Q4 2022 Results Presentation

ICELAND ISI SEAFOOD Q4 2022 Presentation to Investors and Analysts Overall good performance of the division during 2022, normalised PBT of €11.1m for the year € m's Q4 22 Q4 21 FY 22 FY 21 Sales 53.4 57.3 216.5 181.5 Net margin 8.9 11.8 32.7 28.6 Normalised EBITDA 3.3 5.7 14.1 14.7 Normalised PBT* 2.4 5.4 11.1 13.9 *Normalised PBT represents Profits before tax before allowing for significant items. ** Ahumados Domignuez in the figures from Q4 21 Full Year sales are up 11% on like for like basis but 9% decrease in volume • Demand slowed down in Q4, impacted by diminishing consumers purchasing power and high seafood prices, Christmas sales at Ahumados Dominguez (AD) were below expectations, impacted by the economic situation and high prices, Sales growth during the year is entirely driven by price increases. Volume declined by 9% on like-for- like basis, i.e., excluding AD, > VA S-Europe > VA N-Europe > Sales & Distribution Normalised PBT of €11.1m, down €2.8m from 2021 • . • Overall good results of IS Iberica, although slower sales in the critical Q4 impacted the results negatively. After solid margins in the year's first half, higher input costs have negatively impacted profits, especially in Q4, Difficult 1H of the year for Ahumados Dominguez due to unprecedented increase in salmon prices. Results normalised in the year's second half, but sales and margins. from Christmas sales were below expectations, Good shrimp production at Achernar at the back end of the year. Although market conditions remain challenging, there are positive results from the current Rawson season. 14

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