Bakkafrost P/f

Investor Presentation • Feb 17, 2025

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 Q4 2024 (Q4 2023)

SUMMARY Q4 2024 (Q4 2023)
Revenues and Operational EBIT	 Revenue of DKK 1,470 million (DKK 1,562 million)  Operational EBIT* of DKK 280 million (DKK 356 million)
Operation	 Harvest in the Faroe Islands: 16,638 tgw (16,005 tgw)  Harvest in Scotland: 3,840 tgw (1,062 tgw)  Feed sales: 38,853 tonnes (39,354 tonnes)  External fish oil sales: 11 tonnes (5,438 tonnes)  External sale of fish meal: 1,585 tonnes (11,934 tonnes)  Sourcing of marine raw material: 41,919 tonnes (53,552 tonnes)
Cash Flow	 Cash flow from operations of DKK 68 million (DKK -112 million)
Segments	 Positive operational EBIT for all segments, except Freshwater Scotland DKK -28 million (DKK -9 million), Farming Scotland DKK -55 million (DKK -48 million)
Dividend	 Proposed dividend of DKK 8.44 per share for 2024
	) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax *) Including internal sales of 38,259 tonnes (38,734 tonnes)

SUMMARY OF Q4 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

STRONG PRICES AT THE END OF THE QUARTER

GLOBAL MARKETS – SOLD VOLUME VOLUMES INCREASED BY 5%

EU/UK: 5% consumption increase

Lower than European supply increase

Encouraging increase in US consumption

Further drop in Russia

Strong increase in several "other" markets

Salmon markets, sold quantity (head on gutted weight)

VOLUMES INCREASED BY 5%							HEALTHY LIVING
EU/UK: 5% consumption increase	Salmon markets, sold quantity (head on gutted weight)
 Lower than European supply increase				Estimated volumes Q4 comparison	Estimated volumes		FY comparison
	Markets	Q4 2024 E	Q4 2023	Volume %	FY 2024 E	FY 2023	Volume %
	EU	334.4	319.4	15.0 4.7%	1,147.5	1,083.9	63.6 5.9%
	USA	151.3	148.1	3.2 2.2%	574.7	586.3	-11.6 -2.0%
Encouraging increase in US consumption	Russia	14.9	16.5	-1.6 -9.7%	46.1	61.6	-15.5 -25.2%
	Japan	13.1	12.2	0.9 7.4%	45.3	44.7	0.6 1.3%
 In spite of 6% American supply drop	Greater China	43.3	33.3	10.0 30.0%	148.1	134.5	13.6 10.1%
	ASEAN	23.0	19.6	3.4 17.3%	72.3	70.4	1.9 2.7%
	Latin America	49.1	51.8	-2.7 -5.2%	186.6	184.0	2.6 1.4%
	Ukraine	5.6	5.3	0.3 5.7%	14.4	18.6	-4.2 -22.6%
Further drop in Russia	Other markets Total all markets	91.5 726.2	84.1 690.3	7.4 8.8% 35.9 5.2%	317.9 2,552.9	292.4 2,476.4	25.5 8.7% 76.5 3.1%

7.6% increase in European harvest volumes

-

5.8% drop in American harvest

-

Drop in Chilean frozen inventories

GLOBAL HARVEST VOLUME IN INCREASED BY 5%			HEALTHY LIVING
3.5% increase in global harvest volume	Supply Development	Q4 2024	Q4 2023 Change %
 Strong growth in Europe and drop in Americas
	Norway UK	412 41	391 25	5,5 % 63,0 %
	Faroes	21	25	-18,9 %
7.6% increase in European harvest volumes	Iceland	16	14	12,4 %
 Norway – High harvest count – reduced harvest weights	Ireland	3	3	7,1 %
	Total Europe	493	458	7,6 %
 Scotland – Improved conditions after challenging few years
 Faroes – Temporary dip in strong growth trajectory	Chile Canada	168 22	176 26	-4,7 % -16,5 %
	USA	5	4	13,3 %
	Total Americas	194	206	-5,8 %
5.8% drop in American harvest
	Other	32	31	4,6 %
 Chile – Another quarterly drop, strong biomass growth	Total (Harvested quantity)	720	696	3,5 %
 Canada - Significantt drop in volume	Inventory movements	6	-5	-220,0 %
	Total (Sold Quantity)	726	690	5,2 %

SUMMARY OF Q4 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

Gøtuvík, Faroe Islands

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	LOWER REVENUE AND OPERATIONAL EBIT					HEALTHY LIVING
Q4 2023	Q4 2024	(DKK million)	Q4 24	YTD 24	Q4 23	YTD 23
Revenue (mDKK)		Operating revenue	1,470	7,480	1,562	7,141
-92	1,470	Operational EBITDA*	465	2,254	536	2,181
		Operational EBIT*	280	1,550	356	1,544
Operational EBIT (mDKK)		Fair value adjustment of biological assets	361	-369	182	-142
-76	280	Onerous contracts	0	0	0	0
Fair value of biomass (mDKK)		Income from associates	45	47	39	71
179	361	Revenue tax	-18	-222	-27	-153
		EBIT	667	1,006	550	1,320
Profit after tax (mDKK)		Net Financial items	2	-154	-71	-172
85	477	EBT	670	852	479	1,148
		Taxes	-193	-207	-87	-193
		Profit for the period	477	645	392	955

OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

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

BALANCE SHEET

(DKK million)	End 2024	End 2023
Intangible assets	4,518	4,509
Property, plant and equipment	6,733	6,220
Right of use assets	321	413
Financial assets	334	289
Deferred tax assets	549	512
Biological assets	3,139	3,336
Inventory	671	1,149
Financial derivatives	0	0
Receivables	649	850
Other receivables	239	150
Cash and cash equivalents	481	412
Total Assets	17,633	17,841
Equity	11,157	10,866
Deferred tax and other taxes	1,995	1,953
Long-term interest-bearing debt	3,481	3,944

Long-term leasing debt 234 331 Short-term leasing debt 65 66 Accounts and other payables 698 681

Total Equity and Liabilities 17,633 17,841

CASH FLOW

(DKK million)	Q4 24	YTD 24	Q4 23	YTD 23
Cash flow from operations	68	2,355	-112	1,023
Cash flow from investments	-291	-1,014	-302	-1,044
Cash flow from financing	-136	-1,272	456	-287
Net change in cash	-359	69	41	-308
Cash at the end of the period	481	481	412	412
Undrawn facilities	2,418	2,418	2,304	2,304

HEALTHY LIVING

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q4 2024

NIBD was increased by:

-

NIBD was decreased by:

Financing end Q4 2024

• NIBD: DKK 3,000 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,386 million

• Broad cross-coalition political long-term agreement behind the change
• two-component tax system:

  - Modified revenue tax with reduced maximum tax rate (reduced from 20% to 7.5%)

• tax of 18%.
• The change will reduce tax uncertainty

STRONG FEED SALES IN A QUIET QUARTER

Source: Holtermann

Raw material sourcing vs. Feed sale (tonnes) Q/Q Q4 YTD Q4 YTD Volumes 2024 2024 2023 2023 change Marine raw material sourced -22% 41,919 309,502 53,552 467,037 Feed sold (tonnes)* -1% 38,853 140,361 39,354 127,775 Fishmeal sold external (tonnes) -87% 1,585 39,716 11,934 63,063 Fish oil sold external (tonnes) -100% 11 4,062 5,438 18,924

*Including internal sales, corresponding to 98% of feed volumes in Q4 2024 (Q4 2023: 98%)

Margin
Operational EBIT	-72%	66	502	239	791
Operational EBIT margin	-53%	12%	18%	25%	23%

FRESHWATER – FAROE ISLANDS INCREASING SMOLT TRANSFER

	INCREASING SMOLT TRANSFER
		Volumes
	Good capacity in hatcheries
Strond	Glyvradal Norðtoftir	Viðareiði
		Margin

Increasing capacity utilisation and efficiency

Smolt transfer in 2024 increased to 17.1 million smolt

Expected smolt transfer in 2025 is 18.5 million smolt with average weight of 430g

Volumes	Q/Q	Q4	YTD	Q4	YTD
	change	2024	2024	2023	2023
Transferred number of smolt (million)	17%	6.1	17.1	5.2	14.2
Average weight (g)	10%	413	410	375	396
Operational EBIT (mDKK)	112%	110	289	52	157
Operational EBIT/KG (NOK)	64%	68.59	64.26	41.78	42.82
Operational EBIT margin	11%	39%	37%	28%	27%
Record quarterly stocking both in Q3 and Q4/24	Q4/24: 2,520 ton –	6.1m pcs

Margin
Operational EBIT (mDKK)	112%	110	289	52	157
Operational EBIT/KG (NOK)	64%	68.59	64.26	41.78	42.82
Operational EBIT margin	11%	39%	37%	28%	27%

Applecross hatchery:

-

• improving biosecurity and adding flexibility

Smolt transfer:

• Expected smolt transfer in 2025 is 10.0 million smolt larger than 200g • Self-sufficiency of large high-quality smolt • Parallel trials with different strains and sizes

Smolt strategy

-

APPLECROSS RAMPING UP						HEALTHY LIVING
	Volumes	Q/Q	Q4	YTD	Q4	YTD
Applecross hatchery:		change	2024	2024	2023	2023
	Transfered number of smolt (million) Average weight (g)	-41% 35%	1.0 152	6.0 109	1.7 113	9.0 117
	Margin
	Operational EBIT (mDKK)	-211%	-28	-99	-9	9
improving biosecurity and adding flexibility	Operational EBIT/KG (NOK)	-270%	-286.01	-236.50	-77.23	13.41
	Operational EBIT margin	-83%	-119%	-84%	-35%	6%
Smolt transfer:
• 6.0 million transferred in 2024 @109g on average	Transition to larger smolt [%of fish count large smolt at sea]
• Expected smolt transfer in 2025 is 10.0 million smolt larger than 200g	100% 90% 80%

Margin
Operational EBIT (mDKK)	-211%	-28	-99	-9	9
Operational EBIT/KG (NOK)	-270%	-286.01	-236.50	-77.23	13.41
Operational EBIT margin	-83%	-119%	-84%	-35%	6%

Transition to larger smolt [%of fish count large smolt at sea]

FARMING – FAROE ISLANDS STRONG BIOLOGICAL DEVELOPMENT & LARGE FISH

Good size on harvested fish

Operational EBIT 56% up

• -

• Harvest size 11% up to 5.3 kg vs 4.7 kg last year • Op. EBIT per kg up to NOK 9.43/kg from NOK 6.27/kg • Driven by larger fish and strong operation Q/Q Q4 YTD Q4 YTD Volumes 2024 2024 2023 2023 change Total harvest volume (tgw) 4% 16,639 62,777 16,005 52,408 Average harvest weight (kg) 11% 5.3 5.2 4.7 4.2

Margin
Operational EBIT (mDKK)	56%	100	749	64	551
Operational EBIT/KG (NOK)	51%	9.43	18.60	6.27	16.10
Operational EBIT margin	3%	10%	19%	7%	17%

Average Harvest size (kg-wfe)

THE IMPORTANCE OF ROBUST SMOLT

HEALTHY LIVING

FARMING – SCOTLAND 68% HIGHER AVERAGE HARVEST WEIGHTS • Continued low sea lice levels

Biology improving

-

- -

						HEALTHY LIVING
68% HIGHER AVERAGE HARVEST WEIGHTS
			Q4	YTD	Q4	YTD
Biology improving	Volumes	Q/Q change	2024	2024	2023	2023
• Significantly larger fish – 4.8 kg up from 2.8 kg	Total harvest volume (tgw)	262%	3,840	27,880	1,062	20,598
	Average harvest weight (kg)	68%	4.8	4.3	2.8	4.2
• Continued low sea lice levels
• Some challenges with early maturation	Margin

68% HIGHER AVERAGE HARVEST WEIGHTS						HEALTHY LIVING
			Q4	YTD	Q4	YTD
Biology improving	Volumes	Q/Q change	2024	2024	2023	2023
	Total harvest volume (tgw)	262%	3,840	27,880	1,062	20,598
• Significantly larger fish – 4.8 kg up from 2.8 kg	Average harvest weight (kg)	68%	4.8	4.3	2.8	4.2
• Continued low sea lice levels
• Some challenges with early maturation
- linked to low smolt quality	Margin Operational EBIT (mDKK)	-15%	-55	-99	-48	-155
• Increased harvest volume to de-risk	Operational EBIT/KG (NOK)	68%	-22.76	-5.54	-70.24	-11.53

SERVICES

EFFICIENT SEA LICE MITIGATION IN THE FAROE ISLANDS AND SCOTLAND

Services provided:

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

Low sea lice numbers in the Faroes and Scotland

provides opportunities to increase the size of the salmon

					HEALTHY LIVING
	Q/Q	Q4	YTD	Q4	YTD
Margin	change	2024	2024	2023	2023
Operational EBIT (mDKK)	92%	25	83	13	44
Operational EBIT/KG (NOK)	64%	1.93	1.42	1.18	0.91
	6%	13%	9%	7%	6%

SALES & OTHER

• 20% increased volume
• 55% increase in head-on-gutted products
• 42% reduction in ready-to-eat products sold
• 19% increase in Operational EBIT
• Big increase in sale to North America and Asia

MORE VOLUMES AS HEAD ON GUTTED (HOG) LESS VOLUMES SOLD AS READY-TO-EAT PRODUCTS • Reduced marketshare to Western Europe Q/Q Q4 YTD Q4 YTD Volumes 2024 2024 2023 2023 change Volume to VAP (tgw) -42% 3,299 13,666 5,735 22,787 Volume HOG sold (tgw) 55% 17,180 76,990 11,061 50,219 Volume total (tgw) 20% 20,478 90,656 17,067 73,006

Margin
Operational EBIT (mDKK)	19%	120	209	101	210
Operational EBIT/KG (NOK)	0%	9.26	3.59	9.27	4.41
Operational EBIT margin	1%	5%	2%	4%	2%

83%

PERFORMANCE PER REGION SCOTLAND IMPROVING

						HEALTHY LIVING
* Included a marginal contribution from US, DK, UK and FR		Q4 2024			Q4 2023
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Operational EBIT	-31	310	280	-104	461	357
Operational EBIT/KG	-7.94	18.63	13.65	-97.75	28.77	20.90
- of which FOF	0.00	3.95	3.21	0.00	14.93	14.01
- of which Freshwater	-7.31	6.58	3.98	-8.77	3.24	2.49
- of which Farming	-14.44	5.98	2.15	-44.97	4.01	0.96
- of which Services	2.46	0.94	1.23	6.39	0.38	0.76
- of which Sales & Other	10.05	4.91	5.88	-75.22	11.32	5.94
- of which Eliminations	1.30	-3.74	-2.79	24.83	-5.11	-3.25

SUMMARY OF Q4 2024

MARKETS & SALES

FINANCE

OPERATIONAL UPDATE

OUTLOOK

APPENDIX

Bakkafossur, A85-Nes

OUTLOOK MODERATE GROWTH EXPECTED

-

OUTLOOK GROWING VOLUME

Contracts

• For 2025, Bakkafrost intends to sign contracts covering around 15% of the expected total harvest volumes.

Fishmeal, Oil and Feed

• In 2025 Bakkafrost expects similar production volumes of fishmeal and fish oil as in 2024

Headlines from CMD on 6 June 2023

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

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

Next CMD will be held in the Faroe Islands on 17-18 June 2025

CMD2023 - INVESTING IN SUSTAINABLE GROWTH 165,000 TONNES HARVEST IN 2028, FAROE ISLANDS AND SCOTLAND COMBINED

Investment intensity (DKK/kg) 2024-2028 Capex* of DKK 6.3 bn 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Investments per kg (DKK)DKK million *Including maintenance capex Reprioritising CAPEX (Scotland) will reduce short-term capex: • Around 300 mDKK less in 2024 • Around 500 mDKK less in 2025

Previous investment plans incl. 2023 2024-2028 Capex plan - Faroes 2024-2028 Capex plan - Scotland Investments per kg (DKK)

HEALTHY LIVING

CMD2023 ~ 6.3BN PLANNED INVESTMENTS 2024-2028 REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH • Hatchery capacity of 24m smolt at 500g in 2028 • Cost-efficient broodstock (repurposing old hatcheries) • Increase feed capacity, including storage and logistics • Optimization of existing farming sites • Improved vessel capacity • Energy Transition

2024-2028 Capex plan 2022-2026 Capex plan

-

-

• Harvest and processing plant • Site expansions • Vessel capacity for transport and treatment • Marine Site development
  • Offshore postponed

Scotland:

-

-

2024-2028 Planned investment split per category (DKK 1,000)

FRESHWATER – FAROE ISLANDS CONSTRUCTION STARTED OF NEW HATCHERY AT SKÁLAVÍK • Same design as Glyvradal and Applecross • 3,500 tonnes capacity

Construction started of Skálavík hatchery

-

-

Total FO hatchery capacity will be 12,000 tonnes

Islands to exceed 24 million smolt of 500g

Skálavík 13. Feb 2025, Building site in progress, first phase to start operation in H1-2026

DELIVERING LARGE HEALTHY SMOLT

to 15m smolt @ 250g

HEALTHY LIVING

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

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

SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS

FOF	Freshwater	Farming		Services	Sales & Other
Q4 2024: Revenue = 565M Internal Feed sale = 38,259t External Meal sale = 1,585t External Fish Oil sale = 11t	Q4 2024: Revenue Smolt transferred Average Weight	Q4 2024: Revenue = 283M = 6.1M Harvest Volume Average Weight = 413g	= 953M = 16,638tgw = 5.25kg	Q4 2024: Revenue = 193M Energy produced = 4.8 GwH	Q4 2024: Revenue Portion in VAP	= 2,293M = 16%
OP EBIT = 66M OP EBIT % = 12%	OP EBIT OP EBIT / KG OP EBIT %	= 110M OP EBIT = 43.52 OP EBIT / KG OP EBIT % = 39%	= 100M = 5.98 = 10%	OP EBIT = 25M OP EBIT / KG = 1.23 OP EBIT % = 13%	OP EBIT OP EBIT / KG OP EBIT %	= 120M = 5.88 = 5%
Key Ratios: OP EBIT / PPE = 26.3% Debt / EBITDA = 1.06x	Key Ratios: OP EBIT / PPE Debt / EBITDA	Key Ratios: = 15,7% OP EBIT / PPE = 1.34x Debt / EBITDA	= 77.1% = 0.38x	Key Ratios: OP EBIT / PPE = 6.3% Debt / EBITDA = 2.78x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 16.1% = 1.75x
	Volumes: Revenue Smolt transferred Average Weight	Volumes: Revenue = 24M Harvest Volume = 1.0M = 152g Average Weight	= 208M = 3,840tgw = 4.76kg		Market Split – Sales: Western Europe North America Asia	= 56% = 26% = 15%
	OP EBIT OP EBIT / KG OP EBIT %	OP EBIT = (28M) OP EBIT / KG = (181.42) OP EBIT % = (119%)	= (55M) = (14.44) = (27%)		Eastern Europe Rest of world	= 3% = 0%
 Revenue, EBIT & EBITDA are in DKK  Key Ratios based on 12-month rolling  PPE at fair value  N/A = Negative Debt / EBITDA ratio	Key Ratios: OP EBIT / PPE Debt / EBITDA	Key Ratios: = (11.7%) OP EBIT / PPE = (N/A) Debt / EBITDA	= (14.3%) = 2.45x

HEALTHY LIVING

-

-

							HEALTHY LIVING
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN
Expected supply growth in 2025		Global Supply of Atlantic Salmon (head on gutted –			HOG)
		2020	2021	2022	2023	2024E	2025E
6% increase in Global supply*	Norway	1.226	1.383	1.359	1.329	1.361	1.400
	UK	160	179	145	137	170	164
	Ireland	14	14	15	13	17	15
3% increase in supply* from Europe	Iceland	27	35	42	29	42	48
	Faroes	72	96	89	80	91	109
 7% drop in supply growth from the Americas
	Total Europe	1.499	1.707	1.649	1.589	1.681	1.736
Including expected inventory movements
	Chile	657	638	649	665	633	681
	Canada	123	126	120	99	105	107
	USA	18	17	18	17	17	17
	Total Americas	798	781	787	781	755	805
	Others	91	106	104	107	116	134
	Total (Sold Quantity)	2.387	2.595	2.540	2.477	2.551	2.675
	Supply growth - Global	4%	9%	-2%	-2%	3%	5%
	Supply growth - Europe	1%	14%	-3%	-4%	6%	3%
	Supply growth - Americas	7%	-2%	1%	-1%	-3%	7%
		Salmon Markets (head on gutted –			HOG)
		2020	2021	2022	2023	2024E	2025E
	EU+UK	1.073	1.159	1.137	1.084	1.147	1.180
Comments:	USA	506	572	587	586	573	610
All figures are in hog-equivalents and thousand tonnes.	Japan	64	66	55	45	45	48
Figures represents sold quantity of Atlantic Salmon from each producing country	Russia	79	86	52	62	46	50

	2020	2021	2022	2023	2024E	2025E
EU+UK	1.073	1.159	1.137	1.084	1.147	1.180
USA	506	572	587	586	573	610
Japan	64	66	55	45	45	48
Russia	79	86	52	62	46	50
Others	665	713	709	700	740	787
Total (Sold Quantity)	2.388	2.595	2.539	2.476	2.552	2.676

Q4 2024 MARKET ENVIRONMENT

9% drop in reference price compared to Q4 2023 (DKK)

Driven by 8% increase in European harvest

2H prices seasonally lower

European seawater growth and harvest profile

Limited currency movements compared to Q4 2023 Basis for Sisalmoni reference price differs from Nasdaq, and data is hence not fully comparable.

76.54	83.35	-8.2 %
48.55		-8.9 %
6.51	7.15	-9.0 %
6.95		-9.5 %
		Q4 2024 Q4 Q4 2023 Change % 53.32 7.68

Source: Kontali

Note:

Reference price/Euronext futures

SSB price exceeded Nasdaq in Q4 2024

• Sign of contract prices well above spot prices in the quarter
• Comparability somewhat distorted by transition to Sisalmoni

ESF Euronext contracts

• Q1 2025 future prices below Q1 2024 reference price
• Future prices above reference price for remainder of 2025

DEVELOPMENT PER QUARTER

(mDKK)		Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Revenue		1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	2,067	1,737	1,470
Operational EBIT		587	325	376	565	353	269	356	710	388	173	280
Profit/Loss		845	249	-154	467	-123	219	392	401	-117	-116	477
Harvest FO (tgw)		13,101	16,850	19,276	11,005	8,658	16,740	16,005	14,294	10,226	21,618	16,639
Harvest SCT (tgw)		6,646	8,100	5,198	8,093	7,343	4,100	1,062	7,263	11,366	5,411	3,840
Equity ratio		65%	64%	62%	64%	61%	61%	61%	62%	62%	62%	63%
NIBD		2,267	2,427	2,664	2,357	2,911	3,045	3,533	3,180	2,966	2,710	3,000
1,000 800 600 400 200 0 -200					8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000				1,800 1,600 1,400 1,200 1,000 800 600 400 200
-400 FOF Freshwater FO	Freshwater Farming FO SCT YTD 2024 YTD 2023	Farming SCT	Services	Sales & Other		0 2014 2015 2016	2017 2018 2019 2020	2021 2022 2023 YTD 2024	0	2014 2015 2016	2017 2018 2019 2020 2021	2022 2023 YTD 2024

DIVIDEND

Dividend

- On 30 April 2024, the AGM decided to pay out a dividend on 8.70 DKK per share for the year 2023 (equals 50% of adjusted EPS) • Dividend of 515M DKK was paid out on May 21st ²⁰²⁴ Competitive return through: Dividends Increase in the value of the equity

• Board of Directors propose to the AGM to pay out 8.44 DKK per share as dividend for 2024

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

OUR PILLARS AND VALUES

Q2 2024 - REDUCING COSTS IN SCOTLAND ADAPTING CAPACITY TO NEED

-

All harvest and processing will be at Cairndow

Sub-leasing excess vessel capacity:

45

RINGSIDE COST DEVELOPMENT - FAROE ISLANDS VS. SCOTLAND

HEALTHY LIVING

PERFORMANCE PER REGION

		Q4 2024			Q4 2023			2024 YTD			2023 YTD
DKK 1,000,000	Scotland	Faroe lslands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	286	1,184	1,470	84	1,478	1,562	2,095	5,385	7,480	1,611	5,529	7,141
Depreciation and amortızatıon	-63	-122	-185	-45	-134	-179	-266	-438	-704	-225	-411	-637
Operating expenses	-260	-771	-1,031	-161	-884	-1,046	-1,900	-3,405	-5,305	-1,564	-3,434	-4,998
Other income	7	19	26	18	1	19	65	15	79	37	0	37
Operational EBIT	-31	310	280	-104	461	357	-6	1,556	1,550	-141	1,684	1,543
Operational EBITDA	33	432	465	-59	595	536	260	1,994	2,254	84	2,096	2,180
Volume tonnes	3,840	16,638	20,478	1,062	16,005	17,067	27,880	62,776	90,656	20,598	52,408	73,006
Operational EBIT/KG	-7.94	18.63	13.65	-97.75	28.77	20.90	-0.23	24.79	17.09	-6.84	32.14	21.14
- of which FOF	0.00	3.95	3.21	0.00	14.93	14.01	0.00	8.00	5.54	0.00	15.10	10.84
- of which Freshwater	-7.31	6.58	3.98	-8.77	3.24	2.49	-3.55	4.61	2.10	0.45	2.99	2.27
- of which Farming	-14.44	5.98	2.15	-44.97	4.01	0.96	-3.56	11.94	7.17	-7.53	10.51	5.42
- of which Services	2.46	0.94	1.23	6.39	0.38	0.76	0.82	0.95	0.91	-1.45	1.40	0.60
- of which Sales & Other	10.05	4.91	5.88	-75.22	11.32	5.94	3.03	1.98	2.31	3.24	2.74	2.88
- of which Eliminations *included a marainal contribution from IIS DK JIK and ER	1.30	-3.74	-2.79	24.83	-5.11	-3.25	3.02	-2.68	-0.93	-1.55	-0.61	-0.87

BAKKAFROST'S SEGMENTS HEALTHY LIVING

	Previous segments
Segments:
• FOF
• Freshwater FO • Freshwater SCT
• Farming FO
• Farming SCT
• Services • Sales & Other

Segments:

-

-

-

PERFORMANCE PER REGION

	40.00 20.00
	-
	(20.00)
	(40.00) (60.00)
	(80.00)
	(100.00)
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Scotland - TGW Scotland	(120.00) Q4 24
Faroe Islands* - Operational EBIT / KG
	50.00 45.00 40.00
	35.00
	30.00 25.00
	20.00
	15.00 10.00