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BAKKAFROST, August 22nd 2023

The Bakkafrost Group delivered a total operating EBIT of DKK 706 million (DKK 1126 million) in H1 2023 and made a profit of DKK -246 million (DKK 1690 million). Harvested volumes have been lower – 32,001 tonnes gutted weight (39,494 tgw. Salmon spot prices (in NOK) were 1% higher this quarter compared to Q2 2022 but were 15% lower in EUR due to the weak NOK.

For H1 2023, the combined FO farming and VAP segments made an operational EBIT of DKK 537 million (DKK 951 million). The operational EBIT was DKK 226 million (DKK -12 million).

The net interest-bearing debt amounted to DKK 2,911 million at the end of H1 2023, compared to DKK 2,664 million at year-end 2022. Undrawn credit facilities amounted to DKK 2,304 million at the end of H1 2023.

The long-term goal of the Board of Directors is that 30-50% of earnings per share shall be paid out as a dividend. The financial position of Bakkafrost is strong, with a solid balance sheet, a competitive operation and available credit facilities. The equity ratio was 61% on 30 June 2023, compared to 62% at the end of 2022.

In H2 2023, the global supply is expected to grow around 2-3%, excluding

inventory movements. For the full year 2023, the global supply growth is

expected to be around 2%, excluding inventory movements. In H1 2024, the supply growth is expected to be around 3%, excluding inventory movements.

Date de publication :22/08/2023

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