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Investor Presentaiton

8,0 7,5 70 7,0 6,5 6,0 5,5 5,0 4,5 45 40 4,0 ICELAND ISI SEAFOOD Q3 2021 Presentation to Investors and Analysts Results impacted by costly integration > VA S-Europe process in UK, affected by supply chain) Sales & Distribution disruptions € m's Q3 21 Q3 20 9M 21 9M 20 Sales 29.6 25.0 93.0 79.4 Net margin 1.9 2.3 7.1 8.4 Normalised EBITDA 0.1 0.8 1.7 3.8 Normalised PBT* (0.9) 0.1 (1.3) 1.9 *Normalised PBT represents Profits before tax before allowing for significant items. SALMON PRICES (€/KG) 2019 2020 2021 4,60 4,40 4,20 4,00 3,80 H&G COD FROZEN PRICES (US$/KG) 2019 2020 2021 17% sales growth compared to 9m 2020 • • Strong demand from Irish retail, sales of Oceanpath grew by 12% from 9M 2020 on top of €8.0m sales of Carr&Sons, The Irish operation was well prepared for Brexit. Our Irish companies are in better position to service local customers than suppliers in UK, Launching of new products for UK retail positively impacted sales, but supply chain disruptions both in relation to transport from China and local distribution in UK have caused significant challenges and increased costs, Foodservice sales in UK have improved in Q2 and Q3, with easing of Covid19 restrictions. > VA N-Europe Negative PBT of €0.9m in 9M 2021 • • All UK operation moved into a single location at year end 2020. It has taken longer time and been more costly than expected to stabilize and integrate the operation. UK operation further impacted by challenges due to disruption in the supply chain, both in relation to transportation from China and local distribution, New contracts have been secured with both existing and new customers, which will improve sales. and margins in the coming months, Profitability in Ireland has improved compared to same time last year driven by strong demand and relatively stable salmon price, 3,60 3,40 Jan Feb March April May June July Agu Sept Okt Nov Dec Jan Source: SeaData Center Feb March April May June July Agu Sept Okt Nov Dec Source: Norges Sjomatrad 11
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