ISI Seafood Q3 2022 Results

ICELAND ISI SEAFOOD Q3 2022 Presentation to Investors and Analysts • • • • The Board of Iceland Seafood has decided to exit the UK market from value added perspective Exit options will be evaluated in the coming weeks. Iceland Seafood invested in operating facilities in Grimsby and merged its two UK operations into this location. The investment and decision on the merger were completed in March 2020, just before Covid-19 started and then later Brexit, The last two and a half years have been characterised by continuous adverse development, which has required capital expenditure and absorption of losses, The board of Iceland Seafood has now made a strategic review of the situation and decided that the long- term outlook does not warrant further investments on behalf of Iceland Seafood into this market, It has therefore been concluded to exit the UK market from value-added perspective, The performance has eroded the profitability overall for the group to the extent that the board no longer feels it's justifiable to continue, This has also meant that management resources have too large degree been devoted to this situation instead of capturing growth opportunities elsewhere, Consolidation in the UK market is due and necessary; the excellent Grimsby's facilities and strong management team can be a great addition to other companies in the sector, Iceland Seafood has retained Mar Advisors to support the process and will evaluate the opportunities in the coming weeks. 6

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