Bakkafrost P/f

Report Publication Announcement • Jan 5, 2026

Q4 2025 Trading Update

Q4 2025 Trading Update

FARMING

In Q4 2025, the harvest volumes for Bakkafrost's operation in the Faroe Islands

and Scotland were:

+-------------+--------+---------------------+--------------+-------------------

--+

|Region |Month | Q4 2025 | Q4 2025 | YTD 2025

|

| | | Harvest volume |Average weight| Harvest volume

|

| | |(thousand tonnes HOG)| (kg) |(thousand tonnes

HOG)|

+-------------+--------+---------------------+--------------+-------------------

--+

|Faroe Islands|October | 9.5 | 5.4 | 83.6

|

+-------------+--------+---------------------+--------------+-------------------

--+

| |November| 7.6 | 5.9 |

+-------------+--------+---------------------+--------------+-------------------

--+

| |December| 6.2 | 5.4 |

+-------------+--------+---------------------+--------------+-------------------

--+

| |Q4 total| 25.4 | 5.2 |

+-------------+--------+---------------------+--------------+-------------------

--+

| | | | |

|

+-------------+--------+---------------------+--------------+-------------------

--+

|Scotland |October | 1.9 | 2.8 | 23.2

|

+-------------+--------+---------------------+--------------+-------------------

--+

| |November| 1.6 | 6.0 |

+-------------+--------+---------------------+--------------+-------------------

--+

| |December| 1.1 | 5.8 |

+-------------+--------+---------------------+--------------+-------------------

--+

| |Q4 total| 4.6 | 4.1 |

+-------------+--------+---------------------+--------------+-------------------

--+

Based on preliminary numbers, Q4 2025 incident-based mortality costs in Farming

were:

· Faroe Islands:         0 mDKK

· Scotland:             58 mDKK     (nearly half of this was caused by the

Pasterella incident at Portree in Q3)

RESHWATER

The smolt release in Q4 2025 was (in millions):

+-------------+-------+--------+

| |Q4 2025|YTD 2025|

+-------------+-------+--------+

|Faroe Islands| 5.3| 18.7|

+-------------+-------+--------+

|Scotland | 2.2| 7.3|

+-------------+-------+--------+

Based on preliminary numbers, Q4 2025 incident-based mortality costs in

Freshwater were:

· Faroe Islands:         0 mDKK

· Scotland:              2 mDKK     (mainly culling costs at the Couldoran

hatchery)

FISHMEAL, OIL AND FEED (FOF)

In Q4 2025, the volumes sourced and sold in the FOF segment were (in thousand

tonnes):

+--------+----------+----------+---------------+--------------+

|Month |Marine raw|Feed sales|Fish meal sales|Fish oil sales|

| |material | | | |

| |sourcing | | | |

+--------+----------+----------+---------------+--------------+

|October | 11.1 | 18.6 | 1.2 | 0.0 |

+--------+----------+----------+---------------+--------------+

|November| 22.8 | 14.0 | 0.0 | 0.0 |

+--------+----------+----------+---------------+--------------+

|December| 5.9 | 14.6 | 1.2 | 0.0 |

+--------+----------+----------+---------------+--------------+

|Q4 Total| 39.8 | 44.7 | 2.4 | 0.0 |

+--------+----------+----------+---------------+--------------+

| | | | | |

+--------+----------+----------+---------------+--------------+

|YTD 2025| 349.2 | 165.2 | 20.2 | 0.0 |

|Total | | | | |

+--------+----------+----------+---------------+--------------+

The full Q4 2025 report will be released on 9 February 2026 at 06:00 CET.

Contacts:

.    Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)

.    Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.