Investor Presentaiton

ISI Q1 2023 ICELAND SEAFOOD Presentation to Investors and Analysts Results in Ireland were severely impacted. by a steep increases in salmon prices > VA S-Europe > VA N-Europe > Sales & Distribution Q1 22 € m's Q1 23 Sales 13.1 12.6 Net margin 1.2 0.9 Normalised EBITDA 0.1 (0.1) Normalised PBT* (0.2) (0.4) *Normalised PBT represents Profits before tax before allowing for significant items. Sales were slightly up on Q1 22 in value terms but lower in volume Steep price increases overall have negatively impacted sales volumes of the Irish operation, Overall Grocery inflation in Ireland of • c.a. 15%. Price increases offset lower volumes' impact, leading to slight growth in sales in Euro terms. Results in Q1 were slightly better than the same period last year. • . Price of salmon seems to have topped. in March 2023, whilst it reached the top at the beginning of May 2022, The steep price increases have caused similar challenges as in the same period last year. It takes time to push cost increases through to customers. Whitefish sourcing improved in Q1 compared to the back end of last year. Availability was better, and prices have stabilised, Loss before tax in the period of €0.2m was €0.2m better than the same time last year, Outlook for the remainder of the year is better, as salmon prices are expected to come down and stabilise. 12

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