Bakkafrost (1K) | Buy | Strong quarter

Research evidence excerpt

Bakkafrost (1K) | Buy | Strong quarter

yees of KEPLER CHEUVREUX, which is a non-US affiliate

and parent company of Kepler Capital Markets, Inc. a SEC registered and FINRA member broker-dealer. Equity/Credit Research Analysts employed by KEPLER CHEUVREUX, are

not registered/qualified as research analysts under FINRA/NYSE rules, may not be associated persons of Kepler Capital Markets, Inc. and may not be subject to NASD Rule 2711

and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.

Research ratings

Kepler Cheuvreux rating split as of 20 May 2026

Rating Breakdown A B

Buy 54% 61%

Hold 35% 32%

Reduce 10% 5%

Not Rated/Under Review/Accept Offer 1% 2%

Total 100% 100%

Source: Kepler Cheuvreux

A: % of all research recommendations

B: % of issuers to which material services of investment firms are supplied

12 months rating history

The below table shows the history of recommendations and target prices changes issued by KEPLER CHEUVREUX research department (Equity and Credit) over a 12 months

period.

Company Name Date BusinessLine Rating Target Price Close Price

Bakkafrost (NOK) 20/05/2025 06:28 Equity Research Reduce 475 499.2

10/07/2025 07:08 Equity Research Reduce 430 453.4

27/08/2025 07:06 Equity Research Hold 450 430

31/10/2025 07:37 Equity Research Hold 495 465.2

06/02/2026 08:11 Equity Research Buy 525 480

10/02/2026 08:52 Equity Research Buy 530 480.8

Credit research does not issue target prices. Left intentionally blank.

Please refer to the following link https://research.keplercheuvreux.com/disclosure/stock/ for a full list of investment recommendations issued over the last 12 months

by the author(s) and contributor(s) of this report on any financial instruments.