Bakkafrost P/f

Investor Presentation • Nov 5, 2024

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 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

HIGHLIGHTS Q3 24 (Q3 23)

HIGHLIGHTS Q3 24 (Q3 23)
Revenues and	 Revenue of DKK 1,737 million (DKK 1,859 million)
Operational EBIT	 Operational EBIT* of DKK 173 million (DKK 269 million)
	 Harvest in the Faroe Islands: 21,618 tgw (16,740 tgw)
	 Harvest in Scotland: 5,411 tgw (4,100 tgw)
	 Feed sales: 41,513 tonnes (35,903 tonnes)
Operation	 External fish oil sales: 8 tonnes (7,904 tonnes)
	 External sale of fish meal: 9,339 tonnes (16,026 tonnes)
	 Sourcing of marine raw material: 40,134 tonnes (109,685 tonnes)
Cash Flow	 Cash flow from operations of DKK 575 million (DKK 185 million)
Segments	 Positive operational EBIT for all segments, except Freshwater Scotland DKK -6 million (DKK 17 million), Farming

SUMMARY OF Q3 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

GLOBAL MARKETS - PRICES LOW PRICES THROUGH THE QUARTER

The large-fish premium increased in the quarter

Source: Kontali

GLOBAL MARKETS – SOLD VOLUME VOLUMES INCREASED BY 5%

EU/UK: 8% consumption increase

In line with supply growth

Stable US consumption

Signs of price sensitivity

Significant reduction in Chilean sales to Russia

							HEALTHY LIVING
Salmon markets, sold quantity (head on gutted weight)
Markets	Estimated volumes Q3 2024	Q3 2023	Q3 comparison Volume	%	Estimated volumes H1 2024	H1 2023	FY comparison Volume	%
EU+UK	331,700	306,500	25,200	8%	479,100	457,900	21,200	5%
USA	149,700	149,600	100	0%	275,200	288,600	-13,400	-5%
Russia	9,700	19,300	-9,600	-50%	21,500	25,800	-4,300	-17%
Japan	12,200	11,300	900	8%	20,400	21,300	-900	-4%
Greater China	38,700	37,700	1,000	3%	63,900	63,500	400	1%
ASEAN	16,800	16,400	400	2%	31,900	34,400	-2,500	-7%
Latin America	49,500	45,000	4,500	10%	91,800	87,100	4,700	5%
Ukraine	3,600	4,300	-700	-16%	5,300	9,000	-3,700	-41%
Other markets	91,000	79,800	11,200	14%	138,800	129,800	9,000	7%
Total all markets	702,900	669,900	33,000	4.9 %	1,127,900	1,117,400	10,500	0.9 %

Increased sales to Asia and Latin America

Sales to other markets increased

5% increase in global harvest volume

9% increase in European harvest volumes

-

4% drop in American harvest

-

Chile: Stricter enforcement of consent thresholds Americas: Significant drop in Canada Increased Chilean frozen inventories during the quarter

Reflecting weaker demand in the US

GLOBAL HARVEST VOLUME INCREASED BY 5%				HEALTHY LIVING
5% increase in global harvest volume
	Supply Development	Q3 2024	Q3 2023 Change %
	Norway	396	371	6.8 %
	UK	41	37	10.2 %
	Faroes	31	22	40.7 %
9% increase in European harvest volumes	Iceland	9	9	4.1 %
	Ireland	4	4	9.5 %
 Norway – Accelerated harvest due to lice pressure	Total Europe	482	443	8.7 %
 Scotland – Improved conditions after challenging few years	Chile	179	183	-2.4 %
 Faroes – Planned growth and deferred Q2 harvest	Canada	24	27	-13.2 %
	USA	5	5	-3.6 %
	Total Americas	208	216	-3.8 %
4% drop in American harvest	Other	29	28	4.9 %
	Total (Harvested quantity)	718	686	4.7 %
 Chile: Stricter enforcement of consent thresholds	Inventory movements	-15	-16	-7.2 %
 Americas: Significant drop in Canada	Total (Sold Quantity)	703	670	4.9 %

Source: Kontali

SUMMARY OF Q3 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

GROUP PROFIT AND LOSS LOWER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	LOWER REVENUE AND OPERATIONAL EBIT					HEALTHY LIVING
Q3 2023	Q3 2024	(DKK million)	Q3 24	YTD 24	Q3 23	YTD 23
Revenue (mDKK)		Operating revenue	1,737	6,010	1,859	5,579
1,859 -122	1,737	Operational EBITDA*	355	1,789	424	1,645
		Operational EBIT*	173	1,270	269	1,188
Operational EBIT (mDKK)		Fair value adjustment of biological assets	-266	-730	55	-323
-96	173	Onerous contracts	0	0	0	0
Fair value of biomass (mDKK)		Income from associates	-1	2	11	31
-321	-266	Revenue tax	-8	-204	-57	-125
		EBIT	-103	338	278	770
Profit after tax (mDKK)		Net Financial items	-58	-156	-42	-101
-335	-116	EBT	-161	182	236	669
		Taxes	44	-14	-17	-106
		Profit for the period	-116	168	219	563

OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**

*) Operational EBIT is EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Earnings per share adjusted for fair value of biomass, onerous contracts provisions and tax and these.

BALANCE SHEET

(DKK million)	Q3 24	End 2023
Intangible assets	4,515	4,509
Property, plant and equipment	6,575	6,220
Right of use assets	349	413
Financial assets	289	289
Deferred tax assets	513	512
Biological assets	2,602	3,336
Inventory	721	1,149
Financial derivatives	0	0
Receivables	729	850
Other receivables	127	150
Cash and cash equivalents	839	412
Total Assets	17,259	17,841
Equity	10,653	10,866
Deferred tax and other taxes	1,964	1,953
Long-term interest-bearing debt	3,549	3,944

Long-term leasing debt 261 331 Short-term leasing debt 64 66 Accounts and other payables 762 681

Total Equity and Liabilities 17,259 17,841

CASH FLOW

(DKK million)	Q3 24	YTD 24	Q3 23	YTD 23
Cash flow from operations	575	2,287	185	1,135
Cash flow from investments	-245	-723	-235	-741
Cash flow from financing	-99	-1,136	-124	-742
Net change in cash	231	428	-173	-349
Cash at the end of the period	839	839	370	370
Undrawn facilities	2,418	2,418	2,304	2,304

HEALTHY LIVING

NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q3 2024

NIBD was increased by:

NIBD was decreased by:

-

Financing end Q3 2024

• NIBD: DKK 2,710 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,673 million

• Net investments (mDKK 245) 2,966 245 2,500 3,000 3,500

Development in NIBD in DKK millions

-256

2,710

-245

SUMMARY OF Q3 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

Glyvrar, Faroe Islands

PERFORMANCE PER REGION

		Q3 2024		Q3 2023				2024 YTD		2023 YTD
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	317	1,420	1,737	232	1,628	1,859	1,810	4,200	6,010	1,528	4,051	5,579
Depreciation and amortization	-68	-114	-182	-56	-90	-146	-203	-316	-519	-180	-268	-449
Operating expenses	-408	-995	-1,403	-448	-996	-1.444	-1,639	-2,635	-4,274	-1.403	-2,549	-3.952
Other income	21	O	21	9	O	பி	54	O	54	19	0	19
Operational EBIT	-138	310	173	-756	5492	273	21	1,250	1,270	-37	1,234	1,197
Operational EBITDA	-70	425	355	-207	632	424	224	1,566	1,789	143	1,502	1,645
Volume tonnes	5,411	21,618	27,029	4,100	16,740	20,840	24,040	46,138	70,178	19,536	36,403	55,939
Operational EBIT/KG	-25.45	14.35	6.38	-64.26	32.35	13.34	0.85	27.08	18.10	-1.90	33.89	21.39
- of which FOF	0.00	6.80	5.44	0.00	18.47	14.84	0.00	9.46	6.22	0.00	15.18	9.88
- of which Freshwater	-1.06	3.90	2.91	4.07	2.80	3.05	-2.95	3.89	1.55	0.95	2.88	2.21
- of which Farming	-33.14	-1.31	-7.69	-68.70	6.47	-8.32	-0.93	14.08	8.94	-5.49	13.37	6.78
- of which Services	-0.62	1.03	0.70	-3.51	2.10	0.99	0.56	0.95	0.82	-0.35	1.03	0.55
- of which Sales & Other	9.60	4.45	5.48	6.34	3.09	3.73	2.18	0.33	0.96	4.09	0.80	1.95
- of which Eliminations	-0.23	-0.52	-0.46	-2.46	-0.57	-0.95	1.99	-1.63	-0.39	-1.10	0.64	0.03

Source: Holtermann

*Including internal sales, corresponding to 98% of feed volumes in Q3 2024 (Q3 2023: 95%) 10,000

	Margin
0	Operational EBIT	-52%	147	436	309	552
	Operational EBIT margin	-33%	20%	20%	30%	22%

Sourcing of raw material (tonnes)

FRESHWATER – FAROE ISLANDS INCREASING SMOLT TRANSFER

Good capacity in hatcheries
-----------------------------	--	--

Smolt transfer in 2024 increased to 17.7 million smolt

Expected smolt transfer in 2025 is 18.5 million smolt with average weight of 410g

	Q/Q	Q3	YTD	Q3	YTD
Volumes	change	2024	2024	2023	2023
Transferred number of smolt (million)	48%	4.9	11.0	3.3	9.0
Average weight (g)	4%	423	409	405	407

Margin
Operational EBIT (mDKK)	79%	84	180	47	105
Operational EBIT/KG (NOK)	21%	64.11	62.03	53.04	43.52
Operational EBIT margin	7%	38%	36%	32%	26%

FRESHWATER – SCOTLAND APPLECROSS RAMPING UP • Ramping up production • 6.2 million transferred in 2024 at around 114g on • Target: Q4 2024 starting with 200g

Applecross hatchery:

• average • Applecross phase 5 starting operation in Q4 2024 • Expected smolt transfer in 2025 is 10.0 million smolt • Self-sufficiency of large high-quality smolt • Parallel trials with different strains and sizes
• larger than 200g

Smolt strategy

-

	Q/Q	Q3	YTD	Q3	YTD
Volumes	change	2024	2024	2023	2023
Transferred number of smolt (million)	-24%	1.9	5.0	2.5	7.3
Average weight (g)	-23%	86	100	112	117

Margin
Operational EBIT (mDKK)	N/A	-6	-71	17	18
Operational EBIT/KG (NOK)	N/A	-54.89	-221.25	91.46	32.73
Operational EBIT margin	-53%	-20%	-76%	33%	16%

Transition to larger smolt [%of fish count large smolt at sea]

FARMING – FAROE ISLANDS Q3 2024 SEVERELY IMPACTED BY EMPTYING FARMING SITE HIT BY ISA EARLIER IN Q2

Negative impact from the Q2 ISA incident

Healthy and large biomass with strong performance

-

Margin
Operational EBIT (mDKK)	N/A	-28	650	108	487
Operational EBIT/KG (NOK)	N/A	-2.07	21.86	9.90	20.35
Operational EBIT margin	N/A	-3%	22%	12%	20%

Growth rate (TGC)

FARMING – SCOTLAND EXCEPTIONAL MORTALITY REDUCED 81% COMPARED TO Q3 2023 • Low sea lice levels • On track for annual harvest target

Biology improving

-

-

						HEALTHY LIVING
EXCEPTIONAL MORTALITY REDUCED 81% COMPARED TO Q3 2023
	Volumes	Q/Q change	Q3 2024	YTD 2024	Q3 2023	YTD 2023
Biology improving	Total harvest volume (tgw)	32%	5,411	24,040	4,100	19,536
• Exceptional mortality of 34 mDKK (178 mDKK)	Average harvest weight (kg)	38%	4.2	4.3	3.1
• Low sea lice levels						4.4
• Improved gill health – AGD well under control	Margin

EXCEPTIONAL MORTALITY REDUCED 81% COMPARED TO Q3 2023						HEALTHY LIVING
	Volumes	Q/Q	Q3	YTD	Q3	YTD
	Total harvest volume (tgw)	change 32%	2024 5,411	2024 24,040	2023 4,100	2023 19,536
Exceptional mortality of 34 mDKK (178 mDKK)	Average harvest weight (kg)	38%	4.2	4.3	3.1	4.4
Low sea lice levels
Biology improving • • • Improved gill health – AGD well under control
	Margin
• On track for annual harvest target	Operational EBIT (mDKK) Operational EBIT/KG (NOK)	37% 50%	-179 -52.25	-44 -2.82	-282 -105.09	-107 -8.36

SERVICES EFFICIENT SEA LICE MITIGATION

Services provided:

• Fish transportation
• Treatments
• Farming Support
• Harvest & Packaging
• Waste-to-biogas production

Low sea lice numbers in the Faroes and Scotland

provides opportunities to increase the size of the salmon

					HEALTHY LIVING
Margin	Q/Q change	Q3 2024	YTD 2024	Q3 2023	YTD 2023
Operational EBIT (mDKK)	-10%	19	57	21	31
Operational EBIT/KG (NOK)	-27%	1.11	1.27	1.52	0.83
Operational EBIT margin	-2%	8%	8%	10%	5%

22

SALES & OTHER LESS VOLUMES FOR VAP (CONTRACTS) • Reduced contract share in 2024

Services provided:

• Sales & Marketing
• Freight & Logistics
• Value added processing (VAP)

Q/Q Q3 YTD Q3 YTD Volumes change 2024 2024 2023 2023 Volume transferred to VAP (tgw) -36% 4,495 10,367 6,997 17,052

Margin
Operational EBIT (mDKK)	90%	148	89	78	109
Operational EBIT/KG (NOK)	52%	8.64	1.96	5.70	2.97
Operational EBIT margin	2%	6%	1%	4%	2%

HEALTHY LIVING

SUMMARY OF Q3 2024 MARKETS & SALES FINANCE OPERATIONAL UPDATE

OUTLOOK

APPENDIX

Funningsfjørður, Faroe Islands

OUTLOOK MODERATE GROWTH EXPECTED

• ~5% growth in Q4 2024

• Low single digit growth expected throughout 2025

• Continued drop expected during Q4 2024

• Stable development 1H 2025
• ~6% growth during 2H 2025 (Chile and Canada)

Source: Kontali

OUTLOOK GROWING VOLUME

Contracts

• For 2025, Bakkafrost intends to sign contracts covering around 15% of the expected total harvest volumes.

Fishmeal, Oil and Feed

• In 2025 Bakkafrost expects similar production volumes of fishmeal and fish oil as in 2024

Headlines from CMD on 6 June 2023

CAPEX: 6,3bn DKK (2024-2028)

• 2028: 165,000kt harvest volume / 200,000kt capacity
• FO: Sustainable growth (site optimisation & new technology) Cost-efficient (repurposed) broodstock facilities. Hatchery capacity of 24m smolt @500g
• SCT: Build hatchery capacity of 15m smolt @500g New processing facility Improved cost-efficiency in vessel operation 23.9m

165,000 TONNES HARVEST IN 2028, FAROE ISLANDS AND SCOTLAND COMBINED

~ 6.3BN PLANNED INVESTMENTS 2024-2028

REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH

-

- Cost-efficient broodstock (repurposing old hatcheries)

• Increase feed capacity, including storage and logistics • Optimization of existing farming sites • Improved vessel capacity • Energy Transition • Harvest and processing plant • Site expansions • Vessel capacity for transport and treatment • Marine Site development
  • Offshore postponed

Scotland:

-

-

LARGE HIGH-QUALITY SMOLT ARE THE KEY TO GROWTH AND IMPROVEMENT

FRESHWATER – FAROE ISLANDS CONSTRUCTION STARTED OF NEW HATCHERY AT SKÁLAVÍK • Same design as Glyvradal and Applecross • 3,500 tonnes capacity • Built in phases to allow early start of operation • Finished late 2026 • Annual production capacity in the Faroe

Construction started of Skálavík hatchery

-

-

Total FO hatchery capacity will be 12,000 tonnes

Islands to exceed 24 million smolt of 500g

LARGE SMOLT STRATEGY DELIVERING LARGE HEALTHY SMOLT

HEALTHY LIVING

8m smolt at 500g 32,300m³ capacity

29,300m³ capacity

IMPROVEMENTS OF LARGE-SMOLT QUALITY, FAROES (2021G VS. 2020G)

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

SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS

VOLUMES, MARGINS AND KEY RATIOS
FOF	Freshwater		Farming			Services		Sales & Other
Q3 2024: Revenue = 740M Internal Feed sale = 40,667t External Meal sale = 9,339t External Fish Oil sale = 8t	Q3 2024: Revenue Smolt transferred Average Weight	= 219M = 4.9M = 423g	Q3 2024: Revenue Harvest Volume Average Weight	= 1,100M = 21,618tgw = 5.30kg	Q3 2024: Revenue Energy produced = 4.5 GwH	= 237M	Q3 2024: Revenue	Portion in VAP	= 2,488M = 21%
OP EBIT = 147M OP EBIT % = 20%	OP EBIT OP EBIT / KG OP EBIT %	= 84M = 40.67 = 38%	OP EBIT OP EBIT / KG OP EBIT %	= (28M) = (1.31) = (3%)	OP EBIT OP EBIT / KG OP EBIT %	= 19M = 0.70 = 8%	OP EBIT OP EBIT %	OP EBIT / KG	= 148M = 5.48 = 6%
Key Ratios: OP EBIT / PPE = 36.8% Debt / EBITDA = 0.70x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 12.8% = 1.44x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 76.4% = 0.35x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 5.3% = 2.69x	Key Ratios:	OP EBIT / PPE Debt / EBITDA	= 14.5% = 1.88x
	Volumes: Revenue Smolt transferred Average Weight	= 29M = 1.9M = 86g	Volumes: Revenue Harvest Volume Average Weight	= 235M = 5,411tgw = 4.25kg			Asia	Market Split – Sales: Western Europe North America	= 58% = 20% = 18%
	OP EBIT OP EBIT / KG OP EBIT %	= (6M) = (34.82) = (20%)	OP EBIT OP EBIT / KG OP EBIT %	= (179M) = (33.14) = (76%)			Rest of world	Eastern Europe	= 4% = 0%
 Revenue, EBIT & EBITDA are in DKK  Key Ratios based on 12-month rolling  PPE at fair value  N/A = Negative Debt / EBITDA ratio	Key Ratios: OP EBIT / PPE Debt / EBITDA	= (9.9%) = (N/A)	Key Ratios: OP EBIT / PPE Debt / EBITDA	= (13%) = 2.12x

HEALTHY LIVING

ISA OUTBREAK IN VÁGUR A-19 IN MAY24

Anouncement from BAKKA 26.05.2024 ISA virus found in two pens at farming site A-19 Vágur • Tests taken at farming site A-19 Vágur have found the presence of the ISA virus in two pens • The full site has 1.0 million fish in total, with an average weight of 2.6 kg

-

• Strict measures have been implemented to contain the virus and prevent further spread • The two affected pens will be harvested out immediately and
• the full site will be harvested out within two months, in line with Faroese regulation • Consequently, estimates show that harvest volumes for 2024 will be reduced with 2,000-3,000 tonnes gutted weight by the accelerated harvest of the entire farming site A-19 Vágur

Harvested number pcs: 1,020,000

Total harvest volume: 3.330 tonnes HOG (vs planned 5,100 tonnes)

• pens were harvested in Q2 with average weight of 2.4 kg HOG
• penst harvested in Q3 from end of July to Aug 27th
• No ISA virus found in any of remaining pens despite heavy testing, good growth, low mortality strong biology
• Total Morality full sycle: 8.4%
• Growth TGC: 3,31
• Feed Convertion ratio FCRbio: 1,00
• Feed Convertion ratio FCReco: 1,05

-

-

							HEALTHY LIVING
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN
Expected supply growth in 2024		Global Supply of Atlantic Salmon (head on gutted –			HOG)
		2019	2020	2021	2022	2023E	2024E
	Norway	1,198	1,226	1,383	1,359	1,329	1,355
3% increase in Global supply*	UK	171	160	179	145	137	158
	Ireland	14	14	14	15	13	16
 5% increase in supply* from Europe	Iceland	22	27	35	42	29	45
	Faroes	78	72	96	89	80	93
 2% drop in supply growth from the Americas	Total Europe	1,484	1,499	1,707	1,649	1,589	1,667
Including expected inventory movements	Chile	601	657	638	649	665	646
	Canada	123	123	126	120	99	104
	USA	19	18	17	18	17	17
	Total Americas	743	798	781	787	781	767
	Others	71	91	107	105	109	118
	Total (Sold Quantity)	2,298	2,388	2,595	2,540	2,479	2,552
	Supply growth - Global	6%	4%	9%	-2%	-2%	3%
	Supply growth - Europe	10%	1%	14%	-3%	-4%	5%
	Supply growth - Americas	0%	7%	-2%	1%	-1%	-2%
		Salmon Markets (head on gutted –			HOG)
		2019	2020	2021	2022	2023	2024E
	EU+UK	1,017	1,073	1,159	1,137	1,084	1,147
Comments:	USA	471	506	572	587	586	570
All figures are in hog-equivalents and thousand tonnes. Figures represents sold quantity of Atlantic Salmon from each producing country	Japan	53	64	66	55	45	46

	2019	2020	2021	2022	2023	2024E
EU+UK	1,017	1,073	1,159	1,137	1,084	1,147
USA	471	506	572	587	586	570
Japan	53	64	66	55	45	46
Russia	78	79	86	52	62	42
Others	678	665	713	710	702	747
Total (Sold Quantity)	2,298	2,388	2,595	2,540	2,478	2,552

Source: Kontali

Q3 2024 PRICES

Nasdaq spot price reflecting marginal pricing per week

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

Incorporates bilateral contracts of variable duration

"Production grade" fish excluded from both references

• HOG export of "production grade " from Norway prohibited
• Lower than normal downgrading in May and June 2024

SSB price exceeded Nasdaq in Q3 2024

Sign of contract prices well above spot prices in the quarter

Significant drop in Fish Pool forward prices

• Indication of less optimistic outlook
• Very limited volume traded
• Clearing being transferred from Nasdaq to Euronext

Fish pool forward price Fish pool forward price in Q2 2023 report

Source: Kontali

HEALTHY LIVING

DEVELOPMENT PER QUARTER

	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
(mDKK)	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024
Revenue	1,639	1,684	1,867	1,940	2,050	1,670	1,859	1,562	2,206	2,067	1,737
Operational EBIT	418	587	325	376	565	353	269	356	710	388	173
Profit/Loss	405	845	249	-154	467	-123	219	392	401	-117	-116
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
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
Equity ratio	64%	65%	64%	62%	64%	61%	61%	61%	62%	62%	62%
NIBD	2,192	2,267	2,427	2,664	2,357	2,911	3,045	3,533	3,180	2,966	2,710
500 400 300 200 100 0 -100				6,000 5,000 4,000 3,000 2,000 1,000				1,400 1,200 1,000 800 600 400 200
-200 FOF Freshwater Freshwater FO SCT YTD 2024	Farming FO Farming SCT YTD 2023	Services	Sales & Other		0 2014 2015 2016 2017	2018 2019 2020	YTD 2024 2021 2022 2023	0	2014 2015 2016 2017	2018 2019 2020 2021	YTD 2024 2022 2023

Group Revenue (mDKK) Group Operational EBIT (mDKK)

Dividend

• On 30 April 2024, the AGM decided to pay out a dividend on 8.70 DKK per share for the year 2023 Competitive return through: Dividends Increase in the value of the equity
• Dividend payment equals 50% of adjusted EPS
• Dividend of 515M DKK was paid out on May 21st 2024

Dividend policy

DIVIDEND

-

• 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

* 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*

OUR PILLARS AND VALUES

Q2 2024 - REDUCING COSTS IN SCOTLAND ADAPTING CAPACITY TO NEED

-

All harvest and processing will be at Cairndow

Sub-leasing excess vessel capacity:

43