Bakkafrost P/f

Investor Presentation • Nov 4, 2025

Q3 2025

BAKKAFROST GROUP Oslo November 4th 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 Q3 2025 (Q3 2024)

Revenues and Operational EBIT

• Revenue of DKK 1,686 million (DKK 1,737 million)
• Operational EBIT* of DKK 22 million (DKK 173 million)

Operation

• Harvest in the Faroe Islands: 25,392 tgw (21,618 tgw)
• Harvest in Scotland: 5,286 tgw (5,411 tgw)
• Feed sales: 49,087 tonnes** (41,513 tonnes**)
• External fish oil sales: 0 tonnes (8 tonnes)
• External sale of fish meal: 5,118 tonnes (9,339 tonnes)
• Sourcing of marine raw material: 39,940 tonnes (40,134 tonnes)

Cash Flow

▪ Cash flow from operations of DKK 245 million (DKK 575 million)

Segments

▪ Positive operational EBIT in Q3 2025 in these segments for Fishmeal, oil and feed , Freshwater Faroe Islands, Services and Sales & Other.

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

^**) Including internal sales of 48,833 tonnes (40,666 tonnes)

MARGINS

Q3 2025 VS. (Q3 2024) OPERATIONAL EBIT/KG, ALL INCLUSIVE

GLOBAL MARKETS - PRICES

INCREASE SUPPLY OF SUPERIOR FISH CAUSING DOWNWARD PRESSURE ON PRICES

GLOBAL MARKETS SOLD VOLUMES INCREASED BY 12%

EU/UK: 4% consumption increase

• Significantly below European supply increase (12%)

Strong demand in the US

• 13% consumption increase
• In line with American supply change

Increased sales from Chile to Russia

Large part of supply increase sold to Asia

Strong growth in Latin America

Salmon markets, sold quantity (head on gutted weight)

	Estimated	volumes	Q3 com	ра	rison	Estimated	volumes	YTD compa	arison
Markets	Q3 2025	Q3 2024	Volume		%	YTD 2025	YTD 2024	Volume	%
EU+UK	346	332	14	1	4%	864	809	54 🏠	7%
USA	168	148	19	1	13%	472	425	48 🏚	11%
Russia	16	9	7	1	69%	42	31	11 🏠	36%
Japan	15	12	3	1	29%	39	32	6 🏠	20%
Greater China	54	41	14	1	33%	145	105	40 🏠	38%
ASEAN	24	18	6	1	37%	62	49	13 🧥	26%
Latin America	51	46	5	1	12%	143	137	6 🏠	4%
Middle East	20	21	0	2	-2%	50	48	2 🏠	4%
Ukraine	5	4	2	1	54%	12	9	4 🏠	41%
Other markets	78	65	13	1	19%	199	171	28 🧥	16%
Total all markets	778	695	82	1	11.9 %	2,027	1,816	211 🥎	11.6 %

GLOBAL HARVEST INCREASED BY 12%

SUPPLY TO THE MARKETS BY 12%

12% increase in global harvest volumes

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

12% increase in European harvest volumes

• Norway High incoming biomass and accelerated harvest
• Scotland Low incoming biomass
• Faroes Strong growth (Biomass 31% up and feeding up 25%)

14% increase in American harvest

• Chile Rebound after dip in Q2 and Q3 2024
• Canada Increase part of normal variation

Increased frozen inventories in Chile

Supply Development	Q3 2025		Q3 2024 Change %
Norway	457	397	15.0 %
UK	41	43	-4.6 %
Faroes	32	31	3.2 %
Iceland	10	9	10.8 %
Ireland	4	5	-22.4 %
Total Europe	544	485	12.0 %
Chile	203	179	13.3 %
Canada	29	24	20.1 %
USA	5	5	-8.9 %
Total Americas	236	208	13.6 %
Other	27	26	5.3 %
Total (Harvested quantity)	807	719	12.2 %
Inventory movements	-29	-24	20.8 %
Total (Sold Quantity)	778	695	11.9 %

GROUP PROFIT AND LOSS

LOWER REVENUE AND OPERATIONAL EBIT

(DKK million)	Q3 25	YTD 25	Q3 24	YTD 24
Operating revenue	1,686	5,160	1,737	6,010
Operational EBITDA*	218	1,171	355	1,789
Operational EBIT*	22	592	173	1,270
Fair value adjustment of biological assets	122	-442	-266	-730
Income from associates	5	21	-1	2
Revenue tax	-18	-121	-8	-204
EBIT	131	50	-103	338
Net Financial items	-54	-202	-58	-156
EBT	77	-151	-161	182
Taxes	0	84	44	-14
Profit for the period	77	-67	-116	168

^* 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)

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

Headlines (mDKK)
	End 2024	Q3 2025
PPE:	6,733 327	7,060
Biological assets: *(whereof mDKK -69 (373) are fair value adjustments)	3,139* -396	2,743*
Inventory:	671 217	888
Receivables:	649 145	793
Cash & cash equiv.:	481 -194	286
Equity:	11,157 -715	10,442
Equity ratio:	63% -6%	57%

(DKK million)	Q3 25	End 2024
Intangible assets	4,508	4,518
Property, plant and equipment	7,060	6,733
Right of use assets	862	321
Financial assets	324	334
Deferred tax assets	684	590
Biological assets	2,743	3,139
Inventory	888	671
Financial derivatives	20	0
Receivables	793	649
Other receivables	128	239
Cash and cash equivalents	286	481
Total Assets	18,297	17,674
Equity	10,442	11,157
Deferred tax and other taxes	1,953	2,037
Long -term interest -bearing debt	4,250	3,481
Long -term leasing debt	831	234
Financial derivatives	9	3
Short -term leasing debt	54	65
Accounts and other payables	758	698
Total Equity and Liabilities	18,297	17,674

CASH FLOW

Cash flow, operations (mDKK)	Q3 2024 Q3 2025 575 245 -330
Cash flow, investments (mDKK)	-245 -311 -67
Cash flow, financing (mDKK)	-99 147 246

(DKK million)	Q3 25	YTD 25	Q3 24	YTD 24
Cash flow from operations	245	631	575	2,287
Cash flow from investments	-311	-853	-245	-723
Cash flow from financing	147	28	-99	-1,136
Net change in cash	81	-194	231	428
Cash at the end of the period	286	286	839	839

NET INTEREST-BEARING DEBT (NIBD)

NIBD INCREASED DURING Q3 2025

NIBD was increased by:

• Net investments (mDKK 311)

NIBD was decreased by:

• Operating Activities (mDKK 112)
• Change in Working Capital (mDKK 59)

Financing end Q3 2025

• NIBD: DKK 3,964 million
• Bank facilities of EUR 722 million and an accordion of EUR 150 million.
• Undrawn credit facilities: DKK 1,422 million

Development in NIBD in DKK millions 3,824 311 -59 3,964 -112 NIBD Q2 2025 Net Investment Δ Working Capital Operating activities NIBD Q3 2025 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

THE POWER OF THE FULLY INTEGRATED VALUE CHAIN

CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE

Net Zero by 2050

Harvest volume 2025E 104,000t

FOF (FISHMEAL, OIL AND FEED)

STRONG FEED SALES SUPPORTING STRONG BIOLOGICAL GROWTH

Volumes	Q/Q	Q3	YTD	Q3	YTD
Volunies	change	2025	2025	2024	2024
Marine raw material sourced	0%	39,940	309,393	40,134	267,583
Feed sold (tonnes)*	18%	49,087	117,958	41,513	101,508
Fishmeal sold external (tonnes)	-45%	5,118	17,774	9,339	38,131
Fishoil sold external (tonnes)	-100%	0	6	8	4,321

^*Including internal sales, corresponding to 99% of feed volumes in Q3 2025 (Q3 2024: 98%)

Margin
Operational EBIT	-38%	91	244	147	436
Operational EBIT margin	-8%	12%	13%	20%	20%

Source: Holtermann

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

• 18.5m expected 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 change	Q3 2025	YTD 2025	Q3 2024	YTD 2024
Transfered number of smolt (million)	-2%	4.8	13.4	4.9	11.0
Average weight (g)	1%	427	441	423	409

Margin
Operational EBIT (mDKK)	-1%	83	225	84	180
Operational EBIT/KG (NOK)	0%	64.34	59.74	64.11	62.03
Operational EBIT margin	-2%	36%	36%	38%	36%

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

Increased feeding in hatcheries as production grows

FRESHWATER – SCOTLAND

INCREASING SMOLT TRANSFER - APPLECROSS AVERAGING 229G IN Q3 2025

Applecross hatchery:

• Transition phase shifting from stabilization to sustainable growth
• Improved biosecurity
• All remaining construction (AP 7) completed in H2-2025

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

	Q/Q	Q3	YTD	Q3	YTD
Volumes	change	2025	2025	2024	2024
Transferred number of smolt (million)	89%	3.6	5.1	1.9	5.0
Whereof externally sourced	29%	0.9	1.5	0.7	0.9
Average weight (g)	80%	155	159	86	100
Average weight (g) Applecross	161%	229	232	88	103

Margin
Operational EBIT (mDKK)	-533%	-38	-109	-6	-71
Operational EBIT/KG (NOK)	-93%	-105.70	-209.11	-54.89	-221.25
Operational EBIT margin	-31%	-51%	-99%	-20%	-76%

FARMING - FAROE ISLANDS

EXCEPTIONAL BIOLOGICAL PERFORMENCE EVER

• Ring-side costs reduced 14% YoY
• Strong growth YTD 33% above 2024
• Quarterly feeding 32% up Q3 2025 vs Q3 2024
• New feeding records set in October 2025
• Operational EBIT reduced by low salmon prices

Volumes	Q/Q	Q3	YTD	Q3	YTD
volumes	change	2025	2025	2024	2024
Total harvest volume (tgw)	17%	25,392	60,326	21,618	46,138
Average harvest weight (kg)	-1%	5.2	5.1	5.3	5.2

Margin
Operational EBIT (mDKK)	-4%	-29	262	-28	650
Operational EBIT/KG (NOK)	14%	-1.78	6.81	-2.07	21.86
Operational EBIT margin	0%	-3%	9%	-3%	22%

FARMING – SCOTLAND

OVERALL GOOD, BUT VERY CHALLENGING AT THE PORTREE FARMING SITE

• Very strong harvest weights
• Good growth and biology at most sites
• Exceptional mortality cost of 68 mDKK (mainly Portree)
• EBIT impacted by low salmon prices
• Maintaining 2025 harvest target (2026 impacted)

Q/Q		Q3	YTD	Q3	YTD
Volumes	change	2025	2025	2024	2024
Total harvest volume (tgw)	-2%	5,286	18,606	5,411	24,040
Average harvest weight (kg)	13%	4.8	5.4	4.2	4.3

Margin
Operational EBIT (mDKK)	-7%	-191	-302	-179	-44
Operational EBIT/KG (NOK)	-9%	-57.04	-25.50	-52.25	-2.82
Operational EBIT margin	-20%	-96%	-33%	-76%	-3%

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

	Q/Q	Q3	YTD	Q3	YTD
Margin	change	2025	2025	2024	2024
Operational EBIT (mDKK)	100%	38	93	19	57
Operational EBIT/KG (NOK)	78%	1.97	1.85	1.11	1.27
Operational EBIT margin	7%	15%	14%	8%	8%

SALES & OTHER

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

• 7% more volume (FO) transferred to VAP
• 75 mDKK decrease in Operational EBIT
• Increased supply of superior quality, putting pressure on margin premiums

Volumes	Q/Q	Q3	YTD	Q3	YTD
	change	2025	2025	2024	2024
Farming FO volume transferred to VAP (tgw)	7%	4,823	13,090	4,495	10,367
Volume HOG sold (t)	15%	25,855	65,842	22,534	59,811
Volume total (tgw)	14%	30,678	78,932	27,029	70,178

Margin
Operational EBIT (mDKK)	-51%	73	211	148	89
Operational EBIT/KG (NOK)	-57%	3.75	4.19	8.64	1.96
Operational EBIT margin	-3%	3%	3%	6%	1%

OUTLOOK

TIGHTENING SUPPLY, IMPROVING BALANCE

European growth rate expected to drop significantly

• 6% drop expected for Norway in Q4 2025
• Further drop expected in 2026 assuming good biology in Norway

Low single digit growth expected in Americas in 2026

• Chile expected to be quite stable
• Some growth expected in Canada

OUTLOOK

STRONG ROOTS - STEADY GROWTH

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 harvest

* Per kg harvested total company

FSV Scotland Faroe Islands 2026-2030 Capex per region 2.2 bn 1.6 bn 1.3 bn

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
• High volume and good throughput leading to improved production cost/kg

Scotland challenging period

• Mortality at Portree
• Price pressure from the market
• Production cost improvement is primarily driven by lower vessel cost

PERFORMANCE PER REGION

Scotland - Operational EBIT (mDKK)

PERFORMANCE PER REGION

		Q3 2025			Q3 2024
DKK 1,000,000	Scotland	Faroe Islands*	Group	Scotland	Faroe Islands*	Group
Total operating revenues	282	1,405	1,686	317	1,420	1,737
Depreciation and amortization	-80	-117	-196	-68	-114	-182
Operating expenses	-414	-1,061	-1,476	-408	-995	-1,403
Other income	8	0	8	21	0	21
Operational EBIT	-205	227	22	-138	310	173
Operational EBITDA	-125	343	218	-70	425	355
Volume tonnes	5,286	25,392	30,678	5,411	21,618	27,029
Operational EBIT/KG	-38.72	8.93	0.72	-25.45	14.35	6.38
- of which FOF	0.00	3.57	2.95	0.00	6.80	5.44
- of which Freshwater	-7.11	3.28	1.49	-1.06	3.90	2.91
- of which Farming	-36.09	-1.13	-7.15	-33.14	-1.31	-7.69
- of which Services	0.23	1.46	1.25	-0.62	1.03	0.70
- of which Sales & Other	5.93	1.63	2.37	9.60	4.45	5.48

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

Q3 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

"Production grade" fish excluded from both references

▪ HOG export of "production grade " from Norway prohibited

SSB price exceeded Nasdaq in Q3 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 Q3
• Rise in future prices for Q4 2025 and 2026
• 2026 contracts trading at EUR 7.6
• Limited number of contracts traded

Reference price/Euronext futures (EUR/kg)

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

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

FRESHWATER - FAROE ISLANDS

AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS

Smolt production scaling up

• 2024 best year yet of 17m smolt release
• Big growth in coming years (smolt release):
• 18.5m smolt to be released in 2025, increasing to >24m in 2028
• Significant advances made on increasing the smolt quality

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
• Finished late 2026

Total FO hatchery capacity will be 12,000 tonnes

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

FRESHWATER – SCOTLAND

SMOLT PRODUCTION

• 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
• Smolt output at capacity from H2 2027

FRESHWATER - SCOTLAND

2019

Tasty, Healthy & Sustainable Salmon Current

Future

THE IMPORTANCE OF ROBUST SMOLT

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

SEGMENT OVERVIEW

VOLUMES, MARGINS AND KEY RATIOS

FOF Freshwater Farming Services Sales & Other

Q3 2025: Revenue = 759M Internal Feed sale = 48,833t External Meal sale = 5,118t External Fish Oil sale = 0t OP EBIT = 91M

OP EBIT % = 12%

Key Ratios:

OP EBIT / PPE = 17.4% Debt / EBITDA = 2.06x

4
V

Q3 2025: Revenue Smolt transferred Average Weight	= 231M = 4.8M = 427g
OP EBIT	= 83M
OP EBIT / KG	= 40.71
OP EBIT %	= 36%

Revenue = 73M Smolt transferred = 3.6M Average Weight = 159g

Debt / EBITDA = (N/A)

Q3 2025:
Revenue	= 1,034M
Harvest Volume	= 25,392tgw
Average Weight	= 5.22kg
OP EBIT	= (29M)
OP EBIT / KG	= (1.13)
OP EBIT %	= (3%)
Key Ratios:

Key Ratios:
OP EBIT / PPE	= 37.1%
Debt / EBITDA	= 0.88x

= (38M)
= (66.88)
= (51%)

Key Ratios:
OP EBIT / PPE	= (16.7%)

Volumes:

Volumes: Revenue Harvest Volume Average Weight	= 199M = 5,286tgw = 4.79kg
OP EBIT OP EBIT / KG OP EBIT %	= (191M) = (36.09) = (96%)
Key Ratios: OP EBIT / PPE Debt / EBITDA	= (55.9%) = (N/A)

Q3 2025:
Revenue	= 252M
Energy produced = 3.8 GwH

OP EBIT	= 38M
OP EBIT / KG	= 1.25
OP EBIT %	= 15%

Key Ratios:

OP EBIT / PPE	= 8.6%
Debt / EBITDA	= 3.45x

	Q3 2025:

Revenue	= 2,462M
Portion in VAP	= 19%

OP EBIT	= 73M
OP EBIT / KG	= 2.37
OP EBIT %	= 3%

Key Ratios:

OP EBIT / PPE	= 25.5%
Debt / EBITDA	= 1.51x

Market Split – Sales:

Western Europe	= 56%
North America	= 24%
Asia	= 15%
Eastern Europe	= 4%
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

DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN

Expected supply growth in 2025

• 9% increase in Global supply*
• 10% increase in supply* from Europe
• 5% 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)
	2020	2021	2022	2023	2024	2025E
Norway	1,226	1,385	1,360	1,330	1,359	1,502
UK	160	179	145	137	170	168
Ireland	14	14	15	13	17	18
Iceland	27	35	42	29	42	51
Faroes	72	96	89	80	91	113
Total Europe	1,499	1,709	1,650	1,589	1,679	1,852
Chile	657	639	649	665	633	670
Canada	123	126	120	99	107	107
USA	18	17	18	17	18	18
Total Americas	798	781	787	781	757	795
Others	90	104	99	98	101	107
Total (Sold Quantity)	2,388	2,594	2,536	2,467	2,536	2,754
Supply growth - Global	4%	9%	-2%	-3%	3%	9%
Supply growth - Europe	1%	14%	-3%	-4%	6%	10%
Supply growth - Americas	7%	-2%	1%	-1%	-3%	5%

Salmon Markets (head on gutted – HOG)
2020 2021 2022 2023 2024 2025E
EU+UK	1,073	1,159	1,137	1,084	1,145	1,188
USA	506	572	587	586	573	627
Japan	64	66	55	45	45	52
Russia	79	86	52	62	45	57
Others	665	712	705	690	728	830
Total (Sold Quantity)	2,388	2,595	2,535	2,467	2,537	2,754

^* Including expected inventory movements

Q3 2025 MARKET ENVIRONMENT

Significant drop in European reference price

• 12% down compared to Q3 2024 (DKK)
• Lowest quarterly NOK price recorded since 2021

Strong supply pressure in the quarter

▪ 12% increase in European harvest

Increased price premium on large fish

USD movement benefiting US clients

All sizes, weighted average price

Sisalmoni/Nasdaq Norway	Q3 2025	Q3 2024	Change %
NOK	62.76	70.89	-11.5 %
DKK	39.71	44.97	-11.7 %
EUR	5.32	6.03	-11.7 %
USD	6.21	6.62	-6.1 %

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.

DEVELOPMENT PER QUARTER

(mDKK)	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
	2022	2022	2022	2022	2023	2023	2023	2023	2024	2024	2024	2024	2025	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	1,686
Operational EBIT	418	587	325	376	565	353	269	356	710	388	173	280	505	65	22
Profit/Loss	405	845	249	-154	467	-123	219	392	401	-117	-116	477	-6	-138	77
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	25,392
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
Equity ratio	64%	65%	64%	62%	64%	61%	61%	61%	62%	62%	62%	63%	62%	59%	57%
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

Segment Operating EBIT mDKK -300 -200 -100 0 100 200 300 400 500 600 700 FOF Freshwater FO Freshwater SCT Farming FO Farming SCT Services Sales & Other YTD 2025 YTD 2024

Group Revenue (mDKK) Group Operational EBIT (mDKK) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025

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)
• 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

^* 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

BAKKAFROST – OVERVIEW

BAKKAFROST – FARMING SITE OVERVIEW

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

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

0.018 mg

SELENIUM MEAN

RDI 0.06 mg

VITAMIN E LEVELS MEAN

4.9 mg

RDI 9 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