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Investor Presentaiton

ICELAND ISI SEAFOOD Q3 2021 Presentation to Investors and Analysts • Outlook range unchanged. UK continues to make losses, but offset by stronger operating income in other divisions Strong performance of VA S-Europe, with positive market conditions for both Icelandic light salted cod and Argentinian Shrimp, Costs of integrating and stabilizing operations in UK still impacting results negatively in Q3. Actions have been taken to pass on increased costs, at the same time new agreements have been secured with both current and new customers, Covid19 restrictions have been eased in key markets which has helped sales to foodservice and HORECA customers. The sector has however not fully recovered, Based on the assumption that Covid19 related factors will not further impact the Group negatively in key markets, the Outlook range for 2021 Normalised PBT is kept at €12.0 - 16.0m, The level of uncertainty remains high, both in relation to Covid19 development and other key external factors. Disruptions on supply chains will continue to impact transportation and logistic costs, December is a key sales month for salmon in Ireland and Spain, as well as key harvesting period in Argentina, In addition to the Covid19 uncertainty, Group results are influenced by various other external factors such as: • • Fishing and quota changes as well as price development and 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, for example in Argentina and UK (related to tariffs), 2,9 1,7 1,3 1,0 Full year 16,0 Normalised PBT* (m's) 3,5 3,3 7,4 11,3 12,0 5,1 Major marketing campaign to promote Ahumados Dominguez brand will be conducted in December, • Based on Outlook, the Group will reach a run rate of annual Normalised PBT in excess of €20m post the pandemic. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 With recent investments and projects that will increase efficiency and drive profit growth, the Group is in strong position to reach it's target of Normalised PBT in excess of €20m post the pandemic. 16
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