ISI Seafood Q3 2022 Results

ICELAND ISI SEAFOOD Q3 2022 Presentation to Investors and Analysts Ireland has rebounded after a difficult 1H of the year - Continuing good performance of S&D The outlook for the Christmas season in Ireland remains good • • • • Salmon prices eased and stabilized in Q3, after an exceptional and rapid increase in the 1H of the year, Whitefish sourcing continued to be challenging in the period, impacted by price increases and Brexit impacts on the local fishing sector in Ireland, Integration of Carr&Sons is going well, where commercials, procurement and distribution have been fully integrated with Oceanpath operations. Still benefits to go for with further integration in production. Outlook for Q4 remains good. The production of smoked salmon for the important Christmas season has gone well, and customers' pre-orders indicate good sales. Salmon prices have been relatively stable during the last few weeks. Generally, the Christmas season is a period of high consumer spending. Demand in a high-price-level environment will be affected. Iceland Seafood should be in a good position as consumers will likely reduce the frequency of restaurant visits. Strong demand driving good performance of the S&D division Strong demand in the first nine months of the year, which drove significant price increases in the period, especially in frozen-at-sea (FAS) products, Prices of FAS seem to have reached a peak. Recession in key markets with diminishing purchasing power is impacting sales negatively, Ongoing challenges regarding pelagic sales into Eastern Europe, where Ukraine is the most critical market. Customers in Ukraine are not storing goods, which has put significant pressure on cold stores in other locations. The volume of pelagic sales is 21% lower in the first nine months compared to the same time last year, Sales of fresh fish are good, both in Europe and especially in the US market. Operations in both France and Germany have performed well in the period, although high prices have impacted sales from a volume perspective, So far, an excellent year for the S&D division, benefitting from solid demand and streamlining of operating costs in the past few years. 8

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