Arctic: Bakkafrost - After seven lean years come seven fat years?

Research evidence excerpt

Arctic: Bakkafrost - After seven lean years come seven fat years?

ESG Considerations Key ESG risks

Sustainability at Bakkafrost Key risks How Bakkafrost is positioned

• All vegan raw materials in feed are ProTerra certified.

Value chain environmental

• Cooperating with Global G.A.P. to develop the next version of the Compound feed  Bakkafrost is well positioned for the increased global ESG focus as impact

manufacturing standard. salmon farming has a lower carbon intensity and FCR than other

types of animal protein production. Additionally, salmon has health • 90% of sites have a satisfactorily level of impact on seabed according to the MOM-B

benefits for the end user due to the high content of omega 3 & fatty standards (Faroe Islands) and SEPA (Scotland). Ecosystem

acids. Bakkafrost is ranked as the 5th most sustainable protein • Targeting higher smolt weight, reducing time in sea and the fish exposure to seawater

producer in the world on the Coller Fairr Index in 2024 hazards.

 Bakkafrost publishes an annual sustainability report audited by the

Faroe Islands auditing firm Januar. • Mortality rates of 9.2% and 7.2% in 2024 and 2025, respectively.

Fish health

• eFCR of 1.26, 1.24, 1.14 and 1.11 in 2020, 2021, 2024 and 2025, respectively.  The company reports in accordance with the Global Reporting

Initiative (GRI).

 Salmon farming, and aquaculture in general are not yet included in • Has developed a biogas plant producing 11,000t CO2e renewable energy from its salmon

GHG emissions the EU Taxonomy. Bakkafrost and its subsidiary Havsbrún are hence farming byproduct.

not taxonomy aligned.

ESG performance data

ESG metric Unit 2021 2022 2023 2024 2025 Target

GHG emissions scope 1 tCO2e 74,881 93,646 129,294 123,839 147,663 Down 50% by 2030