Kaldvik As · OSL:KLDVK

Kaldvik As — Ice Fish Farm AS — Q2 2022 Earnings Presentation

15 slides from Kaldvik As's earnings presentation, Sep 29, 2022

  1. Slide 1: Ice Fish Farm AS Second quarter 2022 results

    Ice Fish Farm AS Second quarter 2022 results 29 September 2022 Guðmundur Gíslason, CEO Róbert Róbertsson, CFO PRIVATE & CONFIDENTIAL

  2. Slide 2: ICE FISH FARM AS post transaction: Key Highlights

    ICE FISH FARM AS post transaction: Key Highlights Established farming stronghold Fjords with granted licenses Fjords that will have granted licenses in 2022 100% control of Region Fjords still waiting to get biomass 14 farming locations and 43,8th measurements, before an auction tonnes MAB licenses

  3. Slide 3: Actions already taken and Q2 results

    Actions already taken and Q2 results Business Ongoing process Sale of Ísþór reduced Production Investments combination with banks stress on BS status Consolidation date 30 Ice Fish Farm is Eldisstöðin Ísþór hf, Investment for H2 The ISA virus was a set May 2022. currently in process smolt facility w

  4. Slide 4: Q2 Results and Financial summary

    Q2 Results and Financial summary Revenue Group (NOK’m) Harvested volume (tonnes) Laxar fiskeldi and Búlandstindur included from June 2022. 242,6 3.829 - 159,1 2.586 Operating EBIT before write-down and provision - 87,1 1.117 NOKm 18.1 in Q2 68,9 1.090 Biomass write-down of NOKm 104 for ISA infected

  5. Slide 5: Financial summary

    Financial summary Business combination Assets NOKm Equity ratio The acquisitions have material impacted the balance 3.761 sheet 629 Assets 1.713 58,0% 65,5% 3.130 443 No fair value adjustment in biological assets as most of 1.270 the fish has been written-down to market value. 30.6.2022 31.12.2021 3

  6. Slide 6: Foundation for a robust expansion - Lessons learned from the ISA-Epidemic

    Foundation for a robust expansion -Lessons learned from the ISA-Epidemic Recently executed initiatives to stabilize production We know what happened A ➢ The ISA-virus came from wild fish as a variant not causing disease ➢ It mutated into a variant causing ISA, and because we were not aware it spread

  7. Slide 7: Established action plan to improve operations

    Established action plan to improve operations Smolt farming Sea farming Processing and distribution End customer ► Ongoing investments for improved Done in 2022 already ► A box factory has started operations, ► Certified salmon production and more capacity in all ► Production zones to lower risk sup

  8. Slide 8: Outlook combined company | Focus on operation performance

    Outlook combined company | Focus on operation performance Market Good opportunity globally for premium salmon Future Growth Focus is on improving quality and performance of the operations 10.000 tonnes license pending in application Harvest Harvest in H2 2022 ~ 5.000 tonnes Harvest in 2023 ~6,000 to

  9. Slide 9: PRIVATE & CONFIDENTIAL

    . PREMIUM Bt ICELAND : OMEGA 100% © PROTEIN + QUALITY |; 6 Nowones RICH

  10. Slide 10: Ice Fish Farm with full access of the East Fjord

    Appendix Ice Fish Farm with full access of the East Fjord 3 + 1 fjords 1 fjord 4 + 1 fjords 7 + 3 sites 7 sites 14 + 3 sites 2 smolt facilities 3 smolt facilities 5 smolt facilities* 1 harvest facility 1 harvest facility 1 harvest facility 27.8kt MAB granted 16kt MAB granted 43.8kt MAB granted PRIVA

  11. Slide 11: 71,8 MAB potential

    Appendix 71,8 MAB potential Issued licenses Current applications 10 MAB Potential licenses 18 MAB 43,8 MAB 2.000 71.800 1 2 1.000 2.000 15.800 10.000 3.000 53.800 3.500 43.800 6.500 12.800 9.300 3 56.000 41.000 34.500 Current license at Seyðisfjörður Fertile Seyðisfjörður Sterile Total standing biom

  12. Slide 12: Executive management

    Appendix Executive management Management structure Joint management team CEO - Guðmundur Gíslason ▪ Bs in Business and MBA from University of Reykjavík ▪ Co-founder of ICE Fish Farm in 2012 Deputy CEO - Jens Garðar Helgason ▪ Graduate of University of Iceland and Norwegian School of Economics. Forme

  13. Slide 13: Production Synergy – Potential for significant improvement

    Production Synergy – Potential for significant improvement Milestone 1: Reach Stable Yearly Production ≈ 30 000 tonnes. Yearly release 7-8 million post smolt > 300g Reduced Biological Risk Bigger smolts - > reduced time in sea -> reduce exposure for risks 13 (17) sites and 4 (5) fjords Possibility t

  14. Slide 14: Certifications that ensure environmentally-friendly production

    Certifications that ensure environmentally-friendly production Certified quality and sustainable aquaculture All salmon will be certified All smolt put to sea in 2022 will be certified salmon and possible to sell to high end customers and retailers in USA and rest of the world Continue producing sup

  15. Slide 15: PRIVATE & CONFIDENTIAL

    . PREMIUM Bt ICELAND : OMEGA 100% © PROTEIN + QUALITY |; 6 Nowones RICH 15

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