Bakkafrost P/f

Investor Presentation • Aug 26, 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 Q2 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

HIGHLIGHTS Q2 24 (Q2 23)

HIGHLIGHTS Q2 24 (Q2 23)
Revenues and Operational EBIT	 Revenue of DKK 2,067 million (DKK 1,670 million)  Operational EBIT* of DKK 388 million (DKK 353 million)
Operation	 Harvest in the Faroe Islands: 10,226 tgw (8,658 tgw)  Harvest in Scotland: 11,366 tgw (7,343 tgw)  Feed sales: 32,949 tonnes (30,231 tonnes)  External fish oil sales: 6 tonnes (6 tonnes)  External sale of fish meal: 15,764 tonnes (21,328)  Sourcing of marine raw material: 90,575 tonnes (147,785 tonnes)
Cash Flow	 Cash flow from operations of DKK 1,036 million (DKK 376 million)
Segments	 Positive operational EBIT from all segments except Freshwater Scotland DKK -31 million (DKK -12 million) and Sales and other DKK -78 million (DKK 15 million)
Dividend	 Dividend of DKK 8.70 (DKK 515 million) paid out in Q2 2024 ) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax *) Including internal sales of 32,624 tonnes (29,630 tonnes)

SUMMARY OF Q2 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

GLOBAL MARKETS

HIGH PRICES FOLLOWED BY SUDDEN DROP MID-QUARTER

Reduced large-fish premium

Superior share normalised during the quarter after challenging Q1 2024

Source: Kontali

SALMON MARKETS, SOLD QUANTITY

EU/UK: 3% consumption increase

7% drop in US consumption

Significant reduction in Chilean sales to Russia

SALMON MARKETS, SOLD QUANTITY							HEALTHY LIVING
EU/UK: 3% consumption increase	Salmon markets, sold quantity (head on gutted weight)
 In line with supply growth – good demand		Estimated volumes		Q2 comparison			Estimated volumes FY comparison
	Markets	Q2 2024	Q2 2023	Volume %		FY 2023 FY 2022	Volume	%
	EU+UK	244,900	237,600	7,300	3%	1,083,900 1,137,000	-53,100	-5%
	USA Russia	134,800 6,600	144,300 12,400	-9,500 -5,800	-7% -47%	586,100 61,200	586,000 100 51,800 9,400	0% 18%
7% drop in US consumption	Japan	10,100	9,900	200	2%	44,700	55,000 -10,300	-19%
	Greater China	31,400	32,500	-1,100	-3%	134,500	102,700 31,800	31%
			15,400	-300	-2%	70,400	83,900 -13,500	-16%
 Increased price sensitivity - reduced imports from Chile
	ASEAN Latin America	15,100 44,900	44,400	500	1%	184,000	179,100 4,900	3%
	Ukraine	2,400	4,000	-1,600	-40%	18,600	18,800 -200	-1%
	Other markets	71,800	63,900	7,900	12%	294,200	325,400 -31,200	-10%
Significant reduction in Chilean sales to Russia	Total all markets	562,000	564,400	-2,400 -0.4 %		2,477,600 2,539,700	-62,100	-2.4 %

Minor changes in Asia

• Reduced availability of frozen Chilean products
• Challenging farming conditions in Australia

Increased sales to Other markets increased

GLOBAL HARVESTED VOLUME DROPPED 5% Faroes: Good growth

1% drop in global harvest volume

3% increase in European harvest volumes

-

-

7% drop in American harvest

• Chile: Low incoming biomass

	GLOBAL HARVESTED VOLUME DROPPED 5%				HEALTHY LIVING
	1% drop in global harvest volume	Supply Development	Q2 2024	Q2 2023 Change %
	Increase in Europe – drop in Americas	Norway UK Faroes	279 51 17	284 42 16	-1.7 % 20.2 % 5.7 %
	3% increase in European harvest volumes	Iceland Ireland	5 5	0 4	1175.0 % 22.7 %
 Norway:	Low incoming biomass and moderate growth	Total Europe	356	346	2.9 %
 Scotland:	Improved conditions after challenging few years	Chile Canada	143 33	163 29	-12.2 % 15.6 %
 Faroes:	Good growth	USA Total Americas	5 181	4 196	26.8 % -7.4 %
 Iceland:	Recovery in volumes after zero harvest in Q2 2023	Other Total (Harvested quantity)	25 563	24 566	2.9 % -0.7 %
	7% drop in American harvest	Inventory movements Total (Sold Quantity)	-1 562	-2 565	-68.4 % -0.5 %
 Chile:	Low incoming biomass
 Americas:	Introduction of new capacity in Newfoundland (Canada)				Source: Kontali

Some increase in Chilean frozen inventories during the quarter

SUMMARY OF Q2 2024

MARKETS & SALES

FINANCE

OPERATIONS

OUTLOOK

APPENDIX

Salmon farmers on Loch Fine Aug 18th 2024

GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT

GROUP PROFIT AND LOSS	HIGHER REVENUE AND OPERATIONAL EBIT					HEALTHY LIVING
Q2 2023	Q2 2024	(DKK million)	Q2 24	YTD 24	Q2 23	YTD 23
Revenue (mDKK)		Operating revenue	2,067	4,273	1,670	3,720
1,670 24%	2,067	Operational EBITDA*	556	1,435	508	1,221
		Operational EBIT*	388	1,098	353	919
Operational EBIT (mDKK)		Fair value adjustment of biological assets	-393	-463	-432	-379
10%	388	Onerous contracts	0	0	0	0
Fair value of biomass (mDKK)		Income from associates	2	2	-3	21
9%	-393	Revenue tax	-84	-196	-30	-68
		EBIT	-87	441	-112	493
Profit after tax (mDKK)		Net Financial items	-52	-98	-41	-59
5%	-117	EBT	-139	343	-153	433
		Taxes	23	-58	30	-89
		Profit for the period	-117	284	-123	344

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)	Q2 24	End 2023
Intangible assets	4,514	4,509
Property, plant and equipment	6,447	6,220
Right of use assets	367	413
Financial assets	299	289
Deferred tax assets	513	512
Biological assets	2,906	3,336
Inventory	884	1,149
Financial derivatives	3	0
Receivables	732	850
Other receivables	132	150
Cash and cash equivalents	608	412
Total Assets	17,406	17,841
Equity	10,741	10,866
Deferred tax and other taxes	2,012	1,953
Long-term interest-bearing debt	3,574	3,944
Long-term leasing debt	279	331

Short-term leasing debt 68 66 Accounts and other payables 732 681

Total Equity and Liabilities 17,406 17,841

CASH FLOW

(DKK million)	Q2 24	YTD 24	Q2 23	YTD 23
Cash flow from operations	1,036	1,712	376	949
Cash flow from investments	-241	-479	-304	-507
Cash flow from financing	-759	-1,037	-99	-618
Net change in cash	36	196	-26	-176
Cash at the end of the period	608	608	544	544
Undrawn facilities	2,418	2,418	2,304	2,304

HEALTHY LIVING

NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q2 2024

NIBD was increased by:

-

NIBD was decreased by:

Financing end Q2 2024

• NIBD: DKK 2,966 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 2,418 million

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

PERFORMANCE PER REGION

Q2 CLOSING A STRONG 1H OF 2024 FOR THE GROUP

DKK 1,000,000	Scotland	Q2 2024 Faroe lslands*	Group	Scotland	Q2 2023 Faroe Islands*	Group	Scotland	2024 YTD Farge Islands*	Group	Scotland	2023 YTD Farge Islands*	Group
Total operating revenues	880	1,187	2,067	587	1,082	1,670	1,492	2,781	4,273	1,296	2,424	3,720
Depreciation and amortization	-63	-105	-168	-63	-91	-154	-135	-202	-337	-124	-178	-303
Operating expenses	-725	-813	-1,539	-458	-710	-1,167	-1,231	-1,640	-2,871	-955	-1,553	-2,508
Other income	21	6	27	5	0	5	33	O	33	10	O	10
Operational EBIT	113	275	388	7/91	2:37	353	158	ਰੇਤਰੇ	1,098	226	692	919
Operational EBITDA	176	380	556	135	373	508	294	1,141	1,435	351	871	1,221
Volume tonnes	11,366	10,226	21,592	7,343	8,658	16,001	18,629	24,520	43,149	15,436	19,663	35,099
Operational EBIT/KG	9.96	26.86	17.96	9.73	32.56	22.08	8.50	38.31	25.44	14.66	35.21	26.17
- of which FOF	0.00	10.99	5.21	0.00	13.96	7.56	0.00	11.80	6.70	0.00	12.37	6.93
- of which Freshwater	-2.71	7.21	1.99	-1.68	3.86	1.31	-3.49	3.89	0.70	0.12	2.95	1.70
- of which Farming	11.66	20.15	15.68	7.05	17.36	12.63	8.42	27.66	19.35	11.29	19.24	15.74
- of which Services	1.55	-0.54	0.56	0.13	0.06	0.09	0.90	0.88	0.89	0.49	0.12	0.28
- of which Sales & Other	-2.45	-4.94	-3.63	4.17	-1.78	0.95	0.03	-3.31	-1.87	3.49	-1.14	0.89
- of which Eliminations	1.91	-6.01	-1.84	0.06	-0.90	-0.46	2.64	-2.60	-0.34	-0.73	1.67	0.62

FOF (FISHMEAL, OIL AND FEED) STRONG FEED SALES AND HIGH SOURCING

Source: Holtermann

	Q/Q	Q2	YTD	Q2	YTD
Volumes	change	2024	2024	2023	2023
Marine raw material sourced	-39%	90,575	227,449	147,785	303,800
Feed sold (tonnes)*	9%	32,949	59,995	30,231	52,518
Fishmeal sold external (tonnes)	-26%	15,764	28,792	21,328	35,103
Fishoil sold external (tonnes)	0%	6	4,043	6	5,582

*Including internal sales, corresponding to 99% of feed volumes in Q2 2024 (Q2 2023: 98%)

Margin
Operational EBIT [DKKm]	-7%	112	289	121	243
Operational EBIT margin	1%	16%	20%	16%	16%

Sourcing of raw material (tonnes)

FRESHWATER – FAROE ISLANDS

RAMPING UP NEW CAPACITY FROM 2023

Good capacity in hatcheries

Smolt transfer in 2024 planning for 17.0 million smolt

Focus on producing consistent size & quality

• Improves productivity in marine farming sites
• Ramping up freshwater operation after 2023 capacity expansion of 50%
  • 80% increase in FW biomass y/y
• Freshwater to continue increase stocking number and size

	Q/Q	Q2	YTD	Q2	YTD
Volumes	change	2024	2024	2023	2023
Released number of smolt (million)	11%	4.0	6.1	3.6	5.7
Average weight (g)	-2%	391	398	400	409

Margin
Operational EBIT [DKKm]	124%	74	95	33	58
Operational EBIT/KG (NOK)	100%	73.19	171.01	36.63	98.94
Operational EBIT margin	19%	40%	34%	21%	23%

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

Applecross hatchery:

• 7.7 million released in 2024 at around 140g on average, almost entirely delivered from Applecross at high quality • Target: Average smolt of 200g in Q4 2024 • Increasing production in 2025 with AP 5&6 (>11m at • Self-sufficiency of smolt • Parallel trials with different strains and sizes
• 200-300g)

Smolt strategy

-

	Q/Q	Q2	YTD	Q2	YTD
Volumes	change	2024	2024	2023	2023
Released number of smolt (million)	-52%	1.5	3.1	3.1	4.8
Average weight (g)	-24%	95	108	125	120

Operational EBIT [DKKm] -158% -31 -65 -12 2 Operational EBIT/KG (NOK) -588% -339.99 -523.49 -49.28 14.46 Operational EBIT margin -42% -90% -101% -48% 3% Hatchery expansion, Scotland Fairlie – Planning at hold Applecross - Construction 8m smolt at 500g 14m smolt at 250g	32,300m³ capacity 29,300m³ capacity 21

Hatchery expansion, Scotland

8m smolt at 500g 32,300m³ capacity

FARMING – FAROE ISLANDS LARGE FISH AND MORE BIOMASS IN THE WATER

Good biological development

-

- Focus on growing larger fish • Increasing harvest volumes YoY • Strike and detected ILA reduced harvest and average harvest weight in Q2 2024 • Very low sea lice levels and good growth rate

Margin
Operational EBIT [DKKm]	37%	206	678	150	378
Operational EBIT/KG (NOK)	15%	31.23	42.60	27.15	29.21
Operational EBIT margin	5%	28%	35%	23%	26%

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

Average weight: 3.3 kg HOG

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

• 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

FARMING – SCOTLAND DE-RISKING EXECUTED AND IMPROVED BIOLOGY • End of Q2: Harvested around 75% of annual harvest • Low sea lice levels • On track for annual harvest target

Biology improving

-

-

						HEALTHY LIVING
DE-RISKING EXECUTED AND IMPROVED BIOLOGY
			Q2	YTD	Q2	YTD
Biology improving	Volumes	Q/Q	2024	2024	2023	2023
• End of Q2: Harvested around 75% of annual harvest	Total harvest volume (tgw)	change 55%	11,366	18,629	7,343	15,436
• Higher sea temperatures early in Q2 – lower later	Average harvest weight (kg)	-12%	4.1	4.3	4.6	4.9
• Low sea lice levels
• Improved gill health – AGD well under control	Margin

DE-RISKING EXECUTED AND IMPROVED BIOLOGY						HEALTHY LIVING
		Q/Q	Q2	YTD	Q2	YTD
Biology improving	Volumes	change	2024	2024	2023	2023
• End of Q2: Harvested around 75% of annual harvest	Total harvest volume (tgw)	55%	11,366	18,629	7,343	15,436
	Average harvest weight (kg)	-12%	4.1	4.3	4.6	4.9
• Higher sea temperatures early in Q2 – lower later • Low sea lice levels
	Margin
• Improved gill health – AGD well under control	Operational EBIT [DKKm]	156%	133	157	52	174
• On track for annual harvest target	Operational EBIT/KG (NOK)	64%	18.07	12.97	11.03	17.15

REDUCING COSTS IN SCOTLAND ADAPTING CAPACITY TO NEED

-

All harvest and processing will be at Cairndow

Sub-leasing excess vessel capacity:

25

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

• Good capacity with gentle highly effective treatment provides opportunities to increase the size of the salmon

|--|

Q2 YTD Q2 YTD Q/Q Margin

Operational EBIT [DKKm] 719% 12 38 1 10 Operational EBIT/KG (NOK) 501% 0.87 1.37 0.14 0.43

2024 2024 2023 2023 change

Operational EBIT margin 5% 6% 8% 1% 3%

SALES & OTHER

Services provided:

• Sales & Marketing
• Freight & Logistics
• Value added processing (VAP)
• Reduced contract share to only 9% of the 2024 harvest volume • VAP share of 25% in Q2 2024 vs 57% in Q2 2023

SALES & OTHER LESS VOLUMES FOR VAP (CONTRACTS)						HEALTHY LIVING
Services provided:	Volumes	Q/Q	Q2	YTD	Q2	YTD
• Sales & Marketing		change -48%	2024 2,576	2024 5,872	2023 4,957	2023
	Volume transferred to VAP (tgw)					10,055

Margin
Operational EBIT [DKKm]	-620%	-78	-81	15	31
Operational EBIT/KG (NOK)	-479%	-5.63	-2.88	1.49	1.36
Operational EBIT margin	-4%	-3%	-1%	1%	1%

59%

76%

SUMMARY OF Q2 2024

MARKETS & SALES

FINANCE

OPERATIONAL UPDATE

OUTLOOK

APPENDIX

Loch-a-Laip in South Uist

OUTLOOK MODERATE GROWTH EXPECTED

• Strong Q3 growth expected to diminish in Q4 2024
• Moderate growth expected in 2025

General reduction in Americas driven by Chile

• Drop expected during H2 2024
• Marginal growth expected in 2025

Source: Kontali

OUTLOOK GROWING VOLUME

Contracts

• For 2024, Bakkafrost has signed contracts for around 9% of the total expected harvest volumes

Fishmeal, Oil and Feed

• Following the record high in 2023, we anticipate a normalization of production at lower volumes.

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

SUMMARY OF Q2 2024 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK

APPENDIX

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

LARGE SMOLT STRATEGY DELIVERING LARGE HEALTHY SMOLT

HEALTHY LIVING

8m smolt at 500g 32,300m³ capacity

29,300m³ capacity

BAKKAFROST'S	NEW SEGMENTS		HEALTHY LIVING
	Previous	segments
New segments:
• FOF
• Freshwater FO
• Freshwater SCT
• Farming FO
• Farming SCT
• Services

New segments:

-

-

-

SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS

FOF	Freshwater		Farming			Services	Sales & Other
Q2 2024: Revenue = 687M Internal Feed sale = 32,624t External Meal sale = 15,764t External Fish Oil sale = 6t	Q2 2024: Revenue Smolt transferred Average Weight	= 183M = 4.0M = 391g	Q2 2024: Revenue Harvest Volume Average Weight	= 746M = 10,226tgw = 4.89kg	Q2 2024: Revenue Energy produced = 4.6 GwH	= 206M	Q2 2024: Revenue Portion in VAP	= 2,582M = 25%
OP EBIT = 112M OP EBIT % = 16%	OP EBIT OP EBIT / KG OP EBIT %	= 74M = 47.23 = 40%	OP EBIT OP EBIT / KG OP EBIT %	= 206M = 20.15 = 28%	OP EBIT OP EBIT / KG OP EBIT %	= 12M = 0.56 = 6%	OP EBIT OP EBIT / KG OP EBIT %	= (78M) = (3.63) = (3%)
Key Ratios: OP EBIT / PPE = 49.3% Debt / EBITDA = 0.61x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 10.7% = 1.87x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 97.6% = 0.32x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 5.3% = 2.99x	Key Ratios: OP EBIT / PPE Debt / EBITDA	= 7.4% = 3.77x
	Volumes: Revenue Smolt transferred Average Weight	= 34M = 1.5M = 95g	Volumes: Revenue Harvest Volume Average Weight	= 861M = 11,366tgw = 4.06kg			Market Split – Sales: Western Europe North America Asia	= 66% = 18% = 12%
	OP EBIT OP EBIT / KG OP EBIT %	= (31M) = (218.76) = (90%)	OP EBIT OP EBIT / KG OP EBIT %	= 133M = 11.66 = 15%			Eastern Europe Rest of world	= 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	= (8.4%) = (N/A)	Key Ratios: OP EBIT / PPE Debt / EBITDA	= (21.3%) = 7.02

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN

-

-

								HEALTHY LIVING
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN
Expected supply growth in 2024			Global Supply of Atlantic Salmon (head on gutted –			HOG)
 4% increase in Global supply*			2019	2020	2021	2022	2023E	2024E
	Norway UK		1,198 171	1,226 160	1,383 179	1,359 145	1,329 137	1,369 158
 6% increase in supply* from Europe	Ireland		14	14	14	15	13	15
	Iceland Faroes		22 78	27 72	35 96	42 89	29 80	46 90
 1% drop in supply growth from the Americas	Total Europe		1,484	1,499	1,707	1,649	1,589	1,677
* Including expected inventory movements	Chile		601	657	638	649	665	649
	Canada		123	123	126	120	99	107
	USA Total Americas		19 743	18 798	17 781	18 787	17 781	17 773
	Others Total (Sold Quantity)		71 2,298	91 2,388	107 2,595	105 2,540	109 2,478	119 2,569
	Supply growth - Global Supply growth - Europe		6% 10%	4% 1%	9% 14%	-2% -3%	-2% -4%	4% 6%
	Supply growth - Americas		0%	7%	-2%	1%	-1%	-1%
			Salmon Markets (head on gutted –			HOG)
		2019	2020		2021	2022	2023E	2024E
Comments:	EU+UK	1,017	1,073		1,159	1,137	1,084	1,157
All figures are in hog-equivalents and thousand tonnes.	USA	471	506		571	586	586	570
Figures represents sold quantity of Atlantic Salmon from each producing country	Japan	53	64		66	55	45	46 45
Source: Kontali	Russia Others	78 678	79 665		86 714	52 710	61 702	750
	Total (Sold Quantity)	2,298	2,388		2,595	2,540	2,478	2,569

	2019	2020	2021	2022	2023E	2024E
EU+UK	1.017	1.073	1.159	1.137	1,084	1.157
USA	471	506	571	586	586	570
Japan	53	64	66	55	45	46
Russia	78	79	86	52	61	45
Others	678	665	714	710	702	750
Total (Sold Quantity)	2,298	2,388	2,595	2,540	2,478	2,569

Q2 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 Q2 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

Source: Kontali

DEVELOPMENT PER QUARTER

(mDKK)		Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Revenue		2022 1,639	2022 1,684	2022 1,867	2022 1,940	2023 2,050	2023 1,670	2023 1,859	2023 1,562	2024 2,206	2024 2,067
Operational EBIT		418	587	325	376	565	353	269	356	710	388
Profit/Loss		405	845	249	-154	467	-123	219	392	401	-117
Harvest FO (tgw)		17,459	13,101	16,850	19,276	11,005	8,658	16,740	16,005	14,294	10,226
Harvest SCT (tgw)		3,973	6,646	8,100	5,198	8,093	7,343	4,100	1,062	7,263	11,366
Equity ratio		64%	65%	64%	62%	64%	61%	61%	61%	62%	62%
NIBD		2,192	2,267	2,427	2,664	2,357	2,911	3,045	3,533	3,180	2,966
800 700 600 500 400 300 200 100 0 -100 -200					8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0			1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
FOF	Freshwater FO Freshwater Farming FO SCT YTD 2024 YTD 2023	Farming SCT	Services Sales & Other

Segment Operating EBIT mDKK

39

DIVIDEND

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
• Dividend payment equals 50% of adjusted EPS
• Dividend of 515M DKK was paid out on May 21st 2024

Dividend policy

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• 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

HEALTHY LIVING

Dividend per share in % of adj. EPS*

OUR PILLARS AND VALUES

PERFORMANCE

BEST PRACTICES & WELL-INVESTED VALUE CHAIN DRIVES PERFORMANCE

HEALTHY LIVING

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

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

~ 6.3BN PLANNED INVESTMENTS 2024-2028

REDUCE BIOLOGICAL RISK, IMPROVE EFFICIENCY AND INCREASE ORGANIC GROWTH

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- 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:

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