Icelandic Salmon As · OSL:ISLAX
Icelandic Salmon As — Investor Day (September 2023)
109 slides from Icelandic Salmon As's investor day presentation, Sep 28, 2023
Slide 1: Capital Market Days 28th September 2023
Capital Market Days 28th September 2023 Chairman Leif Inge Nordhammer ARNARLAX® PRIVATE AND CONFIDENTIAL
Slide 2: A new Saga
A new Saga Matthias mezttur til ad skapa 150 stérf a Bildudal Kcistian Mar Unnarssonskifar © 3,juni2013 18:5 150 stort i laxeldi 4 Bildudal Laxeldi stefnir { ad valda byltingu 4 Vestfjérdum & neestu érum og skapa mérghundrud stérf, Matthias Gardarsson, fiskeldisfrémudur i Noregi, kom til landsins fy
Slide 3: Continuously development
Continuously development 4
Slide 4: The story of Icelandic Salmon
THE STORY OF ICELANDIC SALMON From family-owned to dual-listing 1 2 SUSTAINABILITY – IT’S IN OUR NATURE 5
Slide 5: Aquaculture becoming a substantial share of Iceland's exports
AQUACULTURE BECOMING A SUBSTANTIAL SHARE OF TOTAL EXPORTS OF GOODS FROM ICELAND IN RECENT YEARS Aquaculture share over total exports of goods from Iceland 6% 5% 5% 5% 4% 3% 2% 2% 1% 1% 1% 1% 1% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E Share of aquaculture over total value of
Slide 6: Potential for growth
Potential for growth • Good biological conditions • Huge coastline • Seaborn people • Invest in people and competence in the value chain • Work closely with local and national regulators SUSTAINABILITY – IT’S IN OUR NATURE 7
Slide 7: Thank you for your attention
Thank you for your attention ARNARLAX® PRIVATE AND CONFIDENTIAL
Slide 8: Future outlook for Iceland as a farming region
28 September 2023 Kolbeinn Árnason Future outlook for Iceland as a farming region Icelandic Salmon Capital market day
Slide 9: Introduction
Introduction Increased funding for research and control enforcement Traditional farming Special taxes Area management Management measures related to licenses Summary Land based Offshore farming
Slide 10: The road to a policy plan for Iceland as a farming region
The road to a policy plan for Iceland as a farming region 11
Slide 11: Possible future scenarios
Possible future scenarios 12
Slide 12: Efficiency of regulatory framework
Efficiency of regulatory framework 13
Slide 13: Surveillance
Surveillance “Surveillance of Icelandic aquaculture is too limited and too dependent on access to equipment and employees of aquaculture companies. Surveillance of Icelandic aquaculture needs to be considerably enhanced, but there is also a need for better coordination between the Food and Veterinar
Slide 14: Increased funding for research and control & enforcement
Increased funding for research and control & enforcement
Slide 15: Increased resources to research and monitoring
Increased resources to research and monitoring Number of employees at MFRI Increased funding to MFRI (m. ISK) 25 200 200 200 200 20 21 150 160 19 18 15 15 120 100 10 8 5 50 0 0 2023 2024 2025 2026 2027 2024 2025 2026 2027 2028 16
Slide 16: Research and monitoring projects
Research and monitoring projects Carrying capacity Monitoring of Risk assessment ecosystem Monitoring of Strengthening Sea lice rivers management of wild salmon 17
Slide 17: Installation of monitors – From 13 to 17
Installation of monitors – From 13 to 17 Monitoring device without a camera Monitoring device with a camera 18
Slide 18: Increased resources to surveillance
Increased resources to surveillance Number of employees at the Food and Veterinary Increased funding to the Food and Veterinary Authority Authority (m. ISK) 20 200 20 200 200 200 15 16 150 160 13 120 10 100 8 5 50 0 0 2023 2024 2025 2026 2024 2025 2026 2027 2028 19
Slide 19: Food and Veterinary Authority
Food and Veterinary Authority Future personnel in aquaculture General director aquaculture Senior Team leader Team leader Veterinarian for licences surveillance aquatic animals Veterinarian Specialist working on environmental Specialist on escape conventional prevention fish farming* matters Recruit
Slide 20: Introduction
Introduction Increased funding for research and control enforcement Traditional farming Special taxes Area management Management measures related to licenses Summary Land based Offshore farming
Slide 21: Special taxes
Special taxes
Slide 22: Production fee
Production fee • Calculation methodology is unchanged. • Increased numbers of fee rates to detect sensitivity in world market prices • Production fees are calculated each month, 4 payments pr. year • Financial incentives for changed farming methods 23
Slide 23: Production fee and incentives
Production fee and incentives Methods Q > X, Z og Y X Z Y Larger smolts Sterile salmon /Rainbow trout Closed cage system Genetic mix Impact of escapes is reduced No risk of genetic mix Low risk of escapes Less organic load Low impact on seabed Orangic load Less time in pens, reduced Less risk of dis
Slide 24: Assessment period
Assessment period Goals 2028 Assessment period • Mortality Reducing risk factors related to aquaculture • Escapes 2024 2028 • Sea lice • Organic load on seabed 25
Slide 25: Environmental fund
Environmental fund • No changes on fee rates • 80% of the income will be allocated to MFRI • 20% of the income will be allocated to competitive projects 26
Slide 26: Area management
Area management
Slide 27: Legalisation of conservation areas
Legalisation of conservation areas 28
Slide 28: The Norwegian and the Faroes experience
The Norwegian and the Faroes experience 29
Slide 29: The organisation in Iceland
The organisation in Iceland 30
Slide 30: Management measures related to licenses
Management measures related to licenses
Slide 31: Carrying capacity
Carrying capacity Ecosystem management • Can increase or decrease based on organic load on seabed • Responsibility of individual operators 32
Slide 32: Risk assessment
Risk assessment Management of effects on wild salmon • Can increase or decrease based on numbers of escapees • Collective responsibility for operators in the area 33
Slide 33: Traffic light systems
Traffic light systems Based on the performance of individual operators, the volume of licenses is subject to changes based on these parameters: • Mortality • Sea lice • Escapees 34
Slide 34: Summary
Summary
Slide 35: Summary
Summary • Increased funding for research and control enforcement • Amendment of the production fee • Organisation of licenses • Management measures related to licenses Review by 2028 based on performance of the industry 36
Slide 36: Introduction
Introduction Increased funding for research and control enforcement Traditional farming Special taxes Area management Management measures related to licenses Summary Land based Offshore farming
Slide 37: Land based
Land based Key points in the policymaking • Licensing process • Strengthening of surveillance • Rules will be implemented that meet the special requirements of land-based farming 38
Slide 38: Introduction
Introduction Increased funding for research and control enforcement Traditional farming Special taxes Area management Management measures related to licenses Summary Land based Offshore farming
Slide 39: Offshore farming
Offshore farming Key points in the policymaking • Research on suitable locations • Conditions will be set for the participation of private parties in such research. • Carrying capacity and risk assessment will be taken into account 40
Slide 40: CMD Icelandic Salmon: Building an industry
28. September CMD ICELANDIC SALMON Building an industry Runar Sivertsen Chief Strategy Officer SalMar ASA
Slide 41: Great potential
Great potential Favorable biological Huge Coastline Coastal culture and Our locations in Iceland conditions seaborn people ICELAND ▪ Long fjords create shelter ▪ Iceland’s coastline is Current operation while the wind, waves and over 6.500 km current give salmon access to License application oxygen-
Slide 42: On the salmon's terms
On the salmon's terms Marine Research Institute (MRI) raised MAB to 106 500 tonnes in 2020 Temperature Currents Farming zones regime Future potential of Finding optimal farming in 10 biological fjords1 conditions Carrying capacity of 144,500 tonnes 43 1) Source: Kontali Salmon World 2020, Arnarlax
Slide 43: Sustainable regulations
Sustainable regulations Farming potential 245,000 Traditional Close with local tonnes 146,000 and national tonnes regulators Regulatory framework that safeguards fish welfare and allows Iceland to take out its farming potential 44
Slide 44: Invest in people and local communities
Invest in people and local communities Facilitates the 24h human Invest in people and competence to continue sustainable development of the industry Ensuring viable and vital coastal communities that make it attractive to settle and participate in developing an industry 45
Slide 45: Biological Conditions, Regulatory Framework and People reach critical mass
When we have the Biological Conditions, the Regulatory Framework and the People we are in position to reach critical mass + + = Critical mass to further develop a Biological conditions Regulatory framework People sustainable industry 46
Slide 46: Why reaching a critical mass is crucial for the industry
Why reaching a critical mass is crucial for the industry Having a bigger harvesting volume would allow the company to be in the market 365 days a year, 1 Fish every day entering into contracts with retailers, thereby reducing exposure to spot market, and making it more attractive for shipping compan
Slide 47: Higher farming volumes will unlock access to retail contracts
Higher farming volumes will unlock access to retail contracts, which are key to compete in global markets ▪ Increased harvest volumes in Iceland will contribute to lower logistics Regular shipments costs. ▪ Facilitate for regular shipments, more routes available, ability to hire 1 Increased volumes
Slide 48: Positive impact of industry locomotives in the value chain
If we look to Norway: Positive impact of industry locomotives in the value chain Broodstock / Farming Processing Sales freshwater Current operation Licence application Large players with own freshwater facilities also sell smolt to third party farmers 49
Slide 49: Norwegian salmon has gained a fantastic market worldwide, Iceland is to come
Norwegian salmon has gained a fantastic market worldwide, Iceland is to come 1 Iceland has great potential to further strengthen its position as a successful farming region Critical mass of salmon make us able to deliver fish every day, which is key to develop the local industry. This 2 creates a br
Slide 50: CMD Icelandic Salmon: Building an industry
28. september CMD ICELANDIC SALMON Building an industry
Slide 51: Arnarlax Salmon in the Westfjords
Arnarlax Salmon in the Westfjords Impacts of the fish farming industry in Westfjords Guðrún Anna Finnbogadóttir Teamleader Vestfjarðastofu Sigríður Ó. Kristjánsdóttir General Director
Slide 52: Salmon production in Westfjords
Salmon production in Westfjords
Slide 53: % of export
% of export 16,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% Total export in Iceland % 13,9% 12,2% 11,3% 10,6% 4,7% 4,7% 4,9% | L L l 2020 2021 2022 2023 (8 month) Year Export in fishindustry- Total ™ Export fish farming - Total 6 Vestfjardastofa
Slide 54: Salary and pay slips in Westfjords
Salary and pay slips in Westfjords Salary and pay slips in Westfjords- North – Fishfarming and cultivation in the ocean - 2012-2021 1,400 180 Norður 160 1,200 140 1,000 East – Salary in millions ISK 120 Austur 800 100 Number of pay slips 600 80 60 South – 400 40 Suður 200 20 0 0 2012 2013 2014 2015
Slide 55: Population
Population 2001 Westfjord population change 2001-2022 Forecast for areas with & without aquaculture 2002 2003 2004. 2005 South region 2006 2007 2008 2009 2010 2011 East region 2012 2013 2014 2015 2016 2017 Years === Est. Pop. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Ch.South
Slide 56: Logi ehf
Logi ehf 57 Machine shop Established in 1955 Machine shop with varied services Business for fish farming Directly around 25 % plus indirect projects Employees 6 Fish farming around 2 full positions INFOGRAPHICS | TEMPLATE
Slide 57: Servicing aquaculture industry in Westfjords
• Starting from 2014 servicing aqua culture industry in Westfjords • The service has been increasing along with more growth in production capacity for aqua culture in Westfjords • Approximately 40 employees • They also focus on other services • To have diversified projects • To even out seasonal hig
Slide 58: Arnarlax in the society
Arnarlax in the society Sustainable business Research Environment Reputation Expectations Education Society Stability
Slide 59: Ísafjörður Junior College and education partners
University Center of Westfjords Ísafjörður Junior College The Long Live Learning Centre University of Akureyri Holar University NorthWest Iceland Junior College East Iceland Academy of Engineering The Aquaculture research center of Westfjords Snæfellsnes Junior College Ísafjörður Junior College The
Slide 60: Aquaculture Research Center Vatneyrarbúð
Aquaculture Research Center Vatneyrarbúð
Slide 61: Fish farming creates valuable income for municipalities
Fish farming creates valuable income for municipalities Not Rather Neither Rather Agree agree disagree or agree
Slide 62: Fish farming requires technical and higher education
Fish farming requires technical and higher education with good salaries in the local area of fish farming Not agree
Slide 63: How positive/negative are you towards fish farming
Looking at the whole industry in Westfjords How positive/ negative are you towards fish farming Very Rather Neither Rather Very negative negative or positive positive
Slide 64: Coastal zone planning – finished in 2023
Coastal zone planning – finished in 2023 Destination development plan Earth Check Certification Regional plan Regional waste management plan Climate plan
Slide 65: Growth Sectors
Seafood Mindset Capital Market Access Framework Growth Aqua- Human resources Energy Sectors culture Tourism
Slide 66: Vision for the Westfjords 2030
Vision for the Westfjords 2030 The Westfjords are an excellent area to live, work, visit and enjoy clean nature and tranquility. It is a strong, growing international knowledge community that is characterized by powerful creativity, strong self-image and environmental awareness. Infrastructures are
Slide 67: Sphere
S Vestfjardastofa
Slide 68: Arnarlax Capital Markets Day Bíldudalur
ARNARLAX CAPITAL MARKETS DAY BILDUDALUR 28.09.2023 – Björn Hembre
Slide 69: Sustainability – it's in our nature
SUSTAINABILITY – IT’S IN OUR NATURE 70
Slide 70: Representatives from Arnarlax at CMD
REPRESENTATIVES FROM ARNARLAX AT CMD Leif Inge Nordhammer Kjartan Ólafsson Runar Sivertsen Björn Hembre Jónas Heiðar Birgisson Chairman of Board Board member Chief strategy - SalMar CEO CFO Rolf Örjan Nordli Sindri Már Atlasson Silja Baldvinsdóttir Hjörtur Methúsalemsson Johnny Indergaard COO Biolog
Slide 71: This is Icelandic Salmon
THIS IS ICELANDIC SALMON Icelandic Salmon AS is listed on the Farming in seven Euronext Growth market in Oslo. Four smolt facilities, sites in three fjords The company is the sole owner and Current capacity All production parent company of Arnarlax ehf. of 7-8 million smolt, ASC** certified dependin
Slide 72: Executive management team
EXECUTIVE MANAGEMENT TEAM Björn Hembre CEO Jónas Heiðar Birgisson Silja Baldvinsdóttir CFO Quality Manager Rolf Örjan Nordli Hannibal Hafberg Kjersti Haugen COO Biology COO Harvest Plant CSO SUSTAINABILITY – IT’S IN OUR NATURE 73
Slide 73: The story of Icelandic Salmon
THE STORY OF ICELANDIC SALMON From family-owned to dual-listing 1 2 SUSTAINABILITY – IT’S IN OUR NATURE 74
Slide 74: Steadily improving operations
STEADILY IMPROVING OPERATIONS Harvesting Volume (HOG kt) 50 16 16 10 10 11 12 6 7 2016 2017 2018 2019 2020 2021 2022 2023E 2029? Operational EBIT/kg (€) 4.57 2.82 2.79 1.55 1.19 0.86 0.99 0.49 0.15 0.22 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 1Represents harvest volume from Arnarl
Slide 75: Where do we operate?
ICELANDIC SALMON WHERE DO WE OPERATE? Current operation Licence application All production ASC certified SUSTAINABILITY – IT’S IN OUR NATURE 76
Slide 76: Biology
BIOLOGY Fresh and sea water Rolf Örjan Nordli COO Biology Silja Baldvinsdóttir Quality Manager Johnny Indergaard Valdimar B. Ottósson Freshwater Manager Coordinator Seawater SUSTAINABILITY – IT’S IN OUR NATURE 77
Slide 77: Freshwater
FRESHWATER Capacity to produce 26kt and potential to double within existing licenses and land SMOLT FACILITIES ▪ Have today 3 facilities in operation, and a 4th under reconstruction ▪ Capacity of 7-8 mill smolts, depending on smolt size ▪ Have licences for 3.000 tonnes of MAB ▪ Have sufficient smolt
Slide 78: Freshwater: existing facilities and potential capacity
FRESHWATER Overview existing facilities and potential capacity within exiting licenses and land Fjallalax Gileyri Laxabraut 5 Isthor Talknafjordur Thorlakshofn harbour Ownership Location Current capacity (# smolts) Potential (# smolts) Isthor Arnarlax (100%) Thorlakshofn 4 - 5m 10m Gileyri Arnarlax
Slide 79: Smolt production – Isþor
FRESHWATER SMOLT PRODUCTION - Isþor CURRENT CAPACITY ▪ Capacity of 4-5m smolts, depending on smolt size ▪ Tank capacity on seawater for post-smolt production 15.200 m3 ▪ Tank capacity on fresh water for smolt production 6.250 m3 7.000 m2 ▪ Have licences for 1.800 tonnes of MAB 17.000 m2 FUTURE POTEN
Slide 80: Smolt production – Gileyri
FRESHWATER SMOLT PRODUCTION - Gileyri CURRENT CAPACITY ▪ Capacity of 2 mill smolts, 120 gr average weight ▪ Tank capacity on fresh water for smolt production 3.600 m3 ▪ Have licences for 200 tonnes of MAB FUTURE POTENTIAL ▪ Own 10.000 m2 land that is not used yet ▪ Potential extension will be RAS ▪
Slide 81: Smolt production – Fjallalax
FRESHWATER SMOLT PRODUCTION - Fjallalax CURRENT CAPACITY ▪ Capacity of 1,5 mill smolts, 90 gr avg weigth ▪ Tank capacity on fresh water for smolt production 1.780 m3 ▪ Have licences for 100 tonnes of MAB ▪ Deliver smolts for post-smolt production in Laxabraut 5 SUSTAINABILITY – IT’S IN OUR NATURE 82
Slide 82: Smolt production – Laxabraut
FRESHWATER SMOLT PRODUCTION – Laxabraut 5 CURRENT CAPACITY ▪ Capacity of 1 mill post-smolts, 400 gr avg weigth ▪ Smolts will be transported from Fjallalax in trucks ▪ Tank capacity on fresh water for smolt production 6.000 m3 ▪ Have licenses for 900 tonnes of MAB FUTURE POTENTIAL ▪ Own 21.000 m2 lan
Slide 83: Seawater overview
SEAWATER OVERVIEW SITE LOCATION IN THE SOUTHERN PART OF THE WEST FJORDS OPERATION CENTER - FEEDING ▪ 23.700 tonnes of MAB, in 3 fjords. ▪ 8 sites ▪ Arnarlax operates a high class feeding center in land at Bíldudalur. — Split into 5 generation zones. — Where people are constantly monitoring and feedi
Slide 84: Seawater: overview improvements
SEAWATER Overview improvements Operational improvements Increase of smolt input size (g) Area separation by generation ▪ Reduced density in cages during winter to 13 kg/m3 ▪ Better smolt quality ▪ Increased size of smolts 220 ▪ Decreased smolt output window to end mid-Sept. Strategical improvements
Slide 85: Sites with applied extension in Arnarfjordur
SEAWATER Sites with applied extension in Arnarfjordur Rationale for extended site areas: ▪ Gives oportunity to have more cages ▪ Makes it possible to move cages within the area if needed ▪ Gives flexibility to optimize position of cages towards current, depth and other local conditions ▪ Gives poten
Slide 86: Sites at sea
SEAWATER Sites at sea How is a typical site in the Westfjords? ▪ Good carrying capacity (>7.000 tonnes) ▪ Optimal temperature during summer and autum ▪ Low winter temperatures, that we are managing. Improve product quality Constant current and flow of water: SUSTAINABILITY – IT’S IN OUR NATURE 87
Slide 87: Sites at sea
SEAWATER Sites at sea SUSTAINABILITY – IT’S IN OUR NATURE 88
Slide 88: Harvesting overview
HARVESTING Overview Harvest plant in Bildudalur ▪ Located in Bíldudalur with short distance to sea-water operations ▪ Capacity 30.000 tonnes/year ▪ BRCGS certified ▪ Use super-chill to extend shelf life ▪ Certification: SUSTAINABILITY – IT’S IN OUR NATURE 89
Slide 89: Harvesting
Harvesting Video SUSTAINABILITY – IT’S IN OUR NATURE 90
Slide 90: Potential for growing harvest capacity
HARVESTING Potential for growing harvest capacity Status on new harvest capacity ▪ Have good dialogue with Municipality for land ▪ Have made a detailed plan for layout and capacity ▪ Filleting will be a part of future harvest plant SUSTAINABILITY – IT’S IN OUR NATURE 91
Slide 91: Sales and logistics overview
SALES AND LOGISTICS Overview Sales and logistics division Where are our customers in 2022? ▪ Located in Reykjavik ▪ Our internal sales team sell all of our salmon ▪ Working close with premium customers in US and Europe ▪ Focus on Quality, Sustainability and Origin ▪ Filleting possibilities with loca
Slide 92: Sales and logistics team
SALES AND LOGISTICS Team Kjersti Haugen CSO Silja Baldvinsdóttir Quality Manager Sindri Már Atlasson Assistant CSO Sales Logistics / back-office SUSTAINABILITY – IT’S IN OUR NATURE 93
Slide 93: Supply growth slower than demand for the foreseeable future
Supply growth slower than demand for the foreseeable future Growing supply share of Icelandic salmon in the global market (ex Norway & Chile) 700 600 500 Harvest vol (WFE kT) Other 400 Canada 300 UK Faroe 200 Iceland 100 0 SUSTAINABILITY – IT’S IN OUR NATURE 94
Slide 94: Logistics out of Iceland
SALES AND LOGISTICS Logistics out of Iceland: How does the salmon reach the markets? Hirsthals Immingham ASIA Rotterdam Portland • Possibilities in • Connections Sea-Air via Europe transport (LHR, AMS, etc.) NORTH AMERICA EUROPE • Weekly departure on Tuesdays from • Regular freighters from Iceland i
Slide 95: Sales and logistics: 95% reduction in CO2
96 SALES AND LOGISTICS Strategic shift to low carbon footprint transport to North America Reykjavik London 1 day Paris 6-7 days +120 million people Toronto Boston New York Washington 95% REDUCTION IN CO2 EMISSIONS SUSTAINABILITY – IT’S IN OUR NATURE 96
Slide 96: Brand positioning and reputation in the market
BRAND POSITIONING AND REPUTATION IN THE MARKET SUSTAINABILITY – IT’S IN OUR NATURE 97
Slide 97: Icefjord brand in our end-markets
ICEFJORD BRAND IN OUR END-MARKETS Instagram story from The Launch in Japan Hermosa Inn, one of the most Icelandic Salmon at AJ Fine Foods exclusive resorts in Arizona supermarket, Phoenix SUSTAINABILITY – IT’S IN OUR NATURE 98
Slide 98: Sustainability: what do we do?
SUSTAINABILITY What do we do? Steps taken to improve sustainability profile: 1. ASC certification in all production 2. Green loan: sustainability linked loan in new financing 3. Issue yearly sustainability report 4. Use of vessel transport to American market 5. 2 new hybrid barges in 2023 6. New hyb
Slide 99: People: organizational development and competence building
PEOPLE Organizational development and competence building Arnarlax academy ▪ All employees involved one time a year ▪ Managers involved twice a year ▪ Focusing on cooperate culture and goal achievement Blue planet Academy ▪ Is a tool to educate and give employees information ▪ Everyone has to take t
Slide 100: People: our top priorities
PEOPLE Our top priorities: 11. Everyone safe home 22. Keep the salmon in the tanks and cages 33. Provide good fish welfare 44. Production SUSTAINABILITY – IT’S IN OUR NATURE 101
Slide 101: Salmon farming growing rapidly in recent years
SALMON FARMING GROWING RAPIDLY IN RECENT YEARS CAGR of +30% since 2015 Salmon farming has been the Salmon farming production in Iceland (kt WFE) main driver behind aquaculture 46 expansion in Iceland 45 ▪ In recent years salmon farming production in Iceland has increased very rapidly 34 ▪ Iceland ha
Slide 102: Seawater: open areas
SEAWATER Open areas Comments: ▪ Only 10 fjords have been analyzed in Iceland for potential used in fish farming with a total biomass allowed of 144,500t. ▪ There are fjords that are not closed to farming but have not yet been studied. The Company believes the aggregated volume that could potentially
Slide 103: Growth – volume scenarios
GROWTH - VOLUME SCENARIOS Boston Consulting Group (BCG) report for the Ministry of Fisheries Salmon harvest BCG identifies 3 potential scenarios, with volume growth depending on regulatory kT HOG 234 framework ▪ BCG foresee a potential for a volume between 94.000 – 234.000 ton ▪ Base case and Progre
Slide 104: The next big region within salmon farming
ICELANDIC SALMON THE NEXT BIG REGION WITHIN SALMON FARMING A FRAMEWORK FOR FUTURE GROWTH MRI RAISED MAB TO 106,500 TONNES ▪ The Marine Research Institute (MRI) recently carried out an updated Risk Assessment IN 2020 — A figure of 106,500 tonnes of fertile salmon was set . 144.500 ▪ Total of 10 fjord
Slide 105: Comparison with Faroe Island
ICELANDIC SALMON COMPARISON WITH FAROE ISLAND ▪ Faroe Islands produced with only 56% of the coastline of West Fjords —89.000 tonnes in 2022 FAROE ISLANDS ▪ There are 3 companies operating in Faroe Island —Bakkafrost, Hiddenfjord and MOWI Faroe Islands ICELAND ▪ Export value of DKK 4,68 billion (2022
Slide 106: Dual listing at First North
DUAL LISTING AT FIRST NORTH Icelandic Salmon AS first day of trading will be 29.09.2023 Increasing access for Icelandic investors and social acceptance SUSTAINABILITY – IT’S IN OUR NATURE 107
Slide 107: Position in the Icelandic stock market
POSITION IN THE ICELANDIC STOCK MARKET Market Cap comparison – NASDAQ Iceland SUSTAINABILITY – IT’S IN OUR NATURE 108
Slide 108: Outlook
OUTLOOK Growth within existing licenses and significant potential beyond Harvest volumes within existing licences ▪ 2023: 16.000 tonnes ▪ 26.000 tonnes within existing licences Measures for organic growth ▪ Bigger and more smolt of good quality ▪ Best operational practice ▪ 2 more sites in Arnarfjör
Slide 109: Stfandgata Iceland arnarlax.is Bildudalur (354) 456 0100 arnarlax@arnarlax.is
- " . es ||| Stfandgata 1 Iceland arnarlax.is 465 Bildudalur (354) 456 0100 arnarlax@arnarlax.is