2025 Financial Statements Consolidated

Consolidated Financial Statements

for the year ending 31 December 2025

Iceland Seafood International hf. Köllunarklettsvegur 2

104 Reykjavík Iceland

TIN 611088-1329

Page Statement and Endorsement by the Board of Directors and the CEO .............................................................. 2-6

Independent Auditor's Report of the Consolidated Financial Statements ....................................................... 7-10

Consolidated Statement of Profit or Loss .......................................................................................................... 11

Consolidated Statement of Comprehensive Income ......................................................................................... 12

Consolidated Statement of Financial Position ................................................................................................... 13

Consolidated Statement of Changes in Equity ................................................................................................... 14

Consolidated Statement of Cash Flows ............................................................................................................. 15

Notes to the Consolidated Financial Statements .............................................................................................. 16-44

Appendices (unaudited)

Quarterly Statements ......................................................................................................................................... 45

Corporate Governance Statement ..................................................................................................................... 46-52

Non-financial information .................................................................................................................................. 53-65

Company Information

Name Iceland Seafood International hf.

TIN 611088-1329

BOD Birna Einarsdóttir, Chairman Bergþór Baldvinsson, Board Member Halldór Leifsson, Board Member Ingunn Agnes Kro, Board Member

Jakob Valgeir Flosason, Board Member

CEO Ægir Páll Friðbertsson

Address Köllunarklettsvegur 2

104 Reykjavík Iceland

Web https://www.icelandseafood.com

Auditors Deloitte ehf. Dalvegur 30

201 Kópavogur Iceland https://www.deloitte.is

Reporting currency Euro (EUR)

Statement

It is the opinion of the Board of Directors and the CEO of Iceland Seafood International hf. (the Company), that these Consolidated Financial Statements present the necessary information to evaluate the financial position of the Company at year end, the operating results for the year and financial developments during the year 2025.

Furthermore, in our opinion the Consolidated Financial Statements and the Statement and Endorsement of the Board of Directors and the CEO give a fair view of the development and performance of the Group's operations and its position and describe the principal risks and uncertainties faced by the Group.

The Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Icelandic Act no. 3/2006 on Financial Statements.

The Company

Iceland Seafood International hf ("the Company") is a holding company for a Group of subsidiaries in Europe and South America. The Company is a one of the leading suppliers of North-Atlantic seafood, a global value-added seafood producer, and a sales and marketing company. The Group is headquartered in Iceland and has subsidiaries in Spain, Argentina, Ireland, Iceland, France, Germany and the United Kingdom.

The Group operates across three divisions, Value Added Southern Europe, Value Added Northern Europe and Sales & Distribution Division which has offices in Iceland, France and Germany. The Value Added Divisions have processing factories and coldstores in their respective regions with Southern Europe also having a satellite facility and a freezer-trawler operation in Argentina.

Changes in Financial Statement Presentation

Effective from Q1 2025, we have revised the format of our financial statements to present both current quarter and year-to-date (YTD) results within each quarterly, bi-annual, and annual report. As part of this change, we have discontinued the use of separate columns for Normalised results and significant items in the YTD sections of quarterly reports and for the prior year.

Operations for the year

Inflation decreased across the EU in 2025 while rising slightly in the UK and the US, and interest rates fell in several major markets. Together, these shifts have resulted in moderate to positive effects on consumer purchasing power in 2025. Total sales from continuing operations reached EUR 484.3 million, marking a 9% increase compared to the previous year. This growth over the year was primarily driven by high cod prices and strong demand for whitefish. The fourth quarter performed notably well, in line with expected seasonal patterns, with sales increasing by 5.8% compared to the same quarter in 2024. Christmas-season sales were strong in the Irish and Spanish subsidiaries, together with a robust performance in frozen and fresh products from the Sales and Distribution Division.

The year was marked by rising prices for cod and related species, as well as for mackerel, while herring prices remained relatively stable and capelin was scarce due to very low quotas issued for 2025. In contrast, salmon prices were substantially lower than projected, which contributed to a very strong year across all Company divisions. Despite the limited capelin availability, reducing volumes compared to previous years, a shift toward a higher-value product mix supported performance and contributed to an overall sales growth.

Normalised profit before tax reached EUR 10.6 million, an increase of EUR 3.2 million compared to the previous year. The profit for 2025 amounted to EUR 7.4 million, a significant improvement from the EUR 2.8 million profit in 2024. Lower salmon prices benefited our VA N-Europe operations, even as elevated whitefish prices presented challenges. Ahumados Dominguez in Spain, which relies heavily on salmon, delivered a healthy profit for the second consecutive year. Additionally, rising sales prices throughout the year supported margin improvements, particularly within the VA S-Europe division.

The S&D division also performed strongly, driven by solid demand for Icelandic products. Our freezing trawler operation in Argentina, which commenced in the fall of 2025, shows promising potential, enabling us to expand further into the value chain and offer premium wild-caught shrimp, thereby broadening our product portfolio.

In 2025 Iceland Seafood International hf. successfully completed its refinancing process. Credit facilities with an Icelandic bank were renewed, and both the credit line and loan previously held with a foreign financial institution were refinanced through the same Icelandic bank. On April 7, the Group completed an unsecured bond issuance, raising ISK 4,000 million (equivalent to EUR 27.6 million via currency swap) with a 3.5-year maturity. Additionally, the Company conducted three short-term bill offerings in October and December 2025, raising ISK 2,660 million (EUR 16.8 million via currency swap) with 6 month maturities. This refinancing reduced interest expenses from the June 2025 maturity date and will do so onward. The Group remains focused on further lowering financing costs through continued financial optimization initiatives. Further information in note nr 21.

The Consolidated Statement of Financial Position at year-end 2025 shows total assets of EUR 279.4 million or EUR

25.5 million increase from the prior year. The increase in total assets is mainly due to higher inventories value, higher cash position and purchase of freezing trawlers and fishing rights. Net debt at end of December of EUR 111.4 million was EUR 6.8 million higher than at year end 2024 on a like for like basis. Increase in debts is mainly driven by high inventories at year end and investments in the freezing trawlers in Argentina.

Total equity, including non-controlling interests amounted to EUR 82.4 million compared to EUR 76.2 million at end of December 2024. The equity ratio was 29.5% at year end compared to 30.0% at end of 2024.

Full time employees in continuing operations on average for the year were 797 (2024: 767), with 802 at year end (2024: 788).

Acquisition of Cigalfer792 S.R.L.

On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A., an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L. in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset acquisition at 2024 year-end, and included in the Group´s financial statement from the beginning of 2025.

Cigalfer792 S.R.L. will enhance the current operation, leading to immediate cost reductions in Achernar operations. It will also contribute to an overall decrease in storage costs within the IS Iberica Group, improving inventory management and reducing inventory-related expenses.

Thorpesca S.A.S.

On July 18th, 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from FOOD ARTS S.A. The purchase price amounts to USD 6.0 million. USD 1.2 million for the vessels and USD 4.8 million for the fishing rights.

Iceland Seafood Barraclough Ltd.

Espersen A/S's subsidiary, Espersen UK, has withdrawn from its operations in Grimsby and confirmed that it will not exercise its purchase option at the end of the four-year lease period in September 2027. The company has also approved the early sale of the property.

Market capitalization

The Company is listed on the Nasdaq main market in Iceland (ticker: ICESEA). The latest transaction in 2025 was at ISK 4.86 per share, giving the Company a market capitalization of EUR 101.5 million (2024: EUR 107.9 million) or 6% decrease from year end 2024.

Shareholders

The total number of shareholders at year end was 664 (2024: 745). The ten largest are (shares are in millions):

Stock options are granted to management, based on stock option plan approved by Annual General Meeting in March 2021. Total granted and unexercised options at year end 2025 were 15.8 million shares (2024: 15.8 million shares). At end of the year 15.8 million shares are exercisable. All granted options are vested. Further information on stock options is disclosed in note 20.4.

The Board of Directors will propose to the Annual General Meeting that no dividend will be paid to shareholders in 2026. For an overview of changes in equity, see the Consolidated Statement of Changes in Equity.

Corporate Governance

Iceland Seafood International hf. is a limited liability company operating under Act No. 2/1995 respecting Public Limited Companies. The framework for Corporate Governance practices within the Company is defined by the provisions of law, the Nasdaq Iceland Rules, the principles set forth in the Corporate Governance Guidelines issued by the Iceland Chamber of Commerce, the Company's Articles of Association and rules of procedures for Board and sub-committees. The Company is governed by shareholders meetings, the Board of Directors and the Chief Executive Officer. The Board of Directors shall be composed of three to five members and up to two alternate members, elected at the Annual General Meeting for a term of one year. Currently the board consist of five members and one alternate member. Two of five board members are female, the Company therefore complies with regulation on gender compositon of the board. Furthermore the Senior Executive Management consists of a male and a female, and the Company´s gender ratio is 51% males, 49% females.

Further information is provided in the Corporate Governance Statement which is an appendix to these Financial Statements.

Non-financial information

The Company is defined, under the Icelandic Act no. 3/2006 on Financial Statements, as a parent company of a large consolidation. According to the Act, such companies are to disclose as an attachment to the Statement and Endorsement by the Board of Directors and the CEO, relevant and useful information on their policies, main risks and outcomes relating to environmental, social and employee matters, their human rights policy and how they counteract corruption and bribery. Also a short description of their business model.

The European Union has introduced the European Green Deal which consists of series of major proposals, important commitments and detailed roadmap with the goal of Europe to become the world's first climate-neutral continent by 2050. One aspect for the financial part of the European Green Deal is the Taxonomy Regulation 2020/852/EU, which took effect in Iceland in June 2023 with act. no. 25/2023. The Company has gone through a detailed assessment to understand the extent of the regulation for its operation and has evaluated the eligibility and alignment against the climate and environmental objectives. The results are reported in detail in the chapter Non-Financial Disclosure.

The Company's policies, material issues and focus areas are disclosed in the Non-Financial Information appendices to these Consolidated Financial Statements.

Endorsement

The Board of Directors and the CEO of Iceland Seafood International hf. hereby confirm the Consolidated Financial Statements of the Company for the year 2025 with their signatures.

Reykjavík, 26 February 2026

Birna Einarsdóttir Bergþór Baldvinsson

Chairman of the Board Board Member

Halldór Leifsson Ingunn Agnes Kro

Board Member Board Member

Jakob Valgeir Flosason Ægir Páll Friðbertsson

Board Member Chief Executive Officer

To the Board of Directors and shareholders of Iceland Seafood International hf.

Opinion

We have audited the Consolidated Financial Statements of Iceland Seafood International hf. for the year ended 31 December 2025 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows for the year then ended and the Notes to the Consolidated Financial Statements, including a summary of significant accounting policies.

In our opinion, the accompanying Consolidated Financial Statements give a true and fair view of the consolidated financial position of Iceland Seafood International hf. as at 31 December 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and additional requirements in the Icelandic Financial Statement Act.

Our opinion in this report on the Consolidated Financial Statements is consistent with the content of the additional report that has been submitted to the parent company´s audit committee in accordance with the EU Audit Regulation 537/2014 Article 11.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of Iceland Seafood International hf. in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Iceland, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the EU Audit Regulation 537/2014 Article 5.1 has been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of goodwill How our audit addressed the key audit matter

Book value of goodwill at year-end amount to EUR 56.2 million (2024: 56.2 million).

The management consider that each geographical segment constitutes its own cash generating unit ('CGU'). The key assumptions applied by the managements in the impairment reviews are: segment specific discount rates,

In order to address this key audit matter, we audited the assumptions used in the impairment model for goodwill. As part of our work, we engaged our internal specialists to assist with:

• Critically evaluating whether the model used by management to calculate the value in use of the individual Cash Generating Units complies with the requirements of IAS 36 Impairment of Assets.

• Validating the assumptions used to calculate the discount rates and recalculating these rates.

  future revenue growth and expected future margins. Determining whether the carrying value of goodwill is recoverable requires management to make significant estimates regarding the future cash flows, discount rates and long-term growth rates based on management's view of future business prospects.

  Due to the relative sensitivity of certain inputs to the impairment testing process, in particular the future cash flows of the CGUs noted above, the valuation of goodwill is considered a key audit matter.

  Other information

• Considering the projected future cash flows, understanding variances between the forecast and actual results for the year ended 31 December 2025 and comparing the forecast growth trends to historic trends.

• Evaluating the appropriateness of the sensitivity analysis applied by management to the impairment testing model including considering whether the scenarios reasonably represent possible changes in key assumptions.

• Performing further sensitivity analysis based on our understanding of the future prospects to identify whether these scenarios could give rise to further impairment; and

• Analysing the future projected cash flows used in the models to determine whether they are reasonable and supportable given the current macroeconomic climate and expected future performance

  We also reviewed the disclosures presented in note 11 to the Consolidated Financial Statements to confirm compliance with the requirements within IAS 36.

  The Board of Directors and the CEO are responsible for the other information. The other information comprises the Statement and Endorsement by the Board of Directors and the CEO and the unaudited appendices to the Consolidated Financial Statements.

  Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon, except the confirmation regarding Statement and Endorsement by the Board of Directors and the CEO as stated below.

  In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

  In accordance with Paragraph 2 article 104 of the Icelandic Financial Statement Act no. 3/2006, we confirm to the best of our knowledge that the accompanying Statement and Endorsement by the Board of Directors and CEO includes all information required by the Icelandic Financial Statement Act that is not disclosed elsewhere in the Consolidated Financial Statements.

  Responsibilities of the Board of Directors and the CEO for the Consolidated Financial Statements

  The Board of Directors and the CEO are responsible for the preparation and fair presentation of the Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and additional requirements in the Icelandic Financial Statement Act, and for such internal control as the Board of Directors and the CEO determines is necessary to enable the preparation of Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.

  In preparing the Consolidated Financial Statements, the Board of Directors and the CEO are responsible for assessing Iceland Seafood International hf.'s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors and the CEO either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

  The board of directors and the audit committee shall supervise the preparation and presentation of the Consolidated financial statements.

  Auditor's responsibilities for the audit of the Consolidated Financial Statements

  Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.

  As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Iceland Seafood International hf.'s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated and separate financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors and the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors and the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Board of Directors and the Audit Committee, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

In addition to our work as the auditors of Iceland Seafood International hf., Deloitte has provided the firm with permitted additional services such as review of interim financial statements. Deloitte has in place internal procedures

in order to ensure its independence before acceptance of additional services. The audit committee also evaluates the independence of the company's auditors on yearly basis in order to ensure their independence and objectivity. Deloitte has confirmed in writing to the Audit Committee that we are independent of Iceland Seafood International

Report on other legal and regulatory requirements

Report on European single electronic format (ESEF Regulation)

As part of our audit of the consolidated financial statements of Iceland Seafood International hf. we performed procedures to be able to issue an opinion on whether the consolidated financial statements of Iceland Seafood International hf. for the year 2025 with the file name "254900CJS0OI5B8GO668-2025-12-31-0-en.zip" is prepared, in all material respects, in compliance with laws no. 20/2021 disclosure obligation of issuers of securities and the obligation to flag relating torequirements regarding European single electronic format regulation EU 2019/815 which include requirements related to the preparation of the consolidated financial statements in XHTML format and iXBRL markup.

Management is responsible for preparing the consolidated financial statements in compliance with laws no. 20/2021 disclosure obligation of issuers of securities and the obligation to flag. This responsibility includes preparing the consolidated financial statements in a XHTML format in accordance to EU regulation 2019/815 on the European single electronic format (ESEF regulation).

Our responsibility is to obtain reasonable assurance, based on evidence that we have obtained, on whether the consolidated financial statements is prepared in all material respects, in compliance with the ESEF Regulation, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor's judgement, including the assessment of the risks of material departures from the requirement set out in the ESEF regulation, whether due to fraud or error.

In our opinion, the consolidated financial statements for the year ended 31.12.2025, with the file name "254900CJS0OI5B8GO668-2025-12-31-0-en.zip", has been prepared, in all material respects, in compliance with the ESEF Regulation.

Deloitte was appointed auditor of Iceland Seafood International hf. by the Annual General Meeting of shareholders on 26 March 2025. Deloitte have been elected since the Annual General Meeting 1999.

Kópavogur, 26 February 2026

Deloitte ehf.

Heiðar Þór Karlsson

State Authorised Public Accountant

Profit for the period .......................................................................

Items that may be reclassified subsequently to profit or loss

Net fair value of cash flow hedges .........................................................

Translation difference ............................................................................

Total comprehensive income ..........................................................

Attributable to

Owners of the Company ........................................................................

Non-controlling interests .......................................................................

Total comprehensive income ..........................................................

2025 2024 2025 2024

1.10. - 31.12.1.10. - 31.12. 1.1. - 31.12. 1.1. - 31.12.

for the year ended 31 December 2025

Restricted equity

Iceland Seafood International hf. 14

Amounts in EUR thousands Financial Statements 2025 - Audited

for the year ended 31 December 2025

Note 2025 2024

Operating activities

1. General information

   Iceland Seafood International hf. (the Company) is a public limited company incorporated in Iceland. It is listed on the Nasdaq main market in Iceland (ticker: ICESEA).

   The address of its registered office and principal place of business are disclosed in the Contents to the Consolidated Financial Statements. The principal activities of the Company and its subsidiaries (the Group) are described in the Statement and Endorsement by the Board of Directors and the CEO.

2. Segment information

   1. Products and services from which reportable segments derive their revenues

      Information is reported to the Board of Directors and key management on the operating segment level. The reportable segments in 2025 were:

      Value added Southern Europe Processing and sale of seafood in Southern Europe.

      Value added Northern Europe Processing and sale of seafood in Ireland. Also includes UK as discont. operations.

      Sales & Distribution Distribution of seafood to a global network of customers.

      Other Head office and discontinued operations.

   2. Segment revenue, results, assets and liabilities

      For the year 2025	Value added S-Europe	Value added N-Europe	Sales & Distribution	Other and Eliminations	Consolidated
      Revenue:
      Sales of seafood ............................	241.934	67.154	228.420	455	537.963
      Eliminations ..................................	(28.994)	(3.896)	(6.929)	(13.871)	(53.690)
      	212.940	63.258	221.491	(13.416)	484.273
      Operating results:
      Operating profit (loss) ...................	12.482	2.461	4.440	(733)	18.650
      Net finance costs and exchange rate difference ............	(4.234)	(60)	(12)	(3.742)	(8.048)
      Normalised PBT ...........................	8.248	2.401	4.428	(4.475)	10.602
      Exceptional costs ...........................	(30)			(603)	(633)
      Profit (loss) before taxes .............	8.218	2.401	4.428	(5.078)	9.969
      Income tax ....................................	(2.205)	(319)	(841)	751	(2.614)
      Profit (loss) for the period ...........	6.013	2.082	3.587	(4.327)	7.355
      Assets ............................................	160.173	29.413	35.192	54.607	279.385
      Liabilities .......................................	102.766	10.022	25.607	58.617	197.012

      Iceland Seafood Barraclough in UK is now presented under Other and Eliminations instead of Value Added N-Europe division. Comparative figures in 2024 have been restated accordingly.

      For the year 2024	Value added S-Europe	Value added N-Europe	Sales & Distribution	Other and Eliminations	Consolidated
      Revenue:
      Sales of seafood ............................	230.607	63.521	187.180	460	481.768
      Eliminations ..................................	(15.205)	(6.702)	(6.154)	(10.528)	(38.589)
      	215.402	56.819	181.026	(10.068)	443.179
      Operating results:
      Operating profit (loss) ...................	8.725	2.763	3.668	(755)	14.401
      Net finance costs and exchange rate difference ............	(2.892)	(248)	189	(4.009)	(6.960)
      Normalised PBT ...........................	5.833	2.515	3.857	(4.764)	7.441
      Exceptional costs ...........................	0	0	(298)	(3.214)	(3.512)
      Profit (loss) before taxes .............	5.833	2.515	3.559	(7.978)	3.929
      Income tax ....................................	(728)	(332)	(793)	700	(1.153)
      Profit (loss) for the period ...........	5.105	2.183	2.766	(7.278)	2.776
      Assets ............................................	137.819	29.324	31.711	55.068	253.922
      Liabilities .......................................	85.101	12.094	21.213	59.297	177.705

3. Salaries

   Salaries and related expenses:	2025	2024
   Salaries ...........................................................................................................................	27.933	26.506
   Pension related expenses ..............................................................................................	4.444	4.071
   Other salary related expenses .......................................................................................	1.118	918
   	33.495	31.495
   Classified by operational category:	2025	2024
   Cost of sales ...................................................................................................................	20.298	18.836
   Operating expenses .......................................................................................................	13.197	12.659
   	33.495	31.495
   Full time employees on average for the year from continuing operations ...................	797	767
   Full time employees at end of the year from continuing operations ............................	802	788

4. Fee to auditors

1. Income tax

   6.1 Income tax recognised in profit or loss 2025	2024
   Current tax expense ....................................................................................................... (1.570)	(1.909)
   Deferred tax expense ..................................................................................................... (1.044)	756
   (2.614)	(1.153)
   The income tax expense for the year can be reconciled to the accounting profit as follows: 2025	2024
   Profit before tax after exceptional items ....................................................................... 9.969	3.929
   Income tax expense calculated at 20% (2024: 21%)(the Company's rate in Iceland) .... (1.994)	(825)
   Effect of different tax rates of subsidiaries operating in other jurisdictions .................. (290)	(100)
   Effect of items that are not deductible/taxable in determining taxable profit .............. (115)	(1.308)
   Effect of unused tax losses and tax offsets not recognised as def. tax assets ............... (145)	(1.184)
   Effect of exchange rate difference on deferred tax ....................................................... (72)	2.351
   Others ............................................................................................................................ 2	(87)
   Income tax expense recognised in profit or loss ............................................................ (2.614)	(1.153)
   Effective tax rate ............................................................................................................ 26%	29%
   6.2 Current tax balances 31.12.2025	31.12.2024
   Income tax payable ........................................................................................................ 1.202	1.087

   6.3 Deferred tax balances	31.12.2025	31.12.2024
   Deferred tax assets ........................................................................................................	1.848	2.518
   Deferred tax liabilities ....................................................................................................	(2.165)	(1.791)
   	(317)	727
   Deferred tax assets / (liabilities) have changed as follows:
   Deferred tax	Deferred tax
   assets	liabilities	Total
   At 1 January 2024 ................................................................................ 2.461	(2.490)	(29)
   Calculated tax for the year .................................................................. (766)	(387)	(1.153)
   Income tax payable for the period ...................................................... 823	1.086	1.909
   At 31 December 2024 ......................................................................... 2.518	(1.791)	727
   Calculated tax for the year .................................................................. (1.199)	(1.415)	(2.614)
   Income tax payable for the period ...................................................... 529	1.041	1.570
   At 31 December 2025 ......................................................................... 1.848	(2.165)	(317)
   Deferred tax assets / (liabilities) are in relation to:
   	31.12.2025	31.12.2024
   Property, plant and equipment .....................................................................................	(161)	(1.250)
   Intangible assets .............................................................................................................	(1.263)	(1.226)
   Inventories .....................................................................................................................	(51)	(12)
   Trade and other receivables ..........................................................................................	(160)	1.656
   Deferred revenue ...........................................................................................................	(250)	(252)
   Deferred exchange rate difference ................................................................................	(1)	(16)
   Deferred tax loss ............................................................................................................	1.587	1.568
   Other items ....................................................................................................................	(18)	259
   	(317)	727

   6.4. Unused tax losses

   Most of the unused tax losses will expire in the years 2026-2035, although some subsidiaries have unused tax losses that do not expire.

   Unused tax losses at the amount of EUR 23.1 million is not recognised as deferred tax assets. Unused tax losses at the amount of EUR 16.2 million will not expire and unused tax losses at the amount of EUR 6.7 million will expire in the years 2029-2035.

   Management has concluded that there will be sufficient taxable profit in the future to use the tax loss currently carried forward. The recognition of the deferred tax is based on the Group´s forecast whereby there will be sufficient taxable profits to fully utilize current taxable losses.

2. Significant items

   In 2025 the Group incurred costs associated with the following:

   • Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 0.6 million.

     In 2024 the Group incurred costs associated with the following:

   • Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 1.7 million.

   • Group management changes EUR 0.4 million.

     Exceptional costs, net of income tax:	2025	2024
     Exceptional costs ............................................................................................................	(633)	(2.154)
     Income tax .....................................................................................................................		63
     Costs due to discontinued operations ...........................................................................		(1.358)
     Exceptional costs, net of income tax ..............................................................................	(633)	(3.449)
     Earnings per share
     	2025	2024
     Profit attributable to owners of the Company ...............................................................	7.087	2.654
     Weighted average number of ordinary shares (in ISK thous.) for basic EPS ..................	3.064.480	3.064.480

   • Costs related to the sale of UK operation EUR 1.4 million.

3. The Company has no agreements with dilutive effects.

   Basic and diluted earnings per share (EUR cents per share)

   Basic and diluted earnings per share ............................................................................. 0,2313 0,0866

4. Investment property

   2025		2024
   At 1 January ...................................................................................................................	4.220	1.663
   Prior year adjustment .................................................................................................... Additions ........................................................................................................................	(144)	3.627
   Fair value adjustments ...................................................................................................	(87)	(1.190)
   Exchange rate differences ..............................................................................................	(207)	120
   At 31 December .............................................................................................................	3.782	4.220

   Investment properties held by the Group are a property in the UK that was used in the operation of Iceland Seafood UK Ltd., that was sold in 2023. In accordance with the agreement with the buyer of Iceland Seafood UK Ltd., the buyer and the Group entered into rental agreement of the property, where the lessee has a purchase option at end of the leasing period. Asset valuation at year end reflects the discounted valuation of rental payments under the rental agreement and the purchase price at the end of the leasing period.

   The lessee, Espersen A/S's subsidiary, Espersen UK, has withdrawn from its operations in Grimsby and confirmed that it will not exercise its purchase option at the end of the four-year lease period in September 2027. The company has also approved the early sale of the property. The Group reassessed the measurement basis for its investment property in Grimsby and fair value changes are recognised in profit or loss in accordance with IAS 40.

5. Property, plant and equipment

   For the year 2025	Property and land	Machinery and equipment	Total
   Cost
   At 1 January ........................................................................................	24.603	20.134	44.737
   Additions .............................................................................................	12	5.551	5.563
   Eliminated on disposal ........................................................................		(280)	(280)
   Fully depreciated assets ......................................................................		(215)	(215)
   Exchange rate differences ...................................................................	(775)	(1.010)	(1.785)
   At 31 December ..................................................................................	23.840	24.180	48.020
   Depreciation
   At 1 January ........................................................................................	3.895	6.119	10.014
   Charge for the period ..........................................................................	530	2.831	3.361
   Eliminated on disposal ........................................................................		(239)	(239)
   Fully depreciated .................................................................................		(215)	(215)
   Exchange rate differences ...................................................................	(10)	(450)	(460)
   At 31 December ..................................................................................	4.415	8.046	12.461
   At 31 December 2025 .........................................................................	19.425	16.134	35.559
   	Property	Machinery
   For the year 2024	and land	and equipment	Total
   Cost
   At 1 January ........................................................................................	21.323	16.498	37.821
   Acquired on acquisition of subsidiary .................................................	3.200		3.200
   Additions .............................................................................................	38	4.431	4.469
   Eliminated on disposal ........................................................................		(469)	(469)
   Fully depreciated assets ......................................................................	(71)	(906)	(977)
   Exchange rate differences ...................................................................	113	580	693
   At 31 December ..................................................................................	24.603	20.134	44.737
   Depreciation
   At 1 January ........................................................................................	3.339	4.357	7.696
   Charge for the period ..........................................................................	619	2.806	3.425
   Eliminated on disposal ........................................................................		(299)	(299)
   Fully depreciated .................................................................................	(71)	(906)	(977)
   Exchange rate differences ...................................................................	8	161	169
   At 31 December ..................................................................................	3.895	6.119	10.014
   At 31 December 2024 .........................................................................	20.708	14.015	34.723

   1. Useful lives

      The following useful lives of property, plant and equipment are used in the calculation of amortisation. Property and land .................................................... 25-50 years

      Machinery and equipment ...................................... 3-20 years

   2. Property, plant and equipment pledged as security

      At year-end 2025, the Group had no property, plant and equipment pledged as security for its banking facilities. In the prior year, a property in the UK was pledged as security for banking facilities of the Group's UK operations.

      10.3 Depreciation and amortisation expense	2025	2024
      Depreciation of property, plant and equipment ............................................................	3.361	3.425
      Amortisation of intangible assets, note 11 ....................................................................	94	75
      Depreciation of leased assets, note 23 ..........................................................................	601	570
      	4.056	4.070
      10.4 Property, plant and equipment insurance value	31.12.2025	31.12.2024
      Insurance value ..............................................................................................................	85.507	62.903

      10.5 Fire in Achernar´s Operational Facilities

      On December 5th 2025, a fire occurred in the reception and office areas of Achernar's processing facility, a subsidiary of the Group located in Argentina. The fire was contained within the affected areas and did not spread to other parts of the facility, as firewalls prevented further damage. The incident did not affect inventory storage areas. Operations resumed within two weeks following the incident, and the facility has since been operating at full capacity. The property is insured, and the incident has been reported to the Group's insurance broker. As at the reporting date, the final financial impact of the incident has not yet been determined. Based on information currently available, management does not expect the fire to have a material impact on the Group's financial position, results of operations, or cash flows.

6. Intangible assets

   Other intangible Fishing

   For the year 2025 Goodwill assets rights Total

   At 1 January ..............................................................	56.216	361		56.577
   Additions ....................................................................		329	4.111	4.440
   Charge for the period ................................................		(94)		(94)
   Exchange rate differences .........................................		(18)	96	78
   At 31 December .........................................................	56.216	578	4.207	61.001
   For the year 2024	Goodwill	Other intangible assets	Fishing rights	Total
   At 1 January ..............................................................	56.216	231		56.447
   Additions ....................................................................		197		197
   Charge for the period ................................................		(75)		(75)
   Exchange rate differences .........................................		8		8
   At 31 December .........................................................	56.216	361	0	56.577

   During the year, the Company purchased fishing rights for shrimp in Argentina. For further information, see note 14. The Company assessed the recoverable amount of goodwill and determined that none of the Company's cash-generating units have suffered an impairment loss.

   1. Allocation of goodwill to cash-generating units

      Goodwill has been allocated for impairment testing purposes to the following cash-generating units.

      31.12.2025 31.12.2024

      WACC % Book value WACC % Book value

      Iceland ......................................................................	8,8%	4.072	8,4%	4.072
      Spain ........................................................................	8,1%	36.005	8,2%	36.005
      France ......................................................................	9,4%	1.127	8,9%	1.127
      Ireland ......................................................................	8,5%	15.012	8,8%	15.012
      		56.216		56.216

      The recoverable amount of these cash-generating units is determined based on a value in use calculation, which uses cash flow projections based on financial forecasts prepared by management covering a five-year period and a discount rate of 8.1-9.4% p.a. (2024: 8.2-8.9% p.a.).

      Cash flow projections during the forecast period are based on the same expected gross margins and raw materials price inflation throughout the forecast period. The cash flows beyond that five-year period have been extrapolated using a steady 1.5% p.a. (2025: 1.5%) growth rate which is the projected long-term average growth rate for the international seafood market. Management believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not cause carrying amounts of any of the cash generating units to exceed their recoverable amounts. An increase in weighted average cost of capital of more than 90 bps would cause impairment of goodwill in S-Europe division.

7. Subsidiaries and other investments

   At 31 December 2025, the Company directly owned nine subsidiaries that are all included in the consolidation. The direct subsidiaries in addition owned a further seven subsidiaries. The Company holds the majority of voting power in all of its subsidiaries.

   Place of Ownership			Ownership	Principal
   Name of company	incorporation	31.12.2025	31.12.2024	activity
   Subsidiaries:
   Iceland Seafood ehf.	Iceland	100%	100%	Sale of seafood
   Solo Export ehf.	Iceland	100%	100%	Not active
   Iceland Seafood Ibérica S.A.U.	Spain	100%	100%	Sale of seafood
   - Achernar S.A.	Argentina	100%	100%	Sale of seafood
   - Cigalfer792 S.R.L.	Argentina	100%	100%	Real estate
   - Thorpesca S.A.S. A)	Argentina	100%		Fisheries
   Ahumados Dominguez	Spain	85%	85%	Sale of seafood
   Iceland Seafood Barraclough Ltd.	UK	100%	100%	Real estate
   Oceanpath Ltd.	Ireland	100%	100%	Sale of seafood
   - Dunns Seafare Ltd.	Ireland	100%	100%	Sale of seafood
   - Mondi Properties Ireland Ltd.	Ireland	100%	100%	Real estate
   - Carr & Sons Seafood Ltd.	Ireland	100%	100%	Sale of seafood
   - H J Nolan Ltd.	Ireland	100%	100%	Sale of seafood
   Iceland Seafood France S.A.S.	France	100%	100%	Sale of seafood
   ISG Iceland Seafood GmbH	Germany	100%	100%	Sale of seafood
   ISI Seafood Inc.	USA	100%	100%	Not active

   A)In 2025 Iceland Seafood Ibérica S.A.U. founded the company Thorpesca S.A.S. in Argentina (see note 14).

   1. Subsidiaries pledged as security

      Equity of subsidiaries, except from subsidiaries in Spain, have been pledged for the Group's borrowings.

8. Acquisition of subsidiary

   On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A., an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L. in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset acquisition with its balance becoming part of the Group´s financial statement at the beginning of 2025.

   The formal transfer of ownership and operational control of Cigalfer792 S.R.L. took place on January 1st, 2025.

   The impact of Cigalfer792 S.R.L. on the Group's sales in 2025 were USD 0.4 million and it generated profit of USD 0.1 million USD.

   In accordance with IFRS 3 Business Combinations, the purchase price of Cigalfer792 SRL was allocated pro-rata to the acquired assets and liabilities. No goodwill is recognised for asset acquisitions.

   The following table in USD summarizes the consideration paid for Cigalfer792 S.R.L. and the recognized amounts of assets acquired and liabilities assumed at the acquisition date, being the January 1st 2025.

   1.1.2025

   Property, plant and equipment ................................................................................................................. 4.377

   Trade and other receivables ..................................................................................................................... 137

   Cash and bank balances ............................................................................................................................ 8

   Assets acquired 4.522

   Deferred tax liabilities ............................................................................................................................... 1.004

   Trade and other payables ......................................................................................................................... 168

   Liabilities assumed 1.172

   Total net identified assets ......................................................................................................................... 3.350

   Consideration paid in cash in 2024 ........................................................................................................... 750

   Consideration paid in cash in 2025 ........................................................................................................... 920

   Deferred payments ................................................................................................................................... 1.680

   3.350

   Net cash outflow in 2025 in USD relating to acquisition of Cigalfer792 S.R.L.:

   2025

   Consideration paid in cash during the year 2025 ...................................................................................... 920

   Less: cash and cash equivalent balances acquired .................................................................................... (8)

   912

9. Formation of Thorpesca S.A.S. and subsequent acquisition of vessels and fishing rights

   On July 18th 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from FOOD ARTS S.A. The purchase price amounts to USD 5.8 million. USD 1.2 million for the vessels and USD 4.8 million for the fishing rights.

   The transaction has been accounted for as an asset acquisition, as the assets acquired do not constitute a business under IFRS 3.

   The vessels are recognized as additions to property, plant and equipment and are depreciated on a straight-line basis. The historical fishing rights have an indefinite lifetime and are therefore not amortized. The recoverable amount is tested for impairment each year. The results of the impairment test is that there is no indication of impairment.

   The acquisition is aligned with the Group's long-term strategic objectives to strengthen operations in Argentina and to diversify the product offering of Argentinian shrimp. It provides Iceland Seafood Ibérica S.A.U. with direct access to high-quality sea-frozen shrimp and supports vertical integration within the Group's value chain.

   The acquired assets are expected to enhance raw material access for existing land-based operations and enable expansion into new premium markets for sea-frozen products.

   Thorpesca S.A.S. impact on the Group´s sales in 2025 were USD 1.3 million and it generated loss of USD 24 thousand.

   The remaining payments related to the acquisition amount to a total of USD 2.0 million, comprising USD 666 thousand due in 2026, USD 667 thousand due in 2027, and USD 667 thousand due in 2028.

10. Inventories

    	31.12.2025	31.12.2024
    Raw materials .................................................................................................................	5.929	3.397
    Finished goods ...............................................................................................................	69.920	55.082
    Other inventories ...........................................................................................................	3.612	3.378
    	79.461	61.857
    15.1 Recognised as an expense
    The cost of inventories recognised as an expense is:	2025	2024
    Cost of sales ...................................................................................................................	410.948	375.899
    15.2 Movement in write-downs to net realisable value	31.12.2025	31.12.2024
    At 1 January ...................................................................................................................	(759)	(1.217)
    Write-downs of inventory to a net realisable value .......................................................	(2.718)	(783)
    Reversal of such write-downs ........................................................................................	3.003	1.241
    At 31 December .............................................................................................................	(474)	(759)

    15.3 Inventories pledged as security

    Inventories, except from Inventories in IS Iberica Group and Ahumados Dominguez of EUR 66.7 million, have been pledged for the Group's borrowings.

11. Trade and other receivables

    31.12.2025	31.12.2024
    Trade and other receivables .......................................................................................... 69.510	69.448
    Allowance for doubtful accounts ................................................................................... (903)	(1.096)
    68.607	68.352
    Allowance has been made for doubtful accounts and sales returns. This allowance has been	determined by

    management in reference to past default experience. Management considers that the carrying amount of receivables approximates their fair value.

    1. Trade receivables

       The expected credit losses (ECL) on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor´s current financial position, adjusted for factors that are specific to the debtors such as general economic conditions in the markets the Group operates. This analysis also takes into account if receivables are credit insured or not at end of the year, recoverability of credit insured receivables is in the range from 90-95%. Around 83% of Group's receivables were credit insured.

       The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over two years past due, whichever occurs earlier.

    2. Trade receivables expected credit loss

       The following table details the risk profile of trade receivables based on the Group´s provision matrix.

       Trade receivables - days past due

       31.12.2025	Not past due	<30	31 - 60	61 - 90	>90
       Uninsured receivables
       Expected credit loss rate	1,8%	3,2%	10,0%	18,0%	100,0%
       Estimated total gross carrying amount at default	7.770	839	385	1	631
       Expected credit loss (ECL)	140	27	38	0	631
       Insured receivables
       Expected credit loss rate	1,0%	2,0%	8,0%	15,0%	100,0%
       Estimated total gross carrying	48.654	10.357	596	94	184
       amount at default
       Expected credit loss (ECL)	37	14	3	1	12

       Total expected credit loss ......................................................................................................................... 903

       Trade receivables - days past due

       31.12.2024	Not past due	<30	31 - 60	61 - 90	>90
       Uninsured receivables
       Expected credit loss rate	1,9%	2,5%	10,0%	18,0%	100,0%
       Estimated total gross carrying amount at default	6.922	1.858	315	7	817
       Expected credit loss (ECL)	132	46	32	2	817
       Insured receivables
       Expected credit loss rate	1,0%	2,0%	8,0%	15,0%	100,0%
       Estimated total gross carrying	50.529	8.301	478	87	133
       amount at default
       Expected credit loss (ECL)	39	12	3	1	12

       Total expected credit loss ......................................................................................................................... 1.096

    3. Movement in the allowance for doubtful debts 2025 2024

       At 1 January ...................................................................................................................	(1.096)	(921)
       Change in impairment estimate .....................................................................................	116	(500)
       Amounts written off as uncollectible .............................................................................	0	189
       Amounts recovered ........................................................................................................	72	139
       Exchange rate difference ...............................................................................................	5	(3)
       At 31 December .............................................................................................................	(903)	(1.096)

    4. Receivables pledged as security

       Trade receivables, except from receivables in IS Iberica Group and Ahumados Dominguez, have been pledged for the Group's borrowings.

12. Other assets

    31.12.2025		31.12.2024
    Prepaid expenses ...........................................................................................................	5.298	4.576
    Value added and capital gain taxes ................................................................................	4.030	3.536
    Fair value of cash flow hedges .......................................................................................	1.061	1.732
    	10.389	9.844

13. Cash and bank balances

Cash and bank balances consist of cash and bank accounts. Cash amounts are insignificant.

Fully paid shares, which have a par value of ISK 1, carry one vote per share and carry right to dividends.

1. Reserves

   31.12.2025		31.12.2024
   Translation reserve ........................................................................................................	(1.120)	21
   Statutory reserve ...........................................................................................................	430	430
   Equity reserve ................................................................................................................	182	182
   Unrealised profit of subsidiaries ....................................................................................	30.989	26.147
   	30.481	26.780

   1. Translation reserve

      Exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. Euro) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Exchange differences previously accumulated in the foreign currency translation reserve (in respect of translating both the net assets of foreign operations and hedges of foreign operations) are reclassified to profit or loss on the disposal of the foreign operation.

   2. Hedging reserve

      The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the profit or loss, or included as a basis adjustment to the non-financial hedged item, consistent with the Group's accounting policy.

   3. Statutory reserve

      In accordance with the Icelandic Act no 2/1995 on Public Limited Companies, the Company is to retain 10% of its annual profit in a statutory reserve until it equals 10% of the outstanding shares. After that, the Company is to retain 5% until the reserve equals 25% of the outstanding shares.

   4. Equity reserve

      The equity-settled employee benefits reserve relates to share options granted by the Company to its employees under its employee share option plan.

      At 31 December 2025, executives and senior employees held options to buy 15.775.000 shares in the Company, no new share options were granted during the year. Weighted average lifetime of outstanding options at year end was

      3.7 years, the exercise price is in the range from ISK 5.4 to 10.23 per share. Options granted prior to 2020, will vest over four years from issuance, with the first 12/48 of the option vesting at the first anniversary of grant date and the remaining 36/48 vesting monthly after that. Options granted during 2020, will vest over four years from issuance, with the first 36/48 vesting at the third anniversary of grant date and being exercisable at that day. The remaining 12/48 will vest monthly after that but are first exercisable at the time the Optionee ceases to be employed by the Company. The exercise price of options granted is the same as market price at Nasdaq stock exchange at the time options are granted. All options are subject to the condition that the Optionee remains an employee of the Company. The options carry neither rights to dividends nor voting rights and are valued using the Black Scholes option pricing model. During 2025 no shares options were exercised. During the year no options were expensed as they were fully expensed in year end 2024 (2024:1 thousands).

      Average exercise price per share					Stock options (thousands)
      At 1 January 2025 ........................................................................................................... 9,36					15.775
      At 31.12.2025 ................................................................................................................. 9,36					15.775
      Exercisable stock options at 31.12.2025 ........................................................................					15.775
      At 1 January 2024 ........................................................................................................... 8,78					25.775
      Cancelled ........................................................................................................................ 7,90					(10.000)
      At 31.12.2024 ................................................................................................................. 9,36					15.775
      Exercisable stock options at 31.12.2024 ........................................................................					15.775
      Assumptions used in the Black-Scholes calculation:
      			Expected risk		Remaining
      		Expected term	free interest	Estimated	lifetime in
      Year option granted	Exercise price	(years)	rate	volatility	years
      2015 ..............................................	5,40	4	0,31%	3,70%	0,4
      2019 ..............................................	9,55	4	0,00%	14,10%	3,7
      2020 ..............................................	10,23	4	0,00%	19,29%	5,0

   5. Unrealised profit of subsidiaries

If a share of profit of subsidiaries is in excess of dividends received from those companies or dividend that has been decided to distribute, the difference is to be transferred from retained earnings to a restricted reserve among equity. If a company's shareholding in its subsidiary is sold or written off, the aforementioned reserve is to be dissolved via transfer to retained earnings or accumulated deficit, as applicable.