#1SKEL Fjárfestingafélag 1F 2022 - Investor presentation 5. maí CalJón Ásgeir Jóhannesson, Chairman#22 100% ORKAN IS B2C SKEL 100% 100% 48% SKELJUNGUR IS B2B GALLON IS Storage KALDALÓN REIR SP/F ORKUFELAGIÐ Heildarorkulausnir Færeyjum 18% KALDALÓN Real estates 50% REIR Real estate developement Q2 2022 SKEL#33 Q1 2022 Kr Profit 3,3 billion ISK after tax Capital gain from sale of real estate to Kaldalón Improved operations in a challenging environment New revenue streams operational entities Continued focus on transformation of the organization Sale of real estate portfolio to Kaldalón completed Internal work and focus on our three new companies after transformation Going forward SKEL reports as a parent company compared to consolidated reporting prior 植 Investment Company moving forward First full quarter for SKEL Fjárfestingafélag and our newly formed entities Equity position in VÍS acquired Ásgeir Helgi Reykfjörð Gylfason, CEO and Magnús Ingi Einarsson, CFO start work 9th of July SKEL#44 Income statement SKEL 1Q 2022 M.ISK 299 Change in Fair value Financial income 20 Financial expenses (11) Earnings from real estate assets 4.226 Investing income 4.533 Salaries (112) Other expenses (144) Operating expenses (255) 4.278 EBIT Taxes Total income As an investment company and according to the new Articles of Association new accounting standards will be implemented and assets will be valued on a fair value basis ✓ Fair value of assets: - Operating entities 200m ( 935) 3.342 Listed equities 99m Capital gain, real estate 4,1 billion Operational expenses are affected by reorganization and severance (60m) The goal is that operational expenses will be less than 2% of total assets SKEL#55 Investments highlights 100% Orkan Improved operations with increased tourism and general recovery after Covid • Bad weather had negative effects during Q1 • Continued new offerings at our service stations • New openings of pharmacies for Lyfjaval New openings of car wash in pipe line for Löður 100% Skeljungur • Strong results for Q1 . Ongoing war has large impact on fuel prices • Challenging environment for procurement, inventory and risk management • • . Head office moved to Skútuvogur 1 - more visibility and convenience for customers • New store opens in May 48,3% Sp/f Orkufélagið Strong results for Q1 • The economy in the Faroe Islands has been robust • Less effected by the war in Ukraine • Windmill project (18MW) on schedule and estimated completion is end of year • 18% KALDALÓN Income-bearing assets increased in portfolio • Key holding in Skel portfolio • SKEL has requested a shareholder meeting which will be held on the 25th of May . • 100% Gallon [0] An important part of the infrastructure of energy distribution Increased understanding about the importance of strategic petroleum reserves globally On going exploring strategic options for development of business 50% Reir þróun • Estimated holding value approx. 2 billion . Partnership with Reir ehf Portfolio of real estate development projects in Reykjavik greater area In final stages expected to be finalized Q2 2022 SKEL#6Highlights SKEL & operating entities in Iceland Operating entities 100% owned by SKEL, Skeljungur, Orkan and Gallon Gross Profit EBITDA +549 +659 938 EBITDA Q1 without capital gain of real estate 733m 2.027 1.982 733 1.774 1.537 1.324 471 451 184 Q1 Q2 Q3 Q4 Q1 21 21 21 21 22 21 Q1 Q2 Q3 21 21 Q4 Q1 21 22 Capital gain real estate 4,104m Löður is included in Q3 21 and Lyfsalinn in Q4 21 Major change in world commodity prices and bad weather effected the results for Q1 22 9 SKEL#77 Balance sheet Q1 2022 M.ISK 31.3.2022 Pro-forma Investment assets 12.299 14.695 Real estate assets 867 867 Receivables and other assets 6.245 528 Cash and cash equivalents 8.015 8.928 Total assets 27.425 25.017 Equity 21.765 21.765 Interest bearing debt 3.017 609 Deferred tax liability 1.890 1.890 Payables and other liabilities 254 254 Dividend 500 500 Total liabilities 5.661 3.253 Total equity and liabilities 27.425 25.017 Pro-forma shows impact of payment of loan from Kaldalon and repayment of 133m DKK Receivables and other assets include 5,7 billion balance from the sale of assets to Kaldalon ✓ Total equity after dividend 21,8 billion ✓ Dividend 500m paid April 13th ✓ Equity ratio 79,4% SKEL#88 Assets, pro-forma Book value billion ISK Investment Assets Unlisted equities, Iceland 8,6 Listed equities, Iceland 3,2 Unlisted equities, Foreign 2,5 Other Investments 1,2 15,5 Other Assets Cash and cash equivalents 8,9 Receivables and other assets 0,6 9,5 Total Assets 25,0 SKEL#99 Guidance for 2022, Previously published estimate February 2022 SKEL fjárfestingafélag Profit after tax 5,000 Profit from sale of real estate 1,600 8,300 ↑ Change in accounting standards will affect 1,200 7,600 1,700 future income for SKEL because of fair value of assets 3.200 1,400 1.622 EBITDA With operating entities in Iceland 3.666 3.600 Löður and Lyf included 2022 but only partially 2021 ✓ Increased tourism and economic activities Q1 2021 was soft ✓ Long-term interest bearing debt of operating entities 4,381m (w/o SKEL) 2.044 Earnings Earnings Profit after from from other tax 2021 2022 continued investments operations Ísland Faroe Islands SKEL#1020,00 19,00 18,00 17,00 16,00 15,00 14,00 13,00 12,00 11,00 10,00 9,00 8,00 7,00 6,00 5,00 4,00 2.1.2020 2.2.2020 2.3.2020 2.4.2020 Market Information SKEL 2.5.2020 2.6.2020 2.7.2020 2.8.2020 2.9.2020 2.10.2020 2.11.2020 2.12.2020 2.1.2021 2.2.2021 2.3.2021 2.4.2021 2.5.2021 2.6.2021 2.7.2021 2.8.2021 2.9.2021 2.10.2021 2.11.2021 2.12.2021 2.1.2022 2.2.2022 Shareholder Strengur hf. Frjálsi lífeyrissjóðurinn Arion banki hf. TCA ECDF III Holding S.á.r.l. Birta lífeyrissjóður Íslandsbanki hf. Stefnir - Innlend hlutabréf hs. Kvika banki hf. Stefnir ÍS 5 hs. Eftirlaunasj atvinnuflugmanna 10 largest shareholders total Other shareholders Total outstanding shares Nominal value of share in million Share 969 50,1% Market information Total shares 166 8,6% 149 7,7% Number of shareholders Market value at listing 1.936 M ISK 921 14,849 B ISK 97 5,0% Market value at 31.12.19 17,754 B ISK 82 4,2% Market value at 31.12.20 17,812 B ISK 37 1,9% Market value at 31.12.21 27,492 B ISK 36 1,9% Market value at 31.3.22 32,525 B ISK 30 1,5% 25 1,3% 24 1,2% 1.613 83,3% 323 16,7% 1.936 100,0% Shares owned by Skeljungur 0 Total shares as in articles of association 1.936 0,0% 100,0% 10 2.3.2022 2.4.2022 The AGM granted the Board authority to purchase own shares up to 10% and the option to increase share count by 200m shares No transactions with own shares during the period Change in share price of Skeljungur was 18,3% in Q1 2022 (closing price 16,8) SKEL#11Next steps for SKEL Work with existing assets and support their continued growth Acquisition of companies in related operations to expand operations and increase turnover Optimization of operations and balance sheet Utilize the company's investment capacity and invest in new industries Listed and unlisted investments Investment in VÍS first example Emphasis on opportunities where profitability can be increased with the support of SKEL 11 14 SKEL#12SKEL Q&A Further information Jón Ásgeir Jóhannesson Chairman, [email protected].#1313 33 Disclaimer This presentation is solely for information and the receipt of it shall not be considered to be investment advice. Nothing in this presentation should be construed as a promise or recommendation. Information contained in this presentation is based on sources that Skeljungur hf. considers reliable at each time. Its accuracy or completeness can however not be guaranteed. This report contains forward-looking statements that reflect the management's current views with respect to certain future events and potential financial performance. Although the management believe that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The forward-looking information contained in this presentation applies only as at the date of this presentation. Skeljungur hf. does not undertake any obligation to provide recipients of this presentation with any further information on the company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change. Statements contained in this presentation that refer to the company's estimated or anticipated future results or future activities are forward looking statements which reflect the company's current analysis of existing trends, information and plans. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as changes in the economic environment, financial risk, oil price risk, and increased competition. By the receipt of this presentation the recipient acknowledges and accepts the aforesaid disclaimer and restrictions. SKEL