#1ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts ווד E#2ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts (16,26) • The sale of Iceland Seafood UK (ISUK) to • Espersen completed on September 27th 2023 Espersen A/S is a Danish value-added producer, with factory operations in Europe and Asia, with significant part of its sales into the UK retail market, Property, machinery and equipment kept by ISI but leased to Espersen post transaction. Ownership of machinery will transfer to Espersen at end of lease period, and they have option to buy the property at end of the lease. These assets were revalued at £3.1m in the balance sheet at 30.6.2023 based on valuation of leasing agreements. Impairment of £7.1m included in loss from discontinued operation related to the revaluation, Intercompany loans from ISI to ISUK of £10.3m converted to equity prior to completion. Further injection required to net out negative equity and contribute to projected EBIT losses in the period from September to December 2023, Book value of equity at completion amounted to £0.3m, and were sold at £1,000, The ISUK operation have had severe negative impact on the Group operations and financial results during the last 3.5 years, • • Negative P&L impact during 2023 until the sale is £16.26m. Of that £12.02m were included in the 1H 2023 results and £4.24m are impacting P&L in Q3, As previously announced, a consent was gathered for the sale from bondholders of bonds in the series ICESEA 2506, in the amount of ISK 3.400m. This consent was needed to one of the conditions of the bond, as assets representing more than 5% of Group turnover were sold. To compensate bondholders for granting this consent, interest rates of the bond were amended to reflect changes in market conditions. As a result the fixed interest rate in ISK increased from 5.65% to 13.00%. Impact of ISUK on ISI Group P&L 2023 GBP'000 Operational results 1H 2023 (4,43) Provision against inventory (0,52) Impairment Property (3,05) Impairment Equipment (4,02) Total impact in 1H results (12,02) Results Q3 until completion. Provision against inventory (2,74) (1,22) Sales loss of shares (0,29) Total impact 2023 2#3ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts High volatility and diminishing consumer purchasing power negatively affected Iceland Seafood's operation in Q3 Price adjustments are taking place which are painful in the short term but create a basis for healthier long-term demand • . Salmon prices levelled off in Q3 which had positive impact on operations in Ireland, although prices remained higher than in Q3 2022. Prices have remained stable in October and November, outlook for Christmas sales in Ireland and Ahumados Dominguez in Spain is good. Actions have been taken to mitigate impact of price fluctuation in 2024, Sales in Q3 impacted by declining consumer purchasing power and unusually warm weather in S-Europe. Prices of various whitefish and shellfish species have come down, some significantly. This has led to unusually low margins and inventory write offs in some instances. Inventory turnover has decreased, which has led to increased costs of inventories, Finance costs have increased, credit controls are increasingly important and need constant focus. Permission to the board to issue 200m new shares approved by shareholders meeting in October, After the sale of ISUK, the Group is operating Value-added activities with strong positions in their markets, and should deliver good profits going forward, 12 11 10 9 8 7 6 5 4 Salmon prices levelled off in Q3 but at higher level than last year 3 Jan Feb March April May June July Agu Sept Okt Nov Dec 2021 2022 2023 .....2023 (Forecast) 6% 5% 4% Source:www.fishpool.eu 3M Euribor currently at 3.98%, FV rate close to 3.1% for Q4 24 • 3% The operation of Iceland Seafood is well-balanced and in good position with its solid sourcing base and value-added operations close to key markets. 2% 3 1% 0% Jan-08 Oct-08 Jul-09 Apr-10 Jan-11 Oct-11 Jul-12 Apr-13 Jan-14 Oct-14 Jul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Ap 22 Jan-23 Oct-23 Jul-24 Apr-25 -2%#4ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts Operational headwinds as lowering demand and downward price trajectory negatively impact results in the short term VA S-Europe VA N-Europe Sales & Distribution Difficult economic situation and lowering demand had negative impact on performance of S-Europe division in Q3 Price reductions have negatively impacted margins at IS Iberica in Q3. Demand has improved from October onwards, after low sales during the summer, Focus on simplifying the operation of Ahumados Dominguez and further integration with IS Ibérica. Investments in production to increase productivity and reduce labour costs, Difficult market conditions for Argentinean shrimp during the first nine months of the year. Outlook for the summer season, that starts at end of November is better. Good performance of Oceanpath in Ireland on Q3, after difficult start of the year Sales levels have remained at similar level as last year in value, although volume is slightly down, Whitefish sourcing has improved from September, after a challenging summer, with low availability and high prices, Continuing focus on integration between. operation in Dublin and Killala, Outlook for the important Christmas season is good, production is going as planned and pre-orders from customers are strong. . Continuing good performance of the division driven by strong sales from Iceland Good results from all product categories out of Iceland, despite the challenging environment. 9M pelagic sales up 27% on same period last year, Sales in France negatively impacted by high prices and weakening consumer purchasing power, The German fresh fish operations has been stable, although volume has decreased due to higher prices and difficult economic situation. 4#5ISI ICELAND SEAFOOD Q3 2023 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Financial performance#6ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts Profitability significantly impacted by decreased demand and price reductions. > VA S-Europe > VA N-Europe > Sales & Distribution € m's Q3 23 Q3 22 9M 23 9M 22 Sales 44.7 54.3 158.2 163.1 Net margin 3.7 9.7 13.9 23.8 Normalised EBITDA (0.2) 5.6 1.6 10.7 Normalised PBT* (1.2) 4.5 (1.3) 8.7 *Normalised PBT represents Profits before tax before allowing for significant items. Sales 3% down for 9M 23 compared to last year, 18% sales decline in Q3 • • After strong sales in Q1, sales of IS Iberica slowed down in Q2 and Q3, impacted by declined consumer purchasing power. Unusually warm weather also affected sales during the summer, Sales in October and November have improved, partly driven by promo activities in the period, Sales of Ahumados Domínguez were up 10% from 9M 22, driven by price increases, Q4 is a key trading period for the division. The full year performance will depend on sales and profitability of that quarter. Normalised PBT of (€1.3m), down €10.0m from 9M 22 • Ibérica PBT €6.4m lower than in 9M 22. Margins significantly lower than at the same time last year due to price reductions, slower turnover of inventories and cost increases, Difficult market situation for Argentinian shrimp during the year, which negatively impacted margins and profitability. Outlook for the coming Rawson season, which starts at end of November, is better, Operation of Ahumados Dominguez in Q1 significantly affected by steep increases in salmon prices, but performance has improved in Q2 and Q3. Outlook for the important Christmas season good. The process of integrating the operation of Ahumados Dominguez with IS Ibérica. continues, which will reduce costs and improve efficiency. CO 6#7ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts Profitability of the Irish operation has recovered after difficult start of the year > VA S-Europe > VA N-Europe > Sales & Distribution € m's Q3 23 Q3 22 9M 23 9M 22 Sales 12.6 12.1 39.0 37.8 Net margin 2.5 1.9 5.3 3.1 Normalised EBITDA 1.3 0.8 1.8 (0.2) Normalised PBT* 0.9 0.5 0.9 (1.0) • *Normalised PBT represents Profits before tax before allowing for significant items. 7 Sales were slightly up on 9M 22 in value terms but lower in volume • The same applied to sales in Q3, which were 4% up in value terms but c.a. 14% down in volume, Steep price increases overall have negatively impacted sales volumes of the Irish operation, Results in Q3 improved from the same period last year • Overall Grocery inflation in Ireland of⚫ c.a. 11%. Consumers are buying less, but price increases offset lower volumes impact. Price of salmon was stable in Q3, although at higher level than last year, Whitefish sourcing during the summer was challenging in all areas. Catches of the Irish fleet have reduced significantly post Brexit, Normalised PBT in Q3 of €0.9m was €0.4m better than the same time last year. 9M Normalised PBT of €0.9m. was €1.9m up on prior year, Production for Christmas is on track and pre-orders from customers are strong.#84 6 16 14 12 10 8 ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts Continuing strong performance of the S&D division > VA S-Europe > VA N-Europe > Sales & Distribution € m's Q3 23 Q3 22 9M 23 9M 22 Sales 41.7 45.1 133.7 132.1 Net margin 1.5 2.1 5.5 6.1 Normalised EBITDA 0.4 0.9 2.0 2.6 Normalised PBT* 0.4 0.9 1.8 2.5 *Normalised PBT represents Profits before tax before allowing for significant items. Frozen at Sea fillets (€/kg) Saithe Haddock Cod Fresh fish (€/kg) Saithe Haddock 2 2 སྠཽ ཎྜ སཱ ཝ ། ཏྲཱ ཎྜ རཱ དྷ ཎྜ དྷ ཎྜ རྫ ཎྜ སཱ ཝ ། དྷྭ སྠཽ ཎྜ མཱ ཛ རྞ ཅེ 16 12 8 2006 18 14 10 4 ΛΟΝ Dec Jan Feb Mar... April May June July Aug Sept Oct ΛΟΝ Dec Sales growth of 1% in 9M 23 from same period 2022 Continuing good sales of all product categories out of Iceland in Q3, although these have come down slightly from previous quarters, • Sales of pelagic products especially good in the period, helped by strong. capelin season in the beginning of the year, In France and Germany difficult economic situation has impacted demand considerably. Normalised PBT of €1.8m, down €0.7m from 2022 • • Net margin in 9M and in Q3 down €0.6m from last year, impacted by price reductions and higher logistic costs, Operating costs in 9M are in line with last year, but finance costs slightly higher due to increased interest rates. Normalised PBT of €1.8m was €0.7m down on last year. 2022 was a record year in profitability for the division. Cod • Jan Feb Mar... April May June July Aug Sept Oct 8#9ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts Group results affected by adverse performance of VA S-Europe division and costs associated with the divestment of IS UK € m's Q3 23 Q3 22 9M 23 9M 22 Sales 95.8 108.3 318.1 315.6 Net margin 7.6 13.7 24.5 33.0 Normalised EBITDA 1.2 7.1 4.7 13.0 Normalised PBT* (1.1) 5.3 (1.9) 8.7 Net Loss (5.5) (2.2) (20.7) (5.0) *Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. Group sales in 9M 23 of €318.1m, up 1% on 9M 22 Sales in Q3 12% down on same period last year, mainly due to lower sales in the VA S-Europe division, Difficult economic situation is impacting demand. Unusually warm. weather in S-Europe during the summer also had a negative impact, Sales in S-Europe has improved in October and November, partly driven by promo activities and price reductions, Normalised PBT reduced by €10.6m from 9M 22 . • Lower sales and declining margins in S- Europe significantly impacted Group results in the period. At the same time VA N-Europe and S&D divisions are performing well, Higher debt levels and increased interest rates have significantly impacted finance costs, which is €1.8m higher for 9M 23 than same period last year, Normalised PBT negative by €1.9m in 9M 23, compared with positive €8.7m last year. Normalised PBT of the VA S- Europe division down €10.0m for 9M 23 compared to same period last year, Loss from discontinued operation (IS UK) for 9M 23 of €18.8m. Negative impact of discontinued operation in Q3 were €4.9m, • Net loss in 9M 23 was €20.7m, compared to €5.0m loss in 9M 22. 9#10ISI ICELAND SEAFOOD Q3 2023 Presentation to Investors and Analysts Reduction in total assets of €40m from year beginning, driven by the sale of ISUK and reduced inventories € m's 30.9.2023 31.12.2022 Variance € m's 30.9.2023 31.12.2022 Variance Fixed assets / Inv. property 31.3 27.6 3.7 Total Equity 66.1 81.4 (15.3) Leased assets 1.7 1.7 0.0 Thereof minority interest. 1.7 2.0 (0.3) Intangible assets 56.5 56.7 (0.2) Long term borrowings 41.0 32.5 8.5 Fin. Lease rec./Def. tax/other 3.9 2.5 1.4 Lease liabilities 1.3 1.4 (0.1) Non-Current Assets 93.4 88.5 4.9 Obligations/Deferred tax 2.8 3.3 (0.5) Inventory 75.9 86.0 (10.1) Non-Current Liabilities 45.1 37.2 7.9 Trade and other receivables 60.1 62.5 (2.4) Short term borrowings 85.4 72.1 13.3 Other assets 10.1 9.7 0.4 Trade and other payables 43.8 52.5 (8.7) Bank deposits 10.8 11.1 (0.3) Other current liabilities. 9.9 10.7 (0.8) Current Assets 156.9 169.3 (12.4) Current liabilities 139.1 135.3 3.8 Assets classified as held for sale Total Assets 0.0 32.5 (32.5) 250.3 290.3 (40.0) Liab. associated w. assets held for sale Total Equity and Liabilities 0.0 36.3 (36.3) 250.3 290.3 (40.0) Total assets of €250.3m, down €40.0m from the year beginning, as a result of divestment of ISUK and decrease in inventories. Value of inventories €10.1m lower than year beginning. Stocks in the VA S-Europe division decreased by €10.8m from year beginning, Accounts receivables lower by €2.4m from the year beginning, due to lower sales. At the end of the • period, 86% of Group receivables are insured. Despite more challenging environment, collections have remained good, and receivable write offs are insignificant. 10 • Two offerings of 3 months' bills for ISK 2.600m in total outstanding at the end of September (EUR 17.2m). In both cases hedging was put in place to fix the liability in EUR, Bondholders of ISK 3.400m bond, issued in 2021, approved a waiver and amendment letter in October in relation to the sale of ISUK. Interest rates increased to 13%, to reflect current market conditions, . Net debt, of €115.6m at the end of September increased by €22.0m from the year beginning Funding headroom of €35.4m at the end of September, including cash, Total equity of €66.1m and an equity ratio of 26.4% at the end of September compared to 28.0% at the end of 2022, 150m new shares issued in May, which resulted in proceeds of €5.9m in increased equity.#11ISI ICELAND SEAFOOD RAK 8 18 10 18°N YWWW YOU SEK S Q3 2023 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Outlook 111 111 11 Hofn seaport#12. ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts Outlook range for Normalised PBT revised to €0.5- 2.0m, excluding impacts from IS UK operation As the IS UK operation is classified as discontinued, the results from that operation have been excluded from both historical numbers and outlook range, Prices of various whitefish and shellfish species have declined during this year. This has impacted margins, especially of IS Iberica, and will continue to do so at throughout the year. In the long run these price adjustments will create healthier demand which Iceland Seafood will benefit from, Group results are influenced by various external factors such as: • • Salmon prices have been stable in Q3 after high prices during. 1H of the year. Actions have been taken to mitigate impact of potential steep price increases in 2024, . Q4 is a key trading period for Iceland Seafood, with Christmas sales of smoked salmon, the summer production season for Argentinean shrimp starting at end of November and seasonal peak in cod sales at IS Iberica in October and November. The annual profitability therefore depends largely on the outcome in Q4, and especially in December, Outlook range for Normalised PBT of €0.5-2.0m for 2023;, Fishing and quota changes, as well as price development and the ability to pass on price changes in the value chain, Changes in underlying global economic conditions, currency rates, import duty rates, access and cost of labour, competition and consumer behaviours, Political uncertainty and geopolitical turmoil. The current war between Russia and Ukraine and further sanctions and tariffs on Russian products, with repercussions, 2,4 2,0 2,0 0,4 2014 2015 2016 2017 4,8 2018 9,9 Full year Normalised PBT* (m's) 7,5 19,5 12,4 2,0 0,5 2019 2020 2021 2022 2023 *Normalised PBT excluding UK operation for the whole period The Group is in a strong position to reach its target of 4% of turnover in Normalised PBT 12#13ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts BRIM ISI ICELAND SEAFOOD UK Changes of the last months and the focus of the coming months On the 24th of September, Brim bought a 10.83% share in Iceland Seafood from Sjávarsýn, making them the second biggest shareholder in Iceland Seafood behind Fisk Seafood and in line with Nesfiskur and Jakob Valgeir. Seafood companies in Iceland now hold approximately 44 % of the total shares. Ægir Páll Friðbertsson started as the CEO of Iceland Seafood International on the 27th of October, substituting Bjarni Ármannsson, who had been the CEO for the last five years. Birna Einarsdóttir is the new chairman of the board from the 24th of October, substituting Liv Bergþórsdóttir. Guðmundur Kristjánsson, CEO of Brim, comes in as an Alternative board member, substituting Gunnlaugur Hreinsson of GPG. The focus of the coming months will be: . will be to improve the operation of the current profit centers and the company's financial situation. review the company's strategy and focus before the Annual General Meeting in March 2024 13#14ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts Iceland Seafood at a glance after the sale of UK. Ool €420+ m 10 Revenues in 2022 Businesses IS Iceland 45 Countries we trade in 6 III Value-added factories IS Germany 72.000 MT Of products sold 1.0+ m Meals sold every day 760+ Employees at 31.12.2022 5000+ Customers IS France ISLANDIA ICELANDIC SEAFOOD ICELANDIC SEAFOOD ICELANDIC SEAFOOD Oceanpath 20 Shoed NOLANS Quality Seafoods IS Ibérica ISLANDIA seastar ICELANDIC SEAFOOD Ahumados Domínguez ESPECIAL SASION SALMON ANDMADO Achernar AHUMADOS DOMINGUEZ seastar#15ICELAND ISI SEAFOOD Q3 2023 Presentation to Investors and Analysts 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 managements current views on future events and performance, whilst the views are based on positions that management believes are reasonable there is no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risk and consequently actual results may differ to the statements or views. expressed. 15#16ISI ICELAND SEAFOOD WE ARE ICELAND SEAFOOD www.icelandseafood.com