Financial document (3M 2026 Financial Statement Consolidated 1)

Condensed Consolidated Interim Financial Statements

for the three months ended 31 March 2026

Iceland Seafood International hf. Köllunarklettsvegur 2

104 Reykjavík Iceland

TIN 611088-1329

Page Statement and Endorsement by the Board of Directors and the CEO ............................................................. 2-3

Consolidated Interim Statement of Income ..................................................................................................... 4

Consolidated Interim Statement of Comprehensive Income ........................................................................... 5

Consolidated Interim Statement of Financial Position ..................................................................................... 6

Consolidated Interim Statement of Changes in Equity .................................................................................... 7

Consolidated Interim Statement of Cash Flows ............................................................................................... 8

Notes to the Condensed Consolidated Interim Financial Statements ............................................................. 9-13

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 Condensed Consolidated Interim Financial Statements present the necessary information to evaluate the financial position of the Company at the end of March 2026 and the operating results and financial developments for the three months then ended.

The Condensed Consolidated Interim Financial Statements are prepared in accordance with the International Accounting Standard IAS 34, Interim Financial Reporting, and should be read in conjunction with the Company's Financial Statements for the year ended 31 December 2025.

The Condensed Consolidated Interim Financial Statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to understand the changes in the Company's financial position and performance from year end 2025.

The Condensed Consolidated Interim Financial Statements are neither audited nor reviewed by the group auditors.

The Company

The Company is a holding company for a Group of subsidiaries that are leading suppliers of North Atlantic seafood, one of the largest exporters of seafood from Iceland and a key processor of high quality seafood in the Spanish and Irish markets. 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 and 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 in Argentina.

Operations for the period

During the first three months of the year, total sales amounted to EUR 146.0 million, an increase of 22.4% compared with the same period last year. Value-Added Southern Europe (VA S-Europe) recorded a 7.0% increase in value, with volumes remaining stable. Sales & Distribution (S&D) grew by 41.3% year-on-year, driven by strong demand and higher whitefish prices. Overall volumes rose by 46%, mainly reflecting increased pelagic volumes, particularly capelin and herring. Value-Added Northern Europe (VA N-Europe) achieved a 12.6% increase in sales, supported by a 5% increase in volume.

During the reporting period, Profit Before Taxes (PBT) amounted to EUR 3.3 million, representing an increase of EUR

1.4 million compared with the same period last year. Net profit reached EUR 2.1 million, EUR 1.1 million higher than in Q1 2025. The improved result reflects a combination of market and financial factors. Operationally, the quarter benefited from high whitefish prices, strong demand for whitefish, and lower salmon prices, broadly similar to the same period last year, supporting a solid operating outcome. However, despite higher sales and increased volumes, operational profitability did not strengthen to the same extent as in 2025, as price increases were less pronounced and competition for raw material intensified. In addition, heightened geopolitical tensions in the Middle East, including the situation involving Iran, have contributed to rising freight and logistics costs. Compared with Q1 2025, the stronger performance was mainly driven by lower interest costs and the absence of the adverse currency movements experienced last year, which together had a material positive impact on the result.

Total assets on 31 March 2026 of EUR 292.8 million were EUR 13.4 million higher than at the end of 2025. Net interest-bearing debt at end of March of EUR 118.8 million was EUR 7.3 million higher than at year end 2025.

Equity amounted to EUR 84.8 million on 31 March 2026 or EUR 2.4 million higher than at the end of 2025. The equity ratio was 29.0% on 31 March, compared to 29.5% at year end 2025.

The Company is listed on the NASDAQ Iceland main market (ticker: ICESEA). The closing price at the end of March 2026 was ISK 4.84 per share (2025 year end: ISK 4.86), giving the Company a market capitalization of EUR 98.9 million (2025: EUR 101.5 million), a 3% decrease from year end 2025.

Shareholders

The number of shareholders at the end of March 2026 were 637 (2025 year end: 664). The ten largest were (shares are in millions):

For an overview of changes in equity, see the Consolidated interim Statement of Changes in Equity.

Endorsement

The Board of Directors and the CEO of Iceland Seafood International hf. hereby confirm the Condensed Consolidated Interim Financial Statements of the Company for the three months ended 31 March 2026 with their signatures.

Reykjavík, 27 May 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

The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements.

The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements.

Note 31.3.2026 31.12.2025 31.3.2025

Assets

Non-current assets

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

Investment property .......................................................................

Leased assets ..................................................................................

Intangible assets 8

Finance lease receivables ................................................................

Deferred tax assets .........................................................................

Other long term assets ....................................................................

Total non-current assets

Current assets

Inventories ......................................................................................

Finance lease receivables ................................................................

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

Other assets ....................................................................................

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

Total current assets

Total assets

Equity and liabilities Capital and reserves

Issued capital and share premium ..................................................

Translation reserve .........................................................................

Other reserves ................................................................................

Retained earnings and unrealised profit from subsidiaries ............

Equity attributable to owners of the Company Non-controlling interests ................................................................

Total equity

Non-current liabilities

Borrowings 10

Lease liabilities ................................................................................

Retirement benefit and other obligations ...................................... Deferred tax liabilities .....................................................................

Total non-current liabilities

Current liabilities

Borrowings 10

Lease liabilities ................................................................................

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

Other liabilities ................................................................................

Total current liabilities

Total liabilities Total equity and liabilities

The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements.

for the three months ended 31 March 2026

Restricted equity

capital premium reserve reserve reserve of subsidiaries earnings the Company interests equity Balances at 1 January 2025 27.456 44.068 21 430 182 26.147 (24.294) 74.010 2.207 76.217

The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements.

for the three months ended 31 March 2026

Operating activities

Operating profit ...................................................................................................................

Change in fair value of investment property .......................................................................

Depreciation and amortisation ............................................................................................

Gain on disposal of non-current assets ................................................................................

Change in obligations and other calculated liabilities .........................................................

Working capital generated from operations

(Increase) decrease in inventories .......................................................................................

(Increase) decrease in receivables and other assets ............................................................

Increase (decrease) in payables and other liabilities ...........................................................

Cash (used in) generated from operations before interests and taxes

Interest received ..................................................................................................................

Interest paid .........................................................................................................................

Income taxes paid ................................................................................................................

Net cash (used in) generated from operating activities

Investing activities

Payments for property, plant and equipment .....................................................................

Payments for intangible assets ............................................................................................

Proceeds from disposal of non-current assets .....................................................................

Net cash used in investing activities Net cash before financing activities

Financing activities

Net repayment from revolving credit facilities .................................................................... Net proceeds from bills ........................................................................................................

Proceeds from new long term borrowings ..........................................................................

Repayment of other borrowings ..........................................................................................

Net cash used in financing activities

Net (decrease) increase in cash and bank balances .............................................................

Cash and bank balances at the beginning of period ............................................................ Effect of exchange rate changes on cash held in foreign currencies ...................................

Cash and bank balances at the end of period

The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements.

Note 2026 2025

1.1. - 31.3. 1.1. - 31.3.

1. General information

   Iceland Seafood International hf. (the Company) is a limited liability company incorporated and domiciled in Iceland. The address of its registered office is Köllunarklettsvegur 2, 104 Reykjavík.

   The Condensed Consolidated Interim Financial Statements of the Company as at and for the three months ended 31 March 2026, comprise the Company and its subsidiaries (together referred to as "the Group").

   The Company is a holding company for a Group of subsidiaries that are leading suppliers of North Atlantic seafood and one of the largest exporters of seafood from Iceland. The Group is headquartered in Iceland and has subsidiaries in Spain, Argentina, Ireland, Iceland, France, Germany and the United Kingdom.

   The Company´s shares are listed on NASDAQ main market in Iceland (ticker: ICESEA).

2. Statement of compliance

   The Condensed Consolidated Interim Financial Statements are prepared in accordance with the International Accounting Standard on Interim Financial Reporting, IAS 34, as adopted by the European Union.

   The Condensed Consolidated Interim Financial Statements do not include all of the information required for a complete set of consolidated annual financial statements and should be read in conjunction with the Consolidated Financial Statements of the Company for the year ended 31 December 2025, which is available on the Company´s website, https://www.icelandseafood.com/investors.

   The same accounting policies, presentation and methods of computation (except mentioned here above) are followed in these Condensed Consolidated Interim Financial Statements as were applied in the latest Financial Statements for the year ended 31 December 2025.

3. Use of estimates and judgements

   The preparation of the Condensed Consolidated Interim Financial Statements in line with IAS 34, requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

   In preparing these Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the Consolidated Financial Statements for the year ended 31 December 2025.

4. Quarterly statements

   	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025
   Revenue:
   Sales of seafood ....................	164.287		152.625		125.908		127.342		132.088
   Intercompany ........................	(18.272)		(15.919)		(12.164)		(12.772)		(12.835)
   	146.015		136.706		113.744		114.570		119.253
   Operating results:
   Operating profit (EBIT) ..........	4.736		7.885		3.696		2.637		4.432
   Net finance costs and exchange rate difference .....	(1.437)		(1.338)		(1.945)		(2.635)		(2.130)
   Normalised PBT ...................	3.299		6.547		1.751		2		2.302
   Exceptional costs ...................	0		(60)		40		(188)		(425)
   Profit (loss) before taxes ......	3.299		6.487		1.791		(186)		1.877
   Income tax ............................	(1.199)		(1.669)		(348)		286		(883)
   Profit for the period .............	2.100		4.818		1.443		100		994
   Assets ....................................	292.819		279.385		243.697		251.467		256.228
   Liabilities ...............................	208.034		197.012		166.122		175.444		179.532

5. Segment reporting

   For 3M 2026	Value added S-Europe		Value added N-Europe		Sales and distribution		Other and Eliminations		Consolidated
   Revenue:
   Sales of seafood ....................	72.504		17.512		74.158		113		164.287
   Intercompany ........................	(11.422)		(1.430)		(1.962)		(3.458)		(18.272)
   	61.082		16.082		72.196		(3.345)		146.015
   Operating results:
   Operating profit (EBIT) ..........	3.531		131		1.114		(40)		4.736
   Net finance costs and exchange rate difference .....	(534)		(24)		(33)		(846)		(1.437)
   Normalised PBT ...................	2.997		107		1.081		(886)		3.299
   Exceptional costs ...................	0		0		0		0		0
   Profit (loss) before taxes ......	2.997		107		1.081		(886)		3.299
   Income tax ............................	(914)		(25)		(260)		0		(1.199)
   Profit (loss) for the period ....	2.083		82		821		(886)		2.100
   Assets ....................................	163.382		27.783		45.972		55.682		292.819
   Liabilities ...............................	103.579		8.310		41.067		55.078		208.034

   Iceland Seafood Barraclough in UK is presented under Other and Eliminations instead of Value Added N-Europe division.

   For 3M 2025 Value added Value added Sales and Other and

   S-Europe N-Europe distribution Eliminations Consolidated

   Revenue:
   Sales of seafood ....................	64.171		14.981		52.819		117		132.088
   Intercompany ........................	(7.089)		(673)		(1.735)		(3.338)		(12.835)
   	57.082		14.308		51.084		(3.221)		119.253
   Operating results:
   Operating profit (EBIT) ..........	3.403		92		1.149		(212)		4.432
   Net finance costs and exchange rate difference .....	(1.114)		(17)		39		(1.038)		(2.130)
   Normalised PBT ...................	2.289		75		1.188		(1.250)		2.302
   Exceptional costs ...................	(1)		0		0		(424)		(425)
   Profit (loss) before taxes ......	2.288		75		1.188		(1.674)		1.877
   Income tax ............................	(619)		(15)		(249)		0		(883)
   Profit (loss) for the period ....	1.669		60		939		(1.674)		994
   Assets ....................................	142.944		45.436		32.930		34.918		256.228
   Liabilities ...............................	89.103		31.849		25.995		32.585		179.532

6. Exceptional items

   In 2025 the Group incurred exceptional costs associated with the following:

   - Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 0.4 million.

   Exceptional income and costs: 3M 2026 3M 2025 Exceptional costs .................................................................................................. 0 (425)

   0 (425)

7. Earnings per share

   Profit attributable to owners of the Company .....................................................	3M 2026 2.108	3M 2025 999
   Weighted average number of ordinary shares (ISK '000) for basic EPS ................	3.064.480	3.064.480
   Earnings per share (EUR cents per share) Basic and diluted earnings per share ....................................................................	0,0688	0,0326

8. Intangible assets

   Goodwill and fishing rights with its indefinite useful lives are tested for impairment at least annually at year-end. In the opinion of management there were no indicators of impairment of goodwill present at the 31 March 2026 reporting date.

   31.3.2026 31.12.2025 31.3.2025

   Goodwill at beginning of period ................................................	56.216	56.216	56.216
   Goodwill at end of period ..........................................................	56.216	56.216	56.216
   Other fishing rights at end of period ...........................................	4.622	4.207
   Other intangible assets at end of period ....................................	634	578	401
   Intangible assets at end of period ..............................................	61.472	61.001	56.617

9. Subsidiaries

   At 31 March 2026, 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.

   Name of company incorporation 31.3.2026 31.12.2025 31.3.2025 activity

   Subsidiaries:

   Iceland Seafood ehf.	Iceland	100%	100%	100%	Sale of seafood
   Solo Export ehf.	Iceland	100%	100%	100%	Not active
   Iceland Seafood Ibérica S.A.U.	Spain	100%	100%	100%	Sale of seafood
   - Achernar S.A.	Argentina	100%	100%	100%	Sale of seafood
   - Cigalfer792 S.R.L.	Argentina	100%	100%	100%	Real estate
   - Thorpesca S.A.S.	Argentina	100%	100%		Fisheries
   Ahumados Domínguez S.A.	Spain	85%	85%	85%	Sale of seafood
   Iceland Seafood Barraclough	UK	100%	100%	100%	Real estate
   Oceanpath Ltd.	Ireland	100%	100%	100%	Sale of seafood
   - Dunns Seafare Ltd.	Ireland	100%	100%	100%	Sale of seafood
   - Mondi Properties Ireland Ltd.	Ireland	100%	100%	100%	Real estate
   - Carr & Sons Seafood Ltd.	Ireland	100%	100%	100%	Sale of seafood
   - H J Nolan Ltd.	Ireland	100%	100%	100%	Sale of seafood
   Iceland Seafood France S.A.S.	France	100%	100%	100%	Sale of seafood
   ISG Iceland Seafood GmbH	Germany	100%	100%	100%	Sale of seafood
   ISI Seafood Inc.	USA	100%	100%	100%	Not active

10. Financing

    The Group´s main sources of financing are a multi currency revolving credit facility with an Icelandic financial institution, a 3.5 year unsecured bond listed on Nasdaq Iceland, two bills listed on Nasdaq Iceland and credit facilities with a number of banks in Spain which finance the Southern Europe division. At the end of March 2026 the total headroom of the Group was EUR 32.8 million including cash.

    The facility with the institution in Iceland has a cap of EUR 32 million with EUR 16.2 million drawdown at end of the quarter (Q1 2025: EUR 2.7 million). The facility has been extended to 31 March 2027.

    The Group has credit facilities in place with a number of banks in Spain. Total amount of these loans was EUR 61.9 million at end of the quarter (Q1 2025: EUR 51.2 million).

    The parent company completed in april 2025 a new unsecured bond issuance, raising ISK 4,000 million, fixed at EUR 27.6 million via a currency swap, with a 3.5-year maturity. The bond bears interest payable semi-annually and the principal is repayable in a single installment in October 2028. The bond is listed on Nasdaq Iceland.

    The Company concluded two offerings of 6 month bills for ISK 2,660 million in total, at end of March 2026. In all cases hedging was put in place to fix the liability in EUR. The total fixed amount at end of March 2026 amounts to EUR 16.8 million. The bills are listed on Nasdaq Iceland.

    Borrowings are secured with most of the Group's assets, except from assets and equity of the Spanish subsidiaries. The revolving credits are secured with inventories, receivables, intellectual property rights and shares in subsidiaries. The other bank loans are secured with inventories, receivables and PP&E. The finance leases are secured with the assets leased.

11. Approval of financial statements

The Condensed Consolidated Interim Financial Statements have been approved for issue by the Board of Directors and the CEO on 27 May 2026.