Bakkafrost P/f

Investor Presentation • May 10, 2022

Q1 2022

Oslo 10 May 2022

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 2022

View from the Headquarter and processing facilities on Glyvrar, Faroe Islands

HIGHLIGHTS

HIGHLIGHTS
Operation	 Highest harvested volumes ever in a Q1 in the Faroe Islands: 17,459 tgw in Q1 2022 (14,025 tgw in Q1 2021) Low harvested volumes in Scotland: 3,973 tgw in Q1 2022 (7,002 tgw in Q1 2021)   Feed sales of 26,192 tonnes in Q1 2022 (23,717 tonnes in Q1 2021)  Market balance: Strong markets and tight supply outlook  Raw material purchase of 77,971 tonnes in Q1 2022 (48,547 tonnes in Q1 2021)
Revenues and Operational EBIT	 Highest revenues ever in a quarter: DKK 1,639 million in Q1 2022 (DKK 1,176 million in Q1 2021), increased prices and strong demand  Strong operational EBIT** of DKK 418 million in Q1 2022 (DKK 224 million in Q1 2021)
Cash Flow	 Cash flow from operations of DKK 151 million in Q1 2022 (DKK 137 million in Q1 2021)
Segments	 Positive operational EBIT in Farming FO and FOF. Negative in VAP and Farming SCT
Dividends	 Dividend of DKK 5.14 per share for 2021

*) Including internal sales of 25,023 tonnes in Q1 2022 (23,213 tonnes in Q1 2021)

**) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax

SUMMARY OF THE QUARTER HIGHER OPERATIONAL EBIT DRIVEN MAINLY BY FARMING FAROE ISLANDS

14.10 36.03 18.56 -5.65 -1.44 Q1 2021 Q1 2022 OPERATIONAL EBIT/Kg (NOK) Farming Faroe Islands Farming Scotland VAP

SUMMARY OF THE QUARTER	HIGHER OPERATIONAL EBIT DRIVEN MAINLY BY FARMING FAROE ISLANDS
Q1 2021 Q1 2022	(DKK million)	Q1 22	Q1 21
	Operating revenue	1,639	1,176
OPERATIONAL EBIT/Kg (NOK)	Operational EBITDA	554	354
Farming Faroe Islands	Operational EBIT	418	224
14.10 36.03	Profit for the period	405	408
Farming Scotland	Operational EBITDA margin	33.8%	30.1%
-17.67 -1.44	Operational EBIT margin	25.5%	19.0%
VAP
18.56 -5.65	Operational EBIT/Kg (Farming FO) (NOK)	36.03	14.10
	Operational EBIT/Kg (Farming FO and VAP) (NOK)	33.79	21.48
EBITDA margin	Operational EBIT/Kg (VAP) (NOK)	-5.65	18.56
Fishmeal, -oil and Feed	Operational EBIT/Kg (Farming SCT) (NOK)	-17.67	-1.44
19.6% 15.0%	EBITDA margin (Fishmeal, -oil and Feed)	19.6%	15.0%

Group Operational EBIT DKK 418 million in Q1 2022, compared to DKK 224 million in Q1 2021 SUMMARY OF Q1 2022

SALES

SEGMENT INFORMATION FINANCIALS & ESG MARKETS & OUTLOOK APPENDIX

GLOBAL MARKETS HIGHER PRICES Y/Y AND Q/Q

Average spot prices increased y/y and q/q in Q1 2022

Increasing spot prices throughout the quarter

Continued increase in Q2 2022

Change in global market [volume harvested and market price]

SUMMARY OF Q1 2022

SALES

SEGMENT INFORMATION

FINANCIALS & ESG

MARKETS & OUTLOOK

APPENDIX

	Harvest Volumes tonnes [HOG]	Q1 22	Q1 21
North: 57%	FO - North Region	10,046	11,422
			2,458
	FO - West Region	5,333
West: 31% South: 12%	FO - South Region	2,080	145
3,973	FO – Total	17,459	14,025
	SCT - Total	3,973	7,002

FARMING – OPERATIONAL PERFORMANCE

Operational EBIT (mDKK) FO: SCT: Operational EBIT margin FO: SCT: Operating revenue (mDKK) FO: SCT: 143 229% 471 22% 39% 645 86% 1,199 -7 -53 -2% -22% 322 -27% 235 -620% Q1 2021 Q1 2022

FARMING – STRONG PERFORMANCE IN FAROES –	OPERATIONAL PERFORMANCE	WEAKENED IN SCOTLAND
Q1 2021	Q1 2022	Farming FO (DKK million)	Q1 22	Q1 21
Operational EBIT (mDKK)		Operating revenue	1,199	645
143 229% FO:	471	Operational EBIT	471	143
SCT: -7 -620%	-53	Operational EBIT margin	39%	22%
		Farming SCT (DKK million)	Q1 22	Q1 21
Operational EBIT margin
FO: 22%	39%	Operating revenue Operational EBIT	235 -53	322 -7
SCT: -2%	-22%	Operational EBIT margin	-22%	-2%
		Sea water temperatures at 5m depth in Scotland
Operating revenue (mDKK)

Farming SCT (DKK million)	Q1 22	Q1 21
Operating revenue	235	322
Operational EBIT	-53	-7
Operational EBIT margin	$-22\%$	$-2%$

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

Volumes (tonnes) Revenue (mDKK) Operational EBIT (mDKK) Operational EBIT/kg (NOK) % of harvest volume for VAP 5,576 24% 6,936 305 37% 418 75 -29 18.56 -5.65 38% 38%

	VALUE ADDED PRODUCTS (VAP)
Q1 2021	Q1 2022	(DKK million)	Q1 22	Q1 21
			418	305
		Operating revenue
5,576 24%	6,936	Operational EBIT	-29	75
		Operational EBIT margin	-7%	25%
		Farming FO transferred to VAP (tgw)	6,677	5,265

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

EBITDA (mDKK) EBITDA margin (%) 48 79% 86 15% 20%

	FISHMEAL, OIL AND FEED (FOF)	HIGHER EBITDA AND HIGHER SALES OF FEED AND FISHMEAL
Q1 2021	Q1 2022	(DKK million)	Q1 22	Q1 21
		Operating revenue	442	322
		EBITDA	86	48
79%	86	EBITDA margin	20%	15%
48 EBITDA margin (%)		Feed sold (tonnes)*	26,192	23,717

External fishmeal sold (tonnes)

MARKET CONDITIONS FEED INCREASE IN INTERNAL AND EXTERNAL FEED SALES

Market fluctuations

Fishmeal price and fish oil price increased in Q1 2022, compared to the same quarter last year.

Fishmeal and fish oil price index in DKK (Q1 2015 = 100)

Source: Holtermann

SUMMARY OF Q1 2022

SALES

SEGMENT INFORMATION

FINANCIALS & ESG

MARKETS &OUTLOOK

APPENDIX

Árnafjørður, A63 Faroe Islands

GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT

	(DKK million)	Q1 22	Q1 21
	Operating revenue	1,639	1,176
	Operational EBITDA	554	354
	Operational EBIT	418	224
	Fair value adjustment of biological assets	177	285
	Onerous contracts	-31	0
	Income from associates	3	1
	Revenue tax	-58	-20
	EBIT	510	489
	Net Financial items	-18	4
177	EBT	492	493
	Taxes	-87	-86
	Profit for the period	405	408
	Operational EBITDA margin	33.8%	30.1%
	Operational EBIT margin	25.5%	19.0%
	Operational EBIT/kg (Farming Faroe Islands and VAP) (NOK)	33.79	21.48
	Operational EBIT/kg (Farming Scotland) (NOK)	-17.67	-1.44
	EBITDA margin (fishmeal, oil and feed)	19.6%	15.0%

OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

Operational EBIT* (mDKK)

Adjusted EPS** (DKK)

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

**) Earnings per share adjusted for fair value of biomass, onerous contracts provisions and tax and these.

BALANCE SHEET

	(DKK million)	Q1 22	End 2021
		4,507	4,496
	Intangible assets	4,943	4,889
4,943	Property, plant and equipment	279	302
	Right of use assets	154	149
	Financial assets Long-term receivables	0	8
	Deferred tax assets	134	215
	Biological assets	2,637	2,448
	Inventory	794	709
	Financial derivatives	0	0
	Receivables	872	824
	Other receivables	73	78
	Cash and cash equivalents	445	509
	Total Assets	14,837	14,628
	Equity	9,451	9,348
	Deferred tax and other taxes	1,598	1,590
	Long-term interest-bearing debt	2,637	2,635
	Long-term leasing debt	233	246
64%	Financial derivatives	9	8
	Short-term leasing debt	77	88
	Accounts and other payables	833	714
	Total Equity and Liabilities	14,837	14,628

794
872
	Long-term leasing debt	233	246
64%	Financial derivatives	9	8
	Short-term leasing debt	77	88
	Accounts and other payables	833	714
	Total Equity and Liabilities	14,837	14,628

CASH FLOW

(DKK million)	Q1 22	Q1 21
Cash flow from operations	151	137
Cash flow from investments	-175	-268
Cash flow from financing	-40	37
Net change in cash	-64	-93
Cash at the end of the period	445	374

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q1 2022

NIBD was increased by:

NIBD was decreased by:

Financing end Q1 2022

• NIBD: DKK 2,191 million
• Bank facilities of EUR 700 million, and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,999 million

Development in NIBD in DKK millions

NIBD and available funding

Q1 2022 ESG UPDATE

2021 Sustainability Report has been released

This is our 5 th annual sustainability report

Selected headlines from the report:

• An overall 16% decrease in GHG emissions in Scotland
• Sourced locally around 60% of products and services
• First full-year review of the production at our award-winning biogas plant FÖRKA.

SUMMARY OF Q1 2022

SALES

SEGMENT INFORMATION

FINANCIALS & ESG

MARKETS & OUTLOOK

APPENDIX

Faroe Islands

• in Chile

HARVESTED AND SOLD QUANTITY BY ORIGIN  7% drop in global quarterly supply
	SUPPLY DEVELOPMENT	Q1 2022	Q1 2021	Change %
	Norway	305	319	-4.3 %
	UK	33	43	-22.3 %
 6% drop in European harvest	Faroes	21	20	2.7 %
	Iceland	11	11	-6.3 %
 High downgrading and licence constraints in Norway	Ireland Total Europe	3 373	3 397	-13.2 % -6.0 %
 UK and Iceland impacted by biological challenges
	Chile	161	182	-11.2 %
	Canada	27	29	-6.5 %
	USA	4	3	25.8 %
 10% drop in American harvest	Total Americas	192	214	-10.1 %
	Other	26	24	11.8 %
			635	-6.7 %
 Low incoming biomass and reduced harvest weights
in Chile  Minor changes to absolute harvest in North America	Total (Harvested quantity) Inventory movements	592 -8	-6	27.3 %

Source: Kontali

9% decrease in the EU/UK

Artificially high level in 2021 due to Covid-19

1% increase in the US

• Strong demand
• Increased imports from Europe
• Prioritised by Chilean suppliers at expense of South American markets

High growth in China

2021 strongly impacted by Covid-19

Russia impacted by sanctions

Salmon markets, sold quantity (head on gutted - HOG)
		Estimated volumes	Q1 comparison		Estimated volumes		FY comparison
Markets	Q1 2022E	Q1 2021E	Volume	%	FY 2021E	FY 2020	Volume	%
EU+UK USA	247,500 141,800	271,100 139,800	-23,600 2,000	-9% 1%	1,155,600 570,100	1,071,100 504,700	84,500 65,400	8% 13%
Russia	14,000	24,000	-10,000	-42%	86,000	79,200	6,800	9%
Japan	14,800	16,600	-1,800	-11%	64,700	64,000	700	1%
Greater China	24,500	21,900	2,600	12%	105,000	101,700	3,300	3%
ASEAN	19,900	21,700	-1,800	-8%	80,800	73,100	7,700	11%
Latin America	41,200	50,700	-9,500	-19%	184,100	168,700	15,400	9%
Ukraine	5,700	7,900	-2,200	-28%	32,700	23,600	9,100	39%
Other markets	75,200	74,900	300	0%	315,400	298,800	16,600	6%
Total all markets	584,600	628,600	-44,000	-7.0 %	2,594,400	2,384,900	209,500	8.8 %
Comments:
EU+UK incl. estimates for both European Union (Post-Brexit) & United Kingdom (England, Scotland, Wales & Northern Ireland). Greater China = China / Hong Kong / Taiwan (incl. estimated re-export from Vietnam & Thailand)

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

SHORT TERM SUPPLY OUTLOOK

OUTLOOK

Market

• Global harvest decreased 6.7% in Q1 2022 vs Q1 2021
• Global supply for 2022 expected to decrease moderately: - decrease 7% in H1 - decrease 1% for FY 2022

Harvest: Farming

• In 2021, Bakkafrost harvested HOG 97,900 tonnes (Faroe Islands: 67,200 and Scotland: 29,700)
• In 2022, Bakkafrost expects to harvest HOG 103,000 tonnes (Faroe Islands: 68,000 and Scotland: 35,000)
• Smolt release:
• In 2021, Bakkafrost released 25.5 million smolts (Faroe Islands: 14.4 and Scotland: 11.1)
• In 2022, Bakkafrost expects to release 25.7 million smolts (Faroe Islands: 14.9 and Scotland: 10.8)

Contracts

For 2022, Bakkafrost has signed contracts for around 32% of the total expected harvest volumes in the Faroe Islands and Scotland Feed sales are expected to be around 130,000 tonnes in Fishmeal and fish oil volumes are expected to be on a similar level in 2022 as in 2021 Headlines from Capital Markets Day on 14-15 September

Fishmeal, Oil and Feed

• 2022

Business development / Investment programme

• 2021:
• During 2022-2026, DKK 6.2 billion will be invested in the Faroe Islands and Scotland
• Improve the operation in Scotland
• Pursue sustainable organic growth in the Faroe Islands and Scotland

SUMMARY OF Q1 2022

SALES

SEGMENT INFORMATION

FINANCIALS & ESG

MARKETS & OUTLOOK

APPENDIX

Applecross 4 expansion, Scotland

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

Glyvradal expansion (2024) 0,3 => 3.8m smolt @500g Ónavík (2025) 2.4m smolt @500g

Significant increase in smolt capacity in Scotland

since the acquisition in Q4 2019

SCOTLAND SITE OVERVIEW

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
• Niche and differentiated region
• High-quality salmon from Scottish Provenance priced at a premium
• 1. Creating a differentiated global leader in premium salmon
• Exposure to two geographies, the Faroe Islands and Scotland
• 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

2022-2026 Capex of DKK 6.2 bn builds 180,000t capacity by 2026

MARKETS & SALES TOTAL SALES TO NORTH AMERICA AND ASIA EUROPE INCREASED – WESTERN AND EASTERN EUROPE DECREASED Q1 2021 Q1 2022

Sales & volume		Total sales of salmon by markets		Q1 2022			Q1 2021			2021			2020
Q1 2021	Q1 2022		FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
		Western Europe	55%	96%	61%	59%	88%	68%	53%	81%	61%	57%	89%	69%
Western Europe		North America	26%	3%	22%	20%	10%	17%	23%	10%	19%	24%	6%	17%
68%	61%	Asia	13%	0%	11%	9%	2%	7%	12%	9%	11%	13%	1%	8%
		Eastern Europe	6%	1%	6%	12%	0%	8%	12%	0%	9%	6%	0%	4%
		Rest of world	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	4%	2%
North America		Fresh salmon only		Q1 2022			Q1 2021			2021			2020
17%	22%	by markets	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
						39%	88%	61%	45%	78%	55%	31%	90%	64%
		Western Europe	44%	97%	55%
		North America	32%	3%	26%	30%	10%	21%	27%	12%	22%	38%	6%	20%
Asia 7%	11%	Asia Eastern Europe	17% 7%	0% 0%	13% 6%	16% 15%	2% 0%	10% 8%	17% 11%	10% 0%	15% 8%	19% 12%	1% 0%	9% 5%

Contract share FO, VAP products [% of qty]

VAP on contract HOG, Spot

DEVELOPMENT IN SUPPLY	AND SOLD QUANTITY BY ORIGIN
	Global Supply of Atlantic Salmon (head on gutted - HOG)
Expected supply growth in 2022		2017	2018	2019	2020	2021E	2022E
 1% decrease in Global supply	Norway	1.078	1.129	1.198	1.223	1.378	1.374
	UK	159	137	171	160	179	172
 1% decrease in supply from Europe	Ireland	15	13	14	14	14	14
	Iceland	11	12	22	27	35	38
	Faroes	72	64	78	72	96	86
 1% decrease in supply from the Americas	Total Europe	1.336	1.355	1.484	1.496	1.703	1.684
	Chile	490	598	601	657	638	644
	Canada	123	131	124	123	128	116
	USA	20	17	19	18	17	15
	Total Americas	633	747	744	798	783	775
	Others	68	65	71	91	109	112
	Total (Sold Quantity)	2.037	2.167	2.299	2.385	2.595	2.572
	Supply growth - Global	2%	6%	6%	4%	9%	-1%
	Supply growth - Europe Supply growth - Americas	4%	1%	10%	1%	14%	-1%
		-3%	18%	0%	7%	-2%	-1%
	Salmon Markets (head on gutted - HOG)
	EU+UK	2017 918	2018 949	2019 1.017	2020 1.071	2021E 1.156	2022E 1.173
	USA	401	435	468	505	570	587
	Japan	57	54	53	64	65	68
	Russia	70	89	78	79	86	37
Comments:	Others	590	640	682	666	718	706
All figures are in hog-equivalents and thousand tonnes. Figures represents sold quantity of Atlantic Salmon from each producing country	Total (Sold Quantity)	2.036	2.167	2.298	2.385	2.594	2.594
Source: Kontali

Saililoil Markets (Head Oil gutteu - HOG)
	2017	2018	2019	2020	2021E	2022E
EU+UK	918	949	1.017	1.071	1.156	1.173
USA	401	435	468	505	570	587
Japan	57	54	53	64	65	68
Russia	70	89	78	79	86	37
Others	590	640	682	666	718	706
Total (Sold Quantity)	2.036	2.167	2.298	2.385	2.594	2.594

Q1 2022 MARKET ENVIRONMENT

				6,0 5,0 4,0
	3,0
				2,0 1,0 -
					Q1 2020	Q2 2020
				14,0 12,0 10,0
MARKET CURRENCY	Q1 2022	Q1 2021	Change %	8,0
Nasdaq Norway (EUR) UB North East US 14-16lb HOG (USD per kg)	8.35 12.23	5.19 7.98	60.8 % 53.2 %	6,0 4,0
DKK Nasdaq Norway	Q1 2022 62.13	Q1 2021 38.63	Change % 60.8 %	2,0
UB North East US 14-16lb HOG (per kg)	81.12	49.26	64.7 %	-	Q1	Q2

PRICE NORWAY

Source: Kontali

DEVELOPMENT PER QUARTER

DEVELOPMENT PER QUARTER
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
(mDKK)	2020	2020	2020	2020	2021	2021	2021	2021	2022
Revenue	1,255	1,134	1,123	1,139	1,176	1,618	1,272	1,488	1,639
Operational EBIT	248	182	103	89	224	407	71	120	418
Profit/Loss	-148	472	177	-38	408	428	131	-3	405
Harvest FO (tgw)	10,667	12,941	11,135	15,957	14,025	17,561	14,937	20,694	17,459
Harvest SCT (tgw)	7,268	7,937	10,476	9,305	7,002	10,634	6,914	5,122	3,973
	25.10	15.34	15.24	12.92	21.48	26.93	13.59	20.11	33.79
Op. EBIT Farming FO & VAP (NOK/kg)	26.51	9.79	12.43	5.66	14.10	26.52	12.56	18.29	36.03
Op. EBIT Farming FO (NOK/kg)	-2.97	11.06	5.84	17.31	18.56	1.53	2.89	5.71	-5.65
Op. EBIT VAP (NOK/kg)	5.70	5.36	-3.89	-8.41	-1.44	6.75	-16.32	-55.95	-17.67
Op. EBIT Farming SCT (NOK/kg) Equity ratio	66%	69%	68%	66%	68%	67%	67%	64%	64%

DIVIDEND

Dividend

• A dividend for 2021 of DKK 5.14 per share to be paid out in Q2 2022 Competitive return through: Dividends
• Dividend payment equals 50% 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

Increase in the value of the equity 99% 19% 40% 49%* 49% 46% 50% 50% 50% 0% 59% 50% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Dividend per share (DKK)***

Dividend per share in % of adj. EPS*

FAROE ISLANDS

• 53,792 inhabitants (Apr 2022)
• 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 (2021): 31,968

Key sectors (% of wage earners, M12 2021)

• Service/public admin.: ~30%
• Private service: ~30%
• Construction: ~14%
• Fish & aquaculture: ~26%
• Unemployment rate (Nov 2021): 0.9%
• GDP: DKK ~20.9bn (2019)
• GDP/capita: DKK 403,300 (2019)
• (Norway: DKK 505,961) (2019)

Total export of fish products (2020)

DKK 7,719 million - whereof farmed fish accounts for 43%

TAXES

• Total percent of GDP: 43.8% (2020)
• 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

BAKKAFROST / Q1 2022 PRESENTATION Page 45