SKEL Portfolio Update

Changes in fair value BREAKDOWN OF FAIR VALUE CHANGES RATIONALE FOR FAIR VALUE CHANGES Orkan 2,601 Löður (74) Lyfjaval 331 Styrkás - Skeljungur - Klettur (724) Kaldalón (302) Gallon (47) Vís 111 Other inv.assets 102 Loður Other listed inv.assets 67 2,065 m.kr. ORKAN CHANGES Orkan - Löður - Lyfjaval 31.12.22 8,671 Fair value change Lyfjaval 331 Lyfjaval og retail section sold (4,067) Fair value change Orkan Fair value change Löður 2,601 (74) Fair value of Orkan - Löður 30.6.2023 7,462 m.kr. Orkan is valued without the retail operations that were sold to Heimkaup during the period Orkan's emphasis on lower operating costs, a simpler operating model and low prices have resulted in EBITDA being higher than budgeted. The budget was therefore updated for the valuation and the estimated EBITDA for 2023 will be ISK 1,648 million Löður was slightly below budget, that can mainly be explained by constructions on new and larger washing facilities that have been delayed, but it is expected that they will now open in the second half of the year ☆ Lyfjavalo 42% share in Lyfjaval was purchased last March, but there were purchase and sale option agreements on shares that affected the value. The purchase price was ISK 331 million lower than the book value of the company at the end of last year Styrkás: the purchase price is based on the enterprise value of the group being ISK 11,200 million and the value of assets ISK 8,350 million Horn IV slhf., private equity fund managed by Landsbréfa hf. signed a subscription agreement for new equity in Styrkás worth ISK 3,500 million (29.54%) Book value is based on the purchase price. The equity value after the share capital increase is ISK 11,850 million and SKEL will own 69.8% in Styrkás after the equity increase Gallon was on budget in the first half of the year. The updated valuation is ISK 47 million. lower than the previous valuation. In the first half of the year, Gallon paid ISK 80 m. in dividends to SKEL SKEL

View entire presentation