Slide 1: Q2 2025 Results
Q2 2025 Results Vilhelm Már Thorsteinsson, CEO Rósa Guðmundsdóttir, CFO 26 August 2025 1
Slide 2: Q2 2025 highlights
Solid results in a quarter characterized by Strong volume in trucking and warehousing Q2 2025 strong volume in Liner and material decline in global freight rates affecting margin in the activity picking up across the group supporting results of Logistics while terminal results were Forwarding segmen
Slide 3: The only Pan-Arctic ocean carrier
The only Pan-Arctic ocean carrier Strong connections to international markets via global network A leading fresh by sea service provider in the North-Atlantic 4
Slide 4: Liner segment
Liner segment Strong volume growth in container liner across all trade lanes while margin affected by cargo mix Volume development by quarter Change by trade lines Liner results Teus ‘000 + 7.9% Teus ‘000 EURm 1.3 0.7 55.1 1.3 0.7 Liner segment 51.0 0.4 Q2 25 Q1 25 QoQ % Q2 24 YoY % -0.1 -0.3 Revenu
Slide 5: Trans-Atlantic
Volume development by quarter Drewry World Container Index development Teus ‘000 $US/40ft container + 9.6% 8.4 8.2 7.6 7.5 7.7 0.4 7.2 7.1 0.2 Trans-Atlantic 1.0 6.3 6.4 0.7 0.9 0.3 1.2 3.0 0.7 0.6 3.8 2.6 2.8 3.0 3.0 2.7 2.4 2.5 Strong volume growth, especially eastbound, resulting in improved 3.8
Slide 6: Freight forwarding with global reach
Freight forwarding with global reach 28 locations in 20 countries across four continents Specialized in frozen and chilled commodities 7
Slide 7: Forwarding segment
Forwarding segment High volatility in global freight rates at substantially lower levels marked by uncertainty on the US tariffs Volume development by quarter Volume bridge and split by geography Forwarding results Teus ‘000 Teus ‘000 EURm Forwarding 48.3 - 2.8% 45.2 1.7 42.4 43.2 41.4 -1.0 40.2 seg
Slide 8: Forwarding volume split YTD
Forwarding volume split YTD Other trades 12% Intra - Europe - Europe Europe - Asia - N-America Asia N-America 5.1% 4.1% 20% 8.8% Asia - Europe 25% Europe - Africa Intra - Asia 11% 7.0% Intra - Africa 2.3% Asia - Africa 4.7% 9
Slide 9: Logistics and agency services
Logistics and agency services Providing holistic door-to-door solutions in the North-Atlantic Leveraging valuable local expertise and Eimskip’s strong infrastructure Trucking Terminal operations Warehouses Chilled and cold storages Agency Operations 10
Slide 10: Logistics and agency
Percentage split of revenue Logistics and agency results EURm Logistics and 4% 6% 4% 8% 4% 5% 4% 3% 5% 3% 4% 7% 4% 3% 4% 2% 4% 3% agency 23% 21% Q2 25 Q1 25 QoQ % Q2 24 YoY % 20% 21% 21% 21% 20% 24% 20% Revenue 69.7 65.0 7.1% 70.5 -1.1% 23% 24% Expenses 60.0 58.0 3.4% 60.2 -0.4% 25% 24% 24% 24% 23%
Slide 11: Logistics volume QoQ
Logistics Trucking 398,000 tons Warehousess 85,000 average # of pallets 184,000 pallets out volume QoQ transported Up by 32.000 tons Up by 10,000 pallets Up by 21,000 pallets Generally good activity across Logistics segment, with an increase from first quarter of the year. Terminals Coldstores 52,00
Slide 12: Financial results
Financial results 13
Slide 13: Income statement Q2 2025
Q2 2025 Q2 2024 Change % EURm Income statement Revenue Expenses Salary and related expenses 201.1 179.9 41.6 207.1 183.6 37.9 -6.1 -3.8 3.8 -2.9% -2.0% 10.0% Q2 2025 EBITDA Depreciation and amortization 21.2 15.5 23.5 14.9 -2.3 0.6 -9.8% 3.7% EBIT 5.7 8.6 -2.9 -33.3% Solid financial result despite c
Slide 14: Income statement 6M 2025
Finna aðra mynd Income statement Hún er líka á 6M 2025 glæru 14 6M 2025 6M 2024 Change % EURm Revenue 401.4 400.9 0.5 0.1% Expenses 364.9 363.2 1.7 0.5% Salary and related expenses 82.3 75.3 7.0 9.3% EBITDA 36.5 37.7 -1.2 -3.2% Depreciation and amortization 31.8 30.1 1.7 5.8% EBIT 4.7 7.7 -3.0 -38.6
Slide 15: Revenue analysis
Revenue analysis Modest growth in Container liner while freight forwarding affected by reduction in global freight rates Total revenue development Geographical split of revenue Development of revenue YoY varied across the three service EURm - 2.9% segments. Liner revenue grew by 4.2% while volume in
Slide 16: Revenue bridge
Revenue bridge by business activity EURm Revenue bridge Rebound in the Faroe Islands and increase in Trans-Atlantic supported revenue development while significant reduction in global freight rates coupled with less project cargo let to decrease in total revenue in the quarter. Q2 2024 Cont. Reefer
Slide 17: Expense analysis
Expense analysis Total expenses decreased despite unusual increase in salary expenses Total expenses development Expense bridge EURm EURm Expenses decreased by EUR 3.8m YoY or by 2.0% mainly - 2.0% driven by reduction in third-party logistics services and lower bunker cost partly offset by salaries
Slide 18: Expense bridge
Expense bridge by business activity EURm Expense bridge -0.3 0.4 -7.0 -0.9 -0.4 -0.1 -0.1 Generally strong volume coupled with fluctuations in global freight rates affecting cost development with total expenses decreasing despite unusual salary increases. Q2 2024 Cont. Reefer Forwarding Trucking War
Slide 19: EBITDA
EBITDA Good volume in Liner and trucking while Forwarding affected by lower global freight rates EBITDA development by quarter EBITDA bridge by business activity EURm EURm - 9.8% 1.0 0.4 -0.3 -1.8 -1.1 -0.2 -0.2 34.3 34.5 32.9 27.1 22.7 23.5 21.2 14.2 15.3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 2024 Cont. Re
Slide 20: Cash flow and leverage
Cash flow and leverage Continued solid cash flow from operations and strong cash position at the end of the period Cash flow bridge Cash flow from operations development by quarter EURm EURm 23.6 5.4 19.6 21.1 18.4 21.2 15.9 15.1 3.3 11.1 12.3 -2.8 0.4 -1.1 -8.7 2.7 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q
Slide 21: Maintenance and investment capex
Maintenance Capex New Investment Capex EURm EURm Maintenance and investment 26.9 13.9 11.4 12.4 capex 5.7 3.9 2024 6M 2024 6M 2025 2025 Plan 2024 6M 2024 6M 2025 2025 Plan Maintenance capex amounted to EUR 8.7m in Q2 New investment capex amounted to EUR 1.8m in Q2 and totals EUR 13.9m YTD. and total
Slide 22: Operational matters and business outlook
Operational matters and business outlook 23
Slide 23: Supporting the Icelandic women's national team
Supporting the Icelandic women´s national team New campaign launched ahead of UEFA Women’s Euro 2025 Eimskip is proud to support Icelandic football at every level, from youth development to the national teams, through our partnership with KSÍ - the Football Association of Iceland. Ahead of UEFA Wome
Slide 24: Outlook
Foreseeing good Liner volume in Q3 with margin on similar Anticipating Logistics and Agency segment to perform well levels. in Q3 on back of good liner and trucking volume, improved • Import to Iceland expected to be stable while we warehouse activity and high season for Agency. anticipate export fr
Slide 25: Thank you
Thank you EG eEImskip
Slide 26: Appendix
Appendix 27
Slide 27: This is Eimskip
This is Eimskip Eimskip is a leading transportation company in the North-Atlantic providing container and reefer liner services with connections to international markets and is specialized in worldwide freight forwarding services with a focus on frozen and chilled commodities. Established in 1914 43
Slide 28: Service segment split
Service segment split Liner services Forwarding services Logistics and agency Liner services includes container- and reefer liner Forwarding services represents sale and services of Logistics and agency services represents trucking services in the North-Atlantic. This includes import transportation
Slide 29: Income statement by segments Q2 2025
Income statement by segments Q2 2025 vs Q2 2024 Liner Forwarding Logistics and Agency Elimination Total EURm Q2 2025 Q2 2024 YoY % Q2 2025 Q2 2024 YoY % Q2 2025 Q2 2024 YoY % Q2 2025 Q2 2024 Q2 2025 Q2 2024 YoY % Revenue 107.0 103.2 3.7% 69.9 80.8 -13.5% 69.7 70.5 -1.1% -45.4 -47.3 201.1 207.1 -2.9%
Slide 30: Income statement by segments 6M 2025
Income statement by segments 6M 2025 vs 6M 2024 Liner Forwarding Logistics and Agency Elimination Total EURm 6M 2025 6M 2024 YoY % 6M 2025 6M 2024 YoY % 6M 2025 6M 2024 YoY % 6M 2025 6M 2024 6M 2025 6M 2024 YoY % Revenue 211.0 200.8 5.1% 146.3 150.6 -2.9% 134.7 135.1 -0.3% -90.6 -85.7 401.4 400.9 0.
Slide 31: Container liner analysis
Container liner analysis Reduced bunker consumption while miles sailed were on a similar level and utilization continues to improve TTM bunker consumption development TTM sailed miles development Vessel utilization Metric ton per sailed mile Thousand Miles (‘000) 32
Slide 32: Balance sheet and cash flow
Balance sheet and cash flow 30.06.2025 31.12.2024 Change % Q2 2025 Q2 2024 Change EURm EURm Non-current assets 486.3 482.5 3.8 0.8% EBITDA 21.2 23.6 -2.4 Fixed assets 309.0 312.2 -3.1 -1.0% Working Capital changes and other adjustments 5.4 4.4 1.0 Right-of-use assets 111.5 107.7 3.8 3.6% Paid taxes
Slide 33: Key figures by quarter
Key figures by quarter Financial numbers are in EURm 34
Slide 34: We simply deliver
E EIMSKIP We simply deliver
Slide 35: Disclaimer
Disclaimer Information contained in this presentation is based on sources activities are forward-looking statements which reflect the that Eimskipafélag Íslands hf. (“Eimskip“ or the ”Company“) Company’s current analysis of existing trends, information and considers reliable at each time. Its accura