Slide 1: Presentation of Results
Q4 AND FY 2023 PRESENTATION OF RESULTS 13 FEBRUARY 2024 Q1 2022 RESULTS
Slide 2: Q1 Highlights
_—_— Q1 HIGHLIGHTS Slow start of the year LINER Decrease in liner volume both driven by market dynamics and traditional seasonality, combined with pressure on rates and a rigid cost base, contributing to disappointing results in Liner services in the quarter SERVICES * Slight slowdown in import of g
Slide 3: Renew with growth and raise margin
renew with growth and renew with growth and renew with growth and renew with growth and raise margin raise margin raise margin raise margin 3
Slide 4: 2024 2008 2017 2020 2021 2023 2011 2013 • •
2024 2008 2017 2020 2021 2023 2011 2013 • • 4
Slide 5: NALA
NALA sed on stron Reykjavik Grundartangi ICELAND Torshavn , Fe oT — as fas, Gn ARE FAROE ISLANDS gpa Go qi 9 23 —= Terminals Own Cranes Reach Stackers Seminal Owncranes tose, ela (im Terminal 42549 prea buk Tractors ° Ton ICELAND SIX MAIN CUSTOMERS Internal customers 62% of Turnover External custome
Slide 6: Operating Activities
OPERATING. ACTIVITIES
Slide 7: Liner Volume
LINER VOLUME Volume decrease driven by Trans-Atlantic while market dynamics affected cargo mix in Iceland import and export LINER VOLUME DEVELOPMENT BY QUARTER CHANGE BY TRADE LANES Teus ‘000 Teus '000 70 70 -3.4% 60 60 54.2 54.7 51.5 51.7 51.4 (0.8) 0.7 (0.4) (0.0) 0.0 (1.2) 50.6 50.8 50 (0.4) 0.5
Slide 8: Trans-Atlantic Analysis
TRANS-ATLANTIC ANALYSIS Trans-Atlantic volume remains stable QoQ and both rates and volume increased towards the end of the quarter TRANS-ATLANTIC VOLUME DEVELOPMENT BY QUARTER DREWRY WORLD CONTAINER INDEX DEVELOPMENT 12 Teus ‘000 $US/40ft container -16.2% 12,000 10 9.4 9.2 10,000 1.5 2.3 7.9 7.7 8
Slide 9: Container Liner Analysis
CONTAINER LINER ANALYSIS Expecting benefits of sailing system changes with fewer miles sailed and less bunker consumption TTM SAILED MILES DEVELOPMENT VESSEL UTILIZATION Thousand Miles (‘000) -2.8% 1,000 91% 91% 91% 87% 87% 87% 87% 807.5 810.8 801.6 797.9 794.2 787.8 84% 85% 800 83% 80% 79% 75% 600
Slide 10: Forwarding Volume
FORWARDING VOLUME Good growth in forwarding volume from previous year as anticipated VOLUME DEVELOPMENT BY QUARTER VOLUME SPLIT Teus ‘000 1.2 60 7.1% 1 2.9% 2.6% 3.2% 3.1% 3.3% 14.0% 12.9% 13.4% 13.6% 12.6% 0.8 33.7% 35.9% 36.7% 39.9% 35.5% 48.3 0.6 45.1 43.2 0.4 41.8 42.7 42.0 42.4 40.8 39.8 49.5%
Slide 11: Financial Results
— aa Fo ~ ; FINANCIAL RESULTS dj
Slide 12: Income Statement Q1 2024
INCOME STATEMENT Q1 2024 Slow start of the year resulting in lower revenue while expenses remained on the same level HIGHLIGHTS EUR thousand Q1 2024 Q1 2023 Change % • Revenue amounted to EUR 196m and decreased by 8.7% from previous year while operating expenses decreased marginally and amounted to
Slide 13: Revenue Analysis
REVENUE ANALYSIS Decrease in revenue mainly driven by substantial decrease in Container liner REVENUE DEVELOPMENT BY QUARTER* GEOGRAPHICAL SPLIT 400 120.0% EURm -8.7% 350 100.0% 5.2% 4.0% 3.9% 3.2% 3.4% 292.2 5.8% 5.3% 5.9% 7.5% 8.9% 300 283.1 255.7 80.0% 21.7% 19.2% 20.0% 239.7 23.3% 21.6% 250 111.
Slide 14: Expense Analysis
EXPENSE ANALYSIS Increase in salary and other operating expenses offset by decrease in third party expenses and bunker cost EXPENSE BRIDGE EXPENSE CATEGORIES EURm 250 120.0% 100.0% 200 6.3% 7.8% 6.8% 6.6% 6.4% (3.9) (0.4) 0.5 2.5 0.3 19.2% 21.0% 20.6% 20.6% 80.0% 21.0% 150 10.6% 9.5% 9.5% 10.9% 11.6
Slide 15: EBITDA Analysis
EBITDA ANALYSIS Challenging market conditions in Container liner main driver behind substantial decrease in EBITDA EBITDA DEVELOPMENT BY QUARTER EBITDA BRIDGE BY BUSINESS ACTIVITY EURm 40 EURm 70 -55.3% 60 30 49.6 50 44.8 (15.3) 40 38.4 34.3 34.5 20 30.4 31.8 (0.2) (1.5) 0.9 (1.4) 30 31.8 22.7 20 14
Slide 16: EBIT Analysis
EBIT ANALYSIS Challenging market conditions in Container liner main driver behind substantial decrease in EBIT EBIT DEVELOPMENT BY QUARTER EBIT BRIDGE BY BUSINESS ACTIVITY EURm EURm 40 34.1 29.8 30 22.5 20 19.4 18.9 15.1 15.8 10 6.9 -0.2 -1.8 0 -0.9 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3
Slide 17: Balance Sheet
BALANCE SHEET Strong balance sheet and immaterial changes from year-end 2023 HIGHLIGHTS • Trade and other receivables increase by EUR 9.8m from year-end while Trade and EUR thousand 31.03.2024 31.12.2023 Change % other payables increase by EUR 32.1m whereof EUR 24.8m is attributable to a Non-current
Slide 18: Cash Flow
CASH FLOW The decrease in cash flow from operations was driven by lower EBITDA, working capital changes and paid taxes HIGHLIGHTS • Cash flow from operations amounted to EUR 3.9m in the quarter, a decrease of EUR million Q1 2024 Q1 2023 Change % EUR 26.3m from same period last year, mainly attributa
Slide 19: Maintenance CAPEX & Investments
MAINTENANCE CAPEX & INVESTMENTS
Slide 20: Development in Maintenance CAPEX & New Investment
DEVELOPMENT IN MAINTENANCE CAPEX & NEW INVESTMENT Maintenance CAPEX and new investment on track and in line with plan MAINTENANCE CAPEX HIGHLIGHTS EURm 29 • Maintenance CAPEX in the quarter amounted to EUR 5.3m and is on track according to the published plan for full year 2024 of EUR 26-29m 24 • New
Slide 21: Outlook
_—_— OUTLOOK Mixed outlook in a volatile market conditions LINER SERVICES Export Iceland with strong fish exports since the start of second quarter but is expected to slow down in line with remainder of the groundfish quotas in coming months, however, will somewhat be offset by volumes from coastal
Slide 22: Thank You
THANK YOU
Slide 23: Appendix
APPENDIX
Slide 24: 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 ABOUT SUSTAINABILITY KP
Slide 25: Liner Segment Analysis
LINER SEGMENT ANALYSIS Substantial decrease in liner results from previous year due to changed market conditions LINER LINER EBITDA DEVELOPMENT BY QUARTER EURm EUR thousand Q1 2024 Q1 2023 Change % 30 16.6% 17.0% 18% 16.0% 16% 25 25.9 25.0 14% Revenue 133,929 152,380 (18,451) (12.1%) 24.3 11.2% 20 1
Slide 26: Forwarding Segment Analysis
FORWARDING SEGMENT ANALYSIS Continued solid performance of International forwarding and results in line with expectations FORWARDING FORWARDING EBITDA AND EBITDA MARGIN DEVELOPMENT BY QUARTER EURm EUR thousand Q1 2024 Q1 2023 Change % 10 9.5 16% 9 8.4 14% 8 7.5 14.2% Revenue 72,200 72,365 (165) (0.2
Slide 27: Lease Liabilities (IFRS 16)
LEASE LIABILITIES (IFRS 16) Lease liabilities mainly consist of chartered vessels and leased buildings and land DEPRECIATION & AMORTIZATION DEVELOMPENT LEASE LIABILITIES DEVELOPMENT EURm EURm 120.0 18.0 16.1 15.6 15.8 16.0 14.9 15.1 1.2 1.0 1.0 1.6 1.0 103.4 14.0 98.1 99.5 12.0 6.5 6.3 100.0 4.2 6.3
Slide 28: Analytica's Memo
ANALYTICA’S MEMO* Eimskip’s fact checking and remarks on selected assumptions and conclusions found in Analytica’s memo Baltic Dry Index a poor indicator for container freight rates Price development assumptions were not based on any data from Eimskip • The index tracks the cost of shipping dry bulk
Slide 29: Quarterly Key Figures
QUARTERLY KEY FIGURES OPERATING RESULTS ('000 EUR) Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Revenue 195,897 827,531 201,479 201,967 209,516 214,569 1,070,626 255,654 292,173 283,115 239,684 Expenses 181,654 704,170 178,779 167,469 175,191 182,731 907,540 217,
Slide 30: Shareholder Information
SHAREHOLDER INFORMATION PAYMENTS TO SHAREHOLDERS* SHAREHOLDERS 29.4.2024 EURm Shareholder Shares % 1 Seley ehf. 55,589,385 33.5% 5.4 2 Gildi - lífeyrissjóður 22,026,722 13.3% 12.6 3 Lífeyrissjóður verzlunarmanna 21,282,040 12.8% 12.7 1.3 4 Birta lífeyrissjóður 8,579,481 5.2% 5 Stapi lífeyrissjóður 7
Slide 31: Disclaimer
_—_— DISCLAIMER Information contained in this presentation is based on sources that Eimskipafélag [slands hf. (“Eimskip” or the ”Company“) considers reliable at each time. Its accuracy or completeness can however not be guaranteed. Copyright of information contained in this presentation is owned by
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