Investor Presentaiton

. • ICELAND ISI SEAFOOD Q1 2023 Presentation to Investors and Analysts Outlook range for Normalised PBT revised to €7.5- 11.5m, excluding impacts from IS UK operation As the IS UK operation is classified as discontinued, the results from that operation have been excluded from both historical numbers and outlook range, Prices of seafood remains high and have increased more than other animal proteins. This has decreased demand reflected in lower volumes. After strong sales in S-Europe in March, demand dropped in April partly due to seasonality. Outlook for the coming tourism season in Spain is good, which should positively impact demand, Salmon prices have come down after a sharp increase in Q1 23 and based on forward prices further decrease should come through in the coming months. Performance of the operation in Ireland and Ahumados Domínguez in Spain is expected to be back to normal levels from May onwards, After a disruptive period during the last three years, it is likely that production will move closer to home. Iceland Seafood is in an excellent position to benefit from this development with its value-added production facilities in Europe, Investments in automation and energy-saving projects are being implemented to address the difficult labour market and improve efficiency. These investments have a short payback times, Outlook range for Normalised PBT of €7.5-11.5m for 2023; the higher end assumes that economic conditions will improve in the year's second half, leading to improved sales and margins, Results for IS UK are excluded from Outlook. A negative market trend, where volume has declined due to a significant consumer price increase, will impact Q2-Q3 results. Revised management forecast estimates a loss from discontinued operation in the range of £4.0m-4.5m for 2023 (£2.0m adverse from previous forecast), but positive EBIT level from Q4 onwards. Group results are influenced by various external factors such as: • Fishing and quota changes, as well as price development and the ability to pass on price changes in the value chain, Changes in underlying global economic conditions, currency rates, import duty rates, access and cost of labour, competition and consumer behaviours, Political uncertainty and geopolitical turmoil. The current war between Russia and Ukraine and further sanctions and tariffs on Russian products, with repercussions, 2,4 2,0 2,0 0,4 2014 2015 2016 2017 4,8 2018 9,9 Full year Normalised PBT* (m's) 19,5 12,4 11,5 7,5 7,5 2019 2020 2021 2022 2023 *Normalised PBT excluding UK operation for the whole period With recent investments and projects that will increase efficiency and drive profit growth, the Group is in a solid position to reach its target of a Normalised PBT of over €20m when the external environment stabilizes. 17

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