Iceland Seafood International Hf · OMXICE:ICESEA
Iceland Seafood International Hf — Iceland Seafood International — FY2025 Earnings Presentation
19 slides from Iceland Seafood International Hf's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Full Year 2025 Results
Q4 AND FULL YEAR 2025 RESULTS Iceland Seafood International 26.02.2026
Slide 2: Key numbers
Iceland Seafood International IS Iceland Key numbers €484,3 m 10 Revenues in 2025 Businesses 10 Businesses 45 6 Oceanpath Countries we trade in Value-added factories IS Germany 66.125 MT 1.0+ m IS France Of products sold Meals sold every day IS Ibérica 794+ 5000+ Employees 2025 Customers Thorpesca A
Slide 3: Cod prices hit record highs in 2025 while salmon prices were lower than predicted
Cod prices hit record highs in 2025 while salmon prices were lower than predicted in the earlier part of the year • Cod prices have been historically • Ongoing economic and political Salmon prices lower than expected during 2025 high due to quota cuts in the Barents challenges continue to impact 12
Slide 4: Food inflation is slightly up while interest rates have decreased
Food inflation is slightly up in the EU, the UK and the US, while interest rates have decreased in key markets Eurozone 2.15% Federal Reserve 3.75% UK 3.75% Iceland 7.25% • Food inflation has increased in all major markets • Interest rates have decreased in the US, UK and EU throughout 2025 and into
Slide 5: Strong and solid base in Iceland
Strong and solid base in Iceland Purchases in Kgs 2025 vs 2024 Iceland Seafood, with a strong sourcing base in Iceland 2025 • In 2025, 53% of total purchases in kgs came 47.00% from ISI shareholders 53.00% • The remaining 47% came from around 60 different producers in Iceland and various 2024 provid
Slide 6: Branded products & private label sales are 40.3% of the total sales
Branded products & private label sales are 40.3% of the total sales Sales value of branded products 2025 B2B B2C Retail Brands Total Brand & private label Sales € . m( . %) € 8. m ( .8%) €43.4m (9.0%) €195.2m (40,3%) €9 .8m € .7m € .8m €7. m Branded products have decreased as a proportion of total s
Slide 7: Investment in the Argentine fishing sector
ACHERNAR / CIGALFER / THORPESCA: Entrena Uno & Entrena Dos Investment in the Argentine fishing sector
Slide 8: Strategic investment in the Argentinian seafrozen shrimp sector
Strategic investment in the Argentinian seafrozen shrimp sector ACHERNAR S.A.S.: Achernar was founded in 2012, an Iceland Seafood company since 2015 • Specialized in land-frozen Argentine Red Shrimp and squid • Reliable & Stable Supply • Access to shrimp fleets during key seasons (Rawson & National)
Slide 9: Continuous work on ESG
Continuous work on ESG On the road to knowing our impact we have set out certain objectives to achieve. The impacts of those objectives have been identified, and the KPIs have been set. The ESG performance report reflects our current understanding of our overall sustainability responsibility. With t
Slide 10: Financial performance
Financial performance Q4 AND FULL YEAR 2025 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS
Slide 11: VA S-Europe
> VA S-Europe Stronger earnings with higher EBITDA and PBT, even with a modest decline in sales €m's Q4 25 12M 25 Sales in 2025 1% down vs 2024 Normalized PBT of €8.2m, up €2.4m Sales 60.3 212.9 • Ibérica Group sales decreased by 1% in value and by on 12M 2024 2% in volume compared to 2024. • IS Ibé
Slide 12: VA N-Europe
> VA N-Europe Continued resilience drives sales and volume growth in 2025 €m's Q4 25 12M 25 Sales in 2025 are 11% up from last Normalised PBT €2.4m more or Sales 20.6 63.3 year less on par with 12M 2024 • Sales in Ireland were 11% ahead of the same • Salmon prices lower than forecasted and high Net
Slide 13: Sales & distribution
> Sales & distribution Record-setting performance fueled by high cod prices – an excellent year €m's Q4 25 12M 25 Sales in 2025 are 22% ahead of last NPBT of €4.5m, up €0.7m from Sales 59.7 221.5 year 2024 • Strong annual sales performance driven by sharp • Solid operational results, supported by st
Slide 14: Enhanced financial progress and a strong overall year in 2025
Enhanced financial progress and a strong overall year in 2025 €m's Q4 25 12M 25 Group sales in 2025 up 9% on 2024 • Normalised PBT of €10.6m was Sales 136.7 484.3 • Continued strong Cod demand due to lower up €3.2m from 2024 supply has pushed Cod and white fish prices to a • EBITDA has improved by €
Slide 15: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position at 31 December 2025 €m's 31.12.25 €m's 31.12.25 Fixed assets / Inv. property 39.3 Total Equity 82.4 Leased assets 2.0 Thereof minority interest 2.5 Intangible assets 61.0 Long-term borrowings 35.6 Fin. Lease rec./Def. tax/other 2.4 Lease liabili
Slide 16: Outlook
Outlook Q4 AND FULL YEAR 2025 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS 9a5e1f68-3ad4-44f5-bbac-775b69d18ddf
Slide 17: Normalised PBT of €10.6 million surpassed the outlook; 2026 outlook €11.5-13.5 million
The normalised PBT of €10,6 million for 2025 surpassed the outlook of €7.5-9.5 million. The outlook for 2026 is €11.5-13.5 million. • Cod prices are expected to remain market over the coming months. We Group results are influenced by various external factors such as: elevated due to quota reductions
Slide 18: Forward looking statements
Forward looking statements Disclaimer This presentation is furnished and intended for European market participants and should be viewed in that manner. Any potential forward looking statements contained in this presentation are reflective of management's current views on future events and performanc
Slide 19: We are Iceland Seafood
We are Iceland Seafood www.icelandseafood.com
Iceland Seafood International — FY2025 Earnings Presentation on 6ix