Bakkafrost (BAKKA) investor relations material

Executive summary

• Revenue increased 11% year-over-year to DKK 2,114 million, with operational EBIT up 8% to DKK 544 million, driven by higher harvest volumes and improved cost control, especially in the Faroe Islands.

• Faroe Islands harvest volumes grew 33%, while Scotland volumes were stable or slightly down; all segments reported positive operational EBIT except Scotland, which was impacted by lower prices and biological challenges.

• Cash flow from operations declined to DKK 453 million from DKK 590 million year-over-year.

• Dividend of DKK 3.45 per share (total DKK 205 million) approved for payment in May 2026.

• Net profit after tax was DKK 307 million, up from a loss of DKK 6 million year-over-year.

Financial highlights

• Operational EBIT margin per kilo was DKK 17.35, down from DKK 20.07 year-over-year.

• Faroe Islands margin: DKK 22.76; Scotland margin: DKK -4.58.

• Adjusted earnings per share reached DKK 5.16, the strongest since Q1 2024.

• Equity ratio improved to 59% from 58%; net interest-bearing debt reduced to DKK 3,762 million.

• Cash at period end: DKK 370 million.

Outlook and guidance

• Harvest target for 2026 raised to 117,000 tonnes (Faroe Islands: 97,000, Scotland: 20,000).

• Feed production target lifted to 175,000 tonnes for 2026.

• CapEx guidance for 2026–2030 remains at DKK 5 billion, with a 2030 harvest target of 162,000 tonnes.

• Expectation of tighter global supply and higher feed costs impacting margins, especially in 2027.

• Global salmon supply expected to grow 2–3% in 2026, with prices under pressure from increased supply.