Q1 2025 Trading Update

01 Apr 2025 17:05 CEST

FARMING


In Q1 2025, the harvest volumes for Bakkafrost's operation in the Faroe Islands
and Scotland were:


+-------------+--------+-----------------+-----------------+
|Region |Month |Harvest volume |Average weight |
| | | | |
| | |(thousand tonnes)|(kg) |
+-------------+--------+-----------------+-----------------+
|Faroe Islands|Jan |              6.7|              5.1|
+-------------+--------+-----------------+-----------------+
| |Feb |              6.8|              5.0|
+-------------+--------+-----------------+-----------------+
| |Mar |              5.4|              5.2|
+-------------+--------+-----------------+-----------------+
| |Q1 total|            18.9 |              5.1|
+-------------+--------+-----------------+-----------------+
| | | | |
+-------------+--------+-----------------+-----------------+
|Scotland |Jan |              1.9|              6.5|
+-------------+--------+-----------------+-----------------+
| |Feb |              2.1|              6.9|
+-------------+--------+-----------------+-----------------+
| |Mar |              2.3|              6.7|
+-------------+--------+-----------------+-----------------+
| |Q1 total|              6.3|              6.7|
+-------------+--------+-----------------+-----------------+

All harvest volumes are provided in head-on gutted (HOG) equivalents.

Based on preliminary numbers, Q1 2025 incident-based mortality costs in the
farming segments are estimated to be:

· Faroe Islands:       0 mDKK
· Scotland:               8 mDKK

FRESHWATER
The smolt release in Q1 2025 was:

· Faroe Islands:        3.2 million
· Scotland:                0.6 million

FISHMEAL, OIL AND FEED (FOF)
In Q1 2025, the volumes sourced and sold in the FOF segment where (in thousand
tonnes):

+--------+----------------------------+----------+---------------+-------------
-+
|Month |Marine raw material sourcing|Feed sales|Fish meal sales|Fish oil
sales|
+--------+----------------------------+----------+---------------+-------------
-+
|Jan |   25.5 | 10.7 | 2.4 | 0.0
|
+--------+----------------------------+----------+---------------+-------------
-+
|Feb |   39.2 |   8.4 | 0.0 | 0.0
|
+--------+----------------------------+----------+---------------+-------------
-+
|March |   44.8 | 12.3 | 1.2 | 0.0
|
+--------+----------------------------+----------+---------------+-------------
-+
|Q1 Total| 109.5 | 31.3 | 3.6 | 0.0
|
+--------+----------------------------+----------+---------------+-------------
-+

The full Q1 2025 report will be released on 19 May 2025 at 06:00 CET.

Contacts:
.    Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
.    Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)

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

More information:
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