Bakkafrost P/f — Earnings Release 2025

Feb 9, 2026

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Q4 2025 BAKKAFROST GROUP

Oslo February 9th 2026

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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.

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SUMMARY Q4 2025 (Q4 2024)

Revenues and Operational EBIT

• Revenue of DKK 1,847 million (DKK 1,470 million)
• Operational EBIT* of DKK 295 million (DKK 280 million)

Operation

• Harvest in the Faroe Islands: 23,312 tgw (16,639 tgw)
• Harvest in Scotland: 4,579 tgw (3,840 tgw)
• Feed sales: 47,216 tonnes** (38,853 tonnes**)
• External sale of fish meal: 2,401 tonnes (1,585 tonnes)
• Sourcing of marine raw material: 39,826 tonnes (41,919 tonnes)

Cash Flow

▪ Cash flow from operations of DKK 447 million (DKK 68 million)

Segments

▪ Positive operational EBIT in Q4 2025 in these segments for Fishmeal, oil and feed, Freshwater Faroe Islands, Farming Faroe Islands, Services and Sales & Other.

Dividend

▪ Proposed dividend of DKK 3.45 per share for 2025

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

^**) Including internal sales of 46,976 tonnes (38,259 tonnes)

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MARGINS

Q4 2025 VS. (Q4 2024) OPERATIONAL EBIT/KG, ALL INCLUSIVE

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GLOBAL MARKETS - PRICES

INCREASED PRICES, BUT MORE SUPPLY OF LARGE FISH REDUCING LARGE-FISH PREMIUM

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GLOBAL MARKETS SOLD VOLUMES INCREASED BY 8%

EU/UK: Unchanged consumption

• Below European supply increase (2%)

Strong demand in the US

• 13% consumption increase
• Driven by strong American supply increase
• Tariffs impacting consumer prices

Large part of American supply increase sold to Asia and Latin America

Strong demand in China

Salmon markets, sold quantity (head on gutted weight)

	Estimated	volumes		Q4 comparison		Estimated volumes		comparison
Markets	Q4 2025 E	Q4 2024	Volume	%	FY 2025 E	FY 2024	Volume	%
EU+UK	335	336	-1	0%	1 200 ,	1 145 ,	55	5%
USA	167	148	19	13%	632	573	59	10%
Russia	14	15	-1	-3%	55	45	9	20%
Japan	18	13	4	33%	56	46	11	24%
Greater China	63	42	21	50%	210	147	63	43%
ASEAN	25	22	3	13%	87	72	16	22%
Latin America	56	49	7	13%	198	186	12	6%
Middle East	21	25	-4	-15%	71	73	-2	-2%
Ukraine	6	6	0	4%	18	15	4	27%
Other markets	72	65	6	10%	266	236	30	13%
Total all markets	776	721	56	% 7 7	2 793 ,	2 537 ,	257	10 1 %

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

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GLOBAL HARVEST INCREASED BY 9%

SUPPLY TO THE MARKETS BY 8%

9% increase in global harvest

• Limited contribution from Europe
• Strong re-bound in Americas

2% increase in European harvest

• Norway Stable after exceptional growth in Q1-Q3 2025
• Scotland Decline result of fish generation composition
• Faroes Large step-up in 2025 driven by large smolt strategy

28% increase in American harvest

• Chile Strong re-bound after slow 2024
• Canada Change part of normal variation

Supply Development	Q4 2025		Q4 2024 Change %
Norway	416	414	0.6 %
UK	35	41	-14.8 %
Faroes	33	21	61.8 %
Iceland	16	16	-1.1 %
Ireland	3	3	-6.7 %
Total Europe	503	495	1.7 %
Chile	213	168	27.0 %
Canada	30	22	37.0 %
USA	5	5	3.7 %
Total Americas	248	195	27.6 %
Other	31	28	9.5 %
Total (Harvested quantity)	783	718	9.0 %
Inventory movements	-7	4	-262.2 %
Total (Sold Quantity)	776	722	7.5 %

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GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT

(DKK million)	Q4 25	YTD 25	Q4 24	YTD 24
Operating revenue	1,847	7,007	1,470	7,334
Operational EBITDA*	502	1,673	465	2,254
Operational EBIT*	295	888	280	1,550
Fair value adjustment of biological assets	570	128	361	-369
Income from associates	15	36	45	47
Revenue tax	-52	-174	-18	-222
EBIT	828	878	667	1,006
Net Financial items	-41	-242	2	-154
EBT	787	635	670	852
Taxes	-196	-112	-193	-207
Profit for the period	591	524	477	645

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

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OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

Operational EBIT* (mDKK)

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.

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BALANCE SHEET

Headlines (mDKK )
	End 2024	Q4 2025
PPE:	6,733 403	7,136
Biological assets: *(whereof mDKK 501 (373) are fair value adjustments)	3,139* 283	3,422*
Inventory:	671 119	790
Receivables:	649 175	824
Cash & cash equiv.:	481 -181	300
Equity:	11,157 -113	11,044
Equity ratio:	63% -5%	58%

(DKK million)	Q4 25	End 2024
Intangible assets	4,509	4,518
Property, plant and equipment	7,136	6,733
Right of use assets	829	321
Financial assets	346	334
Deferred tax assets	603	590
Biological assets	3,422	3,139
Inventory	790	671
Financial derivatives	0	0
Receivables	824	649
Other receivables	190	239
Cash and cash equivalents	300	481
Total Assets	18,949	17,674
Equity	11,044	11,157
Deferred tax and other taxes	2,066	2,037
Long -term interest -bearing debt	4,197	3,481
Long -term leasing debt	798	234
Financial derivatives	2	3
Short -term leasing debt	49	65
Accounts and other payables	793	698
Total Equity and Liabilities	18,949	17,674

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CASH FLOW

(DKK million)	Q4 25	YTD 25	Q4 24	YTD 24
Cash flow from operations	448	1,079	68	2,355
Cash flow from investments	-282	-1,135	-291	-1,014
Cash flow from financing	-152	-124	-136	-1,272
Net change in cash	13	-181	-359	69
Cash at the end of the period	300	300	481	481

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NET INTEREST-BEARING DEBT (NIBD)

NIBD DECREASED DURING Q4 2025

NIBD was increased by:

• Net investments (mDKK 282)
• Taxes paid (mDKK 188)

NIBD was decreased by:

• Operating Activities (mDKK 227)
• Change in Working Capital (mDKK 311)

Financing end Q4 2025

• NIBD: DKK 3,897 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 1,489 million

Development in NIBD in DKK millions

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THE POWER OF THE FULLY INTEGRATED VALUE CHAIN

CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE

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FOF (FISHMEAL, OIL AND FEED)

STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH

	Q/Q	Q4	YTD	Q4	YTD
	change	2025	2025	2024	2024
Marine raw material sourced	-5%	39,826	349,219	41,919	309,502
Feed sold (tonnes)*	22%	47,216	165,174	38,853	140,361
Fishmeal sold external (tonnes)	51%	2,401	20,175	1,585	39,716

^*Including internal sales, corresponding to 99% of feed volumes in Q4 2025 (Q4 2024: 99%)

Margin
Operational EBIT	11%	73	317	66	502
Operational EBIT margin	-1%	10%	12%	12%	18%

Source: Holtermann

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FRESHWATER – FAROE ISLANDS

STRONG AND STABLE PRODUCTION – CONTINUOUSLY IMPROVING QUALITY AND POST-TRANSFER SURVIVABILITY

Freshwater investments delivering excellent results

• Larger smolt
• Higher volumes
• Improved robustness
• Stronger biological performance driving long-term growth

Ramping up smolt production

• 18.7m transferred in 2025 vs 17.1m in 2024
• Planned smolt transfer in 2026 is 20 million
• Increasing capacity utilisation and efficiency
• Improved quality and robustness of smolt visible in lower 90d post-transfer mortality

Volumes	Q/Q	Q4	YTD	Q4	YTD
	change	2025	2025	2024	2024
Transfered number of smolt (million)	-13%	5.3	18.7	6.1	17.1
Average weight (g)	17%	485	453	413	410

Margin
Operational EBIT (mDKK)	-7%	102	327	110	289
Operational EBIT/KG (NOK)	-9%	62.35	60.48	68.59	64.26
Operational EBIT margin	-2%	37%	36%	39%	37%

Accumulated 90d post-transfer survivability Improved smolt quality & robustness

20% YoY production increase in hatcheries (tonnes per quarter)

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FRESHWATER - SCOTLAND

KEY PRIORITY IS STEADY RAMP-UP

Applecross hatchery:

• Stabilised operation
• Improved biosecurity
• Still low capacity utilisation (around 30%)
• Focus on steady ramp-up of the production of large high-quality smolt

Smolt transfer:

• Planned smolt transfer in 2026 is 10 million
• Applecross to produce 200-400g smolt in 2026
• Avg. weight for all smolt release in 2026 (internal & external) expected at 179g

Volumes	Q/Q	Q4	YTD	Q4	YTD
Volumes	change	2025	2025	2024	2024
Transferred number of smolt (million)	120%	2.2	7.3	1.0	6.0
whereof externally sourced	300%	1.2	2.7	0.3	1.2
Average weight (g)	-7%	142	154	152	109
Average weight (g) Applecross	4%	173	216	167	113

Margin
Operational EBIT (mDKK)	86%	-4	-112	-28	-99
Operational EBIT/KG (NOK)	94%	-18.46	-156.24	-286.01	-236.50
Operational EBIT margin	112%	-6%	-66%	-119%	-84%

Fish in Applecross (SCT) vs. Strond (FO)

2021 2022 2023 2024

21

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FARMING - FAROE ISLANDS

VERY GOOD BIOLOGICAL PERFORMANCE

• Ring-side costs reduced 8% YoY
• Strong growth Q4 2025 34% above 2024
• Quarterly feeding 49% up Q4 2025 vs Q4 2024
• New feeding records set in October 2025
• Operational EBIT increased by volume and cost control

Volumes	Q/Q	Q4	YTD	Q4	YTD
Volumes	change	2025	2025	2024	2024
Total harvest volume (tgw)	40%	23,312	83,638	16,639	62,777
Average harvest weight (kg)	6%	5.6	5.2	5.3	5.2

Margin
Operational EBIT (mDKK)	71%	171	433	100	749
Operational EBIT/KG (NOK)	22%	11.55	8.12	9.43	18.60
Operational EBIT margin	4%	15%	11%	10%	19%

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FARMING – SCOTLAND

CONTINUOUSLY IMPROVING BIOLOGICAL PERFORMANCE

• Strong harvest weights, despite low in October
• Good growth and stable biology at most sites
• Exceptional mortality cost of 55 mDKK (mainly Portree)
• EBIT impacted by low prices and Portree incident
• Nov-Dec mortality lowest in 5y

	Q/Q	Q4	YTD	Q4	YTD
Volumes	change	2025	2025	2024	2024
Total harvest volume (tgw)	19%	4,579	23,185	3,840	27,880
Average harvest weight (kg)	-15%	4.1	5.3	4.8	4.3

Margin
Operational EBIT (mDKK)	-100%	-110	-412	-55	-99
Operational EBIT/KG (NOK)	-65%	-37.62	-27.87	-22.76	-5.54
Operational EBIT margin	-24%	-51%	-37%	-27%	-5%

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SERVICES

VESSEL CONVERSION TO SMOLT TRANSFER STRONGLY IMPROVING PERFORMANCE

Services provided:

• Fish transports & treatments
• Farming Support
• Harvest & Packaging
• Waste-to-biogas production

Converted 2 FSV's for smolt transfer

• M/V Martin conversion operational Q3 2024
• Steady improvement on smolt transfer mortality
• 2025 significant improvement – lowest in history
• M/V Bakkanes conversion operational in Q3 2025
• Steadily increasing volume from Applecross

	Q/Q	Q4	YTD	Q4	YTD
Margin	change	2025	2025	2024	2024
Operational EBIT (mDKK)	24%	31	124	25	83
Operational EBIT/KG (NOK)	-9%	1.75	1.83	1.93	1.42
Operational EBIT margin	0%	13%	14%	13%	9%

Accumulated Survivability – Smolt Transfer BF Faroe Islands

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SALES & OTHER

IMPROVING MARKET CONDITIONS THROUGH THE QUARTER

• 2% less volume (FO) transferred to VAP
• 43 mDKK decrease in Operational EBIT
• Increased supply of superior quality, putting pressure on margin premiums

	Q/Q	Q4	YTD	Q4	YTD
Volumes	change	2025	2025	2024	2024
Farming FO volume transferred to VAP (tgw)	24%	4,090	17,180	3,299	13,666
Volume HOG sold (t)	39%	23,801	89,643	17,180	76,991
Volume total (tgw)	36%	27,891	106,823	20,479	90,657

Margin
Total revenue (mDKK)	22%	2,792	10,277	2,293	10,170
Operational EBIT (mDKK)	-36%	77	288	120	209
Operational EBIT/KG (NOK)	-53%	4.35	4.23	9.26	3.59
Operational EBIT margin	-2%	3%	3%	5%	2%

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OUTLOOK HIGHER 1H 2026 GROWTH AT EXPENSE OF 2H

• Increased estimates for 1H 2026
• Higher temperatures and better biology than expected in Norway
• Strong growth in Scotland, Faroes and Ireland
• Estimates largely unchanged
• Higher growth in Chile at expense of 2H 2026
• Expecting tight market from Q2 2026 and in 2027

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OUTLOOK CONTINUED STRONG GROWTH

Contracts

• For 2026, Bakkafrost intends to sign contracts covering around 15-20% of the expected total harvest volumes.

Fishmeal, Oil and Feed

• In 2026 Bakkafrost expects lower production volumes of fishmeal and fish oil than in 2026

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

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2026-2030: INVESTING 5.0BN IN SUSTAINABLE GROWTH

162,000 TONNES HARVEST IN 2030, FAROE ISLANDS AND SCOTLAND COMBINED

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FARMING FO & SCT: EBIT / KG YEAR OVER YEAR

Comments

The Faroe Islands have good biology and cost control

• Strong biology leading to efficient resource use and lower cost/kg
• Price reflecting the pressured market on superior quality
• High volume and good throughput leading to improved production cost/kg

Scotland challenging period on mortality

• Mortality challenges particularly at Portree
• Price pressure from the market
• Increase cost ringside primarily related to lower mean weight as result of portree harvest

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PERFORMANCE PER REGION

Faroe Islands* - Operational EBIT (mDKK)

* Included a marginal contribution from US, DK, UK and FR Q4 2025 Q4 2024 DKK 1,000,000 Scotland Faroe Islands* Group Scotland Faroe Islands* Group Operational EBIT -97 392 295 -31 310 280 Operational EBIT/KG -21.11 16.81 10.59 -7.94 18.63 13.65 - of which FOF 0.00 3.12 2.60 0.00 3.95 3.21 - of which Freshwater -0.80 4.39 3.54 -7.31 6.58 3.98 - of which Farming -23.92 7.34 2.21 -14.44 5.98 2.15 - of which Services -2.62 1.85 1.11 2.46 0.94 1.23 - of which Sales & Other 9.17 1.51 2.76 10.05 4.91 5.88 - of which Eliminations -2.95 -1.38 -1.64 1.30 -3.74 -2.79

Scotland - Operational EBIT (mDKK)

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PERFORMANCE PER REGION

		Q4 2025		Q4 2024
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	303	1,544	1,847	286	1,184	1,470
Depreciation and amortization	-89	-118	-207	-63	-122	-185
Operating expenses	-320	-1,034	-1,354	-260	-771	-1,031
Other income	9	0	9	7	19	26
Operational EBIT	-97	392	295	-31	310	280
Operational EBITDA	-8	510	502	33	432	465
Volume tonnes	4,579	23,313	27,892	3,840	16,638	20,478
Operational EBIT/KG	-21.11	16.81
			10.59	-7.94	18.63	13.65
- of which FOF	0.00	3.12	2.60	0.00	3.95	3.21
- of which Freshwater	-0.80	4.39	3.54	-7.31	6.58	3.98
- of which Farming	-23.92	7.34	2.21	-14.44	5.98	2.15
- of which Services	-2.62	1.85	1.11	2.46	0.94	1.23
- of which Sales & Other	9.17	1.51	2.76	10.05	4.91	5.88

*included a marginal contribution from US, DK, UK and FR

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Q4 2025 – CONTRACT PRICES SIGNIFICANTLY 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
• Includes sales to Asia (as opposed to Sisalmoni)

"Production grade" fish excluded from both references

▪ HOG export of "production grade " from Norway prohibited

SSB price exceeded Nasdaq in Q4 2025

▪ Lower impact from contracts compared to previous quarters

ESF Euronext contracts

• Spot price ended above future price in Q4
• Stable future prices for 2026
• Limited number of contracts traded

Reference price/Euronext futures (EUR/kg)

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2026-2030 CAPEX IS 5.0BN – 1.3 BN LOWER THAN THE PREVIOUS 2024-2028 CAPEX PLAN

REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH

Faroe Islands:

• Complete Skálavík Hatchery
• Reaching total annual production capacity of 12 kt/year in freshwater
• 8 new silos to increase flexibility in FOF
• New farming sites within existing licenses & optimisation
• New farming technology to accommodate organic growth
• Harvest Expansion Live fish holding tanks

Scotland:

• Site expansions & optimisation
• New harvest and processing plant

FSV (shared resource)

• 2 new service vessel to accommodate growth (transport & treatment)

245 mDKK is allocated to energy transition across the value chain +135 mDKK spend in 2024 & 2025

Processing

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GROWING WITH THE LARGE-SMOLT STRATEGY

FARMING CYCLES GETTING SHORTER WITH LARGE HIGH-QUALITY SMOLT

Large Smolt Strategy

• - Reduced biological risk
• Increased production efficiency
• Enables Sustainable Growth

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FRESHWATER - FAROE ISLANDS

AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS

Smolt production scaling up

• 2024 previously best year of 17m smolt release
• 18.7m smolt released in 2025, increasing to >24m in 2028
• Big growth in the coming years (smolt release):
• Significant advances have been made in increasing the smolt quality

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FRESHWATER – FAROE ISLANDS

ONGOING CONSTRUCTION OF NEW HATCHERY AT SKÁLAVÍK

Construction of Skálavík hatchery

• Same design as Glyvradal and Applecross
• 3,500 tonnes capacity
• Built in phases to allow early start of operation

• First egg in: Q2 2026

• First smolt out: Late 2027

Total FO hatchery capacity will be 12,000 tonnes

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

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FRESHWATER – SCOTLAND

SMOLT TRANSFER (200-400G)

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FRESHWATER - SCOTLAND

2019

Tasty, Healthy & Sustainable Salmon Current

Future

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THE IMPORTANCE OF ROBUST SMOLT

RINGSIDE COST DEVELOPMENT - FAROE ISLANDS VS. SCOTLAND A RECENT CASE STUDY FROM MARINE SITE KUNOYARNES, FAROE ISLANDS

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SEGMENT OVERVIEW

VOLUMES, MARGINS AND KEY RATIOS

FOF Freshwater Farming Services Sales & Other

Revenue = 2,792M Portion in VAP = 17.5%

Q4 2025:

Revenue = 697M Internal Feed sale = 46,976t External Meal sale = 2,401t External Fish Oil sale = 10t

OP EBIT = 73M OP EBIT % = 10%

Key Ratios:

OP EBIT / PPE = 17.6% Debt / EBITDA = 1.98x

Q4 2025:
Revenue	= 278M
Smolt transferred	= 5.3M
Average Weight	= 485g

OP EBIT = 102M OP EBIT / KG = 39.63 OP EBIT % = 37%

Key Ratios: OP EBIT / PPE = 16.6% Debt / EBITDA = 1.65x

Q4 2025: Revenue = 1,172M Harvest Volume = 23.3 ktgw Average Weight = 5.56kg OP EBIT = 171M

OP EBIT / KG = 7.34 OP EBIT % = 15%

Key Ratios: OP EBIT / PPE = 43.7% Debt / EBITDA = 0.76x

Q4 2025:

Revenue = 235M Energy produced = 5.0 GwH

OP EBIT = 31M OP EBIT / KG = 1.11 OP EBIT % = 13%

Key Ratios:

OP EBIT / PPE = 9.1% Debt / EBITDA = 3.24x

OP EBIT	= 77M
OP EBIT / KG	= 2.76

OP EBIT / KG = 2.76 OP EBIT % = 3%

Key Ratios:

Q4 2025:

OP EBIT / PPE = 22.4% Debt / EBITDA = 1.75x

Market Split – Sales:

Western Europe = 55% North America = 27% Asia = 12% Eastern Europe = 4% Rest of world = 2%

Volumes: Revenue = 60M Smolt transferred = 2.2M Average Weight = 154g

OP EBIT = (4M) OP EBIT / KG = (11.74) OP EBIT % = (6%)

Key Ratios:

OP EBIT / PPE = (12.6%)

Volumes: Revenue = 216M Harvest Volume = 4.6 ktgw Average Weight = 4.80kg OP EBIT = (110M)

OP EBIT / KG = (23.92) OP EBIT % = (51%)

Key Ratios:

OP EBIT / PPE = (69.7%) Debt / EBITDA = (N/A)

Debt / EBITDA = (N/A)

^❖ Key Ratios based on 12-month rolling

^❖ PPE at fair value

^❖ N/A = Negative Debt / EBITDA ratio

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DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN

Expected supply growth in 2026

• 5% increase in Global supply*
• 3% increase in supply* from Europe
• 9% increase in supply growth from the Americas

Comments:

All figures are in hog-equivalents and thousand tonnes. Figures represents sold quantity of Atlantic Salmon from each producing country

	Global Supply of Atlantic Salmon (head on gutted –			HOG)
	2021	2022	2023	2024	2025E	2026E
Norway	1,385	1,360	1,330	1,359	1,523	1,559
UK	179	145	137	170	168	177
Ireland	14	15	13	17	17	14
Iceland	35	42	29	42	48	54
Faroes	96	89	80	91	117	123
Total Europe	1,709	1,650	1,589	1,679	1,874	1,927
Chile	639	649	665	633	687	759
Canada	126	120	99	107	107	106
USA	17	18	17	18	19	18
Total Americas	781	787	781	757	813	883
Others	104	98	97	101	107	121
Total (Sold Quantity)	2,594	2,535	2,467	2,536	2,794	2,931
Supply growth - Global	9%	-2%	-3%	3%	10%	5%
Supply growth - Europe	14%	-3%	-4%	6%	12%	3%
Supply growth - Americas	-2%	1%	-1%	-3%	7%	9%

Salmon Markets (head on gutted – HOG)
	2021	2022	2023	2024	2025E	2026E
EU+UK	1,159	1,137	1,084	1,145	1,200	1,237
USA	572	587	586	573	632	670
Japan	66	55	45	45	56	56
Russia	86	52	62	45	55	61
Others	712	705	690	728	850	907
Total (Sold Quantity)	2,594	2,535	2,466	2,537	2,793	2,931

^* Including expected inventory movements

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Q4 2025 MARKET ENVIRONMENT

4% increase in European reference price vs Q4 2025

▪ 27% increase compared to Q3 2025

2% supply increase in Europe

▪ 9% global supply increase driven by Chile

Low prices in the US

• Good demand
• Strong supply from Chile and Canada
• Tariffs and currency impacting pricing to consumers
• Still increase in import from Europe

Strong demand from Asia important for market balance

All sizes, weighted average price

Sisalmoni/Nasdaq Norway	Q4 2025	Q4 2024	Change %
NOK	79.50	76.54	3.9 %
DKK	50.55	48.55	4.1 %
EUR	6.77	6.51	4.0 %
USD	7.87	6.95	13.2 %

Source: Kontali

Note:

Nasdaq reference price replaced by Sisalmoni during Q3 2024. Basis for Sisalmoni reference price differs from Nasdaq, and data is hence not fully comparable.

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DEVELOPMENT PER QUARTER

(mDKK)	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Revenue	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	1,947	1,711	1,470	1,899	1,575	1,686	1,847
Operational EBIT	418	587	325	376	565	353	269	356	710	388	173	280	505	65	22	295
Profit/Loss	405	845	249	-154	467	-123	219	392	401	-117	-116	477	-6	-138	77	591
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	16,638	18,914	16,020	25,392	23,312
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	5,286	4,579
Equity ratio	64%	65%	64%	62%	64%	61%	61%	61%	62%	62%	62%	63%	62%	59%	57%	58%
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	3,964	3,897

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DIVIDEND HISTORY

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 was paid out on or around May 21 2025

Dividend policy

• Competitive return through:
• Dividends
• Increase in the value of the equity
• 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 per share in % of adj. EPS*

99%

^* 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

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BAKKAFROST – OVERVIEW

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BAKKAFROST – FARMING SITE OVERVIEW

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OUR PILLARS AND VALUES

PROVENANCE

Committed to provenance

PASSION

Passion of our people

RESPECT

Respect for our natural environment and our communities

HEALTHY BUSINESS

Responsible growth

Sustainable growth

Ethical conduct

Partnership

HEALTHY SALMON

Exceeding leading standards

Integrated value chain

Health & welfare

Best practice

HEALTHY PEOPLE

Preferred employer

Employees

Health, safety & wellbeing

Human rights

HEALTHY ENVIRONMENT

Committed to environmental stewardship

Biodiversity

Resource efficient

Climate change & energy

HEALTHY COMMUNITIES

Create shared value

Responsible leadership

Community engagement & transparency

Creating value

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Bakkafrost salmon at a glance

NUTRITION

OMEGA-3 LEVELS MEAN

2.5 g per 100 g

RDI 2.5-3 g

OMEGA-3 TO 6 RATIO

1.4

VITAMIN D MEAN

10.1 µg per 100 g

RDI 10 µg

PROTEIN LEVELS

21.0 g per 100 g

RDI 58-116 g

VITAMIN B12 LEVELS MEAN

5.0 µg per 100 g

RDI 2 µg

VITAMIN E LEVELS MEAN

4.9 mg

RDI 9 mg

SELENIUM MEAN

0.018 mg

RDI 0.06 mg

IODINE MEAN

0.05 mg

Bakkafrost data calculated through an analysis of whole salmon variations between all Bakkafrost sales sizes from 3-4 kg up to 7+ kg... RDI Sources: EFSA

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