Bakkafrost P/f

Investor Presentation • May 19, 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 OF Q1 2025

MARKETS & SALES FINANCE OPERATIONS OUTLOOK

APPENDIX

4

SUMMARY Q1 2025 (Q1 2024)

SUMMARY Q1 2025 (Q1 2024) Revenues and Operational EBIT	 Revenue of DKK 1,899 million (DKK 2,206 million)  Operational EBIT* of DKK 505 million (DKK 710 million)
Operation	 Harvest in the Faroe Islands: 18,914 tgw (14,294 tgw)  Harvest in Scotland: 6,286 tgw (7,263 tgw)  Feed sales: 31,338 tonnes (27,046 tonnes)  External fish oil sales: 1 tonne (4,307 tonnes)  External sale of fish meal: 3,648 tonnes (13,028 tonnes)  Sourcing of marine raw material: 109,502 tonnes (136,874 tonnes)
Cash Flow	 Cash flow from operations of DKK 590 million (DKK 676 million)
Segments	 Positive operational EBIT for all segments in Q1 2025 (in Q1 2024 all segments were positive expect for Freshwater SCT and Sales & Other)
Dividend	 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 30,942 tonnes (26,875 tonnes)

SUMMARY OF Q1 2025

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

Source: Kontali

GLOBAL MARKETS – SOLD VOLUME VOLUMES INCREASED BY 5%

EU/UK: 6% consumption increase

Significantly below European supply increase (13%)

Strong demand in the US

• 6% consumption increase
• Materially above American supply change
• Strong increase in imports from Europe

Russia continuing to drop

Salmon markets, sold quantity (head on gutted weight)

							HEALTHY LIVING
Salmon markets, sold quantity (head on gutted weight)
	Estimated volumes		Change		Estimated volumes		FY comparison
Markets	Q1 2025 E	Q1 2024	Volume	%	FY 2024	FY 2023	Volume	%
EU/UK	247	234	13	5.6%	1,145	1,084	61	5.7%
USA	148	140	9	6.2%	573	586	-13	-2.3%
Russia	12	13	-1	-4.7%	45	62	-16	-26.3%
Japan	11	10	0	1.9%	46	45	1	1.8%
Greater China	41	33	8	25.5%	147	135	12	9.1%
ASEAN	18	17	1	4.0%	72	70	1	1.7%
Latin America	44	47	-3	-6.8%	187	184	3	1.4%
Ukraine	3	3	0	6.7%	15	19	-4	-22.0%
Other markets	67	64	2	3.4%	317	290	27	9.4%
Total all markets	590	561	30	5.3 %	2,546	2,474	72
Note: Market figures	include sale of	dowgraded volume	from Norway (fillets)					2.9 % Source: Kontali

Generally strong growth in Asia

Drop in Latin America driven by Brazil

8% increase in global harvest volumes

• Strong growth in Europe
• Limited growth in Americas

13% increase in European harvest volumes

-

• Chile Returning to growth after slow 2024

1% increase in American harvest

• Significant drop in Canada

Some reduction in Chilean frozen inventory Source: Kontali

GLOBAL HARVEST				HEALTHY LIVING
8% increase in global harvest volumes	Supply Development	Q1 2025	Q1 2024 Change %
 Strong growth in Europe
 Limited growth in Americas	Norway UK	308 38	273 35	12.6 % 9.9 %
	Faroes	26	21	20.3 %
	Iceland	11	10	11.9 %
	Ireland	4	3	21.2 %
13% increase in European harvest volumes	Total Europe	386	342	12.9 %
 Norway – Higher harvest count driven by improved biology	Chile	145	140	3.7 %
 Scotland – Improved conditions after challenging few years	Canada	23	27	-14.5 %
	USA	3	3	12.1 %
 Faroes – Large ongoing step-up driven by large smolt strategy	Total Americas	171	169	1.0 %
	Other	26	27	-2.3%
1% increase in American harvest	Total (Harvested quantity)	583	538	8.4 %
	Inventory movements	7	22	-69.5%
 Chile – Returning to growth after slow 2024	Total (Sold Quantity)	590	561	5.3 %

SUMMARY OF Q1 2025

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

Glyvrar, Faroe Islands

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT			HEALTHY LIVING
Q1 2024 Q1 2025	(DKK million)	Q1 25	Q1 24
Revenue (mDKK)	Operating revenue	1,899	2,206
2,206 1,899 -307	Operational EBITDA*	694	879
	Operational EBIT*	505	710
Operational EBIT (mDKK)	Fair value adjustment of biological assets	-376	-70
710 505 -205	Onerous contracts	0	0
Fair value of biomass (mDKK)	Income from associates	2	0
-70 -376 -306	Revenue tax	-79	-112
	EBIT	52	528
Profit after tax (mDKK)	Net Financial items	-89	-46
-6 -407	EBT	-37	482
	Taxes	31	-81
	Profit for the period	-6	401

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)	Q1 25	End 2024
	Intangible assets	4,516	4,518
	Property, plant and equipment	6,873	6,733
6,873	Right of use assets	987	321
	Financial assets	322	334
	Deferred tax assets	588	590
	Biological assets	2,721	3,139
	Inventory	809	671
809	Financial derivatives	0	0
	Receivables	819	649
819	Other receivables	168	239
	Cash and cash equivalents	250	481
	Total Assets	18,054	17,674
	Equity	11,110	11,157
	Deferred tax and other taxes	2,005	2,037
	Long-term interest-bearing debt	3,039	3,481
	Long-term leasing debt	904	234
	Short-term leasing debt	94	65
62%	Accounts and other payables	901	698

Total Equity and Liabilities 18,054 17,674

CASH FLOW

(DKK million)	Q1 25	Q1 24
Cash flow from operations	590	676
Cash flow from investments	-304	-238
Cash flow from financing	-516	-278
Net change in cash	-230	161
Cash at the end of the period	250	572
Undrawn facilities	2,418	2,304

NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q1 2025

NIBD was increased by:

NIBD was decreased by:

-

Financing end Q1 2025

• NIBD: DKK 2,788 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,598 million

• Net investments (mDKK 304) 3,000 304 3,000 3,500

-21

Development in NIBD in DKK millions

14

HEALTHY LIVING

2,788

Source: Holtermann

	Q/Q	Q1	Q1
Volumes	change	2025	2024
Marine raw material sourced	-20%	109,502	136,874
Feed sold (tonnes)*	16%	31,338	27,046
Fishmeal sold external (tonnes)	-72%	3,648	13,028
Fishoil sold external (tonnes)	-100%	1	4,307

*Including internal sales, corresponding to 99% of feed volumes in Q1 2025 (Q1 2024: 99%)

Margin
Operational EBIT (mDKK)	-63%	65	177
Operational EBIT margin	-45%	13%	24%

FRESHWATER – FAROE ISLANDS STRONG QUARTER WITH INCREASING SMOLT TRANSFER

Good capacity in hatcheries

utilisation and efficiency

-

• growth in 2025

			HEALTHY LIVING
	Q/Q	Q1	Q1
Volumes	change	2025	2024
Transfered number of smolt (million)	52%	3.2	2.1
Average weight (g)	3%	421	410
Margin Operational EBIT (mDKK) Operational EBIT/KG (NOK) Operational EBIT margin	162% 71% 15%	56 65.75 37%	22 38.36 22%
Size of transferred smolt (g)	Monthy	transfer to Marine (tonnes)
6m mowing average

Margin
Operational EBIT (mDKK)	162%	56	22
Operational EBIT/KG (NOK)	71%	65.75	38.36
Operational EBIT margin	15%	37%	22%

FRESHWATER – SCOTLAND RAMP UP AT APPLECROSS, DELIVERED SMOLT AVERAGING 232G IN Q1 2025

Applecross hatchery:

-

• Ramping up production • Applecross phase 5 in operation • All remaining construction completed in H2-2025, improving biosecurity and adding flexibility

Smolt transfer:

• 6.0 million transferred in 2024 @109g on average • Expected smolt transfer in 2025 is 10.0 million @>200g on average • Self-sufficiency of large high-quality smolt • Parallel trials with different strains and sizes

Smolt strategy

-

Q/Q Q1 Q1 Volumes change 2025 2024 Transferred number of smolt (million) -63% 0.6 1.6 Average smolt weight (total released) (g) 40% 169 121 Applecross average smolt weight (g) 80% 232 129

Margin
Operational EBIT (mDKK)	N/A	1	-34
Operational EBIT/KG (NOK)	N/A	19.26	-274.00
Operational EBIT margin	120%	8%	-112%

Transition to larger smolt (%of fish count large smolt at sea)

HEALTHY LIVING

FARMING – FAROE ISLANDS STRONG BIOLOGICAL DEVELOPMENT

Good size on harvested fish

Operational EBIT reduced by low salmon prices

Strong growth YTD 32% above 2024

Volumes	Q/Q	Q1	Q1
	change	2025	2024
Total harvest volume (tgw)	32%	18,914	14,294
Average harvest weight (kg)	-7%	5.1	5.4

Margin
Operational EBIT (mDKK)	-39%	287	472
Operational EBIT/KG (NOK)	-53%	23.65	50.56
Operational EBIT margin	-17%	24%	40%

FARMING – SCOTLAND 44% HIGHER AVERAGE HARVEST WEIGHTS • All-time high harvest weights averaging 6.7 kg (HOG) • Good growth • Good sea lice control

Biology continuing to improve

-

-

44% HIGHER AVERAGE HARVEST WEIGHTS				HEALTHY LIVING
		Q/Q	Q1	Q1
Biology continuing to improve	Volumes	change	2025	2024
• All-time high harvest weights averaging 6.7 kg (HOG)	Total harvest volume (tgw)	-13%	6,286	7,263
• Good growth	Average harvest weight (kg)	44%	6.7	4.7
• Good sea lice control	Margin Operational EBIT (mDKK)	-35%	16	24
• Evidence of new vaccine PD-vaccine being effective	Operational EBIT/KG (NOK)	-23%	3.95	5.13

Margin
Operational EBIT (mDKK)	-35%	16	24
Operational EBIT/KG (NOK)	-23%	3.95	5.13
Operational EBIT margin	-1%	4%	5%

SERVICES

GOOD RESULTS AND CONTINUED EFFICIENT SEA LICE MITIGATION

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

Margin	Q/Q	Q1	Q1
	change	2025	2024
Operational EBIT (mDKK)	44%	38	26
Operational EBIT/KG (NOK)	26%	2.35	1.87
Operational EBIT margin	7%	17%	10%

SALES & OTHER

FACING THE MARKET AS "ONE-COMPANY" ENABLED ALL-TIME HIGH SALE FROM SCOTLAND TO US AND CHINA • 33% increase in ready-to-eat products sold • 14% increase in head-on-gutted products • 17% increased total volume • 44 mDKK increase in Operational EBIT • Increased sales from Scotland to US & China • Leveraging on larger fish

-

-

-

Q/Q Q1 Q1 Volumes change 2025 2024 Volume transferred to VAP (tgw) 33% 4,393 3,296 Volume HOG sold (t) 14% 20,807 18,261 Volume total (tgw) 17% 25,200 21,557

Margin
Operational EBIT (mDKK)	N/A	42	-2
Operational EBIT/KG (NOK)	N/A	2.57	-0.16
Operational EBIT margin	1%	1%	0%

	PERFORMANCE PER REGION SCOTLAND IMPROVING												HEALTHY LIVING
								* Included a marginal contribution from US, DK, UK and FR		Q1 2025			Q1 2024
								DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
			671					Operational EBIT	71	435	505	39	671	710
	532							Operational EBIT/KG	11.22	22.98	20.05	5.39	46.91	32.92
		460					435	- of which FOF	0.00	3.42	2.56	0.00	12.37	8.20
282				275	310	310		- of which Freshwater	0.19	2.98	2.29	-4.72	1.50	-0.59
								- of which Farming	2.53	15.15	12.00	3.35	33.03	23.03
								- of which Services	1.99	1.34	1.51	-0.11	1.90	1.22
Q1 23 Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	- of which Sales & Other	6.50	0.03	1.65	3.90	-2.14	-0.11
								- of which Eliminations	0.01	0.05	0.04	2.97	0.25	1.17

SUMMARY OF Q1 2025 MARKETS & SALES FINANCE OPERATIONAL UPDATE

OUTLOOK

APPENDIX

Gøtuvík, Faroe Islands

OUTLOOK MODERATE GROWTH EXPECTED

Strong 1H growth expected from European origins

• Improved yield per smolt vs. 2024

-

Source: Kontali 25

OUTLOOK GROWING VOLUME

Contracts

• For 2025, Bakkafrost intends to sign contracts covering around 15-20% 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:

-

-

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

FRESHWATER – FAROE ISLANDS CONSTRUCTION STARTED OF NEW HATCHERY AT SKÁLAVÍK • 3,500 tonnes capacity

-

-

Total FO hatchery capacity will be 12,000 tonnes

• in the Faroe Islands to
  • exceed 24 million smolt of 500g

Skálavík 12. May 2025, Building site in progress, first phase to start operation in H1-2026

DELIVERING LARGE HEALTHY SMOLT

to 15m smolt @ 250g

HEALTHY LIVING

THE IMPORTANCE OF ROBUST SMOLT

A RECENT CASE STUDY FROM MARINE SITE KUNOYARNES, FAROE ISLANDS

HEALTHY LIVING

SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS

	VOLUMES, MARGINS AND KEY RATIOS
FOF	Freshwater	Farming	Services	Sales & Other
Q1 2025: Revenue = 487M Internal Feed sale = 30,942t External Meal sale = 3,648t External Fish Oil sale = 1t	Q1 2025: Revenue = 154M Smolt transferred = 3.2M Average Weight = 421g	Q1 2025: Revenue = 1,211M Harvest Volume = 18,914tgw Average Weight = 5.07kg	Q1 2025: Revenue = 219M Energy produced = 3.5 GwH	Q1 2025: Revenue = 2,962M Portion in VAP = 18%
OP EBIT = 65M OP EBIT % = 13%	OP EBIT = 56M OP EBIT / KG = 42.11 OP EBIT % = 37%	OP EBIT = 287M OP EBIT / KG = 15.15 OP EBIT % = 24%	OP EBIT = 38M OP EBIT / KG = 1.51 OP EBIT % = 17%	OP EBIT = 42M OP EBIT / KG = 1.65 OP EBIT % = 1%
Key Ratios: OP EBIT / PPE = 22.5% Debt / EBITDA = 1.16x	Key Ratios: OP EBIT / PPE = 17.4% Debt / EBITDA = 1.17x	Key Ratios: OP EBIT / PPE = 61.3% Debt / EBITDA = 0.43x	Key Ratios: OP EBIT / PPE = 6.9% Debt / EBITDA = 2.61x	Key Ratios: OP EBIT / PPE = 19.1% Debt / EBITDA = 1.44x
	Volumes: Revenue = 15M Smolt transferred = 0.6M Average Weight = 169g	Volumes: Revenue = 424M Harvest Volume = 6,286tgw Average Weight = 6.73kg		Market Split – Sales: Western Europe = 48% North America = 25% Asia = 20%
	OP EBIT = 1M OP EBIT / KG = 12.33 OP EBIT % = 8%	OP EBIT = 16M OP EBIT / KG = 2.53 OP EBIT % = 4%		Eastern Europe = 7% Rest of world = 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 = (8.8%) Debt / EBITDA = (N/A)	Key Ratios: OP EBIT / PPE = (14.3%) Debt / EBITDA = 2.41x

-

-

							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
7% increase in Global supply*	Norway	1,226	1,384	1,359	1,330	1,361	1,456
	UK	160	179	145	137	170	168
	Ireland	14	14	15	13	17	16
7% increase in supply* from Europe	Iceland	27	35	42	29	42	49
	Faroes	72	96	89	80	91	109
6% increase in supply growth from the Americas	Total Europe	1,499	1,708	1,650	1,589	1,680	1,798
Including expected inventory movements	Chile	657	638	649	665	633	673
	Canada	123	126	120	99	107	109
	USA	18	17	18	17	18	18
	Total Americas	798	781	787	781	757	800
	Others	90	105	103	105	109	115
	Total (Sold Quantity)	2,387	2,595	2,539	2,475	2,546	2,713
		4%	9%	-2%	-3%	3%	7%
	Supply growth - Global	1%	14%	-3%	-4%	6%	7%
	Supply growth - Europe
	Supply growth - Americas	7%	-2%	1%	-1%	-3%	6%
		Salmon Markets (head on gutted –			HOG)
		2020	2021	2022	2023	2024E	2025E
	EU+UK	1,073	1,159	1,137	1,084	1,145	1,218
Comments:	USA	506	572	587	586	573	604
		64	66	55	45	45	48
All figures are in hog-equivalents and thousand tonnes. Figures represents sold quantity of Atlantic Salmon from each producing country	Japan

	2020	2021	2022	2023	2024E	2025E
EU+UK	1,073	1,159	1,137	1,084	1,145	1,218
USA	506	572	587	586	573	604
Japan	64	66	55	45	45	48
Russia	79	86	52	62	45	50
Others	665	713	709	698	737	793
Total (Sold Quantity)	2,388	2,595	2,539	2,474	2,546	2,713

Source: Kontali

Q1 2025 MARKET ENVIRONMENT

Large drop in European reference price

• 20% down compared to Q1 2024 (DKK)
• Driven by 13% increase in European harvest

Sisalmoni/Nasdaq Norway	Q1 2025	Q1 2024	Change %
NOK	91.07	111.22	-18.1 %
DKK	58.31	72.67	-19.8 %
EUR	7.82	9.75	-19.8 %
USD	8.22	10.58	-22.3 %

Source: Kontali

Note:

Q1 2025 – CONTRACT PRICES HIGHER THAN SPOT

Sisalmoni/Nasdaq spot price reflecting marginal weekly price

Statistics Norway (SSB) publish average price for all exported whole fish (HOG) per week

Incorporates bilateral contracts of variable duration

"Production grade" fish excluded from both references

HOG export of "production grade " from Norway prohibited

SSB price exceeded Nasdaq in Q1 2025

Sign of contract prices well above spot prices in the quarter

ESF Euronext contracts

• Slight drop in futures prices since early February 2025
• Market participants taking bets on low 2H 2025 spot prices
• Limited number of contracts traded

DEVELOPMENT PER QUARTER

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
(mDKK)	2022 1,639	2022 1,684	2022 1,867	2022 1,940	2023 2,050	2023 1,670	2023 1,859	2023 1,562	2024 2,206	2024 2,067	2024 1,737	2024 1,470	2025 1,899
Revenue
Operational EBIT	418	587	325	376	565	353	269	356	710	388	173	280	505
Profit/Loss	405	845	249	-154	467	-123	219	392	401	-117	-116	477	-6
Harvest FO (tgw)	17,459	13,101	16,850	19,276	11,005	8,658	16,740	16,005	14,294	10,226	21,618	16,639	18,914
Harvest SCT (tgw)	3,973	6,646	8,100	5,198	8,093	7,343	4,100	1,062	7,263	11,366	5,411	3,840	6,286
Equity ratio	64%	65%	64%	62%	64%	61%	61%	61%	62%	62%	62%	63%	62%
NIBD	2,192	2,267	2,427	2,664	2,357	2,911	3,045	3,533	3,180	2,966	2,710	3,000	2,788
Segment Operating EBIT mDKK 500					8,000		Group Revenue (mDKK)				Group Operational EBIT (mDKK)
					7,000					1,800
400					6,000					1,500
300					5,000					1,200
200					4,000
100										900
					3,000					600
0					2,000					300
					1,000
-100		Farming SCT	Services	Sales & Other		0				0
FOF Freshwater Freshwater	Farming FO
FO SCT						2014 2015 2016	2020 2017 2018 2019	2024 2021 2022 2023	YTD 2025	2014	2015 2016 2017 2018	2020 2019 2021 2022	2024 2023 YTD 2025

DIVIDEND

Dividend

- On 30 April 2025, the AGM decided to pay out a dividend on 8.44 DKK per share for the year 2024 (equals 50% of adjusted EPS) • Dividend of 501 mDKK will be paid out on or around May 21 2025 Competitive return through: Dividends Increase in the value of the equity

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

** Dividend and acquisition of treasury shares

*** Dividend is paid out the following year

99%

40

PERFORMANCE PER REGION

		Q1 2025			Q1 2024
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	496	1,403	1,899	612	1,594	2,206
Depreciation and amortization	-78	-111	-189	-73	-97	-169
Operating expenses	-371	-858	-1,229	-506	-826	-1,333
Other income	24	0	24	5	0	5
Operational EBIT	71	435	505	39	671	710
Operational EBITDA	149	545	694	112	767	879
Volume tonnes	6,286	18,914	25,200	7,263	14,294	21,557
Operational EBIT/KG	11.22	22.98	20.05	5.39	46.91	32.92
DKK 1.00
- of which FOF	0.00	3.42	2.56	0.00	12.37	8.20
- of which Freshwater	0.19	2.98	2.29	-4.72	1.50	-0.59
- of which Farming	2.53	15.15	12.00	3.35	33.03	23.03
- of which Services	1.99	1.34	1.51	-0.11	1.90	1.22
- of which Sales & Other	6.50	0.03	1.65	3.90	-2.14	-0.11
- of which Eliminations	0.01	0.05	0.04	2.97	0.25	1.17

PERFORMANCE PER REGION						HEALTHY LIVING
40.00
20.00
- (20.00)	496	1,403	1,899	612	1,594	2,206
(40.00)	-78	-111	-189	-73	-97	-169
(60.00)	-371	-858	-1,229	-506	-826	-1,333
(80.00) (100.00)	24	0	24	5	0	5
(120.00)	71	435	505	39	671	710
Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25	149	545	694	112	767	879
Scotland - TGW Scotland	6,286	18,914	25,200	7,263	14,294	21,557
Faroe Islands* - Operational EBIT / KG	11.22	22.98	20.05	5.39	46.91	32.92
50.00 45.00 40.00	0.00	3.42	2.56	0.00	12.37	8.20
35.00	0.19	2.98	2.29	-4.72	1.50	-0.59
30.00 25.00	2.53	15.15	12.00	3.35	33.03	23.03
20.00 15.00	1.99	1.34	1.51	-0.11	1.90	1.22
10.00 5.00	6.50	0.03	1.65	3.90	-2.14	-0.11
- Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25	0.01	0.05	0.04	2.97	0.25	1.17
Faroe Islands - TGW Faroe Islands*

HEALTHY LIVING

BAKKAFROST'S SEGMENTS HEALTHY LIVING

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

Segments:

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THE CHANGED FAROESE TAX ON SALMON FARMING, EFFECTIVE FROM 1. JANUARY 2025

• Broad cross-coalition political long-term agreement behind the change
• The old revenue tax (maxed at 20%) is replaced by a two-component tax system:
  • Modified revenue tax with reduced maximum tax rate (reduced from 20% to 7.5%)
  • 12% corporate tax on salmon farming at sea only
• All other activities and companies are subject to the standard corporate tax of 18%.
• The change will reduce tax uncertainty

OUR PILLARS AND VALUES