Investor Presentaiton

ICELAND ISI SEAFOOD Q1 2023 Presentation to Investors and Analysts Inflation and high volatility continued to impact Iceland Seafood's operation negatively in Q1 22 A more balanced external environment is on the horizon. • • . Price of key groundfish species has remained high but stable at the beginning of 2023. Prices of various other species (e.g. Argentinean shrimp) have declined, Steep price increases of salmon severely impacted the results of Iceland Seafood's operation in Ireland and Ahumados Dominguez in Spain during Q1. Prices have come down in Q2 and are expected to ease further with increased supply in the coming months, Customers in retail and food service customers have pushed through significant cost increases to consumers. These price increases have negatively impacted demand, at least in the short term, Price volatility, higher financing and storage costs make it more costly and risky to keep inventories. This improves Iceland Seafood's competitiveness in areas where our market position and access to resource is strong, Prices of some essential input factors have eased and stabilized during the last months. A more balanced external environment is on the horizon after a highly volatile and disruptive period since the beginning of Covid-19, Salmon prices have topped and will ease considerably in the coming months according to current forward prices € 14,00 € 12,00 € 10,00 € 8,00 € 6,00 € 4,00 Salmon Pricing • It is likely that value-added production will move closer to consumers. Processing in Europe will become more competitive, where automation and investments in production efficiencies will play a key role. € 2,00 € - 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. LO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Source:www.fishpool.eu 2021 2022 2023 ....2023 Forecast

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