Q4 2022 Results Presentation

ICELAND ISI SEAFOOD Q4 2022 Presentation to Investors and Analysts EBIT bridge IS UK 2022-2023 (£'000) 23 forecast 1,0 (1.5) -1,0 EB 22 Cost recovery New retail New business equipment Reduced costs 2.2 EB -3,0 0.3 -5,0 10.9 2.8 -7,0 -9,0 -11,0 • 4.1 EBIT 2022 excluding one off costs Iceland Seafood will continue to operate the IS UK subsidiary, but intends to support further consolidation of the UK business at the right terms Throughout 2022 IS UK operations and the sector in general were characterized by increased input costs and difficulties with pushing these costs through to customers Iceland Seafood announced its intention to exit the UK market from the value-added perspective on November 17th. • During December 2022, two LOIS were signed with prospective buyers to sell the business, but neither negotiation was successful. Proposals received didn't reflect the value of the company, as external conditions. for the industry have been challenging On February 3rd, Iceland Seafood announced that the company would continue to operate the UK subsidiary, but at the same time, remains interested in supporting further consolidation of the UK business at the right term, The results from IS UK operation have improved from the beginning of 2023. The company is expected to reach a positive cash flow level from April onwards. • • • • Progress made with recovering unprecedented inflationary costs at the beginning of the year, though tender processes in Q3-Q4 2022, Significant amount of new retail business secured, the majority coming in from the beginning of April, both. natural and coated products, New production equipment arrived in December 2022 and January 2023, which has transformed production with both a substantial increase in throughput and a reduction in production cost, Markets for various input factors are stabilising after the high volatility and constant upward cost pressure experienced throughout last year, Management plan assumes a positive cash flow from Q2 onwards, but negative PBT of £2.5-3.0m for the year mainly due to losses in Q1, 10

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