Bakkafrost P/f

Investor Presentation • Aug 26, 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 Q2 2025 (Q2 2024)

SUMMARY Q2 2025 (Q2 2024)
Revenues and Operational EBIT	 Revenue of DKK 1,575 million (DKK 2,067 million)  Operational EBIT* of DKK 65 million (DKK 388 million)
Operation	 Harvest in the Faroe Islands: 16,020 tgw (10,226 tgw)  Harvest in Scotland: 7,034 tgw (11,366 tgw)  Feed sales: 37,533 tonnes (32,949 tonnes)  External fish oil sales: 5 tonnes (6 tonnes)  External sale of fish meal: 9,008 tonnes (15,764 tonnes)  Sourcing of marine raw material: 159,951 tonnes (90,575 tonnes)
Cash Flow	 Cash flow from operations of DKK -204 million (DKK 1,036 million)
Segments	 Positive operational EBIT for all segments in Q2 2025, except for Freshwater Scotland and Farming Scotland.
Dividend	 Dividend of DKK 8.44 (501 mDKK) paid out in Q2 2025
	) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax *) Including internal sales of 37,048 tonnes (32,624 tonnes)

4

SUMMARY OF Q2 2025

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

INCREASE SUPPLY OF SUPERIOR FISH CAUSING DOWNWARD PRESSURE ON PRICES

Source: Kontali

GLOBAL MARKETS SOLD VOLUMES INCREASED BY 17%

EU/UK: 13% consumption increase

Significantly below European supply increase (24%)

Strong demand in the US

• 12% consumption increase
• Well above American supply change
• Expectation of limited impact from US tariffs

Large increase in supply sold to Asia

Growth in Latin America after weak period

Salmon markets, sold quantity (head on gutted weight)

Salmon markets, sold quantity (head on gutted weight)
		Estimated volumes
Markets	Q2 2025 E	Q2 2024
EU	275	244
USA	153	137
Russia		14 9
Japan		13 10
Greater China		48 31
ASEAN		20 15
Latin America		49 45
Ukraine		4 2
Other markets Total all markets	658	83 72 564

GLOBAL HARVEST INCREASED BY 18% SUPPLY TO THE MARKETS BY 17% Norway – Warm seawater and strong biology Scotland – Stabilised after recent, large step-up

18% increase in global harvest volumes

• Exceptional growth in Europe
• Rebound in Chile after weak 2024

24% increase in European harvest volumes

-

• Chile Strong rebound after slow 2024

9% increase in American harvest

• Limited absolute changes in North-America

Increased frozen inventories in Chile Source: Kontali

GLOBAL HARVEST INCREASED BY 18% SUPPLY TO THE MARKETS BY 17%
18% increase in global harvest volumes	Supply Development	Q2 2025		Q2 2024 Change %
 Exceptional growth in Europe
	Norway	355	281	26.7 %
 Rebound in Chile after weak 2024	UK	50	52	-2.6 %
	Faroes Iceland	25 8	17 3	51.1 % 140.5 %
	Ireland	6	6	9.4 %
24% increase in European harvest volumes	Total Europe	446	358	24.3 %
 Norway – Warm seawater and strong biology
	Chile Canada	166 28	143 34	15.4 % -19.1 %
 Scotland – Stabilised after recent, large step-up	USA	5	5	11.5 %
 Faroes – Large ongoing step-up driven by large smolt strategy	Total Americas	199	183	8.8 %
	Other	24	25	-2.5 %
	Total (Harvested quantity)	669	566	18.1 %
9% increase in American harvest
 Chile – Strong rebound after slow 2024	Inventory movements	-11	-2	459.1 %
 Limited absolute changes in North-America	Total (Sold Quantity)	657	564	16.6 %

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	LOWER REVENUE AND OPERATIONAL EBIT
Q2 2024	Q2 2025	(DKK million)	Q2 25	YTD 25	Q2 24	YTD 24
Revenue (mDKK)		Operating revenue	1,575	3,474	2,067	4,273
2,067 -492	1,575	Operational EBITDA*	258	952	556	1,435
		Operational EBIT*	65	570	388	1,098
Operational EBIT (mDKK)		Fair value adjustment of biological assets	-187	-563	-393	-463
388 -323	65	Income from associates	14	16	2	2
Fair value of biomass (mDKK)		Revenue tax	-25	-104	-84	-196
-393 206	-187	EBIT	-133	-81	-87	441
		Net Financial items	-59	-147	-52	-98
Profit after tax (mDKK)		EBT	-192	-228	-139	343
-117 -21	-138	Taxes	53	84	23	-58
		Profit for the period	-138	-144	-117	284

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

Q2 25	End 2024
4,511	4,518
6,918	6,733
925	321
320	334
588	590
2,589	3,139
993	671
20	0
333	649
206	239
205	481
17,609	17,674
10,421	11,157
1,955	2,037
4,029	3,481
867	234
0	3
54	65
283	698
17,609	17,674

CASH FLOW

	Q2 2024	Q2 2025
Cash flow, operations (mDKK)	1,036 -1,240	-204
Cash flow, investments (mDKK)	-241 3	-238
Cash flow, financing (mDKK)	-759 1,156	397

(DKK million)	Q2 25	YTD 25	Q2 24	YTD 24
Cash flow from operations	-204	386	1,036	1,712
Cash flow from investments	-238	-541	-241	-479
Cash flow from financing	397	-120	-759	-1,037
Net change in cash	-45	-275	36	196
Cash at the end of the period	205	205	608	608

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q2 2025

NIBD was increased by:

• Net investments (mDKK 238)
• Dividend payout (mDKK 501)
• Change in Working Capital (mDKK 460)

NIBD was decreased by:

• Operating Activities (mDKK -163)

Financing end Q2 2025

• NIBD: DKK 3,824 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 1,562 million

Development in NIBD in DKK millions 2,788 238 501 460 -163 3,824 NIBD Q1 2025 Net Investment Dividend Δ Working Capital Operating activities NIBD Q2 2025 - ⁵⁰⁰ 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

OPERATIONS

OUTLOOK APPENDIX

Bakkafossur, Faroe Islands

Source: Holtermann

(FISHMEAL, OIL AND FEED)
FOF STRONG FEED SALES AND INVENTORY BUILDING
Q2 YTD Q2 Q/Q material sourcing vs. feed sale (tonnes) Volumes	YTD
Raw 2025 2025 2024 change 200,000 50,000 Volumes of raw material purchase and feed sale	2024
Marine raw material sourced 77% 159,951 269,453 90,575 40,000	227,449
Feed sold (tonnes)* 14% 37,533 68,871 32,949 150,000 Fishmeal sold external (tonnes) -43% 9,008 12,656 15,764	59,995 28,792

*Including internal sales, corresponding to 99% of feed volumes in Q2 2025 (Q2 2024: 99%) 20,000

10,000	Margin
	Operational EBIT	-21%	89	153	112	289
	Operational EBIT margin	-18%	13%	13%	16%	20%

Sourcing of raw material (tonnes)

Good capacity in hatcheries

utilisation and efficiency

-

• lower 90d post-transfer mortality

FRESHWATER – FAROE ISLANDS
STRONG QUARTER WITH INCREASING SMOLT TRANSFER	AND CONTINUED SMOLT QUALITY IMPROVEMENT
		Q/Q	Q2	YTD	Q2	YTD
	Volumes	change	2025	2025	2024	2024
Good capacity in hatcheries	Transfered number of smolt (million)	35%	5.4	8.6	4.0	6.1
	Average weight (g)	20%	464	447	391	398

Margin
Operational EBIT (mDKK)	15%	85	142	74	95
Operational EBIT/KG (NOK)	-29%	52.09	56.77	73.19	60.64
Operational EBIT margin	-4%	36%	36%	40%	34%

FRESHWATER – SCOTLAND INTERNALLY PRODUCED SMOLT AVERAGING 243G IN Q2 2025 • Ramping up production

Applecross hatchery:

-

Smolt transfer:

• Planned smolt transfer in 2025 is 7 million @>200g avg. (Smolt transfer plan and production strategy is currently under review by the new Group Freshwater Management) • Self-sufficiency of large high-quality smolt • Parallel trials with different strains and sizes

Smolt strategy

-

INTERNALLY PRODUCED SMOLT AVERAGING 243G IN Q2 2025
	Volumes	Q/Q	Q2	YTD	Q2	YTD
Applecross hatchery:	Transferred number of smolt (million)	change -40%	2025 0.9	2025 1.5	2024 1.5	2024 3.1
	Average weight (g) All transferred	79%	170	170	95	108
• Ramping up production	Average weight (g) Internally produced	255%	243	227	95	107
• Applecross phase 5 and 6 in operation
• All remaining construction (AP 7) completed in H2-2025	Margin
	Operational EBIT (mDKK)	-132%	-72	-71	-31	-65
	Operational EBIT/KG (NOK)	-114%	-726.77	-437.75	-338.99	-301.63
Smolt transfer:	Operational EBIT margin	-252%	-342%	-194%	-90%	-101%

Margin
Operational EBIT (mDKK)	-132%	-72	-71	-31	-65
Operational EBIT/KG (NOK)	-114%	-726.77	-437.75	-338.99	-301.63
Operational EBIT margin	-252%	-342%	-194%	-90%	-101%

Exceptional mortality in Q2 2025

-

- construction work

Organisational changes

• Faroese Freshwater organisation
• (Faroes)
• Applecross (relocated experienced staff from the Faroe Islands)

FARMING – FAROE ISLANDS VERY STRONG BIOLOGICAL DEVELOPMENT

-

• Strong growth YTD 42% above 2024 • Quarterly feeding 46% up Q2 2025 vs Q2 2024 vs same period 2024

FARMING – FAROE ISLANDS
VERY STRONG BIOLOGICAL DEVELOPMENT
			Q2	YTD	Q2	YTD
					2024	2024
Ring-side costs reduced 12% • YoY	Volumes	Q/Q
	Total harvest volume (tgw)	change 57%	2025 16,020	2025 34,934	10,226	24,520
Strong growth YTD 42% • above 2024	Average harvest weight (kg)	1%	4.9	5.0	4.9	5.2
Quarterly feeding 46% • up Q2 2025 vs Q2 2024
	Margin
Feeding in first 7 weeks of Q3 2025 is 31% • up	Operational EBIT (mDKK)	-98%	4	290	206	678
vs same period 2024	Operational EBIT/KG (NOK)	-99%	0.37	12.99	31.23	42.60

Margin
Operational EBIT (mDKK)	-98%	4	290	206	678
Operational EBIT/KG (NOK)	-99%	0.37	12.99	31.23	42.60
Operational EBIT margin	-27%	1%	16%	28%	35%

FARMING – SCOTLAND 45% HIGHER AVERAGE HARVEST WEIGHTS

Very strong harvest weights

Good growth (higher sea temperature)

EBIT impacted by low salmon prices

Exceptional mortality cost of 39 mDKK

2025 harvest volume target still solid

	Q/Q	Q2	YTD	Q2	YTD
Volumes	change	2025	2025	2024	2024
Total harvest volume (tgw)	-38%	7,034	13,320	11,366	18,629
Average harvest weight (kg)	45%	5.9	6.2	4.1	4.3

Margin
Operational EBIT (mDKK)	N/A	-127	-112	111	136
Operational EBIT/KG (NOK)	N/A	-28.36	-13.10	15.18	11.21
Operational EBIT margin	-52%	-40%	-16%	13%	10%

Exceptional mortality (% of Opening Biomass)

SERVICES

Services provided:

• Fish transportation
• Treatments
• Farming Support
• Harvest & Packaging

• Waste-to-biogas production

• Operational Q3 2024

• Steady improvement on smolt transfer mortality

VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE Accumulated Survivability – Smolt Transfer BF Faroe Islands Q/Q Q2 YTD Q2 YTD Margin change 2025 2025 2024 2024 Operational EBIT (mDKK) 42% 17 55 12 38 Operational EBIT/KG (NOK) 34% 1.16 1.78 0.87 1.37 Operational EBIT margin 2% 8% 13% 6% 8%

SALES & OTHER

ONE "BAKKAFROST"-BRAND AND LARGE FISH ENABLED HIGH SALE FROM SCOTLAND TO US AND CHINA

-

• 154 mDKK increase in Operational EBIT • Significantly improved margin • 3.5x sale from Scotland to China, leveraging on larger fish • Increased sale to the US for both origins

• 50% more volume (FO) transferred to VAP Q/Q Q2 YTD Q2 YTD Volumes change 2025 2025 2024 2024 Farming FO volume transferred to VAP (tgw) 50% 3,874 8,267 2,576 5,872 Volume HOG sold (t) 1% 19,180 39,987 19,016 15,685 Volume total (tgw) 7% 23,054 48,254 21,592 21,557

Margin
Operational EBIT (mDKK)	270%	97	138	-57	-59
Operational EBIT/KG (NOK)	260%	6.55	4.47	-4.10	-2.12
Operational EBIT margin	7%	4%	3%	-2%	-1%

FARMING FO & SCT: EBIT / KG YEAR OVER YEAR • Cost associated with the harvested fish (Biomass cost)

Comments

Feed, treatment & maintenance, and other harvest costs

-

Price & Volume Impact

• fish in the market • Lower feed cost on harvested fish

-

	* Included a marginal contribution from US, DK, UK and FR		Q2 2025			Q2 2024
	DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
	Operational EBIT	-146	211	65	113	275	388
	Operational EBIT/KG	-20.70	13.15	2.82	9.96	26.86	17.96
	- of which FOF	0.00	5.54	3.85	0.00	10.99	5.21
435	- of which Freshwater	-10.30	5.32	0.56	-2.71	7.21	1.99
310	- of which Farming	-18.13	0.24	-5.36	9.79	20.15	14.70
211	- of which Services	0.93	0.66	0.74	1.55	-0.54	0.56
	- of which Sales & Other	6.12	3.34	4.19	-2.45	-2.87	-2.65
	- of which Eliminations	0.67	-1.95	-1.15	3.78	-8.08	-1.84
	Scotland – Operational EBITDA
					250
71	132

OUTLOOK

European growth rate expected to drop significantly

- REDUCED GROWTH AHEAD and fewer individuals

-

Source: Kontali 27

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 17-18 June 2025

CAPEX: 5.0bn DKK (2026-2030)

• 2030: 162,000kt harvest volume
• FO: Sustainable growth, efficiency, new sites and technology Increase feed production capacity and flexibility Harvest capacity and flexibility increase Hatchery capacity of 24.4m smolt @500g
• SCT: Site expansions & optimisation New harvest and processing facility
• FSV: Improved cost-efficiency in vessel operation

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

*Since the announcement of the 2026-2030 investment plan on the CMD in 2025, some of the investments planned for 2025 will be rolled over into 2026 due to the weak market outlook short term. Consequently, the timing of other investments in the announced 2026-2030 plan have been adjusted.

2026-2030 Capex per region

2026-2030 CAPEX IS 5.0BN – 1.3 BN 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

Scotland:

-

2026-2030 Capex split across value chain (mDKK)

across the value chain

FSV (shared resource)

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

-

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):

Smolt production scaling up

-

-

Average weight (g) 0 100 200 300 400 500 600 - 2,000 4,000 6,000 8,000

33

FRESHWATER – FAROE ISLANDS ONGOING CONSTRUCTION OF NEW HATCHERY AT SKÁLAVÍK

-

-

Total FO hatchery capacity will be 12,000 tonnes

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

Skálavík August 2025, Building site in progress, first phase to start operation in H1-2026

- 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

^* Under review

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
Q2 2025: Revenue = 665M Internal Feed sale = 37,048t External Meal sale = 9,008t External Fish Oil sale = 5t	Q2 2025: Revenue = 234M Smolt transferred = 5.4M Average Weight = 464g	Q2 2025: Revenue = 730M Harvest Volume = 16,020tgw Average Weight = 4.95kg	Q2 2025: Revenue = 215M Energy produced = 4.0 GwH	Q2 2025: Revenue = 2,198M Portion in VAP = 24%
OP EBIT = 89M OP EBIT % = 13%	OP EBIT = 85M OP EBIT / KG = 33.40 OP EBIT % = 36%	OP EBIT = 4M OP EBIT / KG = 0.24 OP EBIT % = 1%	OP EBIT = 17M OP EBIT / KG = 0.74 OP EBIT % = 8%	OP EBIT = 97M OP EBIT / KG = 4.19 OP EBIT % = 4%
Key Ratios: OP EBIT / PPE = 20.9% Debt / EBITDA = 1.71x	Key Ratios: OP EBIT / PPE = 17.6% Debt / EBITDA = 1.57x	Key Ratios: OP EBIT / PPE = 38.9% Debt / EBITDA = 0.84x	Key Ratios: OP EBIT / PPE = 7.2% Debt / EBITDA = 3.61x	Key Ratios: OP EBIT / PPE = 30.9% Debt / EBITDA = 1.33x
	Volumes: Revenue = 21M Smolt transferred = 0.9M Average Weight = 170g	Volumes: Revenue = 323M Harvest Volume = 7,034tgw Average Weight = 5.87kg		Market Split – Sales: Western Europe = 51% North America = 26% Asia = 20%
	OP EBIT = (72M) OP EBIT / KG = (464.58) OP EBIT % = (342%)	OP EBIT = (127M) OP EBIT / KG = (18.13) OP EBIT % = (40%)		Eastern Europe = 2% Rest of world = 1%
 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 = (14.2%) Debt / EBITDA = (N/A)	Key Ratios: OP EBIT / PPE = (49.6%) Debt / EBITDA = (N/A)

-

-

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN
	Global Supply of Atlantic Salmon (head on gutted – HOG)
Expected supply growth in 2025
		2020	2021	2022	2023	2024	2025E
9% increase in Global supply*	Norway	1,226	1,385	1,360	1,330	1,359	1,508
	UK	160	179	145	137	170	167
10% increase in supply* from Europe	Ireland	14	14	15	13	17	18
	Iceland	27	35	42	29	42	50
6% increase in supply growth from the Americas	Faroes	72	96	89	80	91	109
	Total Europe	1,499	1,709	1,650	1,589	1,679	1,853
Including expected inventory movements
	Chile	657	639	649	665	633	675
	Canada	123	126	120	99	107	106
	USA	18	17	18	17	18	18
	Total Americas	798	781	787	781	757	799
	Others	90	105	103	104	108	115
	Total (Sold Quantity)	2,388	2,596	2,540	2,474	2,544	2,767
		4%	9%	-2%	-3%	3%	9%
		1%	14%	-3%	-4%	6%	10%
	Supply growth - Global		-2%	1%	-1%	-3%	6%
	Supply growth - Europe
	Supply growth - Americas	7%
		Salmon Markets (head on gutted –			HOG)
		2020	2021	2022	2023	2024	2025E
Comments:	EU+UK	1,073 1,159		1,137	1,084	1,145	1,212
All figures are in hog-equivalents and thousand tonnes.	USA	506	572	587	586	573	619
Figures represents sold quantity of Atlantic Salmon from each producing country	Japan	64	66	55	45	45	50

	2020	2021	2022	2023	2024	2025E
EU+UK	1,073	1,159	1,137	1,084	1,145	1,212
USA	506	572	587	586	573	619
Japan	64	66	55	45	45	50
Russia	79	86	52	62	45	56
Others	666	714	710	697	735	831
Total (Sold Quantity)	2,388	2,596	2,540	2,474	2,544	2,767

Source: Kontali

Q2 2025 MARKET ENVIRONMENT

Note:

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 Q2 2025
• Contract prices well above spot prices in the quarter
• SSB price includes sales to Asia

ESF Euronext contracts

• Spot price ended significantly below future price in Q2
• Limited change in future prices for 2H 2025
• 2026 contracts trading at EUR 7.2
• Limited number of contracts traded

Reference price/Euronext Salmon Futures Futures

DEVELOPMENT PER QUARTER

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
(mDKK)	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024	2024	2025	2025
Revenue	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	2,067	1,737	1,470	1,899	1,575
Operational EBIT	418	587	325	376	565	353	269	356	710	388	173	280	505	65
Profit/Loss	405	845	249	-154	467	-123	219	392	401	-117	-116	477	-6	-138
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	16,020
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	7,034
Equity ratio	64%	65%	64%	62%	64%	61%	61%	61%	62%	62%	62%	63%	62%	59%
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	3,824
600 500 400 300 200 100 0						7,000 6,000 5,000 4,000 3,000					1,500 1,200 900 600
-100 -200 FOF Freshwater FO	Freshwater Farming FO SCT	Farming SCT	Services	Sales & Other		2,000 1,000 0	2014 2015 2016	2020 2017 2018 2019	2024 2021 2022 2023	YTD 2025	300 0 2014	2015 2016 2017 2018	2019 2020 2021 2022	2023 2024 YTD 2025

Group Revenue (mDKK) Group Operational EBIT (mDKK)

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) Competitive return through: Dividends

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

43

		Q2 2025			Q2 2024			2025 YTD			2024 YTD
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	431	1,144	1,575	880	1,187	2,067	927	2,547	3,474	1,492	2,781	4,273
Depreciation and amortization	-81	-113	-193	-63	-105	-168	-159	-223	-382	-135	-202	-337
Operating expenses	-510	-821	-1,331	-725	-813	-1,539	-881	-1,679	-2,560	-1,231	-1,640	-2,871
Other income	14	0	14	21	6	27	35	3	38	27	0	27
Operational EBIT	-146	211	65	113	275	388	-78	648	570	152	939	1,092
Operational EBITDA	-65	323	258	176	380	556	81	871	952	288	1,141	1,429
Volume tonnes	7,034	16,020	23,054	11,366	10,226	21,592	13,320	34,934	48,254	18,629	24,520	43,149
Operational EBIT/KG	-20.70	13.15	2.82	9.96	26.86	17.96	-5.84	18.55	11.81	8.18	38.31	25.30
DKK 1.00
- of which FOF	0.00	5.54	3.85	0.00	10.99	5.21	0.00	4.39	3.18	0.00	11.80	6.70
- of which Freshwater	-10.30	5.32	0.56	-2.71	7.21	1.99	-5.35	4.05	1.46	-3.49	3.89	0.70
- of which Farming	-18.13	0.24	-5.36	9.79	20.15	14.70	-8.38	8.31	3.70	7.28	27.66	18.86
- of which Services	0.93	0.66	0.74	1.55	-0.54	0.56	1.43	1.03	1.14	0.90	0.88	0.89
- of which Sales & Other	6.12	3.34	4.19	-2.45	-2.87	-2.65	6.30	1.55	2.86	0.03	-2.44	-1.38
- of which Eliminations	0.67	-1.95	-1.15	3.78	-8.08	-1.84	0.16	-0.79	-0.53	3.46	-3.47	-0.48

DKK 1.00

				Q2 2025			Q2 2024
	50.00	DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
	25.00 0.00	Total operating revenues	431	1,144	1,575	880	1,187	2,067
	-25.00 -50.00	Depreciation and amortization	-81	-113	-193	-63	-105	-168
	-75.00	Operating expenses	-510	-821	-1,331	-725	-813	-1,539
	-100.00 -125.00	Other income	14	0	14	21	6	27
Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25		Operational EBIT	-146	211	65	113	275	388
Scotland - TGW Scotland		Operational EBITDA	-65	323	258	176	380	556
		Volume tonnes	7,034	16,020	23,054	11,366	10,226	21,592
Faroe Islands* - Operational EBIT / KG	50.00	Operational EBIT/KG	-20.70	13.15	2.82	9.96	26.86	17.96
	40.00 30.00	- of which FOF
	20.00	- of which Freshwater	0.00	5.54	3.85	0.00	10.99	5.21
	10.00	- of which Farming	-10.30	5.32	0.56	-2.71	7.21	1.99
	-	- of which Services	-18.13	0.24	-5.36	9.79	20.15	14.70
Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25		- of which Sales & Other	0.93	0.66	0.74	1.55	-0.54	0.56
Faroe Islands - TGW Faroe Islands*		- of which Eliminations	6.12	3.34	4.19	-2.45	-2.87	-2.65

-

-

OUR PILLARS AND VALUES