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Investor Presentaiton

ISI ICELAND SEAFOOD Q1 2020 Results Presentation to Investors and Analysts € m's Sales Net margin Normalised EBITDA Normalised PBT* Strong squid season in Argentina helps mitigating Covid19 impacts Q1 2019 Q1 2020 43.0 50.1 5.2 5.8 2.2 2.7 1.7 2.3 * Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. Sales down 14%, impacted by Covid19 • . . Good demand in the first two months of the year, was not fully leveraged due to lack of supply, Significant reduction in sales from Mid March due to Covid19 impacts, Vast majority of sales are to the HORECA sector, which is heavily impacted by the situation. Lent season normally an important sales period, driven by high fish consumption in catholic regions, Good sales to customers within retail have helped mitigating the impact, Strong fishing of squid in Argentina, also helped in the situation and will also have a positive impact on Q2, > VA S-Europe > VA N-Europe > Sales & Distribution Normalised PBT down €0.6m on Q1 2019 Weaker sales a key explanation for reduction in profits, Margins from Cod products strong in the first two months of the year, driven by good demand and limited supply, Production of Argentinian shrimp increased by 60% from prior year, but margin negatively impacted by c.a. 20% price reduction, Operating cost of IS Iberica €0.3m lower than Q1 2019, driven by cost synergies from the merger, Operation of Ecomsa and Elba reduced to minimal level from mid March as a response to Covid19 impact on demand. 10 • Sales of Elba were €2.6m in Q1.
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