Slide 1: Q1 2026 Results
Q1 2026 Results Vilhelm Már Thorsteinsson, CEO Rósa Guðmundsdóttir, CFO 5 May 2026
Slide 2: Q1 2026 highlights
Q1 2026 In the second half of last year, Eimskip announced a number of business- and operational mitigating Given successful execution of mitigating initiatives, a EUR 3m stronger financial performance was highlights initiatives. Currently, the estimated annual impact of executed initiatives amounts
Slide 3: Vision, Values, Mission
Connect Vision communities, deliver prosperity Teamwork Values Innovative Reliability Respect Mission Our solutions, your success Strategic Pillars Customer-centric services Operational efficiency Empower our people Innovate & Automate
Slide 4: Service segments
Service segments 4
Slide 5: The only Pan-Arctic ocean carrier
The only Pan-Arctic ocean carrier Strong connections to international markets via global network
Slide 6: Liner segment
Liner segment Despite 4,700 teus reduction in industrial cargo, Liner volume declined by only 2,300 teus on back of strong import to Iceland and seafood export in Iceland and Faroes Volume development by quarter Change by trade lines Liner results teus ‘000 teus ‘000 EURm - 4.5% 52.1 0.7 0.1 Q1 26 Q
Slide 7: Trans-Atlantic
Trans-Atlantic Volume affected by disruptions in the sailing system and overall lower activity Volume development by quarter Drewry World Container Index development teus ‘000 $US/40ft container - 12.7% 8.2 0.2 7.5 7.1 6.9 0.5 0.3 0.4 6.2 3.8 0.2 2.6 3.3 3.0 2.8 4.2 4.2 3.7 3.5 3.2 Q1 2025 Q2 2025 Q
Slide 8: Global freight forwarding network
Global freight forwarding network DONE Specialized in frozen and chilled commodities operating in 30 locations in 20 countries
Slide 9: Forwarding segment
Forwarding segment Good volume increase with Asia picking up while global freight rates decreased substantially Volume development by quarter Volume bridge and split by geography Forwarding results teus ‘000 teus ‘000 EURm + 6.3% 40.5 41.1 1.2 37.6 37.3 0.8 0.4 35.1 -0.2 Q1 26 Q1 25 YoY % Q4 25 QoQ
Slide 10: Forwarding volume split Q1 2026
Forwarding volume split Q1 2026 Other trades 10% Europe - Intra - N-America Europe Europe - Asia - Asia N-America 4% 5% 17% 8% Asia - Europe 23% Europe - Africa Intra - Asia 12% 15% Intra - Africa 1% Asia - Africa 5% 10
Slide 11: Logistics and agency services
Logistics and agency services DONE Providing holistic door-to- door solutions leveraging local expertise and strong infrastructure
Slide 12: Logistics and agency
Logistics and agency Percentage split of revenue Logistics and agency results EURm Trucking activity strong in the 5% 2% 4% 3% 7% 3% 2% quarter, terminals affected by less 23% 21% 22% 22% 22% industrial cargo and sailing system Q1 26 Q1 25 YoY % Q4 25 QoQ % disruptions and considerably less 23% 22%
Slide 13: Logistics volume development
Logistics volume development Trucking Warehouses 574.000 tons transported 67.000 average # of pallets 137.000 pallets out Up by 10.500 tons YoY Down by 6.500 pallets YoY Down by 9.500 pallets YoY Terminals Cold storages 45.000 container lifts 22.000 average # of pallets 62.000 pallets out Down by 4.
Slide 14: Financial results
Financial results 14
Slide 15: Income statement Q1 2026
Income statement Q1 2026 Results of streamlining measures showing in lower cost Revenue decreased by 4.8%, reflecting lower global freight rates, partly Q1 Q1 Change % offset by higher average rates in Liner. EURm 2026 2025 Revenue 191.7 201.3 -9.6 -4.8% Expenses decreased by 1.9%, less than anticip
Slide 16: Revenue analysis
Revenue analysis Improvement in Liner while decline in global freight rates impacted total revenue Total revenue development Geographical split of revenue Total revenue decreased by EUR 9.6m or 4.8% YoY. EURm Liner revenue were stable or 1.4% lower while volume was - 4.8% 4.5% lower. • Revenue in Ic
Slide 17: Revenue bridge
Revenue bridge by business activity EURm 2.3 0.2 Revenue -1.0 -0.3 -8.7 -0.3 -0.1 -1.6 -0.1 bridge 201.3 191.7 Q1 2025 Cont. Reefer Forwarding Trucking WH & CS Terminal Agency Logistics Other Q1 2026 Liner Liner Other 17
Slide 18: Expense analysis
Expense analysis Reduced expenses due to lower global freight rates and bunker and streamlining measures Total expenses development Expense bridge EURm EURm - 1.9% Expenses decreased by EUR 3.5m or 1.9% YoY. This was mainly driven by a reduction in third-party logistics services, lower bunker cost a
Slide 19: Expense bridge
Expense bridge by business activity EURm 1.5 Expense 2.1 0.1 0.3 -0.3 -6.4 -0.1 0.0 -1.0 bridge 186.3 182.5 Q1 2025 Cont. Reefer Forwarding Trucking WH & CS Terminal Agency Logistics Other Q1 2026 Liner Liner Other 19
Slide 20: EBITDA
EBITDA EBITDA affected by less volume in Liner and a sharp decline in global freight rates coloring Forwarding while Logistics results were solid EBITDA development by quarter EBITDA bridge by business activity EURm EURm - 39.2% -2.5 -0.4 0.2 0.0 -2.2 -0.2 -0.1 -0.5 -0.3 15.3 21.2 20.4 15.3 12.7 9.3
Slide 21: Cash flow and leverage
Cash flow and leverage Solid cash position while leverage ratio is above long-term target of 2-3 times EBITDA Cash flow from operations development by quarter EURm Cash flow bridge EURm 15.9 15.1 0.7 5.2 2.9 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 9.3 0.6 (1.2) 0.5 25.7 (5.8) Net interest-bearing de
Slide 22: Maintenance and investment capex in line
Maintenance capex New investment capex EURm EURm Maintenance 29-32 15-18 and investment 5.1 5.8 capex in line 1.9 2.8 Q1 2025 Q1 2026 2026 Plan Q1 2025 Q1 2026 2026 Plan with plan Maintenance capex amounted to EUR 5.8m in the quarter. New investment capex amounted to EUR 2.8m in the quarter. Most si
Slide 23: Sustainability
Laga milliglæru Sustainability
Slide 24: Eimskip has a clear goal
Eimskip has a clear goal Decreasing greenhouse gas (GHG) emissions per transported ton by 40% by 2030 GHG emissions development Carbon Intensity per ton of transported units Per ton transported Accumulated results compared to the base year 2015 126 126 112 112 112 109 31% 100% 105 89.0% 97 96 95 88
Slide 25: Eimskip's fuel cost development
Case Study Eimskip’s fuel cost development EU regulations have greater effect due to Iceland’s unique geographical location as an island with long haul routes and small population Fuel cost with ETS, Fuel EU and bio-fuel sourcing estimated development EURm • Iceland is located far from its main mark
Slide 26: Our people, your success
Our people, your success 8.2 8.2 8.1 8.1 8.1 8.1 7.9 7.9 7.9 7.8 7.8 7.8 7.7 7.6 7.5 2022 2023 2024 2025 2026 Engagement Loyalty Satisfaction Conducted by Eimskip Group using Workday Peakon Employee Voice in April 2026 Top 10 % Transportation Sector* 86% participation ratio *Based on data from the W
Slide 27: Social responsibility
Social responsibility Contributing to society through grants and partnerships Safety and prevention: Helmets to 6yrs old in Iceland Vesturport theater and film Eimskip art grant Landsbjörg – Association for search and rescue Iceland symphony orchestra Supporting the local community KSÍ - Football As
Slide 28: Q2 Outlook
Laga milliglæru Q2 Outlook
Slide 29: Q2 Outlook
Q2 Outlook Import into Iceland is expected to be stable despite Forwarding volume presumed to be higher than last year at anticipated lower volume of building materials and vehicles. similar freight rates as in Q1. Uncertainty in geopolitical Predicting export from Iceland to remain strong in seafoo
Slide 30: Thank you
Thank you Thank you
Slide 31: Appendix
Vala, Skipta út mynd Appendix
Slide 32: This is Eimskip
This is Eimskip Since 1914 Eimskip has been a trusted partner in global logistics with a network spanning 20 countries, 56 offices and 1,700 employees. To ensure reliable door-to-door solutions for our customers, our services include container and reefer vessel operations in the North- Atlantic, ter
Slide 33: Our solutions, your success
Our solutions, your success 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 transport
Slide 34: Income statement by segments
Income statement by segments Q1 2026 vs Q1 2025 Liner Forwarding Logistics and agency Elimination Total EURm Q1 2026 Q1 2025 YoY % Q1 2026 Q1 2025 YoY % Q1 2026 Q1 2025 YoY % Q1 2026 Q1 2025 Q1 2026 Q1 2025 YoY % Revenue 103.6 104.0 -0.4% 66.6 77.6 -14.1% 67.4 64.9 3.9% -45.9 -45.1 191.7 201.3 -4.8%
Slide 35: Container liner analysis
Container liner analysis Lower bunker consumption per sailed mile and stable utilization LTM bunker consumption development LTM sailed miles development Vessel utilization Metric ton (‘000) Thousand Miles (‘000) 84% 85% 82% 83% 81% 759 763 763 751 741 65% 71.6 71.4 71.0 68.9 67.4 62% 62% 60% 60% Q1
Slide 36: Balance sheet and cash flow
Balance sheet and cash flow 31.03.2026 31.12.25 Change Q1 2026 Q1 2025 Change EURm EURm Non-current assets 470.7 466.0 4.7 EBITDA 9.3 15.3 -6.0 Fixed assets 301.3 298.4 2.9 Working Capital changes and other adjustments 0.6 8.2 -7.6 Right-of-use assets 103.0 105.6 -2.6 Paid taxes -1.2 -2.5 1.3 Other
Slide 37: Key figures by quarter
Key figures Operating results Revenue Q1 2026 191.7 FY 2025 807.5 Q4 2025 198.5 Q3 2025 205.4 Q2 2025 202.3 Q1 2025 201.3 FY 2024 846.7 Q4 2024 222.0 Q3 2024 221.8 Q2 2024 208.4 Q1 2024 194.5 by quarter Expenses 182.5 737.8 185.7 185.0 181.1 186.0 748.9 194.9 188.9 184.9 180.2 Salaries and related e
Slide 38: We simply deliver
E EIMSKIP We simply deliver
Slide 39: 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