Slide 1: Q1 2025 Results
Slide 2: Q1 2025 highlights
——— Q12025 highlights Increased activity in the quarter YoY led to modest growth in EBITDA and strong growth in cash flow from operations We are pleased that despite salary increasing by 8.6%, and a quarter impacted by weather related disruptions, total expenses increased by only 3.0% Forwarding EBI
Slide 3: Liner services, Forwarding services, Logistics and agency
Liner services Liner services includes container- and reefer liner services in the North-Atlantic. This includes import and export from Iceland and the Faroe Islands, west- and eastbound Trans-Atlantic and reefer liner in Norway. Included in this segment is all liner related pre- and on-carriages. A
Slide 4: The only Pan-Arctic ocean carrier
Slide 5: Solid volume growth driven by export from Iceland and Trans-Atlantic
Solid volume growth driven by export from Iceland and Trans-Atlantic Volume development by quarter Teus ‘000 + 6.6% 517 Bso.3m 51.4 51.0 qi Q2 Q3 04 qi Q2 Q3 04 Q 2023 2023 2023 2023 2024 2024 2024 2024 2025 Change by trade lines EBITDA development Teus ‘000 EURm 20 04 07 04 521 18.6% 4a9 93 a — — 1
Slide 6: Strong volume growth YoY and higher global freight rates
Strong volume growth YoY and higher global freight rates in times of uncertainty. 77 76 7.2 a Q2 OB 2023 2023 2 estbound 2023 2024 20 7 Q2 to date 1 May
Slide 7: All cargo transported to and from Iceland by sea and air
All cargo transported to and from Iceland by sea and airin = !™mport Import the last twelve months. Export Export vessels as
Slide 8: Forwarding
28 locatighSiin Oxon arn
Slide 9: Forwarding volume and EBITDA
38.0 = S 23 _ 38.0 5.2% a 02. «034 Europe Asia Scandinavia N-America Ql 02 03: «4 2023 2023 2023 2023 2025 4 2024 2024 2024 2025 Reefer m Dry mEurope mAsia m@Scandinavia = N-America EBITDA margin
Slide 10: Forwarding trade lanes
> N Asia> N-Ametica 9.4% Europe > N-America 5.4%
Slide 11: Providing logistics services
Providi @ Caldstores Warehouse @ Trucking © Agerny @ Operations
Slide 12: Logistics and agency
Logistics and agency Solid activity level in trucking and terminal operations while utilization has softened in warehouses and coldstores. Percentage split of revenue EBITDA development Incl. intercompany revenue EURM 19.2% 19.3% a a2 83 4 OM QQ 8 4 ga g2) 8 4 ot 28 2023 2023 2023 2023 2024 2024 202
Slide 13: Financial results
Financial results
Slide 14: Income statement
EURm Q12025 912024 Change % Income statement a SS Expenses 173.5 54 3.0% Salary and related expenses 75 32 8.6% 01 2 O 2 i) EBITDA 14.2 11 7.7% Depreciation and amortization 151 12 7.9% Ly . EBIT 09 O01 119% Increased activity in the quarter YoY led Wet finance expense 32 05 160% to modest growth in
Slide 15: Revenue analysis
Revenue analysis Solid growth in Liner and Forwarding revenue while Logistics revenue declined Total revenue development Geographical split of revenue EUR + 3.4% 212.1 206.8 199.8 1991 1939 qi Q2 Q3 04 qi Q2 Q3 04 Q1 qi Q2 Q3 04 qi 2023 2023 2023 2023 2024 2024 2024 2024 2025 2024 2024 2024 2024 202
Slide 16: Revenue by segment Q1 2025 vs Q1 2024
Good volume and rates in Trans- Atlantic coupled with volume in Iceland export supported revenue development while warehouses were affected by a} shorter storage time for export cargo in Iceland 12024 Cont, Liner Reefer Liner on ard ng Trucking Terminal Agency Qi 2025
Slide 17: Expense analysis
Expense analysis Liner and salary expenses increase while changed sailing system reduced bunker expenses Total expenses development EURM + 3.0% Qa g2 3 04 OM Q2 Q3 4 QI 2023 2023 2023 w 3rd p logistics serv. m Salaries 2023 2024 2024 2024 2024 2025 mBunker & ETS. m Liner & equipm. m Admin and other
Slide 18: Expense bridge
Expense bridge Even though increase in cost is less than revenue it has been challenging to increase unit prices so that revenue keep pace with general price and salary increases. Expense bridge by business activity EURm 35 0.5 27 1.0 04 0.6 a7 1.0 “03 Qt 2024 Cont Reefer Forwarding Trucking Warehou
Slide 19: EBITDA development by quarter
EBITDA development by quarter EURm EBITDA and EBIT EBIT development EURm Modest growth in EBITDA a result of ’ high utilization in Liner, in a quarter marked by weather related disruptions and improved EBITDA in Forwarding despite lower volume. oO dtd 2023 2023 2023 2023 2024 2024 2024 2024 2025 0.9
Slide 20: Cash flow and leverage
Cash flow and leverage Strong cash flow from operations with working capital changes and improved results Cash flow bridge Net interest bearing debt and leverage ratio by quarter EUR FURM 2.33 231 2.28 223 185 8.2 . a = oO a 25 12023 22023 32023 42023 Q12024 22024 32024 042024 012025 a mmm Net debt
Slide 21: Maintenance Capex
Maintenance Capex EURm Maintenance and investment . fs. | C dq p e X 2024 12024 = Q12025 2025 Plan Maintenance capex amounted to EUR 5.2m in the quarter which is somewhat lower than plan, as few projects have been delayed due to weather conditions and longer lead time of equipment delivery. a New In
Slide 22: Operational matters and business outlook
Slide 23: Social sustainability
Social sustainability April 2025: Strong employee engagement Aligning global human resource development Over the past 21 years, 90,000 helmets have results with 89% participation rate been distributed to 6-year-olds all over Iceland Engagement > “How likely is it you would 4A recommend Eimskip as a
Slide 24: Ongoing tariff and geopolitical uncertainty causing fluctuations in global freight rates
Ongoing tariff and geopolitical uncertainty causing fluctuations in global freight rates The ongoing policy unpredictability surrounding U.S. tariffs has caused turbulence in the transportation sector, leading to potential disruptions in the global supply chain. Adding to the uncertainty, there have
Slide 25: Outlook
Outlook Expecting traditional seasonality pick up in Q2 from Q1 across the Liner and Logistics segments. Liner volume expected to remain ona robust level while average rates anticipated to be on or above Q1. Forwarding volume has been affected by the geopolitical turmoil and average global freight r
Slide 26: Thank you
Thank you E&eEImskip
Slide 27: Appendix
Appendix
Slide 28: 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 eC» 28 Established in 1
Slide 29: Income statement by segments Q1 2025 vs Q1 2024
Income statement by segments Q1 2025 vs Q1 2024 Forward Logi s and Agen El ation Total 025 Q12024 YoY % 2025 Q12024 YoY % 2025 Q12024 2025 Q12024 Revenue 104.0 97.7 6.5% 76.4 69.9 9.3% 65.0 64.7 0.5% “45.1 ~38.4 200.3 193.8 3.4% Expenses 98.2 94.5 51% BI 67.8 9.0% 58.0 5b7 2.3% 451 384 185.0 79.5 3.
Slide 30: Income statement by segments 2024 vs 2023
Income statement by segments 2024 vs 2023 Forwarding s and Agen Total 24-2023, YoY % 024 2023 YoY % 024 2023 YoY % Revenue 419.0 435.0 3.7% 335.5 278.7 20.4% 278.8 273.7 19% 6.2 -169.4 847.1 817.9 3.6% =xpenses 3777 368.5 2.5% 422.4 264.1 22.1% 2345.4 24 1.8% “186.2 -169.4 749.3 694.6 7.9% There at
Slide 31: Container liner analysis
Container liner analysis Continued fewer miles sailed and reduced bunker consumption while utilization improves TTM bunker consumption development TTM sailed miles development Vessel utilization Metric ton per sailed mile Thousand Miles (‘000) 59% 9, 59% out “ 58% 57% 58% 54% 54%, Qi Q2 Q3 Q4 ie} Qg
Slide 32: Balance sheet and Cash flow
Balance sheet and Cash flow 2 FUR m 31.03.2025 31.12.2024 Change % EURm Q12024 Change Non-current assets 482.5 14 -0.3% EBITDA 14.2 Ww Fixed assets F122 27 0.8% Working Capital changes and other adjustments 22 10.4 Right-of-use assets 107.7 15 14% Paid taxes -4.0 16 Other non-current assets 627 27 4
Slide 33: Key figures by quarter
Key figures by quarter Revenue Expenses 185.0 Salaries and related expense 40.7 EBITDA 153 EBIT “1.0 Net earnings for the period -08 EBITDA ratio 77% EBIT ratio -0.5% Profit ratio -0.4% Earnings per share (in EUR) -0.003 Average FTE's 170 Assets Equity 236.9 Liabilities 366.0 Interest-bearing debt 2
Slide 34: We simply deliver
E EIMSKIP We simply deliver
Slide 35: Disclaimer
Disclaimer Information contained in this presentation is based on sources that Eimskipafélag Islands 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 Eimsk