SKEL Portfolio Update

Orkan - valuation EXCLUDES LÖÐUR, LYFJAVAL AND RETAIL OPERATION RESULT OF VALUATION VALUE OF EQUITY 5.7 BILLION ISK 1,791 852 984 8,231 5,456 PERFORMANCE AND FORECAST 2023E 2024E Gross profit 3,633 3,450 EBITDA 1,648 1,461 EBIT 1,217 816 Depreciation 431 645 Investments 601 999 5,714 -3,370 Change to NWC (62) (56) EBITDA / margin 45.4% 42.3% Inv./margin 16.5% 29.0% ROIC 21.3% 13.3% YIELDS NOMINAL VALUE WACC Target leverage FCFF 2023-21 FCFF 2028–47 TV 2047 EV Non-operating assets IBD Value of equity IMPACT ON VALUE Better results in operation Simple model Increased market share Investments relating to energy transition Real margin growth projected at 0% 12.2% 40.0% COMPARABLES 2023E 8,5x 5,0x 4,7x 2,3x 0,3x 0,3x EV/Revenue EV/EBITDA Orkan ■Sunoco LP ■Delek US Holdings, Inc. SKEL

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