Arion Banki Hf · OMXICE:ARION
Arion Banki Hf — First Water — Arion Bank Investment Opportunities in the Arctic (AO24) (November 2024)
13 slides from Arion Banki Hf's conference presentation, Nov 12, 2024
Slide 1: Investment Opportunities in the Arctic
Investment Opportunities in the Arctic Eggert Thór Kristófersson Chief Executive Officer
Slide 2: First Water: Land-based Salmon Farm in Iceland
First Water L A N D - BA S E D S A L M O N FA R M IN ICELAND
Slide 3: Salmon is among the most popular foods worldwide
Salmon is among the most popular foods worldwide. Once a luxury, salmon is now a global culinary staple. 57
Slide 4: Salmon offers multiple benefits compared to other animal proteins
Salmon offers multiple benefits … with superior feed conversion compared to other animal ratio (FCR) proteins… (Feed needed to increase the animal’s bodyweight by one kg) 8.0 Healthy Source of Protein Sustainable Landeldi‘s grow-out farm and hatchery 3.9 Construction Roadmap Production Versatile Pro
Slide 5: In the ~3m tons salmon market, demand is outstripping supply
In the ~3m tons salmon market, … driven by global population demand is outstripping supply… growth ~8% 9.7 bn by 2050 10 bn 8 bn ~2-3% 6 bn 4 bn 2023 2024 2025 2026 2027 2028 2029 2 bn Supply CAGR Supply Demand DemandCAGR 2024 - 2035 2024 - 2035 0 bn 1950 1975 2000 2022 2050 59
Slide 6: Founded to help feed the world in a sustainable way
Founded to help feed the world in a sustainable way Enclosed Pristine 100% Green No Quality Land-based Naturally Energy Antibiotics, Product and Farming Filtered Chemicals,P Stable Seawater esticides Output 60
Slide 7: Land-based farming has many benefits compared to Sea-based
Land-based farming has many benefits compared to Sea-based Consistent Process Minimal No escape <5% Chemical free Parasite free supply control waste risk mortality Sea- Weather based Dependent Due to specific operational requirements, land-based farming is only viable in a few locations globally – s
Slide 8: We are operational today
We are operational today >1,300 tons HOG harvested and sold across multiple harvests €120m+ equity raised to date from leading Icelandic Investors €80m debt financing secured with expansion potential to €140m Launched €200m equity raise process in November 2024 62
Slide 9: Highly strategic location with access to US and Europe
Highly strategic location with access to US and Europe Direct access to US or Europe by sea or air – within 1 hour drive of site Reykjavík International Airport Hatchery Access to renewable energy and pristine naturally filtered seawater 6-7 hours by plane 6-7 days by sea 3 km First Water Site 3-4 h
Slide 10: Entire facility planned in 6 standalone phases
Entire facility planned in 6 standalone phases, with run-rate production of ~50,000 tons HOG Indicative Construction Road Map Phase 1 (’23-‘25) Phase 2 (’25-‘26) Phase 3 (’25-‘27) Phase 4 (’26-‘28) Phase 5 (’27-‘29) Phase 6 (’28-‘29) 2023 2024 2025 2026 2027 2028 2029 64
Slide 11: Supported by funding raised and planned equity raise, building a sustainable business
Supported by funding raised to date and planned equity raise, we are building a sustainable, high-performance business with strong value creation Complete construction of 6-phase modular plan by 2029 ~50,000 tons HOG run-rate annual production achieved in 2031 >€500m revenue from 2031 onwards EBITDA
Slide 12: Confidential
Confidential 66
Slide 13: Investment Opportunities in the Arctic
Investment Opportunities in the Arctic Emerging frontier in sustainable development
First Water — Arion Bank Investment Opportunities in the Arctic (AO24) (November 2024) on 6ix