Q4 2022 Results Presentation

ICELAND ISI SEAFOOD Q4 2022 Presentation to Investors and Analysts The results of 2022 were severely impacted by unprecedented cost increases and high volatility Group sales growth driven by price increases (€'m) A more balanced external environment is on the horizon • • . • • • • The year 2022 was very much affected by unprecedented cost increases. and high volatility, both in terms of raw material and other key input factors, Strong pushback on price increases from both retail and food service. High prices and diminishing consumer purchasing power had a significant negative impact on demand, especially in Q4, Both logistics and cold storage costs were considerably impacted by higher energy prices and are passed on directly as a surcharge. A limited supply of both cold storage facilities and truck drivers, These disruptions and cost increases have negatively impacted margins, Prices of some essential input factors have eased and stabilized during the last months. A more balanced external environment is on the horizon after a highly volatile and disruptive period since the beginning of Covid- 19, It is likely that value-added production will move closer to consumers. Processing in Europe will become more competitive, where automation and investments in production efficiencies will play a key role. The operation of Iceland Seafood is well-balanced. The company is in an excellent position to address challenges and utilize opportunities that will arise due to its solid sourcing base and value-added operations close to key markets. 500 68,9 (40.6) 450 10,9 420,8 400 378,3 350 300 250 200 150 100 50 Sales FY 21 Price increases Volume decrease Changes to Group* Sales FY 22 • Addition of Ahumados Dominguez and closing of IS USA in 2021 Figures present continuing operation, i.e. exclude IS UK Investments in the future can be segmented into three main categories: • • • Investments connected with sustainability matters. E.g., Solar Panels, waste management, water treatment, etc. Emissions and waste management will be measured and reported from the beginning of 2023, Investments connected with automation and operational efficiency. This is key in driving efficiency, further enhancing consistency, and increasing competitiveness, Marketing and branding investments, Iceland Seafood has invested in companies with retail or consumer brands (Carr&Sons, Ahumados Domínguez). The Group plans to further invest in the brands it holds. 8

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