Bakkafrost P/f — Earnings Release 2021

Nov 9, 2021

Q3 2021

BAKKAFROST GROUP Glyvrar 9 November 2021

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 Q3 2021

MARKETS AND SALES SEGMENT INFORMATION FINANCIALS & ESG

OUTLOOK

APPENDIX

	 14,937 tgw in Q3 2021 (11,135 tgw in Q3 2020) Harvest in the Faroe Islands (FO):
	 Harvest in Scotland (SCT): 6,914 tgw in Q3 2021 (10,476 tgw in Q3 2020)
Operation	 Feed sales of 44,973 tonnes in Q3 2021 (39,869 tonnes in Q3 2020)
	 Raw material purchase of 17,224 tonnes in Q3 2021 (24,101 tonnes in Q3 2020)
Revenues and	 Revenues of DKK 1,272.4 million in Q3 2021 (DKK 1,123.1 million in Q3 2020)
Operational EBIT	 Operational EBIT** of DKK 70,5 million in Q3 2021 (DKK 102.7 million in Q3 2020)
Cash Flow	 of DKK 267 million in Q3 2021 (DKK 104.5 million in Q3 2020) Cash flow from operations
Segments	 Positive operational EBIT for Farming FO, Value Added Products and Fishmeal, Fish Oil and Fish Feed segments, but negative operational EBIT for Farming SCT.

*) Including internal sales of 42,980 tonnes in Q3 2021 (34,353 tonnes in Q3 2020)

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

SUMMARY OF THE QUARTER LOWER OPERATIONAL EBIT DRIVEN MAINLY BY FARMING SCOTLAND

12.43 12.56 -16.32 5.84 2.89 -3.89 Q3 2020 Q3 2021 OPERATIONAL EBIT/Kg (NOK) Farming Faroe Islands Farming Scotland VAP

EBITDA margin

(DKK million)	Q3 2021	Q3 2020	YTD 2021	YTD 2020
Operating revenue	1,272	1,123	4,066	3,513
Operational EBITDA	194	188	1,081	853
Operational EBIT	71	103	702	533
Profit for the period	131	177	967	501
Operational EBITDA margin	15.2%	16.7%	26.6%	24.3%
Operational EBIT margin	5.5%	9.1%	17.3%	15.2%
Operational EBIT/Kg (Farming FO) (NOK)	12.56	12.43	18.37	15.90
Operational EBIT/Kg (Farming FO and VAP) (NOK)	13.59	15.24	21.07	18.36
Operational EBIT/Kg (VAP) (NOK)	2.89	5.84	8.07	5.05
Operational EBIT/Kg (Farming SCT) (NOK)	-16.32	-3.89	-2.00	1.68
EBITDA margin (Fishmeal, -oil and Feed)	20.0%	14.4%	17.7%	15.1%

Group Operational EBIT was DKK 71 million in Q3 2021, compared to DKK 103 million in Q3 2020

SUMMARY OF Q3 2021

MARKETS AND SALES

SEGMENT INFORMATION

FINANCIALS & ESG

OUTLOOK

APPENDIX

MARKETS & SALES TOTAL SALES TO ASIA AND EASTERN EUROPE INCREASED – OTHER MARKETS DECREASED

North America

		Q3 2021			Q3 2020			YTD 2021			YTD 2020
salmon by markets	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
Western Europe	65%	88%	71%	56%	92%	71%	65%	80%	69%	57%	89%	69%
North America	17%	6%	14%	24%	7%	16%	16%	10%	14%	24%	6%	17%
Asia	9%	6%	8%	9%	0%	5%	9%	9%	9%	13%	1%	8%
Eastern Europe	9%	0%	7%	11%	0%	6%	10%	1%	8%	6%	0%	4%
Rest of world	0%	0%	0%	0%	2%	1%	0%	0%	0%	0%	4%	2%
Fresh salmon only		Q3 2021			Q3 2020			YTD 2021			YTD 2020
by markets	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total	FO	SCT	Total
Western Europe	64%	88%	70%	29%	92%	66%	61%	78%	66%	28%	89%	62%
North America	18%	5%	15%	38%	7%	19%	18%	11%	16%	41%	6%	21%
Asia	12%	7%	10%	14%	0%	6%	12%	11%	12%	22%	1%	10%
Eastern Europe	6%	0%	5%	19%	0%	8%	9%	0%	6%	10%	0%	4%

Rest of world 0% 0% 0% 0% 2% 1% 0% 0% 0% 0% 4% 2%

Declining spot prices throughout the quarter

Global harvest grew 5% y/y

Change in global market [volume harvested and market price]

4% increase in total quarterly harvest

• 6% increase in supply to the markets, taking inventory movements into account
• 14% increase in European harvest
• 15% increase in Norway
• Strong growth in the Faroes and Iceland
• 15% decrease in American harvest
• 17% decrease in Chile
• 9% decrease in Canada
• Limited inventory movements in the quarter

SUPPLY DEVELOPMENT	Q3 2021	Q3 2020	Change %
Norway	371	322	15,2 %
UK	49	49	-0,4 %
Faroes	21	16	33,1 %
Iceland	8	6	39,1 %
Ireland	3	4	-27,1 %
Total Europe	453	398	13,9 %
Chile	149	179	-16,6 %
Canada	31	34	-8,5 %
USA	5	5	5,6 %
Total Americas	185	217	-14,9 %
Other	29	24	21,9 %
Total (Harvested quantity)	667	639	4,4 %
Inventory movements	-4	-11	-67,4 %
Total (Sold Quantity)	664	628	5,7 %

5% increase in the EU

• Low compared to 14% harvest growth in Europe
• EU consumed larger than normal share last year due to Covid-19

11% increase in the US

• High compared to 15% reduction in American harvest
• Strong demand in retail and food service

Salmon markets, sold quantity (head on gutted - HOG)

	Estimated volumes		Q2 comparison Estimated volumes			H1 comparison
Markets	Q3 2021 E	Q3 2020	Volume	%	H1 2021	H1 2020	Volume	%
EU + UK	310.800	295.800	15.000	5%	521.900	463.600	58.300	13%
USA	144.300	130.500	13.800	11%	289.800	241.200	48.600	20%
Russia	17.000	21.400	-4.400	-21%	40.000	28.800	11.200	39%
Japan	14.800	16.800	-2.000	-12%	31.500	28.100	3.400	12%
Greater China	28.400	21.100	7.300	35%	49.400	59.200	-9.800	-17%
ASEAN	17.200	17.100	100	1%	41.000	34.400	6.600	19%
Latin America	43.900	42.900	1.000	2%	94.900	73.600	21.300	29%
Ukraine	7.900	5.700	2.200	39%	13.700	8.600	5.100	59%
Other markets	79.500	76.700	2.800	4%	144.000	137.800	6.200	4%
Total all markets	663.800	628.000	35.800	5,7 %	1.226.200	1.075.300	150.900	14,0 %

Comments:

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

All figures above are in tonnes hog, and are rounded to the nearest 100 tonnes.

High growth in China

Very low consumption in 2020

Large drop in Russia and Japan

Reduced supply from Chile

SHORT TERM SUPPLY OUTLOOK

Expected drop in global harvest next quarters

Around 8% growth in Europe in Q4 2021

Flat development expected in 1H 2022

Drop expected in Americas next quarters

• Driven by Chile
• Temporary low smolt release 2H 2019/1H 2020

TOTAL Change same period last year

SUPPLY - TOTAL

SUMMARY OF Q3 2021

MARKETS AND SALES

SEGMENT INFORMATION

FINANCIALS & ESG OUTLOOK APPENDIX

FARMING – HARVEST VOLUME INCREASED HARVEST IN FO AND DECREASED IN SCT – INCREASED AVG. SMOLT SIZE

Harvest Volumes tonnes [HOG]	Q3 21	Q3 20	YTD 21	YTD 20
FO - North Region	2,862	5,337	16,814	24,543
FO - West Region	7,756	4,681	23,349	7,450
FO - South Region	4,319	1,117	6,361	2,750
FO – Total	14,937	11,135	46,523	34,743
SCT	6,914	10,476	24,550	25,681
Total (FO & SCT)	21,851	21,611	71,073	60,424

Sea water Temperatures at 18m depth in the Faroe Islands

FARMING – OPERATIONAL PERFORMANCE HIGHER OPERATIONAL EBIT AND OPERATING REVENUE IN FO LOWER OPERATIONAL EBIT AND OPERATING REVENUE IN SCT

Farming FO (DKK million)	Q3 21	Q3 20	YTD 21	YTD 20
Operating revenue	759	530	2,366	1,737
Operational EBIT	135	97	622	385
Operational EBIT margin	18%	18%	26%	22%

Farming SCT (DKK million)	Q3 21	Q3 20	YTD 21	YTD 20
Operating revenue	356	417	1,237	1,206
Operational EBIT	-81	-28	-36	30
Operational EBIT margin	-23%	-7%	-3%	2%

FARMING – OPERATIONAL PERFORMANCE

Margin - EBIT per kg total harvested quantity [NOK/kg]

2021 2020

• FO: Deliberate early harvest of small fish from A72 Haraldsund to synchronise production cycle with A73 Vidareidi – to reduce risk forward. Delay in implementation of new delousing system on M/S Martin caused challenges in the quarter.
• SCT: Environmental blooms (microjelly/hydrozoan zooplankton) and AGD causing significant gill issues and high mortality at three sites during Q3 and early Q4

Freight per kilo sold fresh salmon (FO) [Q3 2019 = Index 100]

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

Volumes (tonnes) Revenue (mDKK) Operational EBIT (mDKK) Operational EBIT/kg (NOK) % of harvest volume for VAP 5,346 0% 5,334 247 8% 267 22 11 5.84 2.89 48% 35% -49% -49% Q3 2020 Q3 2021

(DKK million)	Q3 21	Q3 20	YTD 21	YTD 20
Operating revenue	267	247	836	829
Operational EBIT	11	22	91	60
Operational EBIT margin	4%	9%	11%	7%
Farming FO transferred to VAP (tgw)	5,299	5,313	15,481	17,141
VAP produced (tgw)	5,334	5,346	15,577	16,906

Margin - EBIT per kg total VAP produced [NOK/kg]

FISHMEAL, OIL AND FEED (FOF) LOWER RAW MATERIAL SOURCING AND HIGHER SALES OF FEED AND FISHMEAL

Raw material sourced (tonnes)

(DKK million)	Q3 2021	Q3 2020	YTD 2021	YTD 2020
Operating revenue	557	481	1,226	1,060
EBITDA	111	69	217	160
EBITDA margin	20%	14%	18%	15%
Feed sold (tonnes)*	44,973	39,869	95,962	81,113
Fishmeal sold external (tonnes)	2,840	2,701	13,007	17,175

* Including internal sales, corresponding to 95.6% of feed volumes in Q3 2021 (Q3 2020: 86.2%)

MARKET CONDITIONS FEED SIGNIFICANT INCREASE IN INTERNAL FEED SALES

Raw material (tonnes)

Volumes of raw material purchase and feed sale [tonnes]

Market fluctuations

Fishmeal price and fish oil price increased in Q3 2021, compared to the same quarter last year.

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

Source: Holtermann

SUMMARY OF Q3 2021

MARKETS AND SALES

SEGMENT INFORMATION

FINANCIALS & ESG

OUTLOOK

APPENDIX

GROUP PROFIT AND LOSS HIGHER REVENUE – REDUCED OPERATIONAL EBIT AND PROFIT

(DKK million)	Q3 2021	Q3 2020	YTD 2021	YTD 2020
Operating revenue	1,272	1,123	4,066	3,513
Operational EBITDA	194	188	1,081	853
Operational EBIT	71	103	702	533
Fair value adjustment of biological assets	114	124	575	140
Onerous contracts	0	0	0	0
Income from associates	8	0	12	0
Revenue tax	-31	-9	-92	-51
EBIT	162	218	1,197	622
Net Financial items	-3	-23	-15	-36
EBT	158	195	1,181	585
Taxes	-27	-18	-214	-85
Profit for the period	131	177	967	501
Operational EBITDA margin	15.2%	16.7%	26.6%	24.3%
Operational EBIT margin	5.5%	9.1%	17.3%	15.2%
Operational EBIT/kg (Farming FO and VAP) (NOK)	13.59	15.24	21.07	18.36
Operational EBIT/kg (Farming Scotland) (NOK)	-16.32	-3.89	-2.00	1.68
EBITDA margin (fishmeal, oil and feed)	20.0%	14.4%	17.7%	15.1%

* Operational EBITDA and EBIT aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax.

OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

Operational EBIT* (mDKK)

2017	2018	2019	2020	2021
1,378	1,075	1,325	622	702

Adjusted EPS** (DKK)

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

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

BALANCE SHEET

(DKK million)	Q3 2021	End 2020
Intangible assets	4,495	4,493
Property, plant and equipment	4,742	4,221
Right of use assets	309	353
Financial assets	132	122
Long-term receivables	8	8
Deferred tax assets	0	27
Biological assets	2,703	2,117
Inventory	690	776
Financial derivatives	6	0
Receivables	646	490
Other receivables	153	134
Cash and cash equivalents	373	467
Total Assets	14,259	13,208
Equity	9,524	8,729
Deferred tax and other taxes	1,409	1,222
Long-term interest-bearing debt	2,360	2,220
Long-term leasing debt	247	265
Financial derivatives	3	11
Short-term leasing debt	93	131
Accounts and other payables	622	629
Total Equity and Liabilities	14,259	13,208

CASH FLOW

(DKK million)	Q3 2021	Q3 2020	YTD 2021	YTD 2020
Cash flow from operations	267	105	936	581
Cash flow from investments	-310	-176	-823	-473
Cash flow from financing	-136	63	-207	-972
Net change in cash	-180	-8	-94	-864
Cash at the end of the period	373	446	373	446
Undrawn facilities	1,439	2,163	1,439	2,163

NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q3 2021

NIBD was increased by:

Net investments (mDKK 310)

NIBD was decreased by:

• Cash flow, operating activities (mDKK -130)
• Change in working capital (mDKK -97)

Development in NIBD in DKK millions

NIBD and available funding

Financing end Q3 2021

• NIBD: DKK 1,986 million
• Bank facilities of EUR 463 million, and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 1,439 million

Q3 ESG UPDATE

Bakkafrost sets a NetZero GHG emission target for 2050

Farming supply vessel M/S Bakkanes put in operation in Scotland to do mechanical delousing

In October, the North East Atlantic Blue Whiting Fishery Improvement Project (FIP) is accepted into the MarinTrust Improver Programme, hence paving the way for regained MSC certfification

SUMMARY OF Q3 2021 MARKETS AND SALES SEGMENT INFORMATION FINANCIALS & ESG

OUTLOOK

APPENDIX

OUTLOOK

Market

• Global harvest:
• increased 4.6% in Q3 2021 vs Q3 2020
• expected to decrease 4% in Q4 2021
• expected to be flat in H1 2022
• expected to increase 9% in H2 2022

Farming

• Harvest:
• In 2021, Bakkafrost expects to harvest HOG 96,000 tonnes (Faroe Islands: 66,000 and Scotland: 30,000)
• In 2022, Bakkafrost expects to harvest HOG 103,000 tonnes (Faroe Islands: 68,000 and Scotland: 35,000)
• Smolt release:
• In 2021, Bakkafrost expects to release 25.5 million smolts (Faroe Islands: 14.5 and Scotland: 11.0)
• In 2022, Bakkafrost expects to release 25.8 million smolts (Faroe Islands: 15.0 and Scotland: 10.8)

Contracts

For 2022, Bakkafrost has signed contracts for around 21% of the total expected harvest volumes in the Faroe Islands and Scotland

Fishmeal, Oil and Feed

• Feed sales are expected to be around 130,000 tonnes in 2021, and are expected to be on the same level in 2022
• Fishmeal and fish oil volumes are expected to be lower in 2022 than in 2021

Business development / Investment programme

• Headlines from Capital Markets Day on 14-15 September 2021:
• During 2022-2026, DKK 6.2 billion will be invested in the Faroe Islands and Scotland
• Improve the operation in Scotland
• Pursue sustainable organic growth in the Faroe Islands and Scotland

SUMMARY OF Q3 2021 MARKETS AND SALES SEGMENT INFORMATION FINANCIALS & ESG

OUTLOOK

APPENDIX

LAND BASED FARMING EXPANSION TO 16 KT

S16 Glyvradalur capacity expansion in progress

In operation in 2023 1.9kt ~ 3.8m smolt á 500g

S03 Norðtoftir capacity expansion in progress

• In operation in 2023
• 2.8kt ~ 5.3m smolt á 500g

S24 Strond capacity expansion finalised

• Full operation 2021 ~ 9m smolt á 500g
• 10 unrelated departments, building of 320m x 80m

FS1336 Applecross, Scotland

• RAS expansion
• Expected to be in operation in 2023 5kt ~ 10m smolt @ 500g

Total consent has increased by 11.6% (7,742 tonnes) since the acquisition in Q4 2019

Total consent is 74,765 tonnes in 44 farming sites:

North: 24 sites / 44,415 tonnes consent

• Uist, 5 sites
• Sky & mainland, 6 sites
• Loch Roag, 7 sites
• East Lewis & Harris, 6 sites

South: 20 sites / 30,350 tonnes consent

• Mull and Gigha, 6 sites
• Loch Striven and Arran, 4 sites
• Loch Fyne, 10 sites

SCOTLAND – STRATEGIC RATIONALE

• 1. Provides access to the attractive Scottish farming region
• Niche and differentiated region
• High quality salmon from Scottish Provenance priced at a premium
• 2. Creating a differentiated global leader in premium salmon
• Exposure to two geographies, Faroe Islands and Scotland
• Premium brands West Strome,Scotland

SCOTLAND – STRATEGIC RATIONALE

3. Potential for significant improvement

• Scottish Salmon profitability to improve over a five-year period through transfer of best practices
• Synergies
• Targeted investment programmes

4. Financially attractive

Acquiring the business at a reasonable value, multiple to the sector and Bakkafrost

Investments per kg (DKK)

Faroe Islands:

• Hatchery capacity (2026 capacity: +23m smolt at 500g)
• Increase feed capacity to cater 200,000 tonnes (HOG) harvest
• Flexibility for further expansion to 290kt (HOG) harvest
• 7,000m3 multi-purpose well boat
• Seawater expansion investments, including offshore
• Broodstock facility

Scotland:

• Hatchery capacity (+18m smolt at 500g in 2026)
• Processing plant
• Treatment vessels
• Marine Site development

Planned investment profile is subject to necessary agreements being secured with responsible authorities

Planned investment profile 2022-2026 (DKK 1,000)

Marine Freshwater & Broodstock FOF Other Processing FSV

• Value chain syncronised at 180kt capacity in 2026
• Extra capacity as "insurance" & flexibility and for growth:
• Broodstock (flexibility and future growth)
• Smolt (flexibility and future growth)
• Treatment (improved ability to deal with biological issues)
• Vessel transportation (flexibility and future growth)

• Primary processing (market flexibility)

• Transportation (flexibility and future growth)

²⁰²⁶ 2022 2018

INVESTING IN SUSTAINABLE GROWTH

150,000 TONNES HARVEST IN 2026, FAROE ISLANDS AND SCOTLAND COMBINED

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

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN

Expected supply growth in 2021

• 8% growth in Global supply
• 14% growth in European supply
• -3% growth in supply from Americas

2018 2019 2020 2021E 2022E Norway 1,129 1,198 1,223 1,364 1,417 UK 137 171 160 188 185 Ireland 13 14 14 14 14 Iceland 12 22 27 42 44 Faroes 64 78 72 93 95 Total Europe 1,355 1,484 1,496 1,701 1,755 Chile 598 601 657 630 653 Canada 131 124 123 125 121 USA 17 19 18 15 13 Total Americas 747 744 798 770 787 Others 65 71 92 106 119 Total (Sold Quantity) 2,167 2,299 2,386 2,578 2,662 Supply growth - Global 6% 6% 4% 8% 3% Supply growth - Europe 1% 10% 1% 14% 3% Supply growth - Americas 18% 0% 7% -3% 2%

Salmon Markets (head on gutted - HOG)

Global Supply of Atlantic Salmon (head on gutted - HOG)

	2018	2019	2020	2021E	2022E
EU+UK	949	1,017	1,071	1,160	1,197
USA	435	468	505	574	605
Japan	54	53	64	64	66
Russia	89	78	79	80	85
Others	640	682	666	700	708
Total (Sold Quantity)	2,167	2,298	2,385	2,578	2,661

Comments:

All figures are in hog-equivalents and thousand tonnes.

Figures represents sold quantity of Atlantic Salmon from each producing country

Source: Kontali

Q3 2021 MARKET ENVIRONMENT

Increased market prices compared to Q3 2020

• Nasdaq Norway price EUR 5.3 in Q3 2021
• Strong growth in European supply
• 19% up vs. Q3 2020
• 15% reduction vs. Q2 2021
• Urner Barry East Coast price continued to rise
• Strong reduction in American supply
• 35% up vs. Q3 2020
• 5% up vs. Q2 2021
• Limited currency effect in the quarter

MARKET CURRENCY	Q3 2021	Q3 2020 Change %
Nasdaq Norway (EUR)	5.29	4.47	18.5 %
UB North East US 14-16lb HOG (USD per kg)	10.29	7.62	35.0 %

DKK	Q3 2021	Q3 2020	Change %
Nasdaq Norway	39.36	33.25	18.4 %
UB North East US 14-16lb HOG (per kg)	64.93	48.58	33.7 %

PRICE NORWAY

PRICE US – NORTH EAST

Source: Kontali

DEVELOPMENT PER QUARTER

	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
(mDKK)	2019	2019	2020	2020	2020	2020	2021	2021	2021
Revenue	996	1,605	1,255	1,134	1,123	1,183	1,176	1,618	1,272
Operational EBIT	303	415	248	182	103	89	224	407	71
Profit/Loss	181	220	-148	472	177	-38	408	428	131
Harvest FO (tgw)	12,938	17,930	10,667	12,941	11,135	15,957	14,025	17,561	14,937
Harvest SCT (tgw)		7,925	7,268	7,937	10,476	9,305	7,002	10,634	6,914
Op. EBIT Farming FO & VAP (NOK/kg)	26.25	28.25	25.10	15.34	15.24	12.92	21.48	26.93	13.59
Op. EBIT Farming FO (NOK/kg)	23.61	25.49	26.51	9.79	12.43	5.66	14.10	26.52	12.56
Op. EBIT VAP (NOK/kg)	9.23	11.72	-2.97	11.06	5.84	17.31	18.56	1.53	2.89
Op. EBIT Farming SCT (NOK/kg)		3.09	5.70	5.36	-3.89	-8.41	-1.23	6.75	-16.32
Equity ratio	68%	65%	66%	69%	68%	66%	68%	67%	67%
NIBD	-1,271	1,019	988	1,116	1,257	1,753	1,939	1,903	1,986

Dividend

• The dividend for 2020 of DKK 3.65 (NOK 4,96) per share was paid out on 30 April 2021.
• Dividend payment equals 59% of adjusted EPS.

Dividend policy

• Competitive return through:
• Dividends
• Increase in the value of the equity
• Generally, Bakkafrost shall pay dividend to its shareholders
• A long-term goal is that 30–50% of adjusted EPS shall be paid out as 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

Dividend per share in % of adj. EPS*

Dividend per share (DKK)***

Facilities and locations

FAROE ISLANDS

• 18 islands – 1,387 km²
• 53,498 inhabitants (Sept 2021)
• Home rule – within the Kingdom of Denmark
• Part of the Danish monetary union, Danish krone (DKK)

Key sectors (% of wage earners, M5 2021)

• Service/public admin.: ~35%
• Private service: ~31%
• Construction: ~16%
• Fish & aquaculture: ~18%
• Unemployment rate (July 2021): 1.2%
• Total working force (2020): 31,793
• GDP: DKK ~20.9bn (2019)
• GDP/capita: DKK 403,300 (2019)
• (Norway: DKK 505,961) (2019)

Total export of fish products (2020)

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

TAXES

• Total percent of GDP: 41.8% (2016)
• Corporate tax: 18%
• Farming revenue tax: 5.0% of revenues after 1 January 2019 The tax is applied as follows (IMP ~ International market price):
• If the IMP is above DKK 36 per kilo, the tax is 5%
• If the IMP is between DKK 32 and DKK 36 per kilo, the tax is 2.5%
• If the IMP is lower than DKK 32 per kilo, the tax is 0.5%

Restriction on single foreign ownership of 20% in farming companies

One company may max. control 50% of the licences in the Faroe Islands

Source: Hagstova Føroya

BAKKAFROST / Q3 2021 PRESENTATION Page 44