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:

  · Faroe Islands    Revenues of DKK 1,544 million (1,184 million)

                          Operational EBIT of DKK 392 million (310 million)

  · Scotland            Revenues of DKK 303 million (286 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.

In Q4 2025, the Freshwater segments in the Faroe Islands and Scotland
transferred a total of 7.5 million (7.1 million) smolts combined:

  · Freshwater FO:       5.3 million (6.1 million),
  · Freshwater SCT:     2.2 million (1.0 million).

In 2025, the freshwater segments have released a total of 26.1 million (23.1
million) smolts:

  · Freshwater FO:     18.7 million (17.1 million),
  · Freshwater SCT:     7.3 million (6.0 million).

In Q4 2025, the Freshwater FO segment made an operational EBIT per kg
transferred smolt of DKK 39.63 (DKK 43.52), corresponding to NOK 62.35 (NOK
68.59). The Freshwater SCT segment made an operational EBIT per kg transferred
smolt of DKK -11.74 (DKK -181.48), corresponding to NOK -18.46 (NOK -286.01). In
Q4 2025, the Freshwater SCT segment had incident-based costs of DKK 3 million.

The Farming segments achieved lower prices in Q4 2025 than in Q4 2024. The
Farming segments had higher volumes in Q4 2025 compared to Q4 2024. In Q4 2025,
the Farming SCT segment had incident-based costs of DKK 55 million (DKK 19
million).

The total combined harvest in Q4 2025 of the farming segments in the Faroe
Islands and Scotland was 27,891 tonnes gutted weight (20,478 tgw):

  · Farming FO:             23,312 tgw (16,638 tgw),
  · Farming SCT:             4,579 tgw (3,840 tgw).

For the full year 2025, the farming segments harvested a total of 106,823 tonnes
gutted weight (90,656):

  · Farming FO:              83,638 tgw (62,776 tgw),
  · Farming SCT:            23,185 tgw (27,880 tgw).

In Q4 2025, the Farming FO segment made an operational EBIT per kg of DKK 7.34
(DKK 5.98), corresponding to NOK 11.55 (NOK 9.43). The Farming SCT segment made
an operational EBIT per kg of DKK -23.92 (DKK -14.44), corresponding to NOK
-37.62 (NOK -22.76).

The Services segment made an operational EBIT per kg of DKK 1.11 (DKK 1.23),
corresponding to NOK 1.75 (NOK 1.93). The operational EBIT margin for the
segment was 13% (13%).

The Sales & Other segment had a revenue of DKK 2,792 million (2,293 million) and
an operational EBIT margin of 3% (5%). The operational EBIT per kg was DKK 2.76
(DKK 5.88), corresponding to NOK 4.35 (NOK 9.26).

The performance related to the Faroe Islands and Scotland as a region can be
found in the Appendix A in the 2025 Q4 Interim Report.

The long-term goal of the Board of Directors is that 30-50% of earnings per
share shall be paid out as a dividend. Bakkafrost's financial position is
strong, with a solid balance sheet, a competitive operation, and available
credit facilities. The Board of Directors proposes to the Annual General Meeting
that DKK 3.45 (NOK 5.27*) per share shall be paid out as dividend. The Annual
General Meeting will be convened on Thursday 30th of April 2026.

* The dividend per share in NOK is subject to changes depending on the exchange
rate between NOK and DKK, which will be announced after the Annual General
Meeting

OUTLOOK AND OPERATIONAL PERFORMANCE

Market

Substantially increased supply in Q4 2025

The supply of salmon increased 7.5% in Q4 2025 compared to Q4 2024, incl.
inventory movements. Without inventory movements, the supply increase was 9.0%,
according to the latest estimate from Kontali Analyse.

Higher salmon prices in Q4 2025

Salmon reference prices (in NOK) for 4-5kg superior salmon were 29% higher this
quarter compared to Q4 2024. The price increase was driven by good demand and
supply easing off towards the end of the quarter.

2% growth in 2026

The global supply is expected to increase around 4% in H1 2026. In H2 2026, the
global supply is expected to reduce around 1%, compared to H2 2025. For the full
year 2026, the global supply is expected grow around 2%, excluding inventory
movements.

Bakkafrost has a strong focus on ensuring a well-balanced flow to the different
markets to increase diversification and mitigate market risk. Bakkafrost
operates in the main salmon markets, Europe, the USA, and the Far East. Since
the beginning of the war in Ukraine, Bakkafrost has stopped all trading with
Russia.

Operations

Farming Faroe Islands

The Faroese farming operations delivered continued strong growth and biological
performance during the quarter. Sea lice levels remained well controlled by the
very efficient dual-freshwater treatment strategy. Mortality rates were very low
in the quarter, reflecting robust fish health and favourable farming conditions.
As a result of increasing stocking of large high-quality smolt, strong growth
and high survivability, the biomass at sea reached the highest level recorded at
year-end, providing a solid foundation for future harvest volumes.

Freshwater Faroe Islands

Q4 2025 concluded a record-breaking year for the Faroese freshwater operations
across all key parameters, including smolt numbers, biomass in hatcheries,
average smolt size and mortality levels. Performance in the hatcheries remained
strong throughout the year, with low mortality both during production but also
following transfer to the marine phase, which is a strong indicator of high
quality and robust smolt. The high biomass currently in the freshwater pipeline
provides a strong biological foundation for 2026 and supports continued
stability and growth in the marine operations.

Construction of the new hatchery in Skálavík is progressing according to plan.
The facility is expected to commence operations with first egg intake in Q2
2026, followed by initial smolt output towards the end of 2027. Upon completion,
total smolt production capacity in the Faroe Islands is expected to increase to
approximately 24.4 million smolt at 500g, up from the current level of around 18
million. The new hatchery will strengthen long-term smolt supply, enhance
biological control, and support continued operational robustness in the Faroese
value chain.

Farming Scotland

The Scottish farming operations delivered generally stable biological
performance during the quarter, with large fish harvested across most sites.
Performance was impacted in October following the Pasteurella outbreak at the
Portree farming site in September, as previously reported in the Q3 interim
report. The site was subsequently harvested and emptied during October,
resulting in elevated mortality and lower average harvest weights in that month.

Excluding the Portree site, biological performance across the remaining Scottish
farming sites continued to improve through the quarter. Mortality rates in
November and December were below the average levels observed over the past five
years, while harvest weights remained strong. Overall, the quarter reflects
continued progress in strengthening and stabilising the Scottish marine
operations.

During 2026, the biomass at sea will gradually change character, transitioning
to be based on large and high-quality smolt. This strategic shift is expected to
enhance overall fish health and growth rates, leading to a more robust and
sustainable aquaculture environment.

Freshwater Scotland

The Scottish freshwater operation continues its ramp-up, with Applecross
established as the cornerstone of Bakkafrost's strategy to produce large, high
-quality smolt in Scotland, with a production capacity of approximately 3,500
tonnes. Since August, operational stability at Applecross has improved, enabling
a gradual increase in the output of larger, high-quality smolt. The continued
ramp-up at Applecross remains a central element in strengthening biological
performance and reducing operational risk in the Scottish farming operations
over time.

Applecross will produce smolt with an average weight between 200g to 400g. This
allows for good flexibility in production planning, better utilisation of
capacity, and improved biological outcomes.

In Q4 2025, the average weight of transferred smolt from Applecross in Scotland
was 173g, which is 4% higher than in Q4 2024. The average smolt weight for all
Bakkafrost's smolt release in Scotland in the quarter was 142g, which is -7%
lower than in Q4 2024.

Services

The smolt transfer system supporting the Scottish operations has undergone a
significant upgrade. The farming service vessel Bakkanes has been rebuilt to
handle smolt transfers and now operates in line with the proven solution
implemented on its sister vessel Martin in the Faroe Islands. The upgraded
system represents a clear step forward in ensuring safe and efficient smolt
transfers, reducing stress and mortality during transfer operations and
strengthening overall operational reliability across the Scottish farming sites.
These improvements further support the development of a robust, efficient and
sustainable Scottish farming platform going forward.

Smolt transfer

Bakkafrost's expected smolt transfer in 2026 in the Faroe Islands is around 20.0
million smolts with an average weight of around 440g. In Scotland, the smolt
transfer in 2026 is expected to be around 10.0 million smolt with an average
weight of 179g. This includes internally produced smolt as well as externally
sourced. The number and average weight of smolts transferred are key elements of
predicting Bakkafrost's future production.

Million smolt transferred  '26e  '25   '24   '23   '22   '21
FO                         20.0  18.7  17.1  14.2  14.4  14.4
SCT                        10.0   7.3   6.0   9.0  11.0  11.1
Avg. weight (g)
FO                          440   453   410   396   345   376
SCT                         179   154   109   117   107    95

In 2026, Bakkafrost expects to harvest around 92,000 tonnes gutted weight in the
Faroe Islands and around 20,000 tonnes in Scotland, giving at total of around
112,000 tonnes gutted weight. The quarterly harvest profile is outlined in in
the table below. Biological, environmental and market conditions can affect the
expected harvest profile.

Expected harvest profile in 2026 as a % of total harvest pr. region:

Region  Q1   Q2   Q3   Q4
FO      23%  25%  26%  26%
SCT     30%  14%  18%  38%

The estimates for harvest volumes and smolt transfers in both geographies are
dependent on biological development.

Sales & VAP (Value added products)

Bakkafrost's highly flexible value chain includes state-of-the-art VAP
processing capacity, which enables the company to adapt effectively to rapidly
changing market situations.

As a result of changes in the Faroese revenue tax, Bakkafrost has adjusted the
strategy for contracted VAP (Value-Added Products) to reduce contract exposure.

For 2026, Bakkafrost intends to sign contracts covering around 15-20% of the
expected harvest volumes in the Faroe Islands and Scotland combined.

FOF (Fishmeal, oil and feed)

The outlook of fishmeal and fish oil production is dependent on the availability
of raw materials.

The ICES 2026 recommendation for blue whiting is 851 thousand tonnes, which
represents a 41.2% decrease from the recommendation for 2025.

In 2026 Bakkafrost expects lower production volumes of fishmeal and fish oil as
in 2025.

Bakkafrost expects the feed production at Havsbrún to be around 165,000 tonnes
in 2026. Close to all of this will be sold internally to Bakkafrost's Faroese
and Scottish Farming segments.

Investments

On the Capital Markets Day on 17-18 June 2025, Bakkafrost announced a 5.0bn DKK
investment plan for 2026-2030. The main purpose is to improve efficiency, reduce
biological risk and enable continued sustainable growth in the Faroe Islands and
Scotland.

The investments in the Faroe Islands will increase the annual smolt production
capacity to 24.4 million smolt of 500g. The feed production capacity and
flexibility are also increased to further improve R&D capabilities and meet the
growing demand for feed as harvest volumes increase in the Faroe Islands and
Scotland. Also, investments in new farming sites and new farming technology are
included, as well as investments to improve harvest capacity and flexibility
with Live Fish Holding Tanks.

In Scotland, planned investments include site expansions and optimisation as
well as building a new harvest and processing facility to accommodate the
growing harvest volume.

As a shared service to the Group, the investment plan includes building 2 new
dual-freshwater treatment vessels in the FSV segment.

Incorporated into the investment plan is also 245mDKK earmarked to energy
transition, spread across the value chain.

With the investment plan, Bakkafrost expects to sustainably grow the total
annual harvest volumes to 162,000 tonnes in 2030.

Since the announcement of the 2026-2030 investment plan on the CMD in 2025,
Bakkafrost has decided to let some of the investments planned for 2025 rollover
into 2026 due to the weak market outlook for 2025. Consequently, the timing of
other investments in the announced 2026-2030 plan have been adjusted.

Financial
The global salmon product market's long-term balance is likely to favour
Bakkafrost. Bakkafrost has a long value chain and a cost-efficient production of
high-quality salmon products and will likely maintain financial flexibility
going forward.

In March 2022, Bakkafrost secured a 700 mEUR sustainability-linked credit
facility (expandable by 150 mEUR) with a 5-year term and 2-year extension
options which have been executed. This facility, along with Bakkafrost's strong
equity ratio, bolsters the Group's financial strength for organic growth and
cost reduction in Scotland, while also facilitating M&A and future organic
growth opportunities, and upholding an unchanged dividend policy.

Please find the Company's Q4 2025 report and the Q4 2025 presentation enclosed.

Contacts:

  · Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 (mobile)
  · Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 235060 (mobile)

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

About Bakkafrost:

Bakkafrost is the largest salmon farmer in the Faroe Islands and the second
-largest salmon farmer in Scotland. The Group is fully integrated from feed
production to smolt, farming, VAP and sales. The Group has production of
fishmeal, fish oil and salmon feed in the Faroe Islands and primary and
secondary processing in the Faroe Islands, Scotland and Denmark. The Group
operates sea farming and broodstock operations in both the Faroe Islands and
Scotland. The Group has built a biogas plant in the Faroe Islands. The
headquarter is located in the Faroe Islands, and the Group has sales and
administration offices in Edinburgh (Scotland), Boulogne-Sur-Mer (France), New
Jersey (US) and Munkebo (DK). The Bakkafrost Group has 1,686 employees (full
-time equivalents).

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