Bakkafrost P/f

Investor Presentation • Jun 17, 2025

Capital Markets Days

BAKKAFROST GROUP Faroe Islands – 17-18 June 2025

Welcome

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 under-takings 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.

Content

- Strategic Update

- Market • Sustainable Growth

- Capex & Finance • Operational Update

• Sustainability • Technology & Digitalisation

Strategic Update

BAKKAFROST

The founding brothers (Hans, Róland and Martin)

• Havsbrún established in 1966 by Dagsbrún 2/3 ("Hvannasund brothers") and 1/3 by Havsild • Daily capacity was 500 tonnes of HAVSBRÚN – ACQUIRED IN 2012 FOUNDED IN 1966 – FISHMEAL AND OIL PRODUCTION 59 YEARS – FEED PRODUCTION 40 YEARS
• raw material

Dagsbrún 2/3 ("Hvannasund brothers") and 1/3 by Havsild
raw material
	First raw material intake 30.06.1966	First contract for fishmeal 18.06.1966
Esmar Fuglø Ditleif Eldevig first MD first Chairman • Board members were Hans Pauli Johannesen, Óli Johannesen, Kaj Johannesen, Svenning Johannesen and Petur A. Joensen, Jákup F. Øregaard
Raw material sourcing 1966 – 2012 [tonnes]

BAKKAFROST TODAY

BAKKAFROST TODAY A GLOBAL COMPANY

STATE-OF-THE ART AND FULLY INTEGRATED VALUE CHAIN

FULFILLING THE WORLD'S GROWING DEMAND FOR HEALTHY AND SUSTAINABLY PRODUCED PROTEIN

Our mission is simple:

To produce the best salmon in the world!

ROOTED IN OUR VALUES

VISION AND MISSION IMPLEMENTED THROUGH OUR SUSTAINABILITY FRAMEWORK

PROVENANCE Committed to provenance		PASSION Passion of our people	RESPECT Respect for our natural environment and our communities
				1999
HEALTHY BUSINESS Responsible growth	HEALTHY SALMON Exceeding leading standards	HEALTHY PEOPLE Preferred employer	HEALTHY ENVIRONMENT Committed to environmental stewardship	HEALTHY COMMUNITIES Create shared value
Sustainable growth	Integrated value chain	Employees	Biodiversity	Responsible leadership
Ethical conduct	Health & welfare	Health, safety & wellbeing	Resource efficient	Community engagement & transparency
Partnership	Best practice	Human rights	Climate change & energy	Creating value

WE DELIVER ON OUR MISSION

GROWING PRODUCTION AND SOLID PRICE ACHIEVEMENT

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Source: Kontali, Fishpool, Bakkafrost

WE DELIVER ON OUR MISSION

WE DELIVER ON OUR MISSION FARMING PERFORMANCE BENCHMARK

Producing "more with less"

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Bakkafrost Faroes harvesting larger fish than all other regions

Source: Kontali, Bakkafrost

WE DELIVER ON OUR MISSION FARMING PERFORMANCE BENCHMARK

Highly resource efficient

• Bakkafrost Faroes leading on Economic Feed Conversion Ratio
• Bakkafrost Scotland improving performance after challenging period

Source: Kontali, Bakkafrost

Bakkafrost Faroes continues to increase its industry-leading survivability

Market

GEOPOLITICAL RESILIENCE FLEXIBILITY AND AGILITY HAVE NEVER BEEN MORE IMPORTANT

Markets served in 2024

Global trade volatility, sanctions, and shifting regulations pose real risks to seafood exporters.

Geopolitical resilience safeguards market access, supply continuity, and value stability.

Bakkafrost strategy

Agile & Integrated Value Chain

• Flexibility to shift volumes across markets. • Flexible utilisation of Value Added Processing (VAP) to serve different market segments (retail vs. foodservice) • Multiple processing setups reduce dependency on single geographies. • Own logistics solutions allow routing around disruptions. • Diversified export footprint reduces reliance on any one region. • Broad customer base. • Local presence in US, UK and EU • Strong market intelligence supports pricing, volume shifts, and proactive risk

Broad Market Access & Intelligence

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• mitigation.

MEGATRENDS DRIVING THE DEMAND FOR SALMON

GROWING POPULATION AND MIDDLE-CLASS

MEGATRENDS DRIVING THE DEMAND FOR SALMON CONSUMER PREFERENCES

Health-Conscious Consumers

Consumers increasingly seek healthy, nutritious foods, and salmon's rich protein and omega-3 content make it a preferred choice.

Sustainable Seafood Practices

Sustainable seafood practices and increased awareness of environmental impact contribute to the rising demand for salmon.

Culinary Interest and Gourmet Cooking

The rise of culinary interest and gourmet cooking has made salmon a conventiant, versatile and desirable ingredient.

The Global Sushi Market doubling over 10 years

OUR DIFFERENTIATION STRATEGY IS WELL ALIGNED TO CONSUMER TRENDS • Large sized fish short in supply • Faroes and Scotland preferred niche origins • ESG certifications entry card to high end segments

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• • High control of value chain
  • Control of food safety standards and traceability
• • Aquaculture stewardship council (ASC)
  • Best Aquaculture Practices (BAP)

Healthy salmon appreciated by the high-end market!

PRODUCING A SUPERIOR QUALITY AND HEALTHY PRODUCT IS THE CORE OF OUR STRATEGY

MARKET DIVERSIFICATION HIGH-END FOCUS WITHIN TARGET SEGMENTS

EXAMPLES BAKKAFROST BRANDING BRANDING "HEIMLAND BY BAKKAFROST" AND "NATIVE HEBRIDEAN"

GOOD MARKET OPPORTUNITIES FOR SALMON

LOW CONSUMPTION IN SEVERAL LARGE MARKETS

• Scandinavian consumption is twice as high as in the large European countries… • …2½ times higher than in the US • …and 50 times higher than in China

Salmon consumption per capita (kg wfe)

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• Salmon is competitively priced vs. substitutes

SHORT-TERM MARKET DYNAMICS ARE MORE VOLATILE Factors affecting pricing • Downgrade share • Contract share to retail

PRICES DEPEND ON AVAILABILITY OF DIFFERENT QUALITIES AND SIZES OF SALMON TO THE SPOT MARKET

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Source: Fishpool

Source: Kontali

OVERALL MARKET BALANCE

SUPPLY GROWTH FADING OFF TO 2-3% GROWTH AND BELOW DEMAND GROWTH OF AROUND 7%

The market imbalance is supportive for strong long-term salmon prices

SUPPLY OUTLOOK

MARGINAL CONTRIBUTION FROM NON-CONVENTIONAL FARMING METHODS

Source: Kontali

2030

2030

Sustainable Growth

GROWTH OPTIONS FOR BAKKAFROST

Pro:

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• licenses

Con:

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Pro:

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Con:

Pro:

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Pro:

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Con:

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Pro:

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Con:

• complexity and fit

• Monitor the market for potential aquisitions

GROWING WITH THE LARGE-SMOLT STRATEGY FARMING CYCLES GETTING SHORTER WITH LARGE HIGH-QUALITY SMOLT

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LARGE-SMOLT STRATEGY REQUIRES HIGH LAND-BASED CAPACITY

OVERIVIEW OF CURRENT AND POTENTIAL FUTURE HATCHERIES

GROWT ENABLED BY FLEXIBLE FAROESE LICENSE SYSTEM EXCLUSIVITY ALLOWS FOR NEW SITES WITHIN EXISTING LICENSES • All fjords are given • A license gives exclusivity: "One fjord = One operator" limiting factors

Quick-facts

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Challenge

Solution

production on existing sites and establishment of new farming sites

Current deflectors

Closed/semi-closed systems Waste collection

GROWTH OPPORTUNITIES IN SCOTLAND ARE SIGNIFICANT

Growth opportunities

1. Productivity improvements with high-quality 250g smolt 2. Increase utilisation of current licenses • Harvest in 2025 is 20kt • Existing operational licenses allow maximum standing biomass of 72kt • At acquisition in 2019, maximum allowed biomass was 65k • Aproximately 10kt of consent in pipeline 4. Relocate and consolidate sites • Significant growth potential in Western Isles

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3. Secure new licenses

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• 1. Achieve from the effect of increasing smolt weight to 500g

GROWTH PATH TO 2030

TOTAL HARVEST OF 162,000

Faroe Islands:

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- Complete construction of hatchery at Skálavík • Continue ramp-up of existing hatcheries • Healthy smolt for optimal yield per smolt ratio • Continued farming optimisation • Ramp-up the utilisation of Applecross • Utilise existing farming capacity

Scotland:

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STATUS AND OUTLOOK

Timeline

Egg-fry-parr, Module A-B-C……….	Q2 2026

Annual Capacity

7.5m smolt at 500g

Smolt, Module D-1 & D-2………….. Q2 2026 Post smolt, Module E-1 & E-2……. Q1 2027 First smolt release…………………… Q4 2027 COMPLETING THE SKÁLAVÍK HATCHERY Egg Alevin Fry Parr Smolt Large smolt 0,1g 1-5g 5-60g 60-150g 250-500g Phases from egg to post-smolt of Atlantic salmon (Salmo salar) involves several key biological stages, each with specific environmental requirements and physiological changes

Q2 2025 Q1 2027

FISH MEAL, OIL AND FEED INVESTMENTS

ADDING MORE SILOS TO IMPROVE FLEXIBILITY WHILE INCREASING FEED PRODUCTION

• Finalise the feed plant expansion to enable an annual production capacity of 275 kt feed (expandable to 400kt) • 8 new raw material silos to be built to increase flexibility

2026-2030 Capex

INVESTING IN MARINE FARMING GROWTH IN THE FAROE ISLANDS WORKING ON 5 NEW FARMING SITES - EXPECT 2 NEW FARMING SITES BEFORE 2030 • Cost-efficient organic growth within existing licenses (long-term potential: +50%)

Growing with optimization and "new technology" Potential new site locations

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MORE FISH IN THE WATER REQUIRE INVESTMENTS IN TREATMENT AND TRANSPORT PLAN TO BUILD 2 NEW DUAL FRESHWATER TREATMENT VESSELS

New vessel for Faroe Islands: • Larger than Bakkafossur with similar capabilities

New vessel for Scotland: • Similar size and capabilities as Bakkafossur

INCREASED EFFICIENCY HARVEST & PROCESSING SITE IN THE FAROE ISLANDS

• Highly automated and efficient • High-quality focused processing • Swim-through harvest • Latest processing technology • Automated packaging and palletisation • Energy efficient NEW HARVEST AND PROCESSING FACILITY IN SCOTLAND ACCOMMODATING GROWTH – INCREASING COST-EFFICIENCY

Highlights of new facility:

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Planned roe delivery to hatcheries (million)

Capacity:

(60m with Svínoy)

• Can be built on existing site (Bakkafrost owns the land) • Increase flexibility of smolt production (size and timing) • Shorten marine production cycle • Can add around 3,750 tonnes of extra smolt production capacity • Similar capabilities and setup as Strond and Skálavík OPTIONS – NOT INCLUDED IN THE 2026-2030 CAPEX PLAN CAPACITY AND FLEXIBILITY

Expansions of Strond hatchery in the Faroes

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New hatchery at Ónavík (Faroe Islands)

- license to build • Lease option and planning permission are in place • Can add around 3,750 tonnes of extra smolt production capacity • Similar capabilities and setup as Applecross

2nd hatchery in Scotland

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TBD

Capex & Finance

2026-2030 CAPEX IS 5.0BN - 1,3BN LOWER THAN THE PREVIOUS 2024-2028 CAPEX PLAN • Complete Skálavík Hatchery • 8 new silos to increase flexibility in FOF • Site expansions & optimisation

REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH

Faroe Islands:

- - Reaching total annual production capacity of 12 kt/year in freshwater

• New harvest and processing plant

2026-2030 Capex split across value chain (mDKK)

Scotland:

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across the value chain

FSV (shared resource)

2026-2030: INVESTING 5.0BN IN SUSTAINABLE GROWTH 162,000 TONNES HARVEST IN 2030, FAROE ISLANDS AND SCOTLAND COMBINED

2026-2030 Capex* of DKK 5.0 bn Harvest volume (kilotonnes) *Including maintenance capex 10 DKK/KG ^{105 112} 145 162 1.6 bn 0 2 4 6 8 10 12 14 16 18 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Investments per kg (DKK)DKK Million Capex Historical 2026-2030 Capex plan - Faroes 2026-2030 Capex plan - Scotland 2026-2030 Capex plan - FSV Investments per kg (DKK)

2026-2030 Capex per harvest

2026-2030 Capex per region

STRICT FOCUS ON COST BAKKAFROST FEED PRODUCTION COST

Total Feed Cost (DKK/kg produced) Total cost of feed produced

• "Perfect storm" during 2022 and into Q1 2023 with significant cost increase on vegetable AND marine raw materials Stabilised raw material costs • Marine at a higher level • Vegetables slightly above 2019-2020 levels • Increased efficiency and strong cost control

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Production costs only 3% up since Q1 2019

Total feed cost expected to increase slightly

19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 24 24

STRICT FOCUS ON COST FAROE ISLANDS - FRESHWATER • Cost spiked in 2022 (low volume, Strond ramp-up) • Strong cost control in 2024 and into 2025

Increased efficiency drives cost pr. smolt down • Steady increase in smolt weight • 2024 ended at 410g

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Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Average weight approaching 500g

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• YTD 2025 at 456g

Average smolt size (g)

• P&L effect from feed cost increase in 2022 • Low harvest weight adding to cost / kg STRICT FOCUS ON COST FAROE ISLANDS - FARMING

2023 Cost increases

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2024 Initial cost increases

• Costs ramping up new vessel, Bakkafossur • Lower feed cost • Efficient operation: • Increased harvest weight • Strong biology

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  • Efficient use of resources

Ringside cost (DKK/kg)

Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

9-12 months lag from cost changes to impact on harvested fish

STRICT FOCUS ON COST

SCOTLAND - FRESHWATER • Released smolt carrying high costs • Improved results in 2025 • 2024 was challenging and below target • Big jump in 2025 towards the target

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Cost per released smolt (DKK/kg)

Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Applecross approaching 250g target

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Average smolt size (g)

Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

STRICT FOCUS ON COST SCOTLAND - FARMING

Ringside cost relatively stable since start of 2024 • Considerably higher cost than the Faroes • Volume needed to drive down cost • Mean weight significantly improved • Cost spikes due to volume variations

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Ringside cost (DKK/kg)

Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

De-risking strategy to improve biology

• Harvest profile heavy in H1 • Keep only the strongest fish in the water and at the best sites, during the summer period • Mortality significantly reduced vs prior years

FINANCIAL PERFORMANCE

TRACK RECORD OF STRONG MARGINS

HIGH CAPEX PAST 10 YEARS TO BUILD CAPACITY FOR GROWTH

BAKKAFROST CAPEX = 18% OF SALES SINCE 2025 VS 8% FOR PEERS

Bakkafrost Capex

• 9-10% of sales

RETURNS HAVE BEEN LOWER WHILE INVESTING IN GROWTH

FINANCING AND CAPITAL STRUCTURE STRONG FINANCIAL POSITION WITH LOW DEBT AND HIGH EQUITY RATIO

Financing

- Sustainability linked bank facilities of EUR 700 million • Accordion of EUR 150 million • Maturity in Q1 2029

KPI's

• Survivability
• Feed Conversion Ratio
• Own production of renewable energy

Covenants

• Equity Ratio >35%
• Interest Cover 2:1

DIVIDEND POLICY UNCHANGED Dividend Policy Competitive return through: Dividends

• -
  -
• Generally, Bakkafrost shall pay a dividend to its shareholders
• Long-term goal: 30–50% of adjusted EPS shall be paid out as a dividend

Break

Operational Update Faroe Islands

PREPARING FOR FUTURE CAPACITY

PREPARING FOR THE FUTURE

ICES ADVICE ON BLUE WHITING FISHERY

Fish meal Fishoil Veg. protein Veg. oil Carbohydrats Micro ingrediens Other

NORWEGIAN SALMON DIETS VS BAKKAFROST SALMON DIETS (NOFIMA)

CO2 ÷ Water ÷ Land ÷ Deforrestation ÷ Biodiversity (sourcing) ÷ FCR ÷ Fish welfare -mort. ÷ Product Quality ÷ Local Biodiversity Risk ÷ Growth rate ÷ Feed price/ (kg feed) ÷ Feed cost / (kg salmon) ÷ √ √ √ √ √ √ √ √ √ √ √ √

Bakkafrost feed Plant-based feed

STRONG CORRELATION BETWEEN INGREDIENTS IN FEED AND CO2 FOOTPRINT

MARINE-BASED FEED HAS SIGNIFICANTLY LOWER CO2 FOOTPRINT

% plant ingredient inclusion

FLEXIBILITY FOR NEW RECIPES

EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL

EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL DIFFERENT SPECIFIC GROWTH RATE (SGR)

Specific Growth Rate

Feeds

Feeds

EXAMPLE: FISH MEAL QUALITY - GROWTH & DIGESTIBILITY FEED TRIAL

Estimated growth

Havsbrún

Odour Control Strategy

HAVSBRÚN 1967

HAVSBRÚN 10 JUNE 2025

FISH MEAL AND FEED PRODUCING AT THE SAME TIME

L1&L2 AIR, CLEANED IN SCRUBBER

FISH MEAL AND FEED PRODUCING AT THE SAME TIME

HEILSAN AV ENNIVEGI

Hey Odd

Vil bara vísa mítt takksemi, at tit hava betra um luktin í Fuglafirði.

Er so fantastiskta deiligt fyri okkum her norðuri. So praktfult at kunna njóta tí frísku luftina Heilsa øllum sum hava verið við í arbeiðinum frá einum vælnøgdum borgara.

Vinarliga, xxxxx

INDUSTRY LEADER IN LARGE SMOLT

10 years ahead in large smolt

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Bakkafrost Scotland dramatically increasing smolt weights in 2025

- Bakkafrost Scotland targeting average weight of +200g in 2025, increasing further to 250g subsequent years • Has been "worst in class"

Source: Kontali, Bakkafrost

OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS • 2024 best year yet of 17m smolt release • Big growth in coming years (smolt release): • 18.5m smolt to be released in 2025, increasing to 24.4m in 2030

Smolt production scaling up

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Number of released smolt (million) 18.5 20.2 24.0 24.4 0 5 10 15 20 25 30 2018 2019 2020 2021 2022202320242025E2026E2027E2028E2029E2030E 12,000 14,000

85

OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS THE IMPORTANCE OF HIGH-QUALITY SMOLT - A RECENT CASE STUDY FROM MARINE SITE KUNOYARNES

OPERATIONAL UPDATE – FRESHWATER, FAROE ISLANDS • Around six years to full utilisation • Strategic decisions for farming utilisation • Valuable learnings for future hatcheries • Strond experience is invaluable • In-house expertise

ADVANCEMENTS IN RAMPING UP NEW HATCHERY CAPACITY

Strond hatchery upscale

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Viðareiði and Norðtoftir more minor expansions • Process already in place

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Capacity Utilisation* ramp-up pace increasing for each new hatchery

OPERATIONAL UPDATE – FARMING, FAROE ISLANDS SITE OVERVIEW AND FOCUS AREAS • Farming North • Farming Vest

Operating on 21 farming sites

Three farming regions:

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• Farming South Actively pursuing additional farming sites within existing licsenses, enabled by new farming technology • Increase stocking • Shorten production cycle • Sustainable farming

Focus on optimisation of current sites

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OPERATIONAL UPDATE – FARMING, FAROE ISLANDS NEW DUAL FRESHWATER TREATMENT CAPABILITIES ARE GAME-CHANGING

Considerable improvement on treatment:

• Mortality is significantly lower than other treatments
• Average harvest increase approximately 1KG

Record low sea lice:

• FW treatment is essential
• Sea lice well below the Limit

Sea Lice, Faroe Islands (#ad.fem)

OPERATIONAL UPDATE – FARMING, FAROE ISLANDS CONTINUOUS IMPROVEMENT IN FEED CONVERSION AND GROWTH • Continuous positive trend the last 20 generations • 2019G particularly strong at 1.05 • Focus of getting back to 2019G level • Among top performers in the industry

Strong Feed Conversion Factor (bFCR)

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• Continuos positive trend the last 20 generations

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OPERATIONAL UPDATE – FARMING, FAROE ISLANDS MORTALITY TRENDING DOWN – MORE LARGE FISH • Weather caused incidents

• Past three generations under target

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IMPROVED SMOLT PERIOD DESPITE SHORTER PRODUCTION CYCLE

OPERATIONAL UPDATE – FARMING, FAROE ISLANDS Significant yield-per-smolt improvement • Healthy smolt strategy • Strong feed programme • Freshwater treatment Production cycle down 5 months since 2018 • Essential to achieve growth plan • Healthy smolt strategy paying off • Target 12 month production cycle

OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) "THE OLD FLEET" Our first vessel

Our second vessel

Bakkafossur*

*In the Jacobsen family

VIDEO OF DUAL FRESHWATER TREATMENT WITH BAKKAFOSSUR

OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) BAKKAFOSSUR – DUAL FRESHWATER TREATMENT

• 108m long / 23m wide
• 10.000m3 Live Fish Carrier
• 4 x 1.750m3 tanks = 7.000m3 for LFC
• 3.000m3 tanks for freshwater

0.0% 0.5%

OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) DUAL FRESHWATER TREATMENT IN SCOTLAND HAVE SIMILAR RESULTS • All-time low sea lice levels • Low treatment mortality

Similar results as in the Faroe Island

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Freshwater treatment is significant to fish health

• • RPL scores improved dramatically
• Significantly improved gill health in Scotland health than other treatments

Gill-health/AHD measured as RPL score (millions)

OPERATIONAL UPDATE - FARMING SUPPORT VESSELS (FSV) CONVERSION OF FSV'S TO SMOLT TRANSFER

*2 shifts requires adjustments and additional capex

Operational Update Scotland

OPERATIONAL UPDATE - HIGH-LEVEL TURNAROUND PLAN	SCOTLAND
Critical	Past	Current	Future
Quality smolt (large & healthy)	Swim through rd 3 party smolt < 100g smolt	> 200g smolt 10m smolt BUT lost year	100% RAS end 2026 16m smolt by 2027 > 200g smolt
Competitiveness	Past	Current	Future
Full utilisation of assets	Small sites Old assets Limited treatment	Streamlined sites Replaced assets BUT short on smolt	All sites fully stocked Quality large smolt Shorter cycles
Cost control	Long cycles Harvest capacity Costly treatment	Resized harvest Treatment savings Market tested costs	Benchmarked to peer Economies of scale Large smolt < cost
Production flexibility	2 processing sites Limited VAP No freezing	1 processing site Capacity constraint No VAP/freezing	Modern, flexible harvest/VAP facility BUT location challenge

FRESHWATER

- Technical design issues & construction delays pushed smolt plan back more than 12 months

- Construction due to complete Q4 2025 • Normal freshwater cycle is around 5 quarters from ova input to smolt output

OPERATIONAL UPDATE - SCOTLAND EARLY DATAPOINTS ON LARGE-SMOLT

1 st batch of large smolt input in Jan 2025

• Growth very strong versus previous inputs in same site & • Double the MW at same point in cycle

Jellyfish (count) - 50 100 150 200 250 300 350

Lactate (stress/gill function indicator)

OPERATIONAL UPDATE - SCOTLAND DERISKING AND RAMP-UP

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Stabalise, ramp-up and grow

• from large smolt
• move to 500g

HARVEST & PROCESSING

Sustainability

SALMON IS THE SUSTAINABLE PROTEIN CHOICE TRANSPARENT INSIGHT INTO BAKKAFROST'S CLIMATE IMPACT FROM FEED TO FOOD

GROWING WHILE REDUCING OUR EMISSIONS WE AIM TO DECOUPLE CARBON EMISSIONS FROM OUR PRODUCTION

Bakkafrost GHG commitments:

DELIVERING ON OUR CLIMATE STRATEGY FROM 2030 SBTI COMMITMENTS TO NET-ZERO BY 2050 Climate Transition Plan • Alignment with ESRS • Charts net-zero pathway • Detailed emissions model • Prioritised decarbonisation levers • Linked to capital planning

Group-wide

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2030 2040 2050

Applecross hatchery, Scotland • 100% renewable energy • Converts sludge to biochar DecarbFaroe Initiative • Carbon Capture pilot in basalt rock Eysturlund Wind Farm (Pending approval) • 100 MW Flagship Decarbonisation Projects

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"A vital step in transforming Bakkafrost's operations for a low-carbon future." ¹¹⁵

Technology & Digitalisation

TECHNOLOGY & DIGITALISATION

BAKKAFROST HAS A HIGHLY DIGITALISED AND AUTOMATED VALUE CHAIN

Automations and AI

• Central feeding stations powered by AI and machine learning • Testing AI in hatcheries to improve energy efficiency and biology optimization • Real-time monitoring devices in all farming pens • Sea lice simulation models for early detection and treatments • ROV's and integrated automation with robots, sensors etc.

Strong in-house capabilities

• AI-empowered systems development ensures rapid development • Operations Technology team developing cost-efficient and advanced technological solutions • Vendor-independent and ISO 27001 certified • 24/7/365 surveillance and emergency response readiness • Strategic focus on owning and developing key technologies

TECHNOLOGY & DIGITALISATION

LEVERAGING ON DATA AND AI AS THE WORLDS MOST VERTICALLY INTEGRATED SALMON FARMER

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- main data centers

One Company

One Culture

One Team

WE DELIVER ON OUR MISSION

GROWING PRODUCTION AND SOLID PRICE ACHIEVEMENT

- Sale of fish feed and meal almost tripled • Achieving a solid price premium for our salmon

Source: Kontali, Fishpool, Bakkafrost