Bakkafrost P/f · OSL:BAKKA
Bakkafrost P/f — Q3 2026 Earnings Presentation
51 slides from Bakkafrost P/f's earnings presentation, Nov 2, 2026
Slide 1: Q3 2026 Bakkafrost Group
Q3 2026 BAKKAFROST GROUP Oslo November 2nd 2026
Slide 2: Disclaimer
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
Slide 3: Summary of Q3 2026
SUMMARY OF Q3 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 4: Summary of Q3 2026: Increased Earnings
SUMMARY OF Q3 2026 INCREASED EARNINGS FINANCIAL REVENUE OPERATIONAL EBIT* CASH FLOW FROM OPS mDKK 1,681 mDKK 128 mDKK 149 Q3 2025 : mDKK 1,686 Q3 2025 : mDKK 22 Q3 2025 : mDKK 245 -0% ▲ 476% -39% ▲ ▲ SEGMENTS – POSITIVE OPERATIONAL EBIT IN Q3 2026 Fishmeal, Oil & Feed • Freshwater Faroe Islands • Se
Slide 5: Margins
MARGINS Q3 2026 VS. Q3 2025 OPERATIONAL EBIT/KG, ALL INCLUSIVE Group DKK/kg 4.61 ( 0.72 ) Faroes* Scotland DKK/kg DKK/kg 11.57 -30.79 ( 8.93 ) ( -38.72 ) 5 *included a marginal contribution from US, DK, UK and FR
Slide 6: Markets & Sales
SUMMARY OF Q3 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX
Slide 7: Global Harvest Increased by 5%
GLOBAL HARVEST INCREASED BY 5% SUPPLY TO THE MARKETS BY 7% 5% increase in global harvest volumes SUPPLY DEVELOPMENT Q3 2026 Q3 2025 Change % ▪ 8% growth in Europe Norway 495 455 8.8% UK 43 42 3.2% ▪ Drop in Americas after four quarters of strong growth Faroes 31 32 -5.0% Iceland 15 12 29.8% Ireland
Slide 8: Global Markets
GLOBAL MARKETS SOLD VOLUMES INCREASED BY 7% EU/UK – 10% growth Salmon markets, sold quantity (head on gutted weight) ▪ Above European supply increase (8%) Stable demand in the US – 1% growth ▪ Supply from the Americas down 4% ▪ In spite of weaker USD and tariffs Mix development in Asia ▪ Greater Chi
Slide 9: Global Markets - Prices
GLOBAL MARKETS - PRICES LOWER PRICES AND LARGE-FISH PREMIUM Average spot prices increased YoY and reduced QoQ Spot prices (NASDAQ/Sisalmoni) on superior 4-5 [NOK/kg HOG] Q1 Q2 Q3 Q4 150 Spot prices Superior 4-5kg (NOK/KG) 130 4.9% 110 y/y: 63.73 3.14 66.87 (Q3 2025) (Q3 2026) 90 q/q: 74.15 -9.2% 66.
Slide 10: Finance
SUMMARY OF Q3 2026 MARKETS & SALES FINANCE OPERATIONS OUTLOOK APPENDIX Førka, biogas-plant, Faroe Islands
Slide 11: Group Profit and Loss
GROUP PROFIT AND LOSS LOWER REVENUE, HIGHER OPERATIONAL EBIT AND PROFIT (DKK million) Q3 26 YTD 26 Q3 25 YTD 25 Q3 2025 Q3 2026 Operating revenue 1,681 5,620 1,686 5,160 Revenue (mDKK) Operational EBITDA* 325 1,569 218 1,171 1,686 -5 1,681 Operational EBIT* 128 944 22 592 Operational EBIT (mDKK) Fai
Slide 12: Operational EBIT and Adjusted Earnings per Share
OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** Op EBIT 710 587 565 544 505 418 376 388 353 356 Operational EBIT* 325 280 295 273 269 (mDKK) 173 128 65 22 2022 2023 2024 2025 2026 YTD 1,705 1,543 1,551 888 944 Ad EPS 7.66 7.19 6.77 5.16 4.82 4.37 4.39 Adjusted EPS** 4.00 3.79 3.56 3.43 3.37 (DKK
Slide 13: Balance Sheet
BALANCE SHEET (DKK million) Q3 26 End 2025 Headlines (mDKK) Intangible assets 4,516 4,509 End 2025 Q3 2026 Property, plant and equipment 7,312 7,136 PPE: 7,136 176 7,312 Right of use assets 698 829 Financial assets 345 346 Deferred tax assets 614 699 Biological assets: 3,422 * 20 3,442 * *(whereof m
Slide 14: Cash Flow
CASH FLOW Q3 2025 Q3 2026 (DKK million) Q3 26 YTD 26 Q3 25 YTD 25 Cash flow, operations (mDKK) 245 -96 149 Cash flow from operations 149 875 245 631 Cash flow from investments -209 -649 -311 -853 Cash flow from financing 255 -3 147 28 Net change in cash 195 223 81 -194 Cash flow, investments (mDKK)
Slide 15: Net Interest-Bearing Debt (NIBD)
NET INTEREST-BEARING DEBT (NIBD) NIBD INCREASED DURING Q3 2026 NIBD was increased by: Development in NIBD in DKK millions Development NIBD • Net investments (mDKK 209) 5,000 4,500 209 52 0 4,040 4,129 • Change in Working Capital (mDKK 52) 4,000 -172 3,500 3,000 2,500 NIBD was decreased by: 2,000 1,5
Slide 16: Operations
SUMMARY OF Q3 2026 MARKETS & SALES Funningsfjørður FINANCE Gøtuvík Fuglafjørður Kunoyarnes Haraldsund OPERATIONS Hvannasund N OUTLOOK APPENDIX Borðoyavík Hvannasund S Árnafjørður Faroe Islands, north east area
Slide 17: The Power of the Fully Integrated Value Chain
THE POWER OF THE FULLY INTEGRATED VALUE CHAIN CONTROL, FLEXIBILITY, EFFICIENCY AND RECILIANCE FCR 2025 FTE 2025 1,635 ~1.10 Converting low food value proteins into high volume & value healthy proteins in the Faroes Revenue 2025 (DKK) 100% ASC ~7.0 bn certified in the Faroes 97% ASC 750 tonnes (edibl
Slide 18: FOF (Fishmeal, Oil and Feed)
FOF (FISHMEAL, OIL AND FEED) CONTINUED STRONG FEED SALES – HIKING PRICES ON MARINE RAW MATERIALS YoY Q3 YTD Q3 YTD Raw material sourcing vs. feed sale (kilotonnes) Volumes change 2026 2026 2025 2025 200 60 Volumes of raw material purchase and feed sale Marine raw material sourced -76% 9,587 170,217
Slide 19: Freshwater – Faroe Islands
FRESHWATER – FAROE ISLANDS PRODUCTION CONTINUES TO SCALE – 2ND BATCH TAKEN INTO NEW HATCHERY AT SKÁLAVÍK YoY Q3 YTD Q3 YTD Freshwater investments delivering excellent results Volumes change 2026 2026 2025 2025 Strond Glyvradal Norðtoftir Viðareiði Transferred number of smolt (million) -6% 4.5 14.0 4
Slide 20: Farming – Faroe Islands
FARMING – FAROE ISLANDS SMALLER SITES HARVESTED AFFECTING RING-SIDE COST YoY Q3 YTD Q3 YTD Volumes • Ring-side costs increased 7% YoY change 2026 2026 2025 2025 • Smaller sites harvested Total harvest volume (tgw) -9% 23,097 74,985 25,392 60,326 Average harvest weight (kg) -5% 5.0 5.4 5.2 5.1 • Biom
Slide 21: Services
SERVICES STEADY AND RELIABLE OPERATION YoY Q3 YTD Q3 YTD Services provided: Margin change 2026 2026 2025 2025 • Fish transports & treatments Operational EBIT (mDKK) -10 28 105 38 93 • Farming Support Operational EBIT/KG (NOK) -0.48 1.49 1.77 1.97 1.85 • Harvest & Packaging Operational EBIT margin -3
Slide 22: Sales & Other
SALES & OTHER STRONG OPERATION IN VAP – US MARKET EXPOSURE GROWING YoY Q3 YTD Q3 YTD • 19% more volume (FO) transferred to VAP Volumes change 2026 2026 2025 2025 • Increased volumes sold Farming FO volume transferred to VAP (tgw) 19% 5,719 18,254 4,823 13,090 • Higher supply putting pressure on pric
Slide 23: Freshwater – Scotland
FRESHWATER – SCOTLAND SMOLT COSTS REDUCING RAPIDLY – ONLY INTERNAL SMOLT IN 2027 YoY Q3 YTD Q3 YTD Applecross hatchery is steadily ramping up Volumes change 2026 2026 2025 2025 • Ramping up production of large high-quality smolt Transferred number of smolt (million) -19% 2.9 7.8 3.6 5.1 …whereof ext
Slide 24: Farming – Scotland
FARMING – SCOTLAND LARGE SMOLT SHOW SUPERIOR PERFORMANCE AT SEA YoY Q3 YTD Q3 YTD Volumes • Improved exceptional mortality YoY change 2026 2026 2025 2025 Total harvest volume (tgw) -14% 4,537 13,880 5,286 18,606 • EBIT impacted by low prices and low volumes Average harvest weight (kg) -38% 3.0 4.5 4
Slide 25: Scotland Is Transitioning with High-Quality Large Smolt
SCOTLAND IS TRANSITIONING WITH HIGH-QUALITY LARGE SMOLT INCREASED INTERNAL SMOLT PRODUCTION REPLACES BIOMASS AT SEA Freshwater - smolt transfer plan: Farming – Biomass at sea changing: Only internally produced smolt – mostly large Increasing share from internally produced large smolt Origin of trans
Slide 26: Outlook
SUMMARY OF Q3 2026 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX Applecross, Kishorn
Slide 27: Outlook: Limited Supply Growth Expected
OUTLOOK LIMITED SUPPLY GROWTH EXPECTED Total harvest Reduced supply expected in Q4 2026 - low growth in 2027 1,800 25% Europe 1,600 20% 1,400 1,200 15% • Flat supply growth in 2027 1,000 10% 800 Americas 600 5% 400 • 13% drop expected in Q4 2026 200 0% 0 -5% • Low growth in 2027 Q1 2026 Q2 2026 Q3 2
Slide 28: Outlook: Maintaining Volume Guidance
OUTLOOK MAINTAINING VOLUME GUIDANCE Farming Contracts Harvest [HOG] Faroe Islands Scotland Total • For 2027, Bakkafrost intends to sign contracts covering 2026 plan 97,000 20,000 117,000 around 15-25% of the expected total harvest volumes. 2027 plan 97,000 28,000 125,000 Fishmeal, Oil and Feed 2027
Slide 29: 2026-2030: Investing 5.0bn in Sustainable Growth
2026-2030: INVESTING 5.0BN IN SUSTAINABLE GROWTH 162,000 TONNES HARVEST IN 2030, FAROE ISLANDS AND SCOTLAND COMBINED Harvest volume (kilotonnes) 2026-2030 Capex of DKK 5.0 bn *Including maintenance capex Harvest volume (KT) 1,400 16.00 1,200 14.00 162 145 12.00 1,000 Investments per kg (DKK) 125 50
Slide 30: Appendix
SUMMARY OF Q3 2026 MARKETS & SALES FINANCE OPERATIONAL UPDATE OUTLOOK APPENDIX
Slide 31: Eliminations
ELIMINATIONS INTERNAL PROFITS ACCUMULATE ON BIOMASS TO BE RELEASED TO P&L AT HARVEST Faroe Islands only Smolt: Internal profit booked on biomass at smolt transfer Internal profit vs biomass ultimo month (FO) (FO: approximately 12m ahead of harvest) kilotonnes DKK/kg 70,000 14 Feed: Internal profit a
Slide 32: Farming FO & SCT: EBIT / KG Year over Year
FARMING FO & SCT: EBIT / KG YEAR OVER YEAR Q3 2026 vs Q3 2025: Farming Faroe Islands EBIT / KG (In DKK / KG) Comments 5.00 4.00 4.97 The Faroe Islands have good biology and cost control 3.00 • Higher price but still pressure on the market 2.00 • Lower volumes YoY, smaller sites harvested and higher
Slide 33: Performance per Region
PERFORMANCE PER REGION Faroe Islands* - Operational EBIT (mDKK) * Included a marginal contribution from US, DK, UK and FR Q3 2026 Q3 2025 Fo-opebit 700 Faroe Faroe Scotland Islands* Group Scotland Islands* Group 600 572 Operational EBIT -140 267 128 -205 227 22 Operational EBIT/KG -30.79 11.57 4.61
Slide 34: Performance per Region
PERFORMANCE PER REGION Q3 2026 Q3 2025 Scotland - Operational EBIT / KG Faroe Faroe DKK 1,000,000 Scotland Islands* Group Scotland Islands* Group 12,000 40.00 20.00 Total operating revenues 245 1,436 1,681 282 1,405 1,686 10,000 0.00 8,000 Depreciation and amortization -79 -118 -197 -80 -117 -196 -2
Slide 35: Q3 2026 – Premium for Larger Sizes Are Back
Q3 2026 – PREMIUM FOR LARGER SIZES ARE BACK IN THE QUARTER •Sisalmoni/Nasdaq spot Sisalmoni include price pricing forreflecting marginal weekly price different sizes Price Norway (NOK/kg) Statistics Norway (SSB) publish average price for all exported Price Norway whole fish (HOG) per week 120 12 Inc
Slide 36: 2026-2030 Capex is 5.0bn
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: 2026-2030 Capex split across value chain (mDKK) • Complete Skálavík Hatchery • Reaching total annual production capacity of 12 kt/year
Slide 37: Growing with the Large-Smolt Strategy
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 37
Slide 38: Freshwater - Faroe Islands
FRESHWATER - FAROE ISLANDS AHEAD COMES SIGNIFICANT VOLUME INCREASE AFTER SEVERAL HATCHERY EXPANSIONS Number of released smolt (million) Smolt production scaling up 30 • 2024 previously best year of 17m smolt release 24.4 25 • 18.7m smolt released in 2025, increasing to >24m in 2028 20.7 21.0 20 • Bi
Slide 39: Freshwater – Faroe Islands: New Hatchery at Skálavík
FRESHWATER – FAROE ISLANDS ONGOING CONSTRUCTION OF NEW HATCHERY AT SKÁLAVÍK Existing hatcheries Gjógv Húsar Strond Glyvradal Norðtoftir Viðareiði Construction of Skálavík hatchery • Same design as Glyvradal and Applecross • 3,500 tonnes capacity • Built in phases to allow early start of operation Ne
Slide 40: Applecross ramping up high-quality smolt
Applecross (AX) ramping up to produce high-quality smolt of 200-400g AX: Avg. smolt weight (g) AX: Smolt production Fish in hatchery Scotland total smolt transfer (million) 300 700 (tonnes per quarter) 15,000 16.0 592 12,811 14.0 600 13,000 250 221 500 11.5 11,000 10.0 200 400 9,000 7.3 300 6.0 150
Slide 41: The Importance of Robust Smolt
THE IMPORTANCE OF ROBUST SMOLT A RECENT CASE STUDY RINGSIDE COST FROM MARINE SITE- FAROE DEVELOPMENT KUNOYARNES, FAROE ISLANDS VS.ISLANDS SCOTLAND HEALTHY LIVING SCOTTISH COST MORE VOLATILE DUE TO MORTALITY COST. FALLING TREND IN 2024 High-quality Reduced-quality Smolt weight (g) Time to harvest (no
Slide 42: Segment Overview
SEGMENT OVERVIEW VOLUMES, MARGINS AND KEY RATIOS FOF Freshwater Farming Services Sales & Other Q3 2026 Q3 2026 Q3 2026 Q3 2026 Q3 2026 Revenue (M) = 875 Revenue (M) = 229 Revenue (M) = 1,055 Revenue (M) = 237 Revenue (M) = 2,641 Internal Feed (t) = 48,183 Smolt transferred (P) = 4,510 Harvest Volume
Slide 43: Development in Supply and Sold Quantity by Origin
DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Expected supply growth in 2027 Global Supply of Atlantic Salmon (head on gutted – HOG) 2022 2023 2024 2025 2026E 2027E ▪ 1% increase in Global supply* Norway 1,360 1,330 1,359 1,523 1,611 1,599 UK 145 137 170 169 176 181 Ireland 15 13 17 17 14 17 ▪ 0
Slide 44: Q3 2026 Market Environment
Q3 2026 MARKET ENVIRONMENT Price Norway (EUR/kg) • 15% increase in European reference price vs Q3 2025 • 8% drop compared to Q2 2026 NORWAY 10.0 9.0 100.0 • Premium on large sized fish back at normal levels 9.0 7.8 90.0 8.0 7.6 80.0 6.5 6.8 6.6 7.0 6.0 6.2 6.1 70.0 6.0 5.3 60.0 EUR • 5% global suppl
Slide 45: Development per Quarter
DEVELOPMENT PER QUARTER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (mDKK) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 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 2,114 1,826 1
Slide 46: Dividend History
DIVIDEND HISTORY Dividend per share in % of adj. EPS* Dividend 99% • On 30 April 2026, the AGM decided to pay out a dividend on 3.45 DKK per share for the year 2025 (equals 50% of adjusted EPS) 59% 53% 49% 49% 50% 50% 50% 50% 50% 50% 50% 46% • Dividend of mDKK 205 was paid out May 21 2026 40% Divide
Slide 47: Bakkafrost – Overview
BAKKAFROST – OVERVIEW BAKKAFROST Leading Producer of Superior Quality Salmon from the Faroe Islands and Scotland Established: 1968 Headquarters: Glyvrar, Faroe Islands Employees: 1,635 full-time employees across the Group Markets Served: 40+ countries Listed on: Oslo Børs with ticker code BAKKA LEI:
Slide 48: Bakkafrost – Farming Site Overview
BAKKAFROST – FARMING SITE OVERVIEW 48
Slide 49: Our Pillars and Values
OUR PILLARS AND VALUES PROVENANCE Committed to provenance e = HEALTHY BUSINESS HEALTHY SALMON Responsible growth Exceeding leading standards Sustainable growth Integrated value chain Ethical conduct Health & welfare Partnership Best practice Tasty, Healthy & Sustainable Salmon PASSION Passion of our
Slide 50: Bakkafrost salmon at a glance
Bakkafrost salmon at a glance NUTRITION (OMEGA-3 LEVELS OMEGA-3T06 VITAMIN D eat ee wean 2.58 1.4 10.1 ug pare per 1008 012538 woo PROTEIN LEVELS VITAMIN B12 LEVELS: VITAMIN E LEVELS WEAN meat 21.0¢ 5.0 ug 4.9 mg ver 1008 ver tobe ser 100 € 90158-1168 pou ao1ome ‘SELENIUM 1ODINE rat mean 0.018 mg 0.
Slide 51: Bakkafrost
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