Bakkafrost (BAKKA) investor relations material

Executive summary

• Revenue increased by 16% year-over-year to DKK 1.8 billion in Q2 2026, with operational EBIT up to DKK 273 million from DKK 65 million.

• Record Faroes harvest at 26,749 tgw, up 67%, while Scotland harvest dropped 55% to 3,100 tgw due to de-risking and capacity ramp-up.

• Group all-inclusive margins improved from DKK 2.82/kg to DKK 9.12/kg, driven by strong Faroes performance.

• Cash from operations was DKK 273 million, compared to -DKK 204 million last year.

• Dividend of DKK 3.45 per share (total DKK 205 million) was paid in May 2026.

Financial highlights

• Operating revenue rose to DKK 1,826 million from DKK 1,575 million year-over-year.

• Operational EBITDA reached DKK 480 million, up from DKK 258 million in Q2 2025.

• Profit for the period was -DKK 161 million, impacted by -DKK 406 million in fair value adjustments.

• Adjusted EPS for the quarter was DKK 4.39; basic and diluted EPS were DKK -2.71.

• Equity ratio remained strong at 58%.

Outlook and guidance

• Market outlook is constructive with tight supply and strong demand expected to support prices.

• Global harvest volume growth expected to slow to 1% in H2 2026; Americas harvest to decline by 10%.

• Guidance maintained at 117,000 tgw for 2026 (97,000 tgw Faroes, 20,000 tgw Scotland).

• Investment program of DKK 5 billion continues, targeting 145,000 tgw by 2028 and 162,000 tgw by 2030.

• Contracts to cover 15%-25% of expected harvest volume for 2026.