
31,800 25,500 6,300 25% 102,700 105,100 -2,400 -2%	Greater China
20,100 21,900 -1,800 -8% 83,900 80,900 3,000 4%	ASEAN
46,500 44,900 1,600 4% 179,100 184,100 -5,000 -3%	Latin America
5,000 5,300 -300 -6% 18,800 32,700 -13,900 -43% 67,200 70,700 -3,500 -5% 328,700 316,700 12,000 4%	Ukraine Other markets

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 subtr.) 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.

• -
  -
• biology

-

5% DROP IN GLOBAL HARVESTED AND SOLD QUANTITY
4% drop in global quarterly harvest volumes	SUPPLY DEVELOPMENT	Q1 2023	Q1 2022	Change %
	Norway	286	307	-6.7 %
	UK	34	30	15.2 %
6% drop in European harvest	Faroes	17	21	-17.7 %
	Iceland Ireland	11 3	14 3	-22.2 % -8.1 %
 7% drop in Norway	Total Europe	352	375	-6.2 %
 Accelerated harvest ultimo 2022
	Chile	167	162	3.3 %
 MAB headroom to grow larger fish during Q1 2023	Canada	21	29	-28.1 %
 15% increase in the UK - Low harvest Q1 2022 due to biology	USA Total Americas	4 191	3 194	13.2 % -1.2 %
	Other	27	26	4.9 %
 Iceland – Exceptionally high Q1 2022	Total (Harvested quantity)	570	594	-4.1 %
	Inventory movements	-9	-5	100.0 %
	Total (Sold Quantity)	561	590	-4.9 %
1% drop in American harvest
 Chile – Good biological performance
 North America – Impact from Discovery Island exit

SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX

GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT

(DKK million)	Q1 23	Q1 22
Operating revenue	2.050	1.639
Operational EBITDA*	714	554
Operational EBIT*	565	418
Fair value adjustment of biological assets	54	177
Onerous contracts	0	-31
Income from associates	24	3
Revenue tax	-38	-58
EBIT	605	510
Net Financial items	-18	-18
EBT	586	492
Taxes	-119	-87
Profit for the period	467	405

MARGINS HIGHER OPERATIONAL EBIT MARGIN – SCOTLAND IMPROVED SIGNIFICANTLY

36.03 42.14 -5.65 1.95 19.6% 17.6% -17.67 Q1 2022 Q1 2023 OPERATIONAL EBIT/Kg (NOK) Fishmeal, -oil and Feed Farming Faroe Islands Farming Scotland VAP EBITDA margin 6.11 45.90 7.60

(DKK million)	Q1 23	Q1 22
Operational EBITDA margin	34.8%	33.8%
Operational EBIT margin	27.6%	25.5%
Operational EBIT/Kg (Farming FO) (NOK)	42.14	36.03
Operational EBIT/Kg (Farming FO and VAP) (NOK)	42.98	33.79
Operational EBIT/Kg (VAP) (NOK)	1.95	-5.65
Operational EBIT/Kg (Farming SCT) (NOK)	28.23	-17.67
EBITDA margin (Fishmeal, -oil and Feed)	17.6%	19.6%

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.

BAKKAFROST / PRESENTATION Page 12

BALANCE SHEET

	(DKK million)	Q1 23	End 22
	Intangible assets	4,509	4,509
	Property, plant and equipment	5,738	5,647
5,738	Right of use assets	504	439
	Financial assets	258	234
	Deferred tax assets	336	336
	Biological assets	3,036	2,938
	Inventory	1,128	1,074
1,128	Financial derivatives	6	7
	Receivables	787	809
	Other receivables	173	168
787	Cash and cash equivalents	570	720
	Total Assets	17,044	16,882

Equity	10,884	10,396
Deferred tax and other taxes	1,931	1,826
Long-term interest-bearing debt	2,927	3,383
Long-term leasing debt	416	353
Short-term leasing debt	77	106
Accounts and other payables	809	817
Total Equity and Liabilities	17,044	16,882

CASH FLOW

(DKK million)	Q1 23	Q1 22
Cash flow from operations	573	151
Cash flow from investments	-203	-175
Cash flow from financing	-519	-40
Net change in cash	-150	-64
Cash at the end of the period	570	445
Undrawn facilities	2,857	2,999

NIBD was increased by:

-

NIBD was decreased by:

Financing end Q1 2023

• NIBD: DKK 2,357 million
• Bank facilities of EUR 700 million, and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,857 million

Development in NIBD in DKK millions

NIBD and available funding

Q1 2023 ESG UPDATE

Released our 6th Healthy Living Sustainability Report and a Summary Report Including a new ESG index making it easier to find important KPI's on ESG

TCFD

Completed TCFD Climate-related scenario analysis

Bakkafrost has been working toward consistency with the TCFD recommended disclosures since 2019. One of the final tasks was to complete a climate-related scenario analysis, which we did in 2022. Bakkafrost's targets were submitted to SBTI in June 2022

SBTI has started target verification

FARMING – HARVEST VOLUME HIGHER VOLUMES AND AVERAGE HARVEST WEIGHT INCREASED IN SCOTLAND

	Harvest Volumes tonnes [HOG]	Q1 23	Q1 22
North: 37%	FO - North Region	4,126	10,046
	FO - West Region	3,848	5,333
West: 35% South: 28% 8,093	FO - South Region	3,031	2,080
	FO – Total	11,005	17,459
	SCT	8,093	3,973

FARMING – OPERATIONAL PERFORMANCE

IMPROVED OPERATIONAL EBIT IN SCOTLAND

Farming FO (DKK million)	Q1 23	Q1 22
Operating revenue	1,097	1,199
Operational EBIT	314	471
Operational EBIT margin	29%	39%

Farming SCT (DKK million)	Q1 23	Q1 22
Operating revenue	708	235
Operational EBIT	155	-53
Operational EBIT margin	22%	-22%

FARMING – OPERATIONAL PERFORMANCE

IMPROVEMENTS IN BOTH REGIONS

• FO: Good biological development Low sea lice levels Improved biological KPI
• SCT: Improved biological development, lower mortality Higher harvest volumes and biomass Low sea lice levels Increased average harvest weight

• strong biology

-

FARMING – FAROE ISLANDS STRONG BIOLOGICAL PERFORMANCE High survival rate* Survival rate ~95% in 2022 improved from 91.76% in 2021 Our goal is:

-

above 95% survival to harvest * GSI calculation method 12m rolling Bakkafrost Faroes – Survivability 2018 - 2023 85 90 95 100 2017 2018 2019 2020 2021 2022 2023

• -
• With new FSV Bakkafossur

Fresh water and FLS dual combat system we add more sustainable soloutions to our toolbox to combat sealice 0,0 0,2 0,4 0,6 0,8 1,0 1,2 2015 2016 2017 2018 2019 2020 2021 2022 Average count gravid female Average count of sealice Adult Female 2015 - 2022

1 1,05 1,1 1,15 1,2 1,25 1,3 1,35 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023

FARMING SCOTLAND - REDUCED MORTALITY BAKKAFROST VS INDUSTRY PEERS

Bakkafrost's share of reported mortality in Scotland is reducing Bakkafrost Scotland 0 100k 200k 0 100k 200k Share of biomass volume

Source: Scottish Government's Fish Health Inspectorate

Threshold for reporting: Mortality above 1% per week and fish bigger than 750g. First 6 weeks post transfer from fresh water to sea water are not required to be reported. Reported to FHI one week after the mortality event.

-

VALUE ADDED PRODUCTS (VAP) LOWER VOLUMES AND HIGHER COST OF RAW MATERIAL

FISHMEAL, OIL AND FEED (FOF) HIGHER EBITDA AND HIGHER SALES OF FISHMEAL AND FISH OIL

EBITDA (mDKK) EBITDA margin (%) External fishmeal sold (tonnes) Total feed sales (tonnes) Raw material sourced (tonnes) 86 47% 126 20% 18% 9,797 41% 13,775 26,192 22,287 -15% 77,971 100% 156,015

FISHMEAL, OIL AND FEED (FOF)		HIGHER EBITDA AND HIGHER SALES OF FISHMEAL AND FISH OIL
Q1 2022	Q1 2023	(DKK million)	Q1 23	Q1 22
		Operating revenue	731	442
		EBITDA	129	86
86 47%	126	EBITDA margin	18%	20%
		Feed sold (tonnes)*	22,287	26,192

• Including internal sales, corresponding to 98% of feed volumes in Q1 2023 (Q1 2022: 96%)

Sourcing of raw material (tonnes)

MARKET CONDITIONS FEED UNCHANGED INTERNAL FEED SALES AND INCREASED EXTERNAL FEED SALES

Raw material sourcing

Sourcing of marine raw materials in Q1 2023 were exeptional in volume versus previous years

Feed raw material prices

- Fish oil prices all-time high

-

Source: Holtermann

SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS

SEGMENT INFORMATION

OUTLOOK

APPENDIX

EXPECTED HARVEST GROWTH OF 2% IN 2023

-

BAKKAFROST / PRESENTATION Page 31

OUTLOOK

Market

Global harvest:

• Decreased 4% in Q1 2023 vs Q1 2022
• 2% global supply growth expected in 2023

Farming

Harvest:

Expected harvest of 98k GWT (Faroe Islands: 68k and Scotland: 30k)

Smolt release:

In 2023, Bakkafrost expects to release 25.6 million smolts (Faroe Islands: 16.0 and Scotland: 9.6)

Contracts

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

Fishmeal, Oil and Feed

- Feed sales are expected to be around 130,000 tonnes in 2023 Fishmeal and fish oil volumes are expected to be similar in 2023 as in 2022 Headlines from Capital Markets Day on 14-15 September 2021: During 2022-2026, DKK 6.2 billion will be invested in

Business development / Investment programme

• • the Faroe Islands and Scotland
  • Improve the operation in Scotland
  • Pursue sustainable organic growth in the Faroe Islands and Scotland
• Next Capital Markets Day 6 June 2023 in Scotland

SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK

APPENDIX

Truly fresh - The worlds best salmon delivered within 24 hours after being alive

• Reduce environmental footprint, 40-50% less CO2 footprint
• Reduce flown distance and omit the weight of ice
• Reducing food waste

• Bakkafrost uses ship transport and trucking whenever possible, such as for all frozen products and fresh products to nearby markets.
• Fresh salmon delivered to long-distance markets such as US and Asia are transported by air

RECEPTION OF BAKKAFOSSUR 8TH JAN 2023

BAKKAFOSSUR

• 108m long / 23m wide
• 10.000m3 Live Fish Carrier
  • 4 x 1.750m3 tanks = 7.000m3 for LFC
  • 3.000m3 tanks for freshwater
  • 6.000m3 freshwater production capacity per 24h
• Will significantly change the abilities for fresh water treatment in Faroe Islands

-

-

-

-

-

-

-

BAKKAFROST FRANCE

• Faroe France for last 25 yrs
• Sales and distribution
• 3 Employees
• Achievements/Goals
  • Better service to customers
  • Day to day delivery
  • Inventory and management to retail and food service customers
  • Reach new market segments
  • Improve efficiency

• NEW BROODSTOCK FACILITY IN SKÁLAVÍK Still waiting for authority final approvals to start building proces
• Hope to start building proces in 2023
• own strain eggs

• The Strond hatchery has significantly increased smolt capacity
• Large smolts grow strongly after release
• Very low feed conversion rate

Existing hatcheries at Viðareiði, Gjógv and Húsar 3.3m smolt @500g

Significant increase in smolt capacity in Scotland

• Simplify operations • Safe, energy effective and cost-efficient • Optimal and stable water quality OUR ROADMAP TO LARGER SMOLT IN SCOTLAND RAPIDLY REDUCING THE GAP BETWEEN FAROE ISLANDS AND SCOTLAND

Freshwater Strategy

• production

Marine Impact

-

-

Scotland

Faroe Islands

Hatchery: Strond

HATCHERIES IN SCOTLAND APPLECROSS PROGRESSING

• May 2023
• marine sites in Q3 2023 • AP5 in operation in 2024
  -

HATCHERIES IN SCOTLAND – AT ACQUISITION THE GEOCRAB HATCHERY HATCHERIES IN SCOTLAND - THE PAST

APPLECROSS

Total consent has increased by 11.6% (7,742 tonnes) since the acquisition in Q4 2019

North: 24 sites / 44,415 tonnes consent

• Uist, 5 sites
• Sky & mainland, 6 sites
• Loch Roag, 7 sites
• East Lewis & Harris, 6 sites

South: 20 sites / 30,350 tonnes consent

• Mull and Gigha, 6 sites
• Loch Striven and Arran, 4 sites
• Loch Fyne, 10 sites

SCOTLAND – STRATEGIC RATIONALE

• 1. Provides access to the attractive Scottish farming region
  2. Niche and differentiated region
  3. High-quality salmon from Scottish Provenance priced at a premium
• 1. Creating a differentiated global leader in premium salmon
  2. Exposure to two geographies, the Faroe Islands and Scotland
  3. Premium brands

West Strome,Scotland

SCOTLAND – STRATEGIC RATIONALE

3. Potential for significant improvement

• Scottish Salmon profitability to improve over five years through transfer of best practices
• Synergies
• Targeted investment programmes

4. Financially attractive

Acquiring the business at a reasonable value, multiple to the sector and Bakkafrost

Faroe Islands:

• Hatchery capacity (+18m smolt at 500g in 2026) • Processing plant • Treatment vessels
  -

Scotland:

-

-

• Marine Site development The planned investment profile is subject to necessary agreements being secured with responsible authorities

Planned investment profile 2022-2026 (DKK 1,000)

Marine Freshwater & Broodstock FOF Other Processing FSV

• Value chain synchronised at 180kt capacity in 2026
• Extra capacity as "insurance" & flexibility and for growth:
  -
  -
• with biological issues) • Primary processing (market flexibility)
  -
  -
  -

²⁰²⁶ 2022 2018

INVESTING IN SUSTAINABLE GROWTH

150,000 TONNES HARVEST IN 2026, FAROE ISLANDS AND SCOTLAND COMBINED

2022-2026 Capex of DKK 6.2 bn builds 180,000t capacity by 2026 Faroe Islands Scotland 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 16,00 0 200 400 600 800 1.000 1.200 1.400 1.600 Investments per kg (DKK)DKK million Historical investments 2021 Investment Plan - Faroes 2021 Investment Plan - Scotland Investments per kg (DKK)

MARKETS & SALES TOTAL SALES TO WESTERN EUROPE AND ASIA INCREASED – NORTH AMERICA AND EASTERN EUROPE DECREASED

Harvest volumes used in the VAP*

Sales & volume Q1 2023	Total sales of salmon by markets
Q1 2022		Q1 2023			Q1 2022		2022			2021
		FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
	Western Europe	71%	58%	65%	55%	96%	61%	59%	92%	67%	53%	81%	61%
Western Europe	North America	13%	26%	19%	26%	3%	22%	23%	5%	18%	23%	10%	19%
61% 65%	Asia	12%	13%	12%	13%	0%	11%	12%	2%	9%	12%	9%	11%
	Eastern Europe Rest of world	3% 1%	2% 1%	3% 1%	6% 0%	1% 0%	6% 0%	5% 1%	1% 0%	5% 1%	12% 0%	0% 0%	9% 0%
North America
19% 22%	Fresh salmon only by markets		Q1 2023			Q1 2022			2022			2021
		FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
	Western Europe	58%	57%	58%	44%	97%	55%	51%	92%	64%	45%	78%	55%
Asia	North America	17%	26%	22%	32%	3%	26%	27%	5%	20%	27%	12%	22%
12% 11%	Asia	21%	14%	16%	17%	0%	13%	15%	2%	11%	17%	10%	15%
	Eastern Europe	3%	2%	3%	7%	0%	6%	7%	1%	5%	11%	0%	8%
	Rest of world	1%	1%	1%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Eastern Europe							Contract share FO, VAP products [% of qty]
6% 3%		100%
		80%			54%					62%
		60%
Harvest volumes used in the VAP*		40%
38% 46%		20%			46%					38%
		0%			Q1 23					Q1 22
* FO only							VAP on contract		HOG, Spot

Contract share FO, VAP products [% of qty]

-

-

DEVELOPMENT IN SUPPLY	AND SOLD QUANTITY BY ORIGIN
Expected supply growth in 2023	Global Supply of Atlantic Salmon (head on gutted -		HOG)
 2% increase in Global supply*		2018	2019	2020	2021	2022E	2023E
	Norway	1.129	1.198	1.227	1.384	1.359	1,386
	UK	137	171	160	179	149	161
 2% increase in supply* from Europe	Ireland	13	14	14	14	17	15
	Iceland	12	22	27	35	42	37
 2% increase in supply* from the Americas	Faroes	64	78	72	96	89	95
	Total Europe	1.355	1.484	1.500	1.708	1.655	1,694
* Including expected inventory movements
	Chile Canada	598 131	601 124	657 123	638 128	649 118	673 111
	USA	17	19	18	17	18	17
	Total Americas	747	744	798	783	785	801
	Others	65	71	91	109	108	115
	Total (Sold Quantity)	2.167	2.299	2.388	2.601	2.548	2,610
	Supply growth - Global	6%	6%	4%	9%	-2%	2%
	Supply growth - Europe	1%	10%	1%	14%	-3%	2%
	Supply growth - Americas	18%	0%	7%	-2%	0%	2%
	Salmon Markets (head on gutted -	HOG)
		2018	2019	2020	2021	2022E	2023E
	EU+UK	949	1.017	1.073	1.158	1.141	1,154
	USA	438	471	506	572	587	601

	2018	2019	2020	2021	2022E	2023E
EU+UK	949	1.017	1.073	1.158	1.141	1,154
USA	438	471	506	572	587	601
Japan	54	53	64	66	55	52
Russia	89	78	79	86	49	58
Others	637	678	666	720	716	746
Total (Sold Quantity)	2.167	2.299	2.389	2.601	2.547	2,610

Comments:

All figures are in hog-equivalents and thousand tonnes.

Figures represents sold quantity of Atlantic Salmon from each producing country

Source: Kontali

Q1 2023 MARKET ENVIRONMENT

				R U E	8,0 6,0 4,0	8,4 6,2 6,1 5,3 5,2
		2,0 -	Q1 Q2 2021 2021
				D	14,0 12,0 10,0 8,0	9,8 10,3 10,4 8,0
MARKET CURRENCY Nasdaq Norway (EUR) UB North East US 14-16lb HOG (USD per kg)	Q1 2023 9.70 12.68	Q1 2022 8.35 12.12	Change % 16.1 % 4.6 %	S U	6,0 4,0 2,0
DKK Nasdaq Norway UB North East US 14-16lb HOG (per kg)	Q1 2023 72.19 87.94	Q1 2022 62.13 80.42	Change % 16.2 % 9.4 %		-	Q1 Q2 2021 2021
Source: Kontali

PRICE NORWAY

Q1 2023 – SPOT AND CONTRACT PRICING ALIGNED

PRICE NORWAY (NOK)

fish sold per week

Source: Kontali

DEVELOPMENT PER QUARTER

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
(mDKK)	2021	2021	2021	2021	2022	2022	2022	2022	2023
Revenue	1,176	1,618	1,272	1,488	1,639	1,684	1,867	1,940	2,050
Operational EBIT	224	407	71	120	418	587	325	376	565
Profit/Loss	408	428	131	-3	405	845	249	-154	467
Harvest FO (tgw)	14,025	17,561	14,937	20,694	17,459	13,101	16,850	19,276	11,005
Harvest SCT (tgw)	7,002	10,634	6,914	5,122	3,973	6,646	8,100	5,198	8,093
Op. EBIT Farming FO & VAP (NOK/kg)	21.48	26.93	13.59	20.11	33.79	52.28	35.62	33.81	42.98
Op. EBIT Farming FO (NOK/kg)	14.10	26.52	12.56	18.29	36.03	63.38	35.60	27.56	42.14
Op. EBIT VAP (NOK/kg)	18.56	1.53	2.89	5.71	-5.65	-24.46	0.06	16.67	1.95
Op. EBIT Farming SCT (NOK/kg)	-1.44	6.75	-16.32	-55.95	-17.67	8.29	-22.90	-39.96	28.23
Equity ratio	68%	67%	67%	64%	64%	65%	64%	62%	64%
NIBD	1,939	1,903	1,986	2,126	2,192	2,267	2,427	2,664	2,357

Revenue (mDKK)	Operational EBIT (mDKK)	Farming FO margin Op. EBIT (NOK/kg)	Farming SCT margin Op. EBIT (NOK/kg)	VAP FO margin Op. EBIT (NOK/kg)
8.000	1.600	45	10	30
7.000	1.400	40	5
6.000	1.200	35		20
5.000	1.000	30	0	10
4.000	800	25	-5
3.000	600	20		0
2.000	400	15	-10
1.000	200	10 5	-15	-10
0	0	0	-20	-20
2014 2015 2016 2017 2018 2019 2020 2022 2023 2021	2014 2015 2016 2017 2018 2019 2020 2022 2023 2021	2014 2015 2016 2017 2018 2019 2020 2022 2023 2021	2014 2015 2016 2017 2018 2019 2020 2022 2023 2021	2014 2015 2016 2017 2018 2019 2020 2022 2023 2021

BAKKAFROST / PRESENTATION Page 60

LISTED SALMON COMPANIES – MARGIN OP.EBIT /KG

Source: Financial reports

Dividend

• The AGM, which was held 28 April 2023, decided to pay out dividend for 2022 of DKK 10.00 per share. The expected payment date is on or around 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

Dividend per share in % of adj. EPS*

Main changes

• prices
• in May 2023

Proposed revenue tax adjustments from 2023

FAROE ISLANDS

• 54,303 inhabitants (March 2023)
• 18 islands 1,387 km2
• Home rule within the Kingdom of Denmark Part of the Danish monetary union, the Danish krone (DKK) Total working force (2022): 32,855

Key sectors (% of wage earners, M3 2023)

• Service/public admin.: ~34%
• Private service: ~31%
• Construction: ~15%
• Fish & aquaculture: ~20%
• Unemployment rate (Mar 2023): 0.8%
• GDP: DKK ~22.9bn (2021)
• GDP/capita: DKK 431,000 (2021)
  • (Norway: DKK 559,966) (2021)

Total export of fish products (2022)

DKK 11,492 million - whereof farmed fish accounts for 48%

TAXES

• Total percent of GDP: 41.6% (2021)
• Corporate tax: 18%
• Farming revenue tax: 5.0% of revenues after 1 January 2019 The tax is applied as follows (IMP ~ International market price):
  • If the IMP is above DKK 36 per kilo, the tax is 5%
  • If the IMP is between DKK 32 and DKK 36 per kilo, the tax is 2.5%
  • If the IMP is lower than DKK 32 per kilo, the tax is 0.5%

Restriction on single foreign ownership of 20% in farming companies

One company may max. control 50% of the licences in the Faroe Islands

FAROE ISLANDS

BAKKAFROST / PRESENTATION Page 65

BAKKAFROST / PRESENTATION Page 66