Waiting game

Research evidence excerpt

Waiting game

Equity Research - 20 May 2026 06:53 CEST

Reason: Post-results commentBakkafrost

• Strong Q1 as the Faroe Islands lifts estimates...

• ...but the market likely needs clarity on rising input costs...

• ...which is still a waiting game, reiterate HOLD Seafood

Q1 strong overall, but Scotland still underwhelming Estimate changes (%)

BAKKA’s Q1 EBIT was DKK 544m, 8% above both Infront consensus and 2026e 2027e 2028e

ABGSCe of DKK 504m, driven by lower-than-expected costs in Farming Sales -1.7 0.2 0.9

Faroes and a strong FOF performance, partially offset by continued EBIT 7.5 0.3 0.7

weakness in Scotland. While management flags higher FO costs ahead, EPS 6.5 -0.2 -0.2

Source: ABG Sundal Collier

the trajectory is better than we expected and we revise our FO cost

assumptions accordingly. In Scotland, persistent low capacity utilisation BAKKA-NO/BAKKA NO

leads us to cut our Scotland EBIT estimates. In total, we lift our '26e EBIT Share price (NOK) 19/5/2026 452.40

8%. Target price (480.00) 482.00

Rising input costs a key concern into H2...

The BAKKA investment case is built on strong volume growth at premium MCap (NOKm) 26,868

margins in the Faroe Islands and a Scottish turnaround. While the MCap (EURm) 2,492

operations at the Faroes look stronger than ever, BAKKA currently find No. of shares (m) 59.4

it more difficult to extract a price premium due to geopolitical tensions Free float (%) 83.8

and higher freight rates, in particular in Asia and China. More importantly, Av. daily volume (k) 96

BAKKA's deliberate choice to run at a high marine ingredient inclusion of

~50% (~2x industry average) leaves it more exposed to soaring fishmeal

Next event Q2 report 31 August 2026and fish oil prices (up 30% and 70% last six months), which again increase

estimate risk in '27.