Iceland Seafood International : Financial document (3M 2026 Financial Statement Consolidated 1)

About this update from Iceland Seafood International Hf

Iceland Seafood International hf. 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): 31.3.2026 31.12.2025 FISK Seafood ehf. ........................................................................................... 455 15% 455 15% Brim hf. .......................................................................................................... 350 11% 350 11% Jakob Valgeir ehf. ........................................................................................... 345 11% 345 11% Nesfiskur ehf .................................................................................................. 322 11% 322 11% Birta lífeyrissjóður ......................................................................................... 201 7% 194 6% Almenni - Lífsverk lífeyrissjóður .................................................................... 160 5% 178 6% Stapi lífeyrissjóður ......................................................................................... 159 5% 159 5% Lífeyrissjóður starfsmanna ríkisins A-deild ................................................... 106 3% 106 3% Sjóvá-Almennar Tryggingar hf. ...................................................................... 93 3% 93 3% VÍS tryggingar hf. ........................................................................................... 90 3% 87 3% 2.281 74% 2.289 74% Other shareholders (2026: 627 and 2025: 654) ........................................... 783 26% 775 26% 3.064 100% 3.064 100% 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 Note 2026 2025 1.1. - 31.3. 1.1. - 31.3. Gross profit Sales of seafood ....................................................................................................................... 146.015 119.253 Cost of sales .............................................................................................................................. (126.022) (101.565) 19.993 17.688 Operating expenses Operating expenses .................................................................................................................. (14.249) (12.259) Operating profit before interest and depreciation and amortisation (EBITDA) ................................................................................................. 5.744 5.429 Change in fair value of investment property .......................................................................... 0 (54) Depreciation and amortisation ................................................................................................ (1.008) (943) Operating profit (EBIT) .................................................................................................. 4.736 4.432 Net finance costs ...................................................................................................................... (1.349) (1.507) Net exchange rate difference .................................................................................................. (88) (623) Profit before exceptional items and taxes ...................................................................... 3.299 2.302 Exceptional items 6 0 (425) Profit before taxes ........................................................................................................ 3.299 1.877 Income taxes ............................................................................................................................ (1.199) (883) Profit for the period ...................................................................................................... 2.100 994 Attributable to Owners of the Company .......................................................................................................... 2.108 999 Non-controlling interests ......................................................................................................... (8) (5) Profit for the period ...................................................................................................... 2.100 994 Earnings per share 7 Basic and diluted (EUR cents per share) .................................................................................. 0,0688 0,0326 The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements. 2026 2025 1.1. - 31.3. 1.1. - 31.3. Profit for the period .................................................................................................... 2.100 994 Items that may be reclassified subsequently to profit or loss Translation difference ...................................................................................................... 218 (363) Total comprehensive income ...................................................................................... 2.318 631 Attributable to Owners of the Company .................................................................................................. 2.326 636 Non-controlling interests ................................................................................................. (8) (5) Total comprehensive income ...................................................................................... 2.318 631 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 35.092 35.559 34.247 3.779 3.782 4.129 2.161 1.954 1.288 61.472 61.001 56.617 268 398 805 1.924 1.848 1.991 168 166 140 104.864 104.708 99.217 81.700 79.461 68.541 503 493 482 84.606 68.607 65.792 14.461 10.389 11.197 6.685 15.727 10.999 187.955 174.677 157.011 292.819 279.385 256.228 46.321 46.321 46.321 (902) (1.120) (342) 612 612 611 36.287 34.085 27.904 82.318 79.898 74.494 2.467 2.475 2.202 84.785 82.373 76.696 35.299 35.590 6.941 1.866 1.686 1.077 2.023 2.711 1.085 2.266 2.165 1.490 41.454 42.152 10.593 90.171 91.574 103.719 549 497 448 65.723 53.252 54.868 10.137 9.537 9.904 166.580 154.860 168.939 208.034 197.012 179.532 292.819 279.385 256.228 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. Consolidated Interim Statement of Changes in Equity for the three months ended 31 March 2026 Restricted equity Attributable Non - Share Share Translation Statutory Equity Unrealised profit Retained to owners of controlling Total 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 Profit (loss) ..................................................................... 1.757 (758) 999 (5) 994 Translation of shares held in foreign currencies ........... (363) (363) (363) Total comprehensive income ......................................... 0 0 (363) 0 0 1.757 (758) 636 (5) 631 Transfer of share premium to accumulated loss ........... (25.203) 25.203 0 0 Other adjustments ......................................................... (1) (151) (152) (152) Balances at 31 March 2025 27.456 18.865 (342) 430 181 27.904 0 74.494 2.202 76.696 Profit (loss) ..................................................................... 8.585 (2.497) 6.088 273 6.361 Translation of shares held in foreign currencies ........... (778) (778) (778) Total comprehensive income ......................................... 0 0 (778) 0 0 8.585 (2.497) 5.310 273 5.583 Dividend declared from subsidiaries to parent ............. (5.500) 5.500 0 0 Other adjustments ......................................................... 1 93 94 94 Balances at 31 December 2025 27.456 18.865 (1.120) 430 182 30.989 3.096 79.898 2.475 82.373 Profit (loss) ..................................................................... 3.163 (1.055) 2.108 (8) 2.100 Translation of shares held in foreign currencies ........... 218 218 218 Total comprehensive income ......................................... 0 0 218 0 0 3.163 (1.055) 2.326 (8) 2.318 Other adjustments ......................................................... 94 94 94 Balances at 31 March 2026 27.456 18.865 (902) 430 182 34.152 2.135 82.318 2.467 84.785 The notes on pages 9 to 13 are an integral part of the Condensed Consolidated Interim Financial Statements. Consolidated Interim Statement of Cash Flows 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. 4.736 4.432 0 54 1.008 943 (28) (18) (1.138) (733) 4.578 4.678 (2.239) (6.684) (19.953) 1.195 12.818 9.190 (4.796) 8.379 95 155 (1.444) (2.105) (372) (22) (6.517) 6.407 (1.215) (722) (85) (73) 143 47 (1.157) (748) (7.674) 5.659 (2.314) (6.546) 0 229 1.000 1.000 (546) (1.655) (1.860) (6.972) (9.534) (1.313) 15.727 12.900 492 (588) 6.685 10.999 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). 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. 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. 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 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 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) 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 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 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 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. 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.

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