Iceland Seafood International : Financial document (Q1 2026 Presentation 1)

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‌Q1 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Iceland Seafood International 27.05.2026 ‌Iceland Seafood International Key numbers IS Iceland €484,3 m Revenues in 2025 10 Businesses 10 Businesses 6 Value-added factories 45 Countries we trade in Oceanpath IS Germany 1.0+ m Meals sold every day 66.125 MT Of products sold IS France 5000+ Customers 7G4+ Employees 2025 IS Ibérica Achernar Thorpesca Ahumados Domínguez ‌Cod prices remained at historically high levels in Q1 202C while salmon prices were lower than forecasted Cod prices have been historically high due to quota cuts in the Barents Sea and the Atlantic Ocean, and political turmoil. This is expected to have a long-term impact. Salmon prices were lower than forecast in 2025 and remained soft in Q1 2026. While price developments for 2026 are uncertain, prices are expected to follow similar pattern as 2025. Ongoing economic and political challenges continue to impact demand. Salmon prices lower than expected in Q1 2026 Atlantic Cod supply 2005-2026 HG frozen cod prices are still at an all-time high and increasing 1750 1400 1050 700 350 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Feb Jan 9,40 8,40 7,40 6,40 5,40 4,40 3,40 2026 2025 2024 2023 2022 Dec 2021 March April May June July Agu Sept Okt Nov March Dec Nov Okt Sept Agu July June May April 12 11 10 9 8 7 6 5 4 3 Feb Jan 2026 - Forward prices 2026 2025 2024 2023 2021 ‌Food inflation is slightly up in the US, down in the UK and stable in the EU, while interest rates are under pressure after being stable for a while Eurozone 2.15% Federal Reserve 3.75% Food inflation is slightly up in the US, down in the UK and stable in the EU compared to the last few months. Inflation, on the other hand, is increasing in the EU and the USA, while stable in the UK. Compared with the prior year, interest rates across the EU, UK and US were materially lower in the first months of 2026, reflecting earlier easing cycles. However, central banks largely paused further rate cuts in 2026 amid renewed inflationary and geopolitical uncertainty. UK 3.75% Iceland 7 .75% ‌Financial performance Q1 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS ‌VA S-Europe Increased sales and an improved NPBT compared with the prior year €m's Q1 2026 Sales 61.1 Net margin 8.7 EBITDA 4.0 Normalised PBT 3.0 Sales in Q1, 7% up vs Q1 25 Ibérica Group sales increased by 6% in value while volume decreased by 0,6% compared to Q1 25. The production volume of Argentinean shrimp was 2% higher than Q1 25 and sales 43% higher. Ahumados Domínguez sales increased by 5% in value and 15% in volume compared to Q1 25. Normalized PBT of €3.0m, up €0.7m on 3M 2025 IS Ibérica Spain had a solid PBT of €2.4m compared to €1.9m in Q1 25. Achernardelivered a PBT o f €0.9m compared to €0.4m inQ1 25. Ahumados Domínguez posted a loss before tax of (€73k) vs loss of (€47k) in Q1 25. Thorpesca had a loss before tax of (€0.2m) Sales in MT Q1 2026 Q1 2025 Normalised PBT Bridge Q1 25 - Q1 26 K´EUR 7.000 6.000 4.106 -107 5.000 4.000 3.000 2.000 2.288 -3.239 -595 -37 581 2.997 1.000 - NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26 3500 3000 2500 2000 1500 1000 500 0 Salmon Cephalopod Other varios Other Iceland Shellfish Cod ‌VA N-Europe Good start of the year with an increase in value and volume €m's Q1 2026 Sales 16.1 Net margin 1.8 EBITDA 0.4 Normalised PBT 0.1 Sales in 2026 are 12% up from last year Sales in Ireland were 12% ahead of the same period last year and 5% higher in volume. Salmon prices lower than forecasted and high whitefish prices had opposing impacts on divisional results. Normalised PBT €0.4m more or less on par with 3M 2025 The Irish operation posted an NPBT of €0.4m, increasing €38k from last year. In spite of higher sales both in value and volume, profitability was in line with Q1 2025 Sales in MT Q1 2026 Q1 2025 Normalised PBT Bridge Q1 25 - Q1 26 K´EUR 2.000 1.800 1.600 733 VA N - Europe 1.400 1.200 1.000 800 600 1.041 400 200 75 - -1.496 1 -239 107 -8 NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26 Trout Hake Mackerel Pollock Haddock Mussels Sea Bass Breaded Cod Prawns Other Salmon 0,00 200,00 400,00 600,00 ‌Sales G distribution Q1 performance supported by high white fish prices and strong sales in capelin and herring €m's Q1 2026 Sales 72.2 Net margin 2.5 EBITDA 1.1 Normalised PBT 1.1 Sales in 2026 are 41% ahead of last year Strong sales performance this quarter driven by continued high white fish prices, combined with good capelin and herring sales. Sales volumes increased, driven by pelagic species, with a significantly higher capelin quota in 2026, positively impacting volumes and total sales compared to Q1 2025. NPBT of €1.1m, down (€0.1m) from Q1 2025 Solid operational results, supported by strong demand and higher whitefish prices. Operations costs were in line with the prior year, resulting in a normalized PBT of €1.1m. NPBT was €0.1m lower than Q1 2025, reflecting increased competitive pressure and stabilization of prices, particularly in cod following a period of steep price increases during 2025. Sales in MT Normalised PBT Bridge Q1 25 - Q1 26 K´EUR Q1 2026 Q1 2025 25.000 22.710 20.000 15.000 10.000 5.000 - 1.188 -1.598 -20.072 -1.076 1 -72 1.081 -5.000 NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26 Plaice Sea Urchins Silver Smelt Mussels Catfish Mackerel Saithe Redfish Haddock Capelin Cod Herring 0 500 1.000 1.500 2.000 2.500 3.000 3.500 ‌Continued financial and operational progress in Q1 202C €m's Q1 2026 Sales 146.0 Net margin 13.1 EBITDA 5.7 Normalised PBT 3.3 Net Profit 2.1 Monthly sales (€'m) Group sales in 2026 up 22% on 2025 - March an all-time sales record for the group Continued strong Cod demand due to lower supply has pushed Cod and white fish prices to a record high. Overall, a strong performance across the group. NPBT vs Net Profit Normalised PBT of €3.3m was up €1.0m from 2025 EBITDA has improved by €0.3m and Net profit is €1.1 u p from last year. EBITDA for the trailing 12 months rose to €22.8m , compared to €20.0m as of 2025. Lower salmon prices continue to have positive impact on our operation in Ireland and Madrid. 2023 2025 202C 60 55 50 45 40 35 30 25 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 35.000 30.000 25.000 20.000 15.000 10.000 5.000 - 2.302 -1.627 28.389 -24.678 -1.769 -11 693 3.299 NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26 ‌Condensed consolidated statement of financial position at 31 March 202C €m's 31.03.26 Fixed assets / Inv. property 38.9 Leased assets 2.2 Intangible assets 61.5 Fin. Lease rec./Def. tax/other 2.3 Non-Current Assets 104.G Inventory 81.7 Trade and other receivables 84.6 Other assets 14.9 Bank deposits 6.7 Current Assets 187.G Total Assets 2G2.8 €m's 31.03.26 Total Equity 84.8 Thereof minority interest 2.5 Long-term borrowings 35.3 Lease liabilities 1.9 Obligations/deferred tax 4.3 Non-Current liabilities 41.5 Short term borrowings 90.2 Trade and other payables 65.7 Other current liabilities 10.6 Current liabilities 166.5 Total Equity and Liabilities 2G2.8 Total assets reached €292.8m, up €13.4m from the start of the year. Receivables rose by €16.0m, with the S&D division up €12.5m. 77% of Group receivables are insured. Overall collections remained strong, and receivable write-offs were insignificant at Group level. Debt to EBITDA Ratios NIBD/ EBITDA (12M) 2026 5.2 vs 2025 5.0 Total equity was €84.8m with a 29.0% equity ratio at the end of March, compared to 29.5% at the end of 2025. At 31.03.2026 ISK 2.660m (€16.8m) in 6-month bills were outstanding, with EUR hedging. Net interest-bearing debt at the end of March of €118.8m was €7.3m higher than at year-end 2025. At 31.03.2026, an ISK 4.000m bond issued in April 2025 and fixed through a currency swap at €27.6m was outstanding. The bond is due in October 2028. ‌Outlook Q1 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS ‌The outlook for 202C is Profit before taxes €11.5-13.5 million. Cod prices are expected to remain and interest rates are expected to Group results are influenced by various external factors such as: elevated due to quota reductions and the U.S. ban on Russian fish, which is impacting global cod pricing. These factors are likely to have a long-term impact on cod markets. Salmon prices were lower throughout 2025 than forecasted. The price evolution for 2026 is uncertain but expected to follow a similar pattern to 2025. Food inflation has increased slightly in the US, is down in the UK and stable in the Euro Area. remain broadly unchanged, with a potential risk of increases in 2026. All divisions are expected to perform in line with budget targets. However, performance will be influenced by developments in the cod and salmon market over the coming months. We are actively monitoring the situation and will continue to provide updates in our quarterly reports. Key risk factors include changes in fishing conditions, quotas, price developments, and the ability to pass on costs through the value chain. Global economic shifts, currency fluctuations, import duties, labor Full year Normalised PBT* (m's) 25 20 15 access and cost, competition, and consumer behavior also play a role. Political uncertainty, ongoing conflicts, and potential new sanctions or tariffs add further risk. Interest rates declined across the US, UK and EU during 2025 and stabilized in Q1 2026. Given ongoing inflationary pressures and heightened geopolitical uncertainty, further rate cuts are not currently anticipated, 11,5 13,5 9,9 10,6 12,4 19,5 10 5,9 7,4 7,5 5 0,7 2 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NPBT NPBT upper outlook ‌Forward looking statements Disclaimer This presentation is furnished and intended for European market participants and should be viewed in that manner. Any potential forward looking statements contained in this presentation are reflective of management's current views on future events and performance. Whilst the views are based on positions that management believes are reasonable there are no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risks and consequently, actual results may differ to the statements or views expressed. https://www.icelandseafood.com

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