Eimskipafelag Islands Hf. · OMXICE:EIM
Eimskipafelag Islands Hf — Q3 2025 Earnings Presentation
39 slides from Eimskipafelag Islands Hf's earnings presentation, Nov 11, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results Vilhelm Már Thorsteinsson, CEO Rósa Guðmundsdóttir, CFO 11 November 2025 1
Slide 2: Q3 2025 highlights
Uppfæra mynd þegar ný forsíðumynd er komin The overall performance is below expectations. Substantial drop in global freight rates impacted Q3 2025 Revenue declined by 6.5%, while costs decreased by only 1.0%. the performance of the Forwarding segment which nevertheless had a reasonable result. high
Slide 3: Operational matters
Operational matters 3
Slide 4: Proactively addressing operational headwinds
Liner 9M 2025 compared to 9M 2024 Liner EBIT 9M 2025 reduction Volume EBIT EUR 12.1m → 5.3% → Revenues Mitigating initiatives in Q3 and Q4 across the group → 2.5% Proactively Expenses Total impact of initiatives EUR 12-14m Thereof impact of executed initiatives EUR 8m → → addressing Estimated annual
Slide 5: Competitiveness of dedicated coastal shipping under pressure
Competitiveness of dedicated coastal shipping under pressure Substantial cost increases by the government and municipalities plus regulatory burdens Development of carbon taxes per dedicated Port cost per voyage in dedicated coastal ports coastal voyage ISK’000 ISK’000 Cost increase: 317% Cost incre
Slide 6: Service segments
Service segments 6
Slide 7: The only Pan-Arctic ocean carrier
The only Pan-Arctic ocean carrier Strong connections to international markets via global network A leading fresh by sea service provider in the North-Atlantic 7
Slide 8: Liner segment
Liner segment Strong volume in container liner with pressure on margins and a loss in the quarter Volume development by quarter Change by trade lines Liner results Teus ‘000 Teus ‘000 EURm + 1.5% 0.8 0.5 0.2 53.9 53.2 Q3 25 Q2 25 QoQ % Q3 24 YoY % -0.3 -0.1 -0.2 -0.2 Revenue 104.7 107.0 -2.1% 108.6
Slide 9: Trans-Atlantic
Volume development by quarter Drewry World Container Index development Teus ‘000 $US/40ft container - 1.9% 12,000 8.4 8.2 10,000 7.7 0.4 7.5 7.1 0.2 Trans-Atlantic 0.9 0.5 0.3 8,000 3.0 3.8 2.6 3.3 3.0 6,000 Similar volume at stable freight 4,000 rates despite decline in global 4.9 4.2 4.2 3.8 3.7 f
Slide 10: Freight forwarding with global reach
Freight forwarding with global reach 30 locations in 20 countries across four continents Specialized in frozen and chilled commodities 10
Slide 11: Forwarding segment
Forwarding segment Increased volume and adequate results affected by significantly lower global freight rates Volume development by quarter Volume bridge and split by geography Forwarding results Teus ‘000 Teus ‘000 EURm + 7.7% 42.3 40.5 37.6 37.6 35.0 11.3 1.8 1.1 11.9 0.0 40.5 Q3 25 Q2 25 QoQ % Q3
Slide 12: Forwarding volume split YTD
Forwarding volume split YTD Other trades 12% Europe - Intra - N-America Europe Europe - Asia - Asia N-America 5% 4% 19% 9% Asia - Europe 25% Europe - Africa Intra - Asia 11% 9% Intra - Africa 2% Asia - Africa 4% 12
Slide 13: Logistics and agency services
Logistics and agency services Providing holistic door-to-door solutions in the North-Atlantic Leveraging valuable local expertise and Eimskip’s strong infrastructure Trucking Terminal operations Warehouses Chilled and cold storages Agency Operations 13
Slide 14: Logistics and agency
Percentage split of revenue Logistics and agency results EURm Logistics and 4% 7% 4% 3% 5% 2% 4% 3% 2% 7% Q3 25 Q2 25 QoQ % Q3 24 YoY % agency 20% 24% 23% 21% 22% Revenue 72.8 69.1 5.4% 73.7 -1.2% 23% 24% 22% Expenses 58.6 59.5 -1.6% 60.9 -3.8% 23% 22% Thereof salaries 21.7 23.8 -9.1% 20.3 6.7% Stro
Slide 15: Logistics volume QoQ
Logistics Trucking 576.000 tons transported Warehouses 86.000 average # of pallets 168.000 pallets out volume QoQ Down by 8.000 tons Up by 2.000 pallets On par with Q2 Generally good activity across Logistics supporting strong results of this segment in the quarter. Terminals Coldstores 53.000 conta
Slide 16: Financial results
Financial results 16
Slide 17: Income statement Q3 2025
Q3 2025 Q3 2024 Change % EURm Income statement Revenue Expenses Thereof salary and related expenses 204.7 184.3 39.3 219.0 186.1 36.3 -14.3 -1.8 3.0 -6.5% -1.0% 8.1% Q3 2025 EBITDA Depreciation and amortization 20.4 14.5 32.9 14.3 -12.5 0.2 -38.0% 1.7% EBIT 5.9 18.7 -12.8 -68.3% Overall results belo
Slide 18: Income statement 9M 2025
Finna aðra mynd Income statement Hún er líka á 9M 2025 glæru 14 9M 2025 9M 2024 Change % EURm Revenue 606.1 620.0 -13.8 -2.2% Expenses 549.2 549.3 -0.1 0.0% Thereof salary and related expenses 121.6 111.7 10.0 8.9% EBITDA 57.0 70.7 -13.7 -19.4% Depreciation and amortization 46.3 44.4 2.0 4.5% EBIT 1
Slide 19: Revenue analysis
Revenue analysis Modest growth in Container liner while freight forwarding affected by reduction in global freight rates Total revenue development Geographical split of revenue EURm Total revenue decreased by EUR 14.3m or 6.5% YoY. - 6.5% Liner revenue decreased by EUR 2.8m or 2.9% while volume grew
Slide 20: Revenue bridge
Revenue bridge by business activity EURm 0.9 -2.2 -0.5 Revenue bridge -7.2 -1.7 -1.0 -0.7 -1.5 -0.5 Lower unit prices in Liner and substantial drop in global freight rates 219.0 204.7 in Forwarding impacted revenue and overall results. Even though revenue in Logistics is lower, the segment delivered
Slide 21: Expense analysis
Expense analysis Total expenses decreased despite unsustainable increase in salary expenses Total expenses development Expense bridge EURm EURm - 1.0% Expenses decreased by EUR 1.8m or 1% YoY, considering salaries and effect EUR 2.9m loss of the Lagarfoss sale, expenses reduced by 5.1%. This was mai
Slide 22: Salary analysis
Salary bridge EURm 0.8 39.3 0.6 0.5 1.3 0.3 0.3 36.3 -0.9 Salary analysis Unsustainable salary development in Iceland or Q3 2024 Coll. Wage agreem. IS Wage drift IS New business IS Ferry IS FTE change INT change FX difference Q3 2025 7.9% increase YoY* Salaries increased by EUR 3.0m, or 8.1% Collect
Slide 23: Expense bridge
Expense bridge by business activity EURm 5.8 0.4 1.4 3.7 -5.7 -2.4 -1.7 -1.5 -1.8 Expense bridge In addition to global freight rate related 186.1 184.3 cost decrease in Forwarding, expenses in the Logistics segment decreased more than the segment’s reduction in revenue. Q3 2024 Cont. Reefer Forwardi
Slide 24: EBITDA
EBITDA EBITDA between years colored by challenges in the Liner segment, partly affected by one-offs EBITDA development by quarter EBITDA bridge by business activity EURm EURm - 38% 0.6 0.8 0.4 -7.9 0.7 -0.9 -0.4 -1.6 -4.2 32.9 32.9 27.1 20.4 21.2 20.4 15.3 Q3 Q4 Q1 Q2 Q3 Q3 2024 Cont. Reefer Forward
Slide 25: Cash flow and leverage
Cash flow and leverage Strong cash position at the end of the period despite lower cash from operations Cash flow bridge Cash flow from operations development by quarter EURm EURm 18.4 15.9 15.1 12.3 20.4 0.7 -1.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -9.4 19.3 35.5 Net interest-bearing debt and l
Slide 26: Maintenance and investment capex
Maintenance Capex New Investment Capex EURm EURm Maintenance and investment 26.9 18.9 22.6 33.8 29-32 11.4 8.4 9.0 15-18 capex 5.5 2024 9M 2024 9M 2025 2025 FC 2025 Plan 2024 9M 2024 9M 2025 2025 FC 2025 Plan Maintenance capex amounted to EUR 8.6m in Q3 and totals New investment capex amounted to EU
Slide 27: Outlook
Outlook 27
Slide 28: Outlook
Volume in Liner will be impacted by less production at Global freight rates have risen 17% from the start of Q4 Nordurál and PCC according to Drewry WCI but are 42% lower than average • Import to Iceland anticipated to be on a slighty reduced Q4 rates in 2024. Forwarding volume is expected to be jus
Slide 29: Thank you
Thank you Supporting Christmas in a shoebox in Iceland since 2004 and in the Faroe Islands since 2015 29
Slide 30: Appendix
Appendix 30
Slide 31: 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. Established in 1914 50
Slide 32: Segment split
Service Segment segment split split Liner services Forwarding services Logistics and agency Liner services includes container- and reefer liner Forwarding services represents sale and services of Logistics and agency services represents trucking services in the North-Atlantic. This includes import t
Slide 33: Income statement by segments Q3 2025 vs Q3 2024
Income statement by segments Q3 2025 vs Q3 2024 Liner Forwarding Logistics and Agency Elimination Total EURm Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 Q3 2025 Q3 2024 YoY % Revenue 104.7 108.6 -3.5% 75.8 87.7 -13.6% 72.8 73.7 -1.2% -48.6 -50.9 204.7 219.0 -6.5
Slide 34: Income statement by segments 9M 2025 vs 9M 2024
Income statement by segments 9M 2025 vs 9M 2024 Liner Forwarding Logistics and Agency Elimination Total EURm 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 9M 2025 9M 2024 YoY % Revenue 315.7 309.4 2.1% 222.8 238.3 -6.5% 206.7 208.8 -1.0% -139.2 -136.6 606.1 620.0
Slide 35: Container liner analysis
Container liner analysis Good utilization on back of strong volume TTM bunker consumption development TTM sailed miles development Vessel utilization Metric ton per sailed mile Thousand Miles (‘000) 84% 85% 82% 80% 81% 770 765 759 763 763 65% 72.2 72.4 71.6 71.4 71.0 62% 60% 60% 58% Q3 Q4 Q1 Q2 Q3 Q
Slide 36: Balance sheet and cash flow
Balance sheet and cash flow 30.09.25 31.12.24 Change % Q3 2025 Q3 2024 Change EURm EURm Non-current assets 457.9 482.5 -24.6 -5.1% EBITDA 20.4 32.9 -12.5 Fixed assets 296.8 312.2 -15.4 -4.9% Working Capital changes and other adjustments -9.4 -12.6 3.2 Right-of-use assets 105.7 107.7 -1.9 -1.8% Paid
Slide 37: Key figures by quarter
Key figures by quarter Operating results Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Revenue 204.7 201.1 200.3 847.1 227.2 219.0 207.1 193.8 817.9 199.1 199.8 206.8 212.1 Expenses 184.3 179.9 185.0 749.3 200.0 186.1 183.6 179.5 694.6 176.4
Slide 38: We simply deliver
E EIMSKIP We simply deliver
Slide 39: Disclaimer
Disclaimer Information contained in this presentation is based on sources activities are forward-looking statements which reflect the that Eimskipafélag Íslands hf. (“Eimskip“ or the ”Company“) Company’s current analysis of existing trends, information and considers reliable at each time. Its accura
Eimskipafélag Íslands hf. — Q3 2025 Earnings Presentation on 6ix