Investor Presentaiton

2 4 ICELAND ISI SEAFOOD Q1 2023 Presentation to Investors and Analysts Excellent start of the year for S&D division, helped by good capelin season in Iceland > VA S-Europe > VA N-Europe > Sales & Distribution € m's Q1 23 Q1 22 Sales 48.8 40.4 Net margin 2.2 2.1 Normalised EBITDA 1.0 0.9 Normalised PBT* 1.0 0.9 *Normalised PBT represents Profits before tax before allowing for significant items. 16 14 12 10 Frozen at Sea fillets (€/kg) Series2 Series1 Fresh fish (€/kg) Series2 Series3 Series1 20 18 16 14 12 10 Series3 Sales growth of 21% from same period in 2022, • . Strong sales of IS Iceland in the beginning of the year, driven by good sales of pelagic. Good capelin season and improved sales into E- Europe helped the sales growth, Sales of Frozen at Sea products also increased by 10% from same time last year, driven by increased prices, In France and Germany, sales were slightly down on prior year. Price increases have impacted demand in these markets, Normalised PBT of €1.0m, up €0.1m from 2022 • • Overall percentage margins have decreased slightly from same time last year, but Euro net margin is up €0.1m in total, Margins and profitability in France and Germany slightly down on Q1 22, impacted by decreased demand, Operations and finance costs are in line with prior year, resulting in Normalised PBT of €1.0m which was €0.1m up on last year. 00 8 6 АА May лупр Sept ΛΟΝ Jan March May Kins Sept Nov Jan March May An Sept ΛΟΝ Jan March 2 6 4 Aug 80 Oct Dec Feb April June Aug Oct Dec Feb April June Aug Oct Dec Feb

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