Investor Presentaiton

ISI ICELAND SEAFOOD Q2 2020 Results Presentation to Investors and Analysts € m's Results in Q2 significantly impacted by Covid19. Sales have gradually recovered from June to August Q2 20 Q2 19 1H 20 1H 19 Sales 76.0 111.2 183.2 232.1 Net margin 6.2 9.3 16.1 20.5 Normalised EBITDA 1.2 3.3 5.2 8.3 Normalised PBT* (0.6) 2.0 2.0 5.5 Net Profit (0.5) 1.0 1.3 2.9 * Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. GROUP MONTHLY SALES 2020 VS. 2019 (€'M) 2020 2019 43,4 45,0 37,9 40,6 39,4 40,0 21% reduction in Group sales from 1H 1H 2019 • Significant reduction in sales due to Covid19 outbreak, Strong sales growth in N-Europe division driven by retail sales, partly offsetting shortfall in S- Europe and S&D divisions, Forthcoming growth in UK retail sales will create a better balance between retail and foodservice within the Group Iceland Seafood Group Normalised PBT down €3.5m on prior year Reduction in sales in the higher margin S-Europe division, the key explanation for €4.4m drop in net margin. Overhead cost €0.3m lower than last year, driven by cost synergies in Spain, devaluation of ISK and various actions taken to reduce costs in all regions, Net profit €1.6m down on last year. 1H 2019 results impacted by €1.6m one off cost, compared to €0.3m this year. Gradual recovery of sales and profits from June to August. 35,0 37,2 30,0 25,0 38,1 29,6 37,1 21,3 23,5 33,5 33,5 34,8 23.4 31,7 30,4 31,3 20,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 13

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