The Bakkafrost Group delivered a total operational EBIT of DKK 505 million (DKK
710 million) in Q1 2025.

(Figures in parenthesis refer to the same period last year unless otherwise
specified)

The performance in Q1 2025 per region was as follows:

  · Faroe Islands             Revenues of DKK 1,403 million (1,594 million)

                                   Operational EBIT of DKK 435 million (671
million)

  · Scotland                    Revenues of DKK 496 million (612 million)

                                   Operational EBIT of DKK 71 million (39
million)

Commenting on the result, CEO Regin Jacobsen said:

"Overall, we are satisfied with the results in this quarter. Our Faroese
freshwater and marine operations delivered another quarter of strong biological
performance, reflecting robust growth, effective sea lice management, and
consistent harvesting of large, high-quality fish. The freshwater segment
continues to excel, further improving our production efficiency with high
-quality, large smolt, which positively impacts costs.

In Scotland, our strategic focus remains firmly on the successful transition to
large, high-quality smolt at Applecross. We are steadily progressing in scaling
up this production, which remains central to fundamentally transforming our
Scottish farming operations and enhancing long-term sustainability and
profitability.

The supply of whole salmon from Norway increased 38% in the quarter. This caused
a significant drop in salmon prices during the first quarter. The Applecross and
Skálavík hatcheries and the Havsbrún feed factory expansion are progressing
according to plan. These projects remain critical to achieving our strategic
objectives."

During Q1 2025, the FOF segment sourced 109,502 tonnes (136,874 tonnes) of raw
material. The Operational EBIT margin was 13% (24%), and fish feed sales
amounted to 31,338 tonnes (27,046 tonnes).

In Q1 2025, the Freshwater segments in the Faroe Islands and Scotland
transferred a total of 3.8 million (3.7 million) smolts combined:

.                       Freshwater FO: 3.2 million (2.1 million),

.                       Freshwater SCT: 0.6 million (1.6 million).

In Q1 2025, the Freshwater FO segment made an operational EBIT per kg
transferred smolt of DKK 42.11 (DKK 25.06), corresponding to NOK 65.75 (NOK
38.36). The Freshwater SCT segment made an operational EBIT per kg transferred
smolt of DKK 12.33 (DKK -178.98), corresponding to NOK 19.26 (NOK -274.00).

The Farming segments achieved lower prices in Q1 2025 than in Q1 2024. The
Farming segments had higher volumes in Q1 2025 compared to Q1 2024. In Q1 2025,
the Farming SCT segment had incident-based costs of DKK 8 million (DKK 18
million).

The total combined harvest in Q1 2025 of the farming segments in the Faroe
Islands and Scotland was 25,200 tonnes gutted weight (21,557 tgw):

.                       Farming FO:    18,914 tgw (14,294 tgw),

.                       Farming SCT:   6,286 tgw (7,263 tgw).

In Q1 2025, the Farming FO segment made an operational EBIT per kg of DKK 15.15
(DKK 33.03), corresponding to NOK 23.65 (NOK 50.56). The Farming SCT segment
made an operational EBIT per kg of DKK 2.53 (DKK 3.35), corresponding to NOK
3.95 (NOK 5.13).

The Services segment made an operational EBIT per kg of DKK 1.51 (DKK 1.22),
corresponding to NOK 2.35 (NOK 1.87). The operational EBIT margin for the
segment was 17% (10%).

The Sales & Other segment had a revenue of DKK 2,962 million (2,850 million) and
an operational EBIT margin of -1% (0%). The operational EBIT per kg was DKK 1.65
(DKK -0.11), corresponding to NOK 2.57 (NOK -0.16).

The performance related to the Faroe Islands and Scotland as a region can be
found in the Appendix.

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 Annual General Meeting convened on April 30 2025, decided to pay out a
dividend of DKK 8.44 (NOK 13.37) per share. The total dividend of DKK 501
million (NOK 781 million) will be paid out on or around May 21 2025.

OUTLOOK AND OPERATIONAL PERFORMANCE

Market

Supply increased in Q1 2025

The supply of salmon increased 5.3% in Q1 2025 compared to Q1 2024, incl.
inventory movements. Without inventory movements, the supply increase was 8.4%,
according to the latest estimate from Kontali Analyse.

Lower salmon prices in Q1 2025

Salmon reference prices (in NOK) for 4-5kg superior salmon were 18.1% lower this
quarter compared to Q1 2024. The price reduction was largely driven by increased
supply resulting from improved biology in Norway. Most of the other producing
regions contributed to the supply growth, except Canada.

6-7% growth in 2025

The global supply is expected to increase around 7% in H1 2025. In H2 2025, the
global supply is expected to grow around 6%, compared to H2 2024. For the full
year 2025, the global supply is expected grow around 6-7%.

Overall, the salmon market has been affected by larger than expected supply.
Improved biology in Norway has also led to lower share of production fish being
sold to the market. These factors impacted the market dynamics in the quarter
leading to lower salmon prices, compared to previous years.

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.

Farming

The biological performance in Q1 2025 in the Faroese farming operation continued
showing strong performance. Harvest weights have been high and sea lice levels
well under control. Feeding, growth and survivability rates have all have been
high. These positive trends indicate strong future performance as the fish are
expected to thrive and contribute significantly to the operation's success.

The Faroese freshwater operation is continuing to increase the production volume
of large high-quality smolt. The capacity utilization is expected to continue
growing, leading to increased production volume. The volume is projected to rise
slightly in 2025, with smolt weights a bit higher than in 2024. The current
hatchery capacity in the Faroes allows for an annual smolt production of 9,000
tonnes, equalling 18 million smolt of 500g. This will increase to 24 million
smolt of 500g when the ongoing construction of the new hatchery in Skálavík will
be finished late 2026. The construction of the hatchery progresses according to
plan.

In Q1 2025, the average weight of transferred smolt in the Faroe Islands was
421g, which is 10% higher than in 2024.

The farming operation in Scotland has performed strongly in Q1 2025. Mortality
levels are normally lower in the first quarter than the rest of the year. This
has also been the case in this quarter. Overall, the health condition of the
fish has been good. Sea lice levels have been managed well and average harvest
weights have been exceptionally high.

As earlier announced, Bakkafrost is following a de-risking strategy for the
Scottish marine farming in 2025, similar to 2024. Bakkafrost expects to harvest
around 67% of the annual volume in H1 2025 with good average weights. Ahead of
Q3, harvest weights will probably reduce as some sites are emptied to reduce
risk.

During 2025, the biomass at sea will gradually change character, transitioning
to be based on 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.

In the Scottish freshwater operation, the main priority is to ensure a steadily
growing output of large high-quality smolt from Applecross which is currently in
the ramp-up phase to deliver fish above 200g in 2025. This is not a straight
-line development, but a delicate and gradual process involving some level of
risk which reduces as the operation is fine-tuned, and all procedures executed
at least once. Production volume and smolt release will increase throughout the
year and into 2026. With the new Applecross 5 module now in production, the
production capacity is around 3,500 tonnes of smolt annually. This capacity will
be utilised to make Bakkafrost self-sufficient with around 14 million high
-quality smolt of 250g.

Another priority in 2025 is the completion of the Applecross phase 6 and 7,
which will improve the biosecurity in the smolt production and add flexibility.

In Q1 2025, the average weight of transferred smolt from Applecross in Scotland
was 232g, which is 80% higher than in Q1 2024. The average smolt weight for all
of Bakkafrost's smolt release in Scotland in the quarter was 169g, which is 40%
higher than in Q1 2024.

Smolt transfer

Bakkafrost's expected smolt transfer in 2025 in the Faroe Islands is around 18.5
million smolts with an average weight of around 430g. In Scotland, the smolt
transfer in 2025 is expected to be around 10.0 million smolts with an average
weight of above 200g. The number and average weight of smolts transferred are
key elements of predicting Bakkafrost's future production.

Million smolt transferred  '25e  '24   '23   '22   '21   '20
FO                         18.5  17.1  14.2  14.4  14.4  14.7
SCT                        10.0   6.0   9.0  11.0  11.1  10.4
Avg. weight (g)
FO                          430   410   396   345   376   320
SCT                         200   109   117   107    95  88

In 2025, Bakkafrost expects to harvest around 77,000 tonnes gutted weight in the
Faroe Islands and 20,000 tonnes gutted weight in Scotland, giving a total of
around 97,000 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 2025 as a % of total harvest pr. region:

Region  Q1   Q2   Q3   Q4
FO      25%  19%  29%  27%
SCT     31%  36%  16%  16%

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 2025, 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 2025 recommendation for blue whiting is 1,447 thousand tonnes, which
represents a -5.4% decrease from the recommendation for 2024.

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

Bakkafrost expects the feed production at Havsbrún to be around 150,000 tonnes
in 2025. Close to all of this will be sold internally to Bakkafrost's Faroese
and Scottish Farming segments.

Investments

On the Capital Markets Day on 6 June 2023, Bakkafrost announced a 6.3bn DKK
investment plan for 2024-2028. The investrments will enable a transformation of
the operation in Scotland and provide sustainable growth in the Faroe Islands as
well as Scotland.

The main purpose of the investments in Scotland is to replicate Bakkafrost's
successful operation in the Faroe Islands. A part of this is to implement
Bakkafrost's large smolt strategy in Scotland, which is achieved through
building sufficient and energy-efficient hatchery capacity. The 2024-2028
investment plan includes projects to build hatchery capacity to produce above 15
million large smolts annually. Having large smolt in Scotland will transform the
performance, lower the biological risk and increase harvest volumes. In addition
to building hatchery capacity, Bakkafrost plans to strengthen the processing
capabilities and increase flexibility in operation. Bakkafrost will also invest
in more service vessel capacity to improve the mitigation of biological risk and
improve the cost of operation. Further, Bakkafrost will make investments in
marine site development.

The investments in the Faroe Islands include increasing annual hatchery
production capacity to around 24 million smolts at 500g, cost-efficient
repurposing of old hatcheries into broodstock operation, expansion of feed
production capacity and obtaining growth through optimization of existing sites
and new technology.

With the investment plan, Bakkafrost expects to sustainably grow the total
annual harvest volumes to 165,000 tonnes in 2028. Over the same period, the
total annual production capacity in Bakkafrost's value chain will reach 200,000
tonnes gutted weight.

Update on the 2024-2028 investment plan

Since the announcement of the 2024-2028 investment plan, Bakkafrost has decided
to change the priority of some of the investment projects in Scotland, including
the second planned hatchery at Fairlie and new processing facility.
Consequently, the capex spend in 2024 and 2025 is expected to reduce around 800
mDKK in total, compared to the investment levels announced in the 2024-2028
investment plan.

Bakkafrost will host the next Capital Markets Day on 16-17 June 2025 in the
Faroe Islands.



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 Q1 2025 report and the Q1 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 Grimsby (UK), Edinburgh (Scotland), Boulogne-Sur-Mer
(France), New Jersey (US) and Munkebo (DK). The Bakkafrost Group has 1,686
employees (full-time equivalents).

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES.

This press release does not constitute or form part of an offer or solicitation
to purchase or subscribe for securities. The securities referred to herein may
not be offered or sold in the United States absent registration or an exemption
from registration as provided in the U.S. Securities Act of 1933, as amended.
Copies of this announcement are not being made and may not be distributed or
sent into the United States, Australia, Canada or Japan.