Improved operations despite market headwinds

The Bakkafrost Group delivered a total operational EBIT of DKK 295 million (DKK

280 million) in Q4 2025.

(Figures in parentheses refer to the same period last year unless otherwise

specified)

The performance in Q4 2025 per region was as follows:

Operational EBIT of DKK 392 million (310 million)

Operational EBIT of DKK -97 million (-31 million)

Commenting on the result, CEO Regin Jacobsen said:

"Operationally, the Group delivered a solid performance in the fourth quarter,

driven by strong biological development in the Faroe Islands where biomass

levels reached an all-time high. This supports improved cost efficiency and

operational robustness, which remains a key priority across the Group.

In Scotland, we are pleased to see continued progress from the ramp-up at our

Applecross hatchery. Production volumes of large, high-quality smolt are

increasing, making Applecross a cornerstone in our Scottish operations. We

remain firmly focused on a steady and controlled ramp-up, prioritising

biological stability and predictable execution.

The improved operational performance is encouraging as we look towards 2026.

Following a period of elevated global supply growth in 2025, the market

environment improved towards the end of the fourth quarter, and we expect the

salmon market to be even tighter from Q2 2026 and onwards.

However, the financial results in the fourth quarter were not satisfactory, as

they were impacted by the continued high global supply of salmon, which

negatively affected market prices for the majority of the quarter. Additionally,

the Scottish operations were impacted in October by the harvesting and emptying

of the Portree farming site following the exceptional mortality event previously

reported in the Q3 interim report.

Despite these headwinds, Bakkafrost remains focused on cost discipline,

biological control, and operational stability. We will continue to execute on

our strategic investments while maintaining a prudent and steady approach to

growth to support long-term sustainable value creation."

During Q4 2025, the FOF segment sourced 39,826 tonnes (41,919 tonnes) of raw

material. The Operational EBIT margin was 10% (12%), and fish feed sales

amounted to 47,216 tonnes (38,853 tonnes).

For the full year of 2025, the FOF segment's operational EBIT margin was 12%

(18%). For the full year of 2025, Havsbrún sourced 349,219 tonnes (309,502

tonnes) of raw material.

Strategic Investments