Icelandic Salmon As · OSL:ISLAX
Icelandic Salmon As — Q4 2025 Earnings Presentation
8 slides from Icelandic Salmon As's earnings presentation, 2026
Slide 1: 4Q 2025 Quarterly Presentation
4Q 2025 QUARTERLY PRESENTATION
Slide 2: This is Icelandic Salmon
THIS IS ICELANDIC SALMON Icelandic Salmon AS is listed on the Euronext Growth market in Oslo, and Harvesting plant Four smolt facilities, NASDAQ First North in Reykjavik. in Bíldudalur Current capacity is The company is the sole owner and sufficient for 25-30 BRCGS* certified parent company of Arnar
Slide 3: A positive finish to a challenging year
A positive finish to a challenging year ▪ A clear improvement in profitability towards year end, with Q4 Op. Harvest Operational EBIT EBIT of EUR 2.6m, while full year 2025 EBIT ended at EUR -18.1m (Thousand tonnes gw) (EUR/kg.) 0.70 — Continuing strong operational development from the 2024 and 2025
Slide 4: Group balance
Group balance Assets Liabilities (EURm) (EURm) 268 278 150 153 115 130 27 25 124 128 ▪ Total assets increased by EUR 10m to EUR 278m 153 148 ▪ Equity ratio increased from 44% to 45% 9/30/2025 12/31/2025 9/30/2025 12/31/2025 ▪ Fair value adjustments of EUR +7.5m Fixed assets Current assets Current li
Slide 5: Net interest-bearing debt
Net interest-bearing debt ▪ NIBD inc. leasing increased by EUR 5.9m — NIBD increased by EUR 7.5m — Leasing decreased by EUR 1.6m ▪ Positive operating profit in the quarter, combined with a one-off tax refund of EUR 2.5m, supported cash flow ▪ Working capital increased mainly due to buildup of record
Slide 6: Sales and market update
6 Sales and market update ▪ Positive development in market price compared to Q3 ▪ Share of volume to North America decreased from 21% in Q3 to 15% in Q4 – partly tariff driven, and also less 6+ kg fish available 89% ▪ Share of volume to Asia decreased from 23% in Q3 to 16% in Q4 – driven by less 6+
Slide 7: Outlook
Outlook ▪ Continue to see an underlying satisfying trend in operational and financial performance across the value chain — Positive effect of winterwound vaccine — Positive effect so far in Q1 of high temperture in sea — Increased average weight first winter in sea — Strong operational focus — Cost
Slide 8: Thank you for your attention
Thank you for your attention Please “Raise hand” in Teams to ask questions for the Q&A session For more information, please visit www.arnarlax.is S US TA INA BIL ITY – IT ’S I N O UR NA TUR E 8