Bakkafrost P/f

Quarterly Report • Nov 8, 2022

INTERIM REPORT

Q3 2022 and First Nine Months of 2022

Faroese Company Registration No. 1724 www.bakkafrost.com

Contents

ig h l ig h H ts 2
rd f he d Su t 3 Q te 2 0 2 2 a mm ar y o ua r r n
he irs ine hs f t F t N Mo t 2 0 2 2 . 3 n o
rd l fro he f d Re ts t 3 Q te 2 0 2 2 a su m ua r r o n
he irs ine hs f t F t N Mo t 2 0 2 2 . 4 n o
S Inc ta te t 4 om e me n
f ina ia l i ion S ta te t o F Po t 4 me n nc s
h low Ca F 5 s
ing Se t lan ds ( O ) 6 Fa Fa Is F rm g me n ro e
ing lan d ( ) Fa Se t Sc t S C T 7 rm g me n o
V A P Se t 8 g me n
F O F Se t 9 g me n
loo k Ou t 1 0
R is ks 1 3
f he f he Ev ts te t Da te t en a r o
f ina ia l i ion S ta te t o F Po t 1 3 me n nc s

by he d he S ta te t t Ma t a t me n na g em en n d o f ire he im Bo D to t In te Re t ar rs on p or c r	1 4
l i da d Co te Inc S ta te t ns o om e me n	1 5
Co l i da d S f te ta te t o ns o me n
Co he ive Inc mp re ns om e	1 5
l i da d f Co te S ta te t o ns o me n
ina ia l i ion F Po t nc s	1 6
i Co l da te d Ca h F low S ta te t ns o s me n	1 7
l i da d f Co te S ta te t o ns o me n
ha in i C Eq ty ng es u	1 8
he No te to t Ac t s co un	1 9
Co ta ts n c	2 9

Highlights

	Q 3	Q 3	YT D	YT D
DK K M	20 22	20 21	20 22	20 21
		0
INC OM E S TA TE ME NT
ing Gro - O rat up pe re ve nue	1, 86 7	1, 27 2	5, 19 0	4, 06 6
ion Gro - O rat al EB IT* up pe	32 5	71	1, 32 9	70 2
Gro - E BIT up	30 7	16 2	1, 87 9	1, 19 7
rof it f the rio d Gro - P up or pe	24 9	13 1	1, 49 8	96 7
tio * ( ing ) Op l E BIT FO Fa d V AP era na rm an	44 4	14 6	1, 39 5	71 3
Op tio l E / kg ( FO ing d V ) ( K) BIT Fa AP DK era na rm an	26 .36	9.7 9	29 .43	15 .32
tio l E / kg ( ing d V ) ( K) Op BIT FO Fa AP NO era na rm an	35 .62	13 .59	39 .55	21 .07
Far mi Far Isla nd Op tin ng oe s - era g r ev en ue	1, 15 5	75 9	3, 49 3	2, 36 6
Far mi Far Isla nd Op tio l E BIT * ng oe s - era na	44 4	13 5	1, 53 2	62 2
mi Isla nd Op tio l E in Far Far BIT ng oe s - era na m arg	% 38	% 18	% 44	% 26
mi Isla nd tio l E / kg ( K) Far Far Op BIT DK ng oe s - era na	26 .34	9.0 4	32 .32	13 .36
mi tio Far Far Isla nd Op l E BIT / kg ( NO K) ng oe s - era na	35 .60	12 .56	43 .43	18 .37
mi tla nd ing Far Sco - O rat ng pe re ve nue	44 2	35 6	1, 14 3	1, 23 7
mi tla nd ion al IT* Far Sco - O rat EB ng pe	-13 7	-81	-14 9	-36
mi tla nd ion al in Far Sco - O rat EB IT m ng pe arg	-31 %	-23 %	-13 %	-3%
mi Sco tla nd - O rat ion al IT/ kg ( K) Far EB DK ng pe	-16 .94	-11 .76	96 -7.	-1. 46
mi tla nd ion al IT/ kg ( K) Far Sco - O rat EB NO ng pe	-22 .90	-16 .32	-10 .69	-2. 00
VA P - Op tin era g r ev en ue	38 6	26 7	1, 22 1	82 5
VA P - Op tio l E BIT * era na	0	11	-13 7	91
Op tio l E in VA P - BIT era na m arg	0%	4%	% -11	% 11
tio l E / kg ( K) VA P - Op BIT DK era na	0.0 4	2.0 8	-7. 03	5.8 7
tio VA P - Op l E BIT / kg ( NO K) era na	0.0 6	2.8 9	-9. 44	8.0 7
tin FO F - Op era g r ev en ue	67 7	55 7	1, 64 2	1, 22 6
FO F - EB ITD A	12 0	11 1	32 6	21 7
in FO F - EB ITD A m arg	17 .8%	20 .0%	19 .8%	17 .7%
NO K/ DK K ( e) ave rag	73 .98	72 .02	74 .41	72 .73

	Q 3	Q 3	YT D	YT D
DK K M	20 22	20 21	20 22	20 21
		0	0
FIN AN CIA L P OS ITI ON AN D C AS H F LO W
tal s*** To As set	16 44 5 ,	14 62 8 ,	16 44 5 ,	14 62 8 ,
uit *** Eq y	10 51 7 ,	9, 34 8	10 51 7 ,	9, 34 8
uit ati Eq o* y r	64 %	64 %	64 %	64 %
t in -be ari de bt * Ne ter est ng	2, 42 7	2, 12 6	2, 42 7	2, 12 6
h f low fro ion Cas rat m o pe s	12 7	26 7	82 0	93 6
h f low fro m f ina nci Cas ng	17 1	-13 6	-76	-20 7
OF PR ITA BIL ITY
sic rni har e ( K) Ba DK ea ngs pe r s	4.2 1	2.2 2	25 .36	16 .38
Dil d e ing sha ( K) ute DK arn s p er re	4.2 1	2.2 2	25 .36	16 .38
RO CE	2.1 %	0.5 %	9.0 %	5.4 %
VO LU ME S
d F sla nd s ( ) Ha ste e I tgw rve aro	16 85 0 ,	14 93 7 ,	47 41 0 ,	46 52 3 ,
Ha ste d S cot lan d ( tgw ) rve	8, 10 0	6, 91 4	18 71 9 ,	24 55 0 ,
tal st To Ha rve	24 95 0 ,	21 85 1 ,	66 12 9 ,	07 3 71 ,
mi nsf ed P ( ) Far FO tra to VA tgw ng err	6, 46 2	5, 29 9	19 45 7 ,	15 48 1 ,
VA P p rod d ( tgw ) uce	6, 63 6	5, 33 4	19 51 6 ,	15 57 7 ,
ld f eed So to nn es	37 80 5 ,	44 97 3 ,	95 24 0 ,	95 96 2 ,
al f eed les Int to ern sa nn es	36 44 2 ,	42 98 1 ,	91 69 6 ,	92 61 0 ,
Sm olt lea sed th d F e I sla nd s (p cs) re ou san aro	4, 11 7	3, 76 9	9, 44 5	9, 35 0
olt lea sed th d S lan d ( ) Sm cot re ou san pcs	2, 44 6	3, 25 3	7, 52 1	6, 94 9
tal olt lea To sm re se	6, 56 3	7, 02 2	16 96 6 ,	16 29 9 ,

* Aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax – refer to Note 10

** Return on average capital employed, based on operational EBIT – refer to Note 10

*** Comparing figures from the end of 2021

Summary of the 3rd Quarter of 2022 and the First Nine Months of 2022

(Figures in parenthesis refer to the same period last year).

The Bakkafrost Group delivered a total operating EBIT of DKK 325 million (DKK 71 million) in Q3 2022 and made a profit of DKK 249 million (DKK 131 million).

The combined FO farming and VAP segments made an operational EBIT of DKK 444 million (DKK 146 million).

The FO farming segment made an operational EBIT of DKK 444 million (DKK 135 million).

The SCT farming segment made an operational EBIT of DKK -137 million (DKK -81 million).

The VAP segment made an operational EBIT of DKK 0 million (DKK 11 million).

The EBITDA for the FOF segment was DKK 120 million (DKK 111 million).

Total harvested volumes for Q3 2022 were 25,000 tonnes gutted weight (21,900 tgw):

• FO: 16,900 tgw (14,900 tgw),
• SCT: 8,100 tgw (6,900 tgw).

Total harvested volumes for the first nine months of 2022 were 66,100 tonnes gutted weight (71,100 tgw):

• FO: 47,400 tgw (46,500 tgw),
• SCT: 18,700 tgw (24,600 tgw).

In total, 6.6 million (7.0 million) smolts were transferred during Q3 2022:

• FO: 4.1 million (3.8 million),
• SCT: 2.4 million (3.3 million).

In total, 17.0 million (16.3 million) smolts were transferred during the first nine months of 2022:

• FO: 9.4 million (9.4 million),
• SCT: 7.5 million (6.9 million).

The combined FO farming and VAP segments made an operational EBIT of DKK 444 million (DKK 146 million) in Q3 2022. The operational EBIT per kg in Q3 2022 was DKK 26.36 (DKK 9.79), corresponding to NOK 35.62 (NOK 13.59). The FO Farming segment achieved higher prices in Q3 2022 than in Q3 2021. For the first nine months of 2022, the combined FO farming and VAP segments made an operational EBIT of DKK 1,395 million (DKK 713 million).

The SCT farming segment made an operational EBIT of DKK -137 million (DKK -81 million). In Q3 2022, the SCT farming segment had incident-based costs of DKK 121 million (DKK 69 million). For the first nine months of 2022, the operational EBIT was DKK -149 million (DKK -36 million).

The FOF segment made an 18% (20%) EBITDA margin. Fish feed sales amounted to 37,800 tonnes (45,000 tonnes) in Q3 2022. During Q3 2022, Havsbrún sourced 76,200 tonnes (17,200 tonnes) of raw material. For the first nine months of 2022, the EBITDA was 20% (18%). During the first nine months of 2022, Havsbrún sourced 251,800 tonnes (125,100 tonnes) of raw material.

The net interest-bearing debt amounted to DKK 2,427 million at the end of Q3 2022, compared to DKK 2,126 million at year-end 2021. Undrawn credit facilities amounted to DKK 2,762 million at the end of Q3 2022.

The equity ratio was 64% on 30 Sep 2022, compared to 64% at the end of 2021.

Results from the 3rd Quarter of 2022 and the First Nine Months of 2022

Income Statement

(Figures in parenthesis refer to the same period last year).

The Group's operating revenue amounted to DKK 1,867 million (DKK 1,272 million) in Q3 2022; for the first nine months of 2022, the operating revenue amounted to DKK 5,190 million (DKK 4,066 million).

The FO farming segment's harvest volumes were higher, and the achieved prices were higher in Q3 2022 compared to last year's quarter. The VAP segment had higher revenues because of higher volumes sold and higher prices in Q3 2022 than in Q3 2021. The SCT Farming segment had a higher revenue because of the higher harvest volume. The FOF segment had higher revenue in Q3 2022, compared to Q3 2021, due to higher external sales of fishmeal and fish oil in Q3 2022, compared to Q3 2021.

The Group's operational EBIT was DKK 325 million (DKK 71 million) in Q3 2022. For the first nine months of 2022, the Group's operational EBIT was DKK 1,329 million (DKK 702 million).

The combined FO farming and VAP segments had higher operational EBIT in Q3 2022 compared to Q3 2021, DKK 444 million (DKK 146 million). The SCT Farming segment's operational EBIT was DKK -137 million (DKK -81 million), of which the cost of incident-based mortality is DKK 121 million (DKK 69 million). The FOF segment had higher EBITDA in Q3 2022 than in Q3 2021.

The fair value adjustment of the Group's biological assets amounted to DKK -49 million (DKK 114 million) in Q3 2022. The fair value adjustment for the first nine months of 2022 amounted to DKK 704 million (DKK 575 million).

Change in provisions for onerous contracts amounted to DKK 64 million (DKK 0 million) in Q3 2022. For the first nine months of 2022, the change in provisions for onerous contracts amounted to DKK 0 million (DKK 0 million). Provisions are made for estimated onerous contracts that oblige the Group to sell fish at a price less than calculated production costs, including raw materials and biomass, measured at fair value. Please see note 3.14 in the 2021 Annual Report.

The revenue tax amounted to DKK -43 million (DKK -31 million) in Q3 2022. The revenue tax for the first nine months of 2022 was DKK -164 million (DKK -92 million).

Net taxes amounted to DKK -33 million (DKK -27 million) in Q3 2022. For the first nine months of 2022, net taxes amounted to DKK -333 million (DKK -214 million).

The result for Q3 2022 was DKK 249 million (DKK 131 million); for the first nine months of 2022, the result was DKK 1,498 million (DKK 967 million).

Statement of Financial Position

(Figures in parenthesis refer to the end of last year).

The Group's total assets amounted to DKK 16,445 million (DKK 14,628 million) at the end of Q3 2022.

Intangible assets amounted to DKK 4,508 million (DKK 4,496 million) at the end of Q3 2022.

Property, plant and equipment amounted to DKK 5,213 million (DKK 4,889 million) at the end of Q3 2022. In Q3 2022 purchase of property, plant, and equipment amounts to DKK 237 million (DKK 310 million in Q3 2021).

Right-of-use assets amounted to DKK 468 million (DKK 302 million) in Q3 2022.

The carrying amount (fair value) of biological assets amounted to DKK 3,269 million (DKK 2,448 million) at the end of Q3 2022. Compared to year-end 2021, biological assets have increased mainly due to an increase in the fair value adjustment.

Inventories amounted to DKK 1,237 million (DKK 709 million) at the end of Q3 2022.

Total receivables, including long-term receivables, financial derivatives, and deferred tax assets, amounted to DKK 1,033 million (DKK 1,126 million) at the end of Q3 2022.

Total cash and cash equivalents amounted to DKK 568 million (DKK 509 million) at the end of Q3 2022.

The Group's equity amounted to DKK 10,517 million (DKK 9,348 million) at the end of Q3 2022. The change in equity consists primarily of the result for 2022 and the paid-out dividend of DKK 304 million.

Total non-current liabilities amounted to DKK 5,290 million (DKK 4,474 million) at the end of Q3 2022.

Deferred taxes amounted to DKK 1,868 million (DKK 1,590 million) at the end of Q3 2022.

Long-term interest-bearing debt was DKK 2,995 million (DKK 2,635 million) at the end of Q3 2022.

Leasing debt amounted to DKK 480 million (DKK 333 million) at the end of Q3 2022.

At the end of Q3 2022, the Group's total current liabilities were DKK 638 million (DKK 807 million). The current liabilities consist of financial derivatives, short-term leasing debt and accounts payable, tax payable and other debt.

The equity ratio was 64% at the end of Q3 2022, compared to 64% at the end of 2021.

Cash Flow

(Figures in parenthesis refer to the same period last year).

The cash flow from operations was DKK 127 million (DKK 267 million) in Q3 2022. The changes in working capital had a negative effect on the cash flow from operations. For the first nine months of 2022, the cash flow from operations was DKK 820 million (DKK 936 million).

The cash flow from investment activities amounted to DKK -237 million (DKK -310 million) in Q3 2022. The primary investments have been in hatcheries. For the first nine months of 2022, the cash flow from investments amounted to DKK -685 million (DKK -823 million).

The cash flow from financing activities totalled DKK 171 million (DKK -136 million) in Q3 2022. For the first nine months of 2022, cash flow from financing amounted to DKK -76 million (DKK -207 million).

In Q3 2022, the net change in cash flow amounted to DKK 60 million (DKK -180 million). For the first nine months of 2022, net change in cash flow amounted to DKK 59 million (DKK -94 million).

At the end of Q3 2022, the Group had unused committed credit facilities of DKK 2,762 million (DKK 1,439 million). In addition, the Group has an accordion of EUR 150 million.

Farming Segment – Faroe Islands (FO)

The Faroese farming segment produces high-quality Atlantic salmon from roe to harvest-size salmon. The salmon is sold to fresh fish markets globally and the internal VAP production. The farming sites are in the Faroe Islands.

Volumes

The total volumes harvested in Q3 2022 were 16,850 tonnes gutted weight (14,937 tgw) – a change in volume of 13%. 8,695 tgw came from the North region, 5,664 tgw from the West region and 2,491 tgw from the South region. The harvested volumes for the first nine months of 2022 were 47,410 tonnes gutted weight (46,523 tgw). This is in line with the forecast for 2022.

4.1 million (3.8 million) smolts were transferred to the sea in Q3 2022. In the first nine months of 2022, 9.4 million (9.4 million) smolts were transferred, which is in line with the smolt transfer plan.

	Q 3	Q 3		Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	C ha ng e	2 0 2 2	2 0 2 1	C ha ng e
ina ia l F nc
l re To ta ve nu e	1, 1 5 4, 8 2 0	7 5 9, 4 5 0	5 2 %	3, 4 9 3, 2 5 1	2, 3 6 5, 9 2 7	4 8 %
E B I T	3 8 0, 1 1 5	2 4 2, 4 3 1	5 7 %	1, 7 1 4, 2 3 9	1, 0 9 3, 8 6 5	5 7 %
Op t ion l E B I T era a	4 4 3, 8 0 8	1 3 5, 0 5 7	2 2 9 %	1, 5 3 2, 1 9 7	6 2 1, 5 3 5	1 4 % 7
ion l / kg ( ) Op t E B I T D K K era a	2 6. 3 4	9. 0 4	1 9 1 %	3 2. 3 2	1 3. 3 6	1 4 2 %
ion l in Op t E B I T m era a arg	3 8 %	1 8 %		4 4 %	2 6 %
Vo lum es
d v lum ( ) Ha te tg rve s o es w	1 6, 8 5 0	1 4, 9 3 7	% 1 3	4 7, 4 1 0	4 6, 5 2 3	% 2
ing h Fa No t rm r -	8, 6 9 5	2, 8 6 2	2 0 4 %	2 3, 5 4 2	1 6, 8 1 4	4 0 %
ing Fa We t rm s -	5, 6 6 4	7, 7 5 6	-2 7 %	1 4, 0 7 9	2 3, 3 4 9	-4 0 %
Fa ing So t h rm u -	2, 4 9 1	4, 3 1 9	-4 2 %	9, 7 8 9	6, 3 6 1	5 4 %
Sm l lea d ( ho d ) ts t o re se us an	4, 1 1 7	3, 6 9 7	9 %	9, 4 4 5	9, 3 0 5	% 1
ing h Fa No t rm r -	3, 9 9 5	1, 6 1 8	1 4 7 %	5, 2 7 8	3, 7 7 4	4 0 %
ing Fa We t rm s -	1 2 2	2, 1 5 1	-9 4 %	2, 8 9 1	3, 7 2 6	-2 2 %
Fa ing So t h rm u -	0	0		1, 2 7 6	1, 8 5 0	-3 1 %

Financial Performance

In Q3 2022, the operating revenue for the FO farming segment was DKK 1,155 million (DKK 759 million). The total revenue for the farming segment increased in Q3 2022, compared with Q3 2021, because of higher prices and higher volumes. The operating revenue for the FO farming segment for the first nine months of 2022 was DKK 3,493 million (DKK 2,366 million).

Operational EBIT/kg for the FO farming segment was DKK 26.34 (DKK 9.04) in Q3 2022, corresponding to NOK 35.60 (NOK 12.56).

Operational EBIT/kg for the FO farming segment was DKK 26.34 (DKK 9.04) in Q3 2022, corresponding to NOK 35.60 (NOK 12.56).In Q3 2022, the FO farming segment's EBIT amounted to DKK 380 million (DKK 242 million). In the first nine months of 2022, the FO farming segment's EBIT was DKK 1,714 million (DKK 1,094 million).

In Q3 2022, the FO farming segment's EBIT amounted to DKK 380 million (DKK 242 million). In the first nine months of 2022, the FO farming segment's EBIT was DKK 1,714 million (DKK 1,094 million).Operational EBIT amounted to DKK 444 million (DKK 135 million) in Q3 2022, corresponding to an operational EBIT margin of 38% (18%). In the first nine months of 2022, operational EBIT was DKK 1,532 million (DKK 622 million).

No costs relate to incident-based mortality in 2022 nor for the first nine months of 2022.

Farming Segment – Scotland (SCT)

The Scottish farming segment represents the operating business of Bakkafrost Scotland Ltd. Bakkafrost Scotland is committed to producing the finest quality Scottish Salmon with Scottish Provenance and full traceability. Bakkafrost Scotland has sites across the West Coast of Scotland and the Hebridean Islands.

Volumes

The total volumes harvested in Q3 2022 were 8,100 tonnes gutted weight (6,914 tgw) - a change in volume of 17%. The harvested volumes for the first nine months of 2022 were 18,719 tonnes gutted weight (24,550 tgw). This is lower than the planned harvest.

2.4 million (3.3 million) smolts were transferred to the sea in Q3 2022. In the first nine months of 2022, 7.5 million (6.9 million) smolts were transferred. This is in line with the smolt transfer plan.

	Q 3	Q 3		Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	ha C ng e	2 0 2 2	2 0 2 1	ha C ng e
ina ia F l nc
To ta l re ve nu e	4 4 1, 8 5 5	3 5 6, 0 3 8	2 4 %	1, 1 4 3, 0 9 3	1, 2 3 7, 0 5 1	-8 %
E B I T	6 8 -1 5, 7 4	0 2 -1 5, 5 7	% -5 7	2 0 9, 0 6 5	-2 3 9 4, 1	9 6 % 1
ion l Op t E B I T era a	-1 3 7, 2 3 6	-8 1, 2 8 4	-6 9 %	-1 4 8, 9 1 7	-3 5, 7 2 3	-3 1 7 %
ion l / kg ( ) Op t E B I T D K K era a	-1 6. 9 4	-1 1. 7 6	-4 4 %	-7. 9 6	-1. 4 6	-4 4 7 %
Op t ion l E B I T m in era a arg	-3 1 %	-2 3 %		-1 3 %	-3 %
lum Vo es
d v lum ( ) Ha te tg rve s o es w	8, 1 0 0	6, 9 1 4	1 7 %	1 8, 7 1 9	2 4, 5 5 0	-2 4 %
( ) Sm l ts lea d t ho d p o re se us an cs	2, 4 4 6	3, 2 5 3	-2 5 %	7, 5 2 1	6, 9 4 9	8 %

Financial Performance

In Q3 2022, the operating revenue for the SCT farming segment was DKK 442 million (DKK 356 million). The operating revenue for the SCT farming segment for the first nine months of 2022 was DKK 1,143 million (DKK 1,237 million).

In Q3 2022, the SCT farming segment's EBIT amounted to DKK -166 million (DKK -106 million). For the first nine months of 2022, the SCT farming segment's EBIT amounted to DKK 210 million (DKK -24 million).

Operational EBIT amounted to DKK -137 million (DKK -81 million) in Q3 2022, corresponding to an operational EBIT margin of -31% (-23%). In the first nine months of 2022, operational EBIT was DKK -149 million (DKK -36 million), corresponding to an operational EBIT margin of -13% (-3%).

Operational EBIT/kg for the farming segment in Scotland was DKK -16.94 (DKK -11.76) in Q3 2022, which corresponds to NOK -22.90 (NOK -16.32). Operational EBIT/kg for the first nine months of 2022 was DKK - 7.96 (DKK -1.46), corresponding to NOK -10.69 (NOK -2.00).

In Q3 2022, the SCT farming segment's EBIT amounted to DKK -166 million (DKK -106 million). For the first nine months of 2022, the SCT farming segment's EBIT amounted to DKK 210 million (DKK -24 million).

Costs of DKK 121 million (DKK 69 million) relate to incident-based mortality in Q3 2022, and for the first nine months of 2022, DKK 202 million (DKK 83 million).

VAP Segment

The VAP (value-added products) segment produces skinless and boneless portions of salmon in the Faroe Islands. The primary market for VAP products is in Europe, with increasing sales in other markets. VAP products are primarily sold on long-term fixed-price contracts.

Volumes

38% (35%) of the Faroese harvested volumes in Q3 2022 went to the production of VAP products, and 41% (33%) of the harvested volumes in the first nine months of 2022 went to VAP production.

The VAP production in the Faroe Islands was 6,636 tonnes gutted weight (5,334 tgw) in Q3 2022, increasing 24% compared to Q3 2021. In the first nine months of 2022, the VAP production was 19,516 tgw (15,577 tgw).

	Q 3	Q 3		Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	C ha ng e	2 0 2 2	2 0 2 1	C ha ng e
ina ia l F nc
l re To ta ve nu e	3 8 5, 7 6 7	2 6 6, 6 9 0	4 5 %	1, 2 2 1, 0 3 6	8 2 5, 3 9 2	4 8 %
E B I T	6 4, 5 8 9	1 1, 1 2 0	4 8 1 %	-1 3 7, 1 1 5	9 1, 3 8 4	-2 5 0 %
Op ion l t E B I T era a	2 6 7	2 0 1 1, 1	-9 8 %	3 -1 7, 1 1 5	9 3 8 1, 4	-2 0 % 5
ion l / kg ( ) V A P - Op t E B I T D K K era a	0. 0 4	2. 0 8	-9 8 %	-7. 0 3	5. 8 7	-2 2 0 %
ion l in Op t E B I T m era a arg	0 %	4 %		-1 1 %	1 1 %
lum Vo es
ing fer d Fa F O tra to V A P rm ns re
( ) tg w	6, 4 6 2	5, 2 9 9	2 2 %	1 9, 4 5 7	1 5, 4 8 1	2 6 %
du d ( ) V A P p tg ro ce w	6, 6 3 6	5, 3 3 4	2 4 %	1 9, 5 1 6	1 5, 5 7 7	2 5 %
d v lum d in Ha te V A P rve s o es us e
du t ion p ro c	3 8 %	3 % 5		1 % 4	3 3 %
d v lum l d Ha te rve s o es so
fre h / fro s ze n	6 2 %	6 5 %		5 9 %	6 7 %

Financial Performance

The operating revenue for the VAP segment amounted to DKK 386 million (DKK 267 million) in Q3 2022. The increase in revenue is due to higher prices and higher volumes sold in Q3 2022 compared with Q3 2021. In the first nine months of 2022, the VAP revenue was DKK 1,221 million (DKK 825 million).

Operational EBIT amounted to DKK 0 million (DKK 11 million) in Q3 2022, corresponding to an operational EBIT of DKK 0.04 (DKK 2.08) per kg gutted weight in Q3 2022, which corresponds to NOK 0.06 (NOK 2.89) per kg gutted weight. Operational EBIT/kg for the first nine months of 2022 amounted to DKK -137 million (DKK 91 million), corresponding to an operational EBIT of DKK -7.03 (DKK 5.87), which corresponds to NOK -9.44 (NOK 8.07).

The VAP segment had an EBIT amounting to DKK 65 million (DKK 11 million) in Q3 2022. Changes in onerous contracts were DKK 64 million (DKK 0 million) in Q3 2022. In the first nine months of 2022, the VAP segment's EBIT amounted to DKK -137 million (DKK 91 million).

FOF Segment

The FOF (fishmeal, oil and feed) segment produces fishmeal, fish oil and fish feed. Most of the production is used for fish feed, used internally. The quality of the fish feed is important to the quality of the salmon from Bakkafrost. Fishmeal, fish oil and fish feed are also sold externally.

Volumes

Havsbrún received 76,182 tonnes (17,224 tonnes) of raw material to produce fishmeal and fish oil in Q3 2022. The raw material intake depends on the fishery in the North Atlantic and available species of fish. In the first nine months of 2022, Havsbrún received 251,763 tonnes (125,061 tonnes) of raw material.

The fishmeal production in Q3 2022 was 17,004 tonnes (4,831 tonnes). For the first nine months of 2022, Havsbrún produced 54,486 tonnes (28,109 tonnes) of fishmeal.

The production of fish oil in Q3 2022 was 13,218 tonnes (3,000 tonnes). The production of fish oil varies depending on the species of fish sourced for production and the timing of the catch. For the first nine months of 2022, Havsbrún produced 18,228 tonnes (5,203 tonnes) of fish oil.

Sales of fish feed amounted to 37,805 tonnes (44,973 tonnes) in Q3 2022. The FO farming segment internally used 24,951 tonnes (31,211 tonnes) or 66% (69%).

The SCT farming segment internally used 11,491 tonnes (11,770 tonnes) or 30% (26%). For the first nine months of 2022, Havsbrún sold 95,240 tonnes (95,962 tonnes).

Financial Performance

The operating revenue for the FOF segment amounted to DKK 677 million (DKK 557 million) in Q3 2022, of which DKK 484 million (DKK 500 million) represented sales to Bakkafrost's farming segments, corresponding to 71% (90%). For the first nine months

	Q 3	Q 3		Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	C ha ng e	2 0 2 2	2 0 2 1	C ha ng e
ina ia l F nc
l re To ta ve nu e	6 7 7, 1 6 9	5 5 6, 9 1 4	2 2 %	1, 6 4 2, 2 2 3	1, 2 2 5, 8 9 3	3 4 %
E B I T	1 2 5, 0 2 8	1 1 2, 8 3 4	1 1 %	3 1 6, 6 5 1	2 0 5, 6 7 6	5 4 %
E B I T D A	1 2 0, 4 5 1	1 1 1, 2 3 1	8 %	3 2 5, 7 3 3	2 1 6, 9 1 3	5 0 %
F O F - E B I T D A in ma rg	1 8 % 7.	2 0. 0 %		1 9. 8 %	1 % 7. 7
lum ( ) Vo to es nn es
d s l d Fe e o	3 7, 8 0 5	4 4, 9 7 3	-1 6 %	9 5, 2 4 0	9 5, 9 6 2	-1 %
Fe d in ter l sa le F O e na -	2 4, 9 5 1	3 1, 2 1 1	-2 0 %	5 8, 2 4 9	6 8, 2 3 3	-1 5 %
d in l sa le S C Fe ter T e na -	1 1, 4 9 1	1 1, 7 7 0	% -2	3 3, 4 4 7	2 4, 3 7 7	% 3 7
d e l s le Fe ter e na a x -	1, 3 6 3	1, 9 9 2	-3 2 %	3, 5 4 4	3, 3 5 2	6 %
is hm l e l sa le F ter ea x na	7, 1 3 0	2, 8 4 0	1 5 1 %	2 2, 1 7 4	1 3, 0 0 7	7 0 %
F is h o i l e ter l sa le x na	2, 4 5 7	1 4	1 4 5 0 % 7	2, 4 5 7	3 3	4 0 0 % 7
Re ive d r ter ia l ce aw m a	7 6, 1 8 2	1 7, 2 2 4	3 4 2 %	2 5 1, 7 6 3	1 2 5, 0 6 1	1 0 1 %
is hm l p du ion F t ea ro c	1 7, 0 0 4	4, 8 3 1	2 5 2 %	5 4, 4 8 6	2 8, 1 0 9	9 4 %
F is h o i l p du t ion ro c	1 3, 2 1 8	3, 0 0 0	3 4 1 %	1 8, 2 2 8	5, 2 0 3	2 5 0 %

of 2022, the revenue amounted to DKK 1,642 million (DKK 1,226 million) of which DKK 1,219 million (DKK 1,043 million) represented sales to Bakkafrost's farming segments, corresponding to 74% (85%).

Total revenue for the FOF segment in Q3 2022 was higher than the same quarter last year. The increase in external revenue is due to higher volumes on fishmeal and fish oil in Q3 2022 compared to Q3 2021.

EBITDA was DKK 120 million (DKK 111 million) in Q3 2022, and the EBITDA margin was 18% (20%). For the first nine months of 2022, the EBITDA was DKK 326 million (DKK 217 million), and the EBITDA margin was 20% (18%).

Havsbrún sources raw pelagic fish for the fishmeal and fish oil production, which are part of the recipe to produce salmon feed.

Outlook

Market

Supply increase of 4%

The supply of salmon increased 4.1% in Q3 2022, compared to Q3 2021 incl. inventory movements. Without inventory movements, the supply increase was 6.4%, according to the latest estimate from Kontali Analyse.

27% higher salmon prices

Salmon spot prices were 27% higher in this quarter compared to Q3 2021. Strong demand for salmon, moderate supply increase and general inflation have contributed to high salmon prices in this quarter.

No growth in 2022

In Q4 2022, the global supply growth is expected to be around 1%. For the full year of 2022, the supply is expected to be on the same level as in 2021, including inventory movements. In H1 2023, zero growth is expected.

Bakkafrost has a strong focus on ensuring a wellbalanced flow to the different markets to increase diversification and mitigate market risk. Bakkafrost operates in the main salmon markets, Europe, the USA, and the Far East. Since the beginning of the war in Ukraine, Bakkafrost has stopped all trading with Russia.

Farming

The strong biological performance in the Faroese farming operation seen in previous quarters has continued also in this quarter. Sea lice levels have been maintained at all-time low levels for this quarter and the low mortality rates have also continued in this quarter.

The delivery of Bakkafrost's new Life Fish Carrier, Bakkafossur, has been delayed until Q4 2022. With its 7,000m3 tank capacity for seawater, 3,000m3 for freshwater and a reverse osmosis system onboard for freshwater generation, Bakkafossur will strengthen Bakkafrost's capabilities to maintain low biological risk in the Faroe Islands.

The expansions of the hatcheries at Norðtoftir and Glyvradal are progressing well and will start operations in Q4 2022 and Q1 2023 respectively. Combined, these capacity expansions will increase the smolt production capacity in the Faroe Islands with around 6.5 million smolts of 500g and are important milestones to fulfil Bakkafrost's goal to build an annual smolt production capacity in the Faroe Islands of over 23 million smolts of 500g in 2026.

In Scotland, farming conditions in Q3 2022 have followed the normal seasonal pattern with significant biological challenges and higher mortality. Especially the Loch Fyne and East Lewis & Harris areas have been affected and suffered increased mortality. The negative development in the quarter was a continuation of the increased mortality in late Q2 2022, which in particular affected farming sites with fish previously compromised in H2 2021. The mortality levels in Q3 2022 have been higher than expected and caused by different reasons, such as gillrelated issues.

In late September 2022, the new 4,000m3 Life Fish Carrier with freshwater treatment capacity, as well as an innovative in-line freshwater-based sea lice removal system was introduced in the farming operation in Scotland. This vessel can efficiently do dual treatments for gill-related issues as well as sea lice removal in one operation, thereby improving fish welfare while applying minimum stress on the fish. The results have been successful and together with the second Life Fish Carrier in operation, Bakkafrost has secured proficient treatment vessel capacity in Scotland.

The biological risk in Scotland is still higher than in the Faroe Islands but is expected to be transformed with the implementation of Bakkafrost's large-smolt strategy. As demonstrated in the Faroe Islands, large high-quality and robust smolt will have a lower risk exposure in the marine environment due to shorter production cycles in the sea. This is expected to significantly reduce the biological risk in Scotland and is the cornerstone of the turnaround of the farming operation in Scotland. Therefore, it is Bakkafrost's topmost priority in Scotland to build new modern hatcheries. The ongoing expansion of the Applecross hatchery is progressing well and will reach an important milestone by the end of this year when the Applecross 4 expansion is expected to be completed. The first batch of large smolt delivered from Applecross 4 is planned for Q2 2023 and will contribute to increasing the mean weights and quality of the smolt stocked in Scotland in 2023.

The full capacity of the Applecross hatchery, including the next expansions, will be in operation in mid-2024 bringing the overall annual production capacity from Applecross to around 10 million high-quality smolts of around 500g.

In Q3 2022, the average weight of released smolt in Scotland was 107g, which is 9% higher than in Q3 2021.

Bakkafrost plans to build 3 large hatcheries in Scotland, which will increase the total annual production capacity up to around 18 million smolts of around 500g in 2026.

Smolt release

Bakkafrost expects to release around 14.5 million large smolts in 2022 in the Faroe Islands and around 10.8 million smolts of around 110g in Scotland. The number and the average weight of smolts released are key elements of predicting Bakkafrost's future production.

Mi llio n olt sm rel ed eas	20 23	20 22	20 21	20 20	20 19	20 18
FO	16 .0	14 .5	14 .4	14 .3	12 .7	12 .6
SCT	9.6	10 .8	11 .1	10 .4	12 .4	8.6

The average weight of the smolt released in Scotland in 2023 is expected to increase to around 150-175g. In 2023, the number of released smolt will be lower than previous years as the focus is on stabilising the operation before increasing the volume. In this respect, smolt quality is more important than the released volume.

Harvest volumes for 2022 in the Faroe Islands are expected around 68,000 tonnes gutted weight and 25,000 tonnes gutted weight in Scotland, giving a total of 93,000 tonnes gutted weight. The expected harvest in Scotland is due to higher mortalities in Q2 and Q3 2022.

In 2023, Bakkafrost expects to harvest around 68,000 tonnes gutted weight in the Faroe Islands and 30,000 tonnes gutted weight in Scotland, giving a total of around 98,000 tonnes gutted weight.

The estimates for harvest volumes and smolt releases in both geographies are dependent on biological development.

VAP (Value added products)

Bakkafrost's highly flexible value chain includes a state-of-the-art VAP factory with high capacity. This enables Bakkafrost to adapt well to the rapidly changing market situations.

Bakkafrost's long-term strategy is to sell around 40% of the harvested volumes of salmon as VAP products on contracts. The contracts are at fixed prices with a duration of between 6 to 12 months.

For 2022 Bakkafrost has signed contracts covering around 33% of the expected harvest volumes in the Faroe Islands and Scotland combined. Contracts for 2023 are mainly negotiated in November and December, and so far 22% of the harvest 2023 volume has been contracted.

FOF (Fishmeal, oil and feed)

The outlook of fishmeal and fish oil production is dependent on the availability of raw materials.

The ICES 2023 recommendation for blue whiting is 1,360 thousand tonnes, which is an 81% increase from the recommendation for 2022.

In 2023 Bakkafrost expects similar production volumes of fishmeal and fish oil as in 2022.

Havsbrún's sales of fish feed in 2022 is expected to be around 125,000 tonnes and to increase up to around 130,000 tonnes in 2023.

The major market for Havsbrún's fish feed is the local Faroese market, primarily Bakkafrost FO's internal use of fish feed, and the feed used in the Scottish farming operation.

Lately, the prices on vegetable raw materials have increased significantly. This affects the whole animal protein market as well as other food producers. Bakkafrost is in a relatively good competitive position due to the low inclusion of vegetable ingredients in the feed combined with low feed conversion ratio and good access to marine raw materials.

Investments

On the Capital Markets Day on 14-15 September 2021, Bakkafrost announced a 6.2bn DKK investment plan for 2022-2026. The investments will enable transformation of the operation in Scotland and provide sustainable growth in the Faroe Islands as well as Scotland.

The main purpose of the investments in Scotland is to replicate Bakkafrost's successful operation in the Faroe Islands. Bakkafrost will build 3 large energyefficient hatcheries in Scotland, enabling the implementation of Bakkafrost's large smolt strategy and giving an annual production capacity above 18 million smolts at 500g. Having large smolt in Scotland will transform the performance, lower the biological risk and increase harvest volumes. In addition to building hatchery capacity, Bakkafrost plans to build a new processing plant to strengthen processing capabilities and increase flexibility in operation. Bakkafrost will also invest in more service vessel capacity to improve the mitigation of biological risk. Further, Bakkafrost will make investments in marine site development.

The investments in the Faroe Islands include increasing annual hatchery production capacity to around 23 million smolts at 500g, investments in a brood stock facility and expansion of feed production capacity.

With the investment plan, Bakkafrost expects to sustainably grow the total annual harvest volumes to 150,000 tonnes in 2026. Over the same period, the total annual production capacity in Bakkafrost's value chain will reach 180,000 tonnes gutted weight.

6.2bn DKK Investment programme 2022-2026

Capital Market Day in Scotland in 2023

Bakkafrost's next Capital Markets Day will be on 6-7 June 2023 and will be held in Scotland.

Financial

The long-term market balance in the global market for salmon products will most likely remain favourable for Bakkafrost. Bakkafrost has a long value chain and a cost-efficient production of high-quality salmon products and will likely maintain financial flexibility going forward.

In March 2022, Bakkafrost finalized a new sustainability-linked 700 mEUR multicurrency revolving credit facility agreement with an additional accordion option of 150 mEUR. The facility has a tenor of five years. In combination with Bakkafrost's high equity ratio, the facility gives the necessary financial strength and flexibility for the Group's investment plans aimed at significant organic growth and structural cost reductions in Scotland. It will also enable M&A's and further organic growth opportunities as well as support an unchanged dividend policy in the future.

Risks

Biological risk has been and will be a substantial risk for Bakkafrost. The Annual Report 2021 explains the biological risk and Bakkafrost's risk management in this regard.

Reference is made to the Outlook section of this report for other comments on Bakkafrost's risk exposure and Note 3.

Bakkafrost is, as explained in the Annual Report 2021, exposed to the salmon price.

The Annual Report 2021 is available on request from Bakkafrost and Bakkafrost's website, www.bakkafrost.com.

Events after the Reporting Period

From the date of the statement of financial position until today, no events have occurred that materially influence the information provided by this report.

Statement by the Management and the Board of Directors on the Interim Report

The Management and the Board of Directors have today considered and approved the interim report of P/F Bakkafrost for the period 1 Jan 2022 to 30 Sep 2022.

The interim report, which has not been audited or reviewed by the company's independent auditors, has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and Faroese disclosure requirements for listed companies.

Glyvrar, November 7th 2022

Management:

J. Regin Jacobsen CEO

The Board of Directors of P/F Bakkafrost:

Rúni M. Hansen Annika Frederiksberg Øystein Sandvik Chairman of the Board Board Member Board Member

Teitur Samuelsen Einar Wathne Guðrið Højgaard Board Member Board Member Board Member

In our opinion, the accounting policies used are appropriate, and the interim report gives a true and fair view of the Group's financial positions on 30 Sep 2022, as well as the results of the Group activities and cash flows for the period 1 Jan 2022 to 30 Sep 2022.

In our opinion, the management's review provides a true and fair presentation of the development in the Group operations and financial circumstances of the

results for the period and of the overall financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group.

Over and above the disclosures in the interim report, no changes in the Group's most significant risks and uncertainties have occurred relative to the disclosures in the annual report for 2021.

Consolidated Income Statement

For the period ended 30 Sep 2022

Consolidated Statement of Comprehensive Income

For the period ended 30 Sep 2022

DK K 1 00 0 ,	Q 3 20 22	Q 3 20 21	YT D 20 22	YT D 20 21
tin Op era g r ev en ue	1, 86 6, 98 9	1, 27 2, 36 2	5, 19 0, 158	4, 06 5, 53 3
Pu rch of od ase go s	-1, 04 8, 35 5	-49 6, 68 0	-2, 17 3, 13 0	-1, 18 4, 58 9
Ch e i n i ent d b iolo ica l as set s (a t ang nv ory an g
t) cos	36 1, 84 0	30 18 1 ,	75 9, 75 1	-57 11 8 ,
Sal d p l ex ary an ers on ne pen ses	-20 3, 93 5	-17 7, 60 7	-59 1, 44 8	-52 9, 95 9
Oth tin er op era g e xp en ses	-52 5, 90 2	-43 4, 74 4	-1, 46 6, 49 8	-1, 21 2, 42 9
cia tio De pre n	-13 6, 42 8	-12 2, 96 7	-40 9, 73 4	-37 9, 90 3
Oth inc er om e	10 47 8 ,	0	20 05 5 ,	0
Op tio l EB IT* era na	32 4, 68 7	70 54 5 ,	1, 32 9, 154	70 1, 53 5
Fai alu dju f b iolo ica l as stm ent set r v e a s o g s	-48 80 3 ,	11 3, 71 3	70 4, 44 6	57 4, 82 1
On tra cts ero us con	64 31 5 ,	0	0	0
Inc e f iat om rom as soc es	10 26 5 ,	7, 96 3	9, 70 8	12 36 1 ,
Rev tax en ue	39 -43 3 ,	-30 64 5 ,	-16 98 3, 1	-92 16 0 ,
nin bef in d t ( IT) Ear ter est EB gs ore an ax es	30 7, 07 1	16 1, 57 6	1, 87 9, 32 7	1, 19 6, 55 7
Ne t in ter est re ve nue	24 2	1, 07 3	2, 02 9	3, 43 2
t in Ne ter est ex pe nse s	-8, 06 5	-7, 78 4	-25 31 4 ,	-26 29 7 ,
eff Ne t c ect urr en cy s	-8, 42 7	6, 55 2	-6, 66 7	23 46 1 ,
Oth fin ial er anc ex pe nse s	-8, 50 8	-3, 31 9	-18 32 0 ,	-15 78 2 ,
Ear nin bef ta s ( EB T) gs ore xe	28 2, 31 3	15 8, 09 8	1, 83 1, 05 5	1, 18 1, 37 1
Tax es	-33 29 3 ,	-26 79 6 ,	-33 2, 67 5	-21 4, 21 0
fit s fo eri Pro los r th od or e p	24 9, 02 0	13 1, 30 2	1, 49 8, 38 0	96 7, 16 1
fit los s fo r th tri bu tab le t Pro at or e y ear o
llin int No tro sts n-c on g ere	-33 7	0	-1, 79 7	0
f P / akk afr Ow F B ost ner s o	24 9, 35 7	13 1, 30 2	1, 50 0, 17 7	96 7, 16 1
nin sh ( K) Ear DK gs per are	4.2 1	2.2 2	25 .36	16 .38
Dil d e ing sha ( K) ute DK arn s p er re	4.2 1	2.2 2	25 .36	16 .38

DK K 1 00 0 ,	20 22	20 21	20 22	20 21
fit for th eri od Pro e p	24 9, 02 0	13 1, 30 2	1, 49 8, 38 0	96 7, 16 1
fin ial riv ati Ch de ang es on anc ve s	-7, 67 4	-5, 60 5	-10 86 9 ,	-3, 28 7
f in eff He e t ect reo com ax	1, 17 1	85 5	2, 24 9	50 1
har e-b d p Res e t nt erv o s ase ay me	7, 95 6	1, 05 4	11 50 5 ,	51 8
nsl ati dif fer Cu tra rre ncy on enc es	-14 87 8 ,	-1, 33 6	-38 72 7 ,	31 81 3 ,
Ad jus tm ent of tre sha asu ry res	1, 18 4	90 7	5, 92 5	9, 86 7
the reh siv e in o b ecl ifie d Ne t o e t r co mp en com e r ass fit los s in bse rio ds to ent pro or su qu pe	-12 24 1 ,	-4, 12 5	-29 91 7 ,	39 41 2 ,
Oth he nsi in er com pre ve com e	-12 24 1 ,	12 -4, 5	-29 91 7 ,	39 2 41 ,
siv e in e f rio To tal ot he reh the d r co mp en com or pe	23 6, 77 9	12 7, 17 7	1, 46 8, 46 3	1, 00 6, 57 3
Co reh siv e in e f the rio d a ttr ibu tab le t mp en com or pe o
llin int No tro sts n- con g ere	-33 7	0	-1, 79 7	0
f P / akk afr Ow F B ost ner s o	23 7, 11 6	12 7, 17 7	1, 47 0, 26 0	1, 00 6, 57 3

* Operational EBIT is EBIT before fair value of biomass, onerous contracts, income from associates and revenue tax.

Q3 Q3 YTD YTD

Consolidated Statement of Financial Position

As on 30 Sep 2022

DK K 1 00 0	30 Se p 20 22	31 De c 20 21
,
AS SET S
No t a ts n-c urr en sse
ible Int set ang as s	50 69 4, 7, 1	49 72 6 4, 5,
lan nd uip Pro rty t a nt pe , p eq me	5, 21 3, 36 4	4, 88 8, 77 8
Rig ht of set use as s	46 8, 10 6	30 2, 10 5
Fin ial ets anc ass	14 9, 18 8	14 9, 22 5
eiv ab les Lon ter g- m rec	0	8, 10 2
fer red De ta ts x a sse	15 5, 20 8	21 5, 24 8
To tal t a ts no n-c urr en sse	10 49 3, 55 7 ,	10 05 9, 184 ,
Cu nt ets rre ass
Bio log ica l as s ( bio ss) set ma	3, 26 8, 65 8	2, 44 8, 29 0
Inv ent ory	1, 23 6, 50 7	70 9, 30 6
in To tal nto ve ry	4, 50 5, 16 5	3, 15 7, 59 6
cei ble Ac nts cou re va	72 9, 04 1	82 4, 00 4
Oth eiv ab les er rec	14 8, 98 8	78 22 7 ,
cei To tal ble re va s	87 8, 02 9	90 2, 23 1
h a nd sh uiv ale Cas nts ca eq	56 8, 16 5	50 9, 15 7
To tal nt ets cu rre ass	5, 95 1, 35 9	4, 56 8, 98 4
TO SSE TS TA L A	16 44 4, 91 6	14 62 8, 16 8
	,	,

	30 Se p	31 De c
DK K 1 00 0 ,	20 22	20 21
EQ UIT Y A ND LIA BIL ITI ES
Eq uit y
Sha ita l re cap	59 14 3 ,	59 14 3 ,
Oth uit er eq y	10 45 5, 92 3 ,	9, 28 8, 26 9
llin int No tro sts n-c on g ere	2, 02 5	13 3
tal uit To eq y	10 09 51 7, 1 ,	9, 34 7, 54 5
t li ab ilit ies No n-c urr en
fer red d o the De ta r ta xes an xes	1, 86 7, 84 0	1, 59 0, 03 4
Lon ter int st- bea rin de bt g- m ere g	2, 99 4, 76 0	2, 63 4, 96 8
lea sin de bt Lon ter g- m g	42 7, 27 0	24 5, 75 3
Fin ial de riv ati anc ve s	0	3, 20 7
t li ilit ies To tal ab no n-c urr en	5, 28 9, 87 0	4, 47 3, 96 2
Cu liab ilit ies nt rre
Fin ial de riv ati anc ve s	15 23 3 ,	4, 60 2
Sho le asi de bt rt-t erm ng	52 64 7 ,	87 66 8 ,
Ac nts ble d o the r d ebt pa ya an cou	57 0, 07 5	71 4, 39 1
tal liab ilit ies To nt cu rre	63 95 7, 5	80 6, 66 1
lia bil itie To tal s	5, 92 7, 82 5	5, 28 0, 62 3
TO TA L E Q UIT Y A ND LIA BIL ITI ES	16 44 4, 91 6	14 62 8, 16 8
	,	,

Consolidated Cash Flow Statement

For the period ended 30 Sep 2022

	Q 3	Q 3	YT D	YT D
DK K 1 00 0 ,	20 22	20 21	20 22	20 21
nin in Ear bef ter est d t ( EB IT) gs ore an ax es	30 7, 07 1	16 1, 57 6	1, 87 9, 32 7	1, 19 6, 55 7
Ad jus s fo rite -do nd de cia tio tm ent r w wn s a pre n	13 6, 42 8	12 2, 96 7	40 9, 73 4	37 9, 90 3
Ad jus s fo alu dju of bi tm ent stm ent r v e a om ass	48 80 3 ,	-11 3, 71 3	-70 4, 44 6	-57 4, 82 1
jus Ad tm ent s fo r in e f iat com rom as soc es	-10 26 5 ,	-7, 96 3	-9, 70 8	-12 36 1 ,
Ad jus s fo eff tm ent ect r c urr en cy s	-48 73 1 ,	25 7, 7	-71 54 7 ,	29 35 5 ,
Ad jus f p isio n f tm ent tra cts s o rov or on ero us con	-64 31 5 ,	0	0	0
Ch in inv ent an ge ory	-33 0, 25 2	11 9, 19 2	-64 3, 12 3	46 34 4 ,
Ch in eiv ab les an ge rec	-69 54 4 ,	-95 03 2 ,	84 24 2 ,	-17 4, 84 1
Ch e i de bts ent ang n c urr	66 9 15 7,	72 0 74 ,	-12 39 8 4,	82 2 45 ,
h f low fro ion Cas rat m o pe s	12 6, 86 4	26 7, 02 4	82 0, 08 1	93 5, 95 8
inv Cas h f low fro est nts m me
Pay nts fo has f fi xed set me r p urc e o as s	-23 64 0 7,	-30 9, 98 2	-70 2, 70 6	-82 4, 69 8
t in in fin ial Ne stm ent ets ve anc ass	23 9	-12 5	9, 74 5	1, 93 5
Ch in lon eiv ab les d d efe d t ter ets an ge g- m rec an rre ax ass	0	-10 3	8, 10 2	-10 3
inv Cas h f low fro est nts m me	-23 7, 40 1	-31 0, 21 0	-68 4, 85 9	-82 2, 86 6
h f low fro m f ina nci Cas ng
Ch in int bea rin de bt (s ho nd lon ) st- rt a an ge ere g g	21 3, 46 5	-10 0, 83 3	34 7, 96 5	12 9, 22 1
Fin ial inc anc om e	24 2	1, 07 3	24 2	3, 43 2
Fin ial anc ex pen ses	-16 3 57 ,	-11 10 3 ,	-41 85 0 ,	-42 07 9 ,
Lea nts se pay me	-27 80 9 ,	-26 52 1 ,	-84 56 2 ,	-91 28 2 ,
eed s f le o f o sh Ne t p roc rom sa wn are s	1, 18 4	90 7	5, 98 6	9, 86 7
Div ide nd id pa	0	0	-30 3, 99 5	-21 5, 87 2
Cas h f low fro m f ina nci ng	17 0, 50 9	-13 6, 47 7	-76 21 4 ,	-20 6, 71 3
ha in sh d c ash uiv ale in rio d Ne t c nts nge ca an eq pe	59 97 2 ,	-17 9, 66 3	59 00 8 ,	-93 62 1 ,
Cas h a nd h e iva len ing ba lan ts cas qu – o pen ce	50 8, 19 3	2, 98 55 1	50 9, 15 7	46 6, 93 9
h a nd sh uiv ale los ing ba lan al Cas nts tot ca eq – c ce	56 8, 16 5	37 3, 31 8	56 8, 16 5	37 3, 31 8

Consolidated Statement of Changes in Equity

As on 30 Sep 2022

	Share	Share Prem ium	Treas ury	Share based	Curre ncy tr ansla tion		Propo sed	Biom ass Fa ir val ue	Retai ned	Non c ontro lling	Total
DKK 1 ,000	Capit al	Reser ve	Share s	Paym ent	differ ences	Deriv ative s	Divid end	adjus tmen ts	Earni ngs	intere st	Equit y
Equit y 01. 01.20 22	59,14 3	4,027 ,375	-26,7 67	7,799	46,23 2	-3,87 3	303,9 95	604,7 07	4,328 ,801	133	9,347 ,545
Conso lidate d pro fit	0	0	0	0	0	0	0	704,4 46	797,1 19	-1,79 7	1,499 ,768
Chang es in finan cial d erivat ives	0	0	0	0	0	-10,8 69	0	0	0	0	-10,8 69
f inco x effe Hereo me ta ct	0	0	0	0	0	2,249	0	0	0	0	2,249
Share -base d pay ment	0	0	0	11,50 5	0	0	0	0	0	0	11,50 5
anslat ion di Curre ncy tr fferen ces	0	0	0	0	-38,7 27	0	0	0	0	0	-38,7 27
Total othe prehe nsive incom r com e	0	0	0	11,50 5	-38,7 27	-8,62 0	0	0	0	0	-35,8 42
Total rehen sive i comp ncom e	0	0	0	11,50 5	-38,7 27	-8,62 0	0	704,4 46	797,1 19	-1,79 7	1,463 ,926
Treas ury sh ares	0	0	5,925	0	0	0	0	0	0	0	5,925
Addit ion of lling i contro ntere sts non-	0	0	0	0	0	0	0	0	0	3,689	3,689
Paid-o ut div idend	0	0	0	0	0	0	-303, 995	0	0	0	-303, 995
Total trans actio n wit h ow ners	0	0	5,925	0	0	0	-303, 995	0	0	3,689	-294, 381
Total chan ges in equi ty	0	0	5,925	11,50 5	-38,7 27	-8,62 0	-303, 995	704,4 46	797,1 19	1,892	1,169 ,545
Total equi ty 30 .09.2 022	59,14 3	4,027 ,375	-20,8 42	19,30 4	7,505	-12,4 93	0	1,309 ,153	5,125 ,920	2,025	10,51 7,090
Equit y 01. 01.20 21	59,14 3	4,027 ,375	-37,6 72	6,229	34,54 5	-14,8 29	215,8 72	145,3 87	4,293 ,437	0	8,729 ,487
Conso lidate d pro fit	0	0	0	0	0	0	0	434,8 68	529,1 85	-17	964,0 36
Chang e in ta x rate uity p osted PPA in pri on eq or ye ars	0	0	0	0	0	0	0	0	-193, 574	0	-193, 574
Chang finan cial d es in erivat ives	0	0	0	0	0	12,92 8	0	0	0	0	12,92 8
f inco x effe Hereo me ta ct	0	0	0	0	0	-1,97 2	0	0	0	0	-1,97 2
Share -base d pay ment	0	0	0	1,570	0	0	0	0	0	0	1,570
anslat ion di fferen Curre ncy tr ces	0	0	0	0	36,13 9	0	0	0	0	0	36,13 9
Recla ssifica tion b etwee n fund s	0	0	0	0	-24,4 52	0	0	24,45 2	0	0	0
Total othe prehe nsive incom r com e	0	0	0	1,570	11,68 7	10,95 6	0	24,45 2	-193, 574	0	-144, 909
Total rehen sive i comp ncom e	0	0	0	1,570	11,68 7	10,95 6	0	459,3 20	335,6 11	-17	819,1 27
ury sh Treas ares	0	0	10,90 5	0	0	0	0	0	3,748	0	14,65 3
Addit ion of contro lling i ntere sts non-	0	0	0	0	0	0	0	0	0	150	150
Paid-o ut div idend	0	0	0	0	0	0	-215, 872	0	0	0	-215, 872
sed d ividen d Propo	0	0	0	0	0	0	303,9 95	0	-303, 995	0	0
Total trans actio n wit h ow ners	0	0	10,90 5	0	0	0	88,12 3	0	-300, 247	150	-201, 069
Total chan ges in equi ty	0	0	10,90 5	1,570	11,68 7	10,95 6	88,12 3	459,3 20	35,36 4	133	618,0 58
Total equi ty 31 .12.2 021	59,14 3	4,027 ,375	-26,7 67	7,799	46,23 2	-3,87 3	303,9 95	604,7 07	4,328 ,801	133	9,347 ,545
Equit y 01. 01.20 21	59,14 3	4,027 ,375	-37,6 72	6,229	34,54 5	-14,8 29	215,8 72	145,3 87	4,293 ,437	0	8,729 ,487
Conso lidate d pro fit	0	0	0	0	0	0	0	574,8 21	395,7 93	0	970,6 14
Chang es in finan cial d erivat ives	0	0	0	0	0	-3,28 7	0	0	0	0	-3,28 7
f inco x effe Hereo me ta ct	0	0	0	0	0	501	0	0	0	0	501
Share -base d pay ment	0	0	0	518	0	0	0	0	0	0	518
Curre ncy tr anslat ion di fferen ces	0	0	0	0	31,81 3	0	0	0	0	0	31,81 3
Total othe prehe nsive incom r com e	0	0	0	518	31,81 3	-2,78 6	0	0	0	0	29,54 5
Total rehen sive i comp ncom e	0	0	0	518	31,81 3	-2,78 6	0	574,8 21	395,7 93	0	1,000 ,159
Treas ury sh ares	0	0	9,868	0	0	0	0	0	0	0	9,868
Paid-o ut div idend	0	0	0	0	0	0	-215, 872	0	0	0	-215, 872
Total actio n wit h ow trans ners	0	0	9,868	0	0	0	-215, 872	0	0	0	-206, 004
Total chan ges in equi ty	0	0	9,868	518	31,81 3	-2,78 6	-215, 872	574,8 21	395,7 93	0	794,1 55
Total equi ty 30 .09.2 021	59,14 3	4,027 ,375	-27,8 04	6,747	66,35 8	-17,6 15	0	720,2 08	4,689 ,231	0	9,523 ,643

Notes to the Accounts

Accounting Policy

General Information

P/F Bakkafrost is a limited company incorporated and domiciled in the Faroe Islands.

The Group's Annual Report 2021 is available at www.bakkafrost.com or upon request from the company's registered office at Bakkavegur 9, FO-625 Glyvrar, Faroe Islands.

This Condensed Consolidated Interim Report is presented in DKK.

Note 1. Statement of Compliance

This Condensed Consolidated Interim Report is prepared in accordance with International Financial Reporting Standards (IFRS) IAS 34 Interim Financial Reporting as adopted by the EU. It does not include all the information required for the full Annual and Consolidated Report and Accounts and should be read in conjunction with the Annual and Consolidated Report and Accounts for the Group as of 31 Dec 2021.

This interim report has not been subject to any external audit.

Note 2. Significant Accounting Policies

The accounting policies applied by the Group in this Condensed Consolidated Interim Report are the same as those used in the Annual Report for the year ended 31 Dec 2021.

Note 3. Estimates and Risk Exposures

The preparation of financial statements is in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognised amounts of assets, liabilities, income and expenses. The most significant estimates relate to the valuation of the fair value of biological assets. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on the management's best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur.

Bakkafrost has made no significant changes in the estimates for these interim financial statements compared with the annual financial statements.

Descriptions of the accounting estimates are in the notes to the financial statements in the Annual Report 2021.

Note 4. Biological Assets

	30 -Se p	30 Se p	31 De c		30 -Se p	30 Se p	31 De c
	20 22	20 21	20 21	mb f f is h ( ho nd ) Nu t er o usa	20 22	20 21	20 21
io ica ing B log l as set nt 01 .01 s c arr y am ou	2, 44 8, 28 9	2, 11 7, 02 4	2, 11 7, 02 4	< 1 kg	8, 93 8	5, 82 2	9, 77 0
Inc du e t du ct ion ha rea se o p ro or pu rc ses	2, 81 7, 14 8	2, 34 7, 66 8	3, 15 8, 70 3	1 kg < 2 kg	4, 72 5	7, 51 5	5, 25 5
du ion du ha ing le (co f g ds l d ) Re ct e t st sts o rve or sa o oo so	-2, 41 3, 38 5	-2, 20 4, 79 2	-2, 93 1, 52 6	kg kg 2 < 3	4, 54 2	4, 95 4	3, 87 3
du ion du l ity (co f inc i de -ba d Re ct e t ort sts nts o m a o se				kg kg 3 < 4	3, 93 2	4, 76 3	3, 92 0
rta l ity ) *) mo	-20 2, 09 4	-83 25 3 ,	-30 7, 55 1	4 kg <	2, 90 3	4, 62 8	4, 59 5
ir v lue d jus he be inn ing f t he io d Fa tm t a t t a a en g o pe r d rev ers e	-60 4, 70 7	-14 5, 38 7	-14 5, 38 7	To ta l n be f f is h a t s ( t ho nd ) um r o ea usa	25 04 0 ,	27 68 2 ,	27 3 41 ,
Fa ir v lue las i f ica t ion tr lat ion a re c s cu rre ncy an s d i f fer ior en ces pr ye ar	0	-24 45 2	-24 45 2	mb f s lt r lea d Y ( ho nd ) Nu TD t er o mo e se usa
ir v lue d jus he d o f t he io d Fa tm t a t t a a en en pe r	1, 30 9, 15 3	, 74 4, 66 0	, 60 4, 70 7	ing h Fa No rt rm	5, 27 7	3, 77 4	6, 07 8
l o f e l im ina ion he be inn ing f t he io d Re t at t ve rsa o r	13 4, 19 3	80 08 3	80 08 3	Fa ing W est rm	89 1	72 6	71 9
g pe E l im ina t ion s	-17 41 0	, -14 96 1	, -13 19 3	ing h Fa So ut rm	2, 27 7	3, 85 0	5, 63 0
Cu lat ion d i f fer tr rre an s en ces	1, -51 18 1	3, 15 67 8	4, 30 88 1	ing lan d Fa Sc ot	1, 52	1, 94	2, 11 10
ncy io log ica l as ing he d o f t he B set nt at t s c arr y am ou en	,	,	,	rm f s To ta l n be lts lea d Y TD t ho nd	7, 1	6, 9	8 ,
io d pe r	3, 26 6, 00 6	2, 70 3, 26 8	2, 44 8, 28 9	( ) um r o mo re se usa	16 96 6 ,	16 29 9 ,	25 53 5 ,
				Se it iv ity in DK K 1 00 0 ns ,
ice b io log ica l a Co st ts pr sse	2, 17 9, 44 4	2, 08 6, 89 1	1, 94 6, 89 4	ha in d isc C nt rat 1% ng e ou e +	-20 5, 16 7	-13 4, 03 5	-15 0, 70 9
ir v lue d jus he d o f t he io d Fa tm t a t t a a en en pe r	1, 30 9, 15 3	74 4, 66 0	60 4, 70 7	in isc C ha d nt rat 1% ng e ou e -	22 8, 12 4	15 8, 19 3	16 7, 50 2
E l im ina t ion s	-17 1, 41 0	-14 3, 96 1	-13 4, 19 3	C ha in les ice +5 D KK ng e sa pr	37 8, 41 8	44 7, 29 7	42 3, 22 3
Cu lat ion d i f fer tr rre ncy an s en ces	18 -51 1 ,	67 8 15 ,	30 88 1 ,	ha in les ice C -5 D KK ng e sa pr	-37 8, 41 8	-43 7, 19 6	-42 3, 22 3
io log ica l as ing B set nt s c arr y am ou	3, 26 6, 00 6	2, 70 3, 26 8	2, 44 8, 28 9	ha in b iom lum C 1% ng e ass vo e +	34 65 9 ,	16 04 0 ,	8, 98 2
				in iom C ha b lum 1% ng e ass vo e -	-34 65 9 ,	-11 05 5 ,	-8, 98 2
B iom ( ton ) ass ne s
kg < 1	56 4, 7	2, 39 9	07 0 5,	for rd ice in lo ** On EU R F CA Os e-y ea r wa pr s
kg kg 1 < 2	6, 97 1	11 36 6 ,	7, 67 3	io d e d Pe r n	5.9 8	6.0 5	6.7 2
kg kg 2 < 3	11 26 9 ,	12 55 4 ,	10 02 6 ,	1 Q ( for d ) wa r	7.3 1	6.5 3	6.8 6
3 kg < 4 kg	13 62 3 ,	15 81 4 ,	13 53 8 ,	2 Q ( for d ) wa r	8.4 1	6.6 2	6.8 1
kg 4 <	60 14 8 ,	96 23 8 ,	22 28 8 ,	( for d ) 3 Q wa r	8.9 6	5.6 3	5.6 6
lum f b iom ( ) Vo at ton e o ass se a ne s	51 03 8 ,	66 10 1 ,	58 59 5 ,	( for d ) 4 Q wa r	7.4 3	5.9 0	6.1 5

*)	Q 3	Q 3	YT D	YT D
f in cid alit * C ost ent -ba sed ort nt: s o m y p er seg me	20 22	20 21	20 22	20 21
Far Isla nd oe s	0	0	0	0
Sco tla nd	-12 1, 26 3	-68 58 9 ,	-20 2, 09 4	-83 25 3 ,
	-12 1, 26 3	-68 58 9 ,	-20 2, 09 4	-83 25 3 ,

Note 5. Segments

ing O Fa F rm -	Q 3	Q 3	Y T D	Y T D
0 0 0 D K K 1,	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 1
l re Ex ter na ve nu e	8 4 5, 7 5 2	5 9 2, 2 2 8	2, 4 0 2, 3 3 8	1, 8 0 9, 3 3 0
l re In ter na ve nu e	3 0 9, 0 6 8	1 6 7, 2 2 2	1, 0 9 0, 9 1 3	5 5 6, 5 9 7
l re To ta ve nu e	1, 1 5 4, 8 2 0	7 5 9, 4 5 0	3, 4 9 3, 2 5 1	2, 3 6 5, 9 2 7
ing Op t era ex p en se s	-6 3 1, 1 6 2	-5 5 5, 3 8 0	-1, 7 3 6, 7 1 0	-1, 5 3 7, 9 8 3
ia ion d a iza ion De t t t p rec an mo r	-7 9, 8 5 0	-6 8, 9 9 5	-2 2 4, 3 4 4	-2 0 6, 4 0 9
ion l Op t E B I T era a	4 4 3, 8 0 8	1 3 5, 0 7 5	1, 5 3 2, 1 9 7	6 2 1, 5 3 5
ir v lue d j f b io log ica l a Fa tm ts ts a a us en o sse	-2 0, 1 6 5	1 3 8, 0 0 1	3 4 6, 0 2 3	5 6 3, 4 1 7
fro ia Inc tes om e m as so c	-1 3 5	0	0	0
Re tax ve nu e	-4 3, 3 9 3	-3 0, 6 4 5	-1 6 3, 9 8 1	-9 1, 0 8 7
ing be fo in d ( ) Ea ter t a tax E B I T rn s re es n es	3 8 0, 1 1 5	2 4 2, 4 3 1	1, 7 1 4, 2 3 9	1, 0 9 3, 8 6 5
f ina ia l i Ne t tem nc s	-3 1, 3 9 1	7, 2 5 2	-7 0, 2 4 7	3, 9 4 8
ing be fo ( ) Ea tax E B T rn s re es	3 4 8, 7 2 4	2 4 9, 6 8 3	1, 6 4 3, 9 9 2	1, 0 9 7, 8 1 3
Ta xe s	-5 7, 8 0 1	-5 0, 5 5 6	-2 9 8, 4 0 3	-2 0 8, 7 6 3
f i los fo he io d Pr t o t o r s r p er	2 9 0, 9 2 3	9 9, 2 1 1 7	3 8 9 1, 4 5, 5	8 8 9, 0 0 5

ing Fa S C T rm -	Q 3	Q 3	Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 1
l re Ex ter na ve nu e	4 4 1, 8 5 5	3 5 6, 0 3 8	1, 1 4 3, 0 9 3	1, 2 3 7, 0 5 1
To ta l re ve nu e	4 4 1, 8 5 5	3 5 6, 0 3 8	1, 1 4 3, 0 9 3	1, 2 3 7, 0 5 1
Op t ing era ex p en se s	-5 4 0, 8 0 2	-3 9 5, 5 8 1	-1, 1 6 0, 3 0 3	-1, 1 3 7, 5 8 6
De ia t ion d a t iza t ion p rec an mo r	-4 5, 7 9 5	-4 1, 7 4 1	-1 5 1, 7 6 2	-1 3 5, 1 8 8
O t he inc r om e	5 0 6 7,	0	2 0, 0 5 5	0
Op t ion l E B I T era a	-1 3 7, 2 3 6	-8 1, 2 8 4	-1 4 8, 9 1 7	-3 5, 7 2 3
Fa ir v lue d j tm ts f b io log ica l a ts a a us en o sse	-2 8, 6 3 8	-2 4, 2 8 8	3 5 8, 4 2 3	1 1, 4 0 4
ing be fo in d ( ) Ea ter t a tax E B I T rn s re es n es	6 8 -1 5, 7 4	0 2 -1 5, 5 7	2 0 9, 0 6 5	-2 3 9 4, 1
f ina ia l i Ne t tem nc s	8, 9 6 2 1	9 8 -7, 1	6, 6 0 4 4	8, 0 -1 7 4
ing be fo ( ) Ea tax E B T rn s re es	6, 9 2 -1 4 1	3, 3 -1 1 5 5	2 9 6 6 5 5,	3, 0 9 -4 5
Ta xe s	3 8, 6 2 8	2 7, 6 2 2	-4 7, 4 9 4	1 6, 5 8 2
f i fo he io d Pr t t o r p er	-1 0 8, 2 8 4	-8 5, 9 3 1	2 0 8, 4 7 2	-2 6, 4 7 7

Va lue d de d p du ts a ro c	Q 3	Q 3	Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 0

Ex ter l re na ve nu e	3 8 5, 7 6 7	2 6 6, 6 9 0	1, 2 2 1, 0 3 6	8 2 5, 3 9 2
l p ha f r ia l In ter ter na urc se o aw m a	-3 1 1, 8 4 0	-1 6 7, 2 2 2	-1, 0 9 3, 6 8 5	-5 5 6, 5 9 7
ing Op t era ex p en se s	-6 8, 6 9 1	-8 3, 5 5 0	-2 4 9, 6 2 8	-1 6 2, 7 0 3
ia ion d a iza ion De t t t p rec an mo r	-4, 9 6 0	-4, 7 9 8	-1 4, 8 3 8	-1 4, 7 0 8
ion Op t l E B I T era a	2 7 6	1 1, 1 2 0	-1 3 7, 1 1 5	9 1, 3 8 4
Pro is ion f o tra ts v o ne rou s c on c	6 4, 3 1 3	0	0	0
ing in Ea be fo ter t a d tax ( E B I T ) rn s re es n es	6 4, 5 8 9	1 1, 1 2 0	-1 3 7, 1 1 5	9 1, 3 8 4
Ne t f ina ia l i tem nc s	-2 8 9	-9 8	-9 8 8	-5 5 2
Ea ing be fo tax ( E B T ) rn s re es	6 4, 3 0 0	1 1, 0 2 2	-1 3 8, 1 0 3	9 0, 8 3 2
Ta xe s	-1 1, 3 2 0	-1, 9 8 3	2 4, 7 9 7	-1 6, 3 5 0
Pr f i t o los fo t he io d o r s r p er	5 2, 9 8 0	9, 0 3 9	-1 1 3, 3 0 6	7 4, 4 8 2

is is i is F hm l, F h O l a d F h Fe d ea n e	Q 3	Q 3	Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 0
Ex ter l re na ve nu e	1 9 3, 6 1 5	5 7, 4 0 6	4 2 3, 6 9 1	1 8 3, 1 6 3
In ter l re na ve nu e	4 8 3, 5 5 4	4 9 9, 5 0 8	1, 2 1 8, 5 3 2	1, 0 4 2, 7 3 0
To ta l re ve nu e	6 7 7, 1 6 9	5 5 6, 9 1 4	1, 6 4 2, 2 2 3	1, 2 2 5, 8 9 3
Co t o f g ds l d s oo so	-4 7 5, 5 6 1	-4 0 3, 4 3 7	-1, 0 8 3, 9 0 3	-8 8 8, 2 1 0
Op t ing era ex p en se s	-8 1, 1 5 7	-4 2, 2 4 6	-2 3 2, 5 8 7	-1 2 0, 7 7 0
ia ion d a iza ion De t t t p rec an mo r	8 2 3 -5,	-6, 3 6 0	8, 9 0 -1 7	-2 3, 9 8 5
Op ion l t E B I T era a	6 2 8 1 1 4,	0 8 1 4, 7 1	3 0 6, 9 3 4	9 3, 3 1 1 5
fro ia Inc tes om e m as so c	0, 0 0 1 4	9 6 3 7,	9, 0 8 7	2, 3 6 1 1
ing be fo in d ( ) Ea ter t a tax E B I T rn s re es n es	1 2 5, 0 2 8	1 1 2, 8 3 4	3 1 6, 6 5 1	2 0 5, 6 7 6
f ina ia l i Ne t tem nc s	-1 2, 0 4 0	-2, 6 5 1	-2 3, 5 0 0	1 5 5
ing be fo ( ) Ea tax E B T rn s re es	1 1 2, 9 8 8	1 1 0, 1 8 3	2 9 3, 1 5 1	2 0 5, 8 3 1
Ta xe s	-2 0, 3 3 8	-1 9, 8 3 3	-5 2, 0 4 9	-3 7, 0 4 9
f i los fo he io d Pr t o t o r s r p er	9 2, 6 5 0	9 0, 3 5 0	2 4 1, 1 0 2	1 6 8, 7 8 2

i l ia ion f r b le ing be fo ( ) Re t ta ts to Gr tax E B T co nc o ep or se g me n ou p ea rn s re es	Q 3	Q 3	Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 0
ing lan ds Fa Fa Is rm roe	3 4 8, 7 2 4	2 4 9, 6 8 3	1, 6 4 3, 9 9 2	1, 0 9 7, 8 1 3
ing lan d Fa Sc t rm o	-1 4 6, 9 1 2	-1 1 3, 5 5 3	2 5 5, 9 6 6	-4 3, 0 5 9
( ) V A P Va lue d de d p du ts a ro c	6 4, 3 0 0	1 1, 0 2 2	-1 3 8, 1 0 3	9 0, 8 3 2
( is is i f is ) F O F F hm l, F h o l a d h Fe d ea n e	1 1 2, 9 8 8	1 1 0, 1 8 3	2 9 3, 1 5 1	2 0 5, 8 3 1
im ina ion E l t s	-9 6, 7 8 7	-9 9, 2 3 7	-2 2 3, 9 5 2	-1 7 0, 0 4 6
ing Gr be fo tax ( E B T ) ou p ea rn s re es	2 8 2, 3 1 3	1 5 8, 0 9 8	1, 8 3 1, 0 5 4	1, 1 8 1, 3 7 1

Note 6. Capital Commitments

The Group had capital expenditures committed but not provided in these accounts at the date of the Statement of Financial Position of approximately DKK 1,024 million.

Note 7. Transactions with Related Parties

Note 5.2 in Bakkafrost's Annual Report for 2021 provides detailed information on related parties' transactions.

Transactions between P/F Bakkafrost and its subsidiaries meet the definition of related party transactions. As these transactions are eliminated on consolidation, they are not disclosed as related party transactions.

Note 8. Fair Value Measurements

All assets/liabilities, for which fair value is recognized or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities.

Level 2: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable).

Level 3: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).

For biological assets, the fair value calculation is done using a valuation model (level 3 in the valuation hierarchy) where the value is estimated based on observable market prices per period end.

For more information on these calculations, please refer to Note 4.

For assets/liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement).

There have been no transfers into or out of Level 3 fair value measurements.

As of 30 Sep 2022, the Group held the following classes of assets/liabilities measured at fair value:

D K K 1, 0 0 0		Co t s
ia i i ies fa ir v As ts d l b l t d a t lue se an m ea su re a	ir v Fa lue a	t am ou n	Le l 1 ve	Le l 2 ve	Le l 3 ve
io log ica l a ( b iom ) B ts sse as s	3, 2 6 6, 0 0 6	9 6, 8 3 1, 5 5	0	0	3, 2 6 6, 0 0 6
fa ir v As ts d a t lue 3 0 / 9- 2 0 2 2 se me as ur e a	3, 2 6 6, 0 0 6	1, 9 5 6, 8 5 3	0	0	3, 2 6 6, 0 0 6
ia b i l i ies d a fa ir v lue 3 0 / 9- 2 0 2 2 L t t m ea su re a	0	0	0	0	0
io log ica l a ( b iom ) B ts sse as s	2, 4 4 8, 2 8 9	1, 8 4 3, 5 8 2	0	0	2, 4 4 8, 2 8 9
fa ir v As ts d a t lue 3 1 / 1 2- 2 0 2 1 se me as e a ur	2, 4 4 8, 2 8 9	1, 8 4 3, 5 8 2	0	0	2, 4 4 8, 2 8 9
ia b i l i ies d a fa ir v lue 3 / 2- 2 0 2 L t t 1 1 1 m ea su re a	0	0	0	0	0

Note 9. Business Combinations

There were no material new business combinations in 2021.

In a transaction closed on 1 Jan 2022, Bakkafrost acquired 90% of the shares in Munkebo Seafood A/S. The deal was jointly made with Michael Karlsen, the General Manager of Munkebo Seafood, for many years. The shares were acquired from Paul Lybech, who has been engaged with Munkebo Seafood for almost 25 years. Following the transaction, Michael Karlsen holds 10% of the shares in Munkebo Seafood A/S, while Bakkafrost holds 90%.

Munkebo Seafood A/S has, since its formation in 1974, been engaged in the production of canned fish at the factory in Munkebo in Denmark. Today, the company operates a modern canning facility and offers a wide range of products, of which a more significant share is based on salmon. Bakkafrost has been one of the largest suppliers of raw materials for Munkebo Seafood for the past few years, making Munkebo Seafood a significant extension of Bakkafrost's value chain. With a planned increase in production of salmon over the coming years, from Bakkafrost's farms in the Faroe Islands and Scotland, Munkebo Seafood will have a strengthened raw material base, and Bakkafrost will strengthen the ability to increase further the value derived from its salmon by-products.

The operations of Munkebo Seafood will remain unchanged. Munkebo Seafood has around 40 employees, and the products are currently sold mainly within the EU market to retail customers. The key employees of Munkebo AS will continue.

There is considerable spare production capacity for future growth within the current facility.

With the acquisition of Munkebo Seafood, Bakkafrost can now offer a broader range of products. Bakkafrost offers fresh, frozen, and smoked salmon products, and now canned food is added. Bakkafrost has a global sales network, and Munkebo Seafood's products will now be offered on a broader market as a supplement to Bakkafrost's other consumer packaged products.

The fair value of intangible assets has been determined on an estimated fair value. Fair value has been identified in customer relationships employing generally accepted valuation techniques. The market value of the customer relationship is measured at DKK 9.7 million.

The fair value of property, plant and equipment has been determined based on a 3rd party valuation.

The fair value of receivables has been determined based on an estimate of an age-distributed debtor list and historical figures on doubtful debtors.

The fair value of the inventory has been determined based on inventory lists, historical sales data, and the subtraction of obsolete goods.

		ir v lue Fa a
0 0 0 D K K 1,	k v lue 3 / 2 / 2 0 2 Bo 1 1 1 o a	d j tm ts a us en	ir v lue Fa a
Go dw i l l o	0	9, 7 2 6	9, 7 2 6
i b le In tan ts g as se	6 0 0	0	6 0 0
lan d e ip inc l. S 6 Pro ty t a t - I F R 1 p er p n qu me n ,	3, 0 6 1 1	0	3, 0 6 1 1
iva b les Ac ts co un rec e	1 1, 3 1 0	0	1 1, 3 1 0
ies Inv tor en	2 1, 2 6 4	0	2 1, 2 6 4
O t he t a ts, lu d ing h a d ba k r c ur ren sse ex c ca s n n	2, 3 9 7	0	2, 3 9 7
To ta l a ts sse	4 9, 0 1 9	9, 7 2 6	5 8, 7 4 5
fer d d o he De tax t tax re es an r es	1, 5 1 1	1, 7 5 4	3, 2 6 5
-te l ia b i l i t ies in ter t- be ing Lo ng rm es ar ,	8, 9 7 7	0	8, 9 7 7
b le Ac ts co un p ay a	1 7, 6 3 4	0	1 7, 6 3 4
he b le O t r p ay a	3, 6 6 0	0	3, 6 6 0
ia i i ies L b l t	3 1, 6 0 2	1, 7 5 4	3 3, 3 5 6
Ne t a ts sse	1 7, 4 1 7	7, 9 7 2	2 5, 3 8 9

Note 10. APM

- Alternative Performance Measures

Bakkafrost's financial information is prepared in accordance with international financial reporting standards (IFRS). In addition, the management's intention is to provide alternative performance measures, which are regularly reviewed by the management to enhance the understanding of the company's performance, but not replacing the financial statements prepared in accordance with IFRS. The alternative performance measures presented may be determined or calculated differently by other companies. Bakkafrost's experience is that these APM's are frequently used by analysts, investors, and other parties.

These APM's are adjusted IFRS measures, defined, calculated, and used in a consistent and transparent manner over the years and across the company where relevant.

NIBD

Net interest-bearing debt consists of both current and non-current interest-bearing liabilities, less related current and non-current hedging instruments, lease liabilities, financial instruments, such as debt instruments and derivatives and cash and cash equivalents. The net interest-bearing debt is a measure of the Group's net indebtedness that provides an indicator of the overall balance sheet strength. It is also a single measure that can be used to assess both the Group's cash position and its indebtedness. The use of the term net debt does not necessarily mean that the cash included in the net debt calculation is available to settle the liabilities included in this measure. Net debt is an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate interest-bearing liabilities (both current and non-current), derivatives and cash and cash equivalents. A reconciliation is provided below.

	3 0 Se p	3 1 De c
D K K 1, 0 0 0	2 0 2 2	2 0 2 1
h a d c h e iva len Ca ts s n as qu	5 6 8. 1 6 5	5 0 9, 1 5 7
d s ho in be ing de b Lo t ter ter t t ng - a n r m es ar	-2. 9 9 4. 7 6 0	-2, 6 3 4, 9 6 8
in be ing de b Ne t ter t- t es ar	-2. 4 2 6. 5 9 5	-2, 1 2 5, 8 1 1

Operational EBIT

Operational EBIT is EBIT aligned for fair value adjustments, onerous contracts provisions, income from associates and revenue tax.

Operational EBIT is a major alternative performance measure in the salmon farming industry. A reconciliation from EBIT to Operational EBIT is provided below.

	Q 3	Q 3	Y T D	Y T D
D K K 1, 0 0 0	2 0 2 2	2 0 2 1	2 0 2 2	2 0 2 1
E B I T	3 0 7. 0 7 1	1 6 1. 5 7 6	1. 8 7 9. 3 2 7	1. 1 9 6. 5 5 7
Fa ir v lue d j t. o f b io log ica l a ts a a us sse	4 8. 8 0 3	-1 1 3. 7 1 3	-7 0 4. 4 4 6	-5 7 4. 8 2 1
On tra ts ero us co n c	-6 4. 3 1 5	0	0	0
Inc fro ia tes om e m as so c	-1 0. 2 6 5	-7. 9 6 3	-9. 7 0 8	-1 2. 3 6 1
Re tax ve nu e	4 3. 3 9 3	3 0. 6 4 5	1 6 3. 9 8 1	9 2. 1 6 0
Op ion l t E B I T era a	3 2 4. 6 8 7	7 0. 5 4 5	1. 3 2 9. 1 5 4	7 0 1. 5 3 5

ion Op t l kg E B I T p er a a er
i F t F O:	୧୭୬ ୪ ୧୬ ୓୮ ୉ ୆ ୍ ୘ ୊ୟ ୊ ୓ ୟ୲ ୲ ୣ୰ ୟ ୰୫ ୥ ୱୣ ୥ ୫ ୣ୬
a r m n g s e g m e n	ሺ ሻ ୪ ୦ୟ ୢ ୪୳ ୘୭ ୊ ୓ ୲ୟ ୲ୣ ୰୴ ୣୱ ୴ ୭ ୫ ୣୱ ୥ ୵
i	୓୮ ୧୭୬ ୪ ୉ ୆ ୍ ୘ ୊ୟ ୧୬ ୗ େ ୘ ୟ୲ ୲ ୣ୰ ୟ ୰୫ ୥ ୱୣ ୥ ୫ ୣ୬
S C F t T: a r m n g s e g m e n	ሺ ሻ ୪ ୦ୟ ୢ ୪୳ ୗ େ ୘୭ ୘ ୲ୟ ୲ୣ ୰୴ ୣୱ ୴ ୭ ୫ ୣୱ ୥ ୵
	୪ ୓୮ ୧୭୬ ୉ ୆ ୍ ୘ ୚ ୅ ୔ ୱ ୟ୲ ୲ ୣ୰ ୟ ୣ୥ ୫ ୣ୬
V A P t: g s e m e n	୘୭ ୪ ୪୳ ୢ୳ ୢ ሺ ୧ୟ ୪ ୥ ሻ ୲ୟ ୲ୣ ୴ ୭ ୫ ୣୱ ୮ ୰୭ ୡୣ ୰ୟ ୵ ୫ୟ ୰ ୵
i d F F O V A P:	୪ ୢ ୓୮ ୧୭୬ ୉ ୆ ୍ ୘ ୊ୟ ୧୬ ୊ ୓ ୚ ୅ ୔ ୱ ୟ୲ ୲ ୣ୰ ୟ ୰୫ ୥ ୟ୬ ୣ୥ ୫ ୣ୬
a r m n g a n	୪ ୦ୟ ୢ ୪୳ ሺ ሻ ୘୭ ୊ ୓ ୲ୟ ୲ୣ ୰୴ ୣୱ ୴ ୭ ୫ ୣୱ ୥ ୵

EBITDA

Earnings before interest, tax, depreciations, and amortisations (EBITDA) is a key financial parameter for Bakkafrost's FOF segment. EBITDA before other income and other expenses is defined as EBITDA less gains and losses on disposals of fixed assets and operations and is reconciled in the section Group overview. This measure is useful to users of Bakkafrost's financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciations and amortisation expenses related primarily to capital expenditures and acquisitions, which occurred in the past, nonrecurring items, as well as evaluating operating performance in relation to Bakkafrost's FOF segment's competitors. The EBITDA margin presented is defined as EBITDA before other income and other expenses divided by total revenues.

ROCE

Return on average capital employed (ROCE) is defined as the period's operational EBIT divided by the average capital employed, which is total assets adjusted for total current liabilities. The performance measure is expressed as a percentage and is useful for evaluating Bakkafrost's profitability.

	Q 3	Q 3	YT D	YT D
DK K 1 00 0 ,	20 22	20 21	20 22	20 21
tio l E Gro -Op BIT up era na	32 4, 68 7	70 54 5 ,	1, 32 9, 15 4	70 1, 53 5
ita l Em loy ed Av Cap era ge p	15 44 7, 28 0 ,	13 50 4, 33 9 ,	14 81 4, 23 4 ,	12 98 8, 94 8 ,
RO CE	2.1 %	0.5 %	9.0 %	% 5.4

Adjusted EPS

Adjusted EPS is based on the reversal of certain fair value adjustments shown in the table below, as it is Bakkafrost's view that this figure provides a more reliable measure of the underlying performance.

	Q 3	Q 3	YT D	YT D
DK K 1 00 0 ,	20 22	20 21	20 22	20 21
fit for th eri od the Pro to e p sha reh old of ers
P/ akk afr F B ost	24 9, 02 0	13 30 2 1,	49 8, 38 0 1,	96 16 7, 1
Fai alu dju of bi stm ent r v e a om ass	48 80 3 ,	-11 3, 71 3	-70 4, 44 6	-57 4, 82 1
isio On tra cts ero us con pr ov ns	-64 31 5 ,	0	0	0
fa ir v alu dju d Tax stm ent on e a an
isio tra cts on ero us con pr ov ns	2, 79 2	20 46 8 ,	12 6, 80 0	10 3, 46 8
Ad jus ted ofi t fo r th eri od to pr e p sha reh old of P/ ak kaf F B t ers ros	23 6, 30 0	38 05 7 ,	92 0, 73 4	49 80 8 5,
Tim eig hte d a be f e-w ve rag e n um r o sha and ing th h t he rio d tst res ou rou g pe	59 08 97 8 7, ,	59 06 91 2 1, ,	59 08 97 8 7, ,	59 06 91 2 1, ,
Ad jus ted rni ha ( bef ea ngs pe r s re ore fai alu dju f b iom d stm t o r v e a en ass an vis ion s fo tra cts ) pro r o ne rou s c on
(a dju ste d E PS)	4.0 0	0.6 4	15 .58	8.3 9

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