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Investor Presentaiton

ISI ICELAND SEAFOOD Q3 2020 Results Presentation to Investors and Analysts Q3 results marked by Covid19 impacts. Sales started to recover from June € m's Q3 20 Q3 19 9M 20 9M 19 Sales 33.3 33.8 96.0 124.2 Net margin 2.8 4.0 9.6 13.9 Normalised EBITDA 0.9 1.8 2.9 6.5 Normalised PBT* 0.1 1.1 1.0 5.1 * Normalised PBT represents Profits before tax before allowing for significant items. ** Ecomsa classified as discontinued operation, therefore not included in numbers seastar gambon gambero surgelato ultracongelado gambão argentino ultracongelar crevette Peso neto Peso netto Poids net 净重 Peso líquido Καθαρό βάρος Net weight 2kge ☆ seastar argentino surgelée A 阿根廷红虾 Argentine 深度冷冻 red shrimp deep-frozen gambón ultracongelado gambero gambão argentino surgelato argentino ultracongelado crevette surgelée Argentine Táuwapn 阿根廷红虾 red shrimp Αργεντινής ΒΑΘΙΑΣ ΚΑΤΑΨΥΞΗΣ 深度冷冻 deep-frozen • • • 9M 2020 sales down 23% on prior year Sales improved during Q3 after a significant reduction during lockdown from Mid March to May, Increased sales of Argentinian shrimp, driven by higher production and strong sales to customers in Italy helped sales in the quarter, Sales of light salted cod improved as well, but are still 33% down on prior year during the 9M period, Covid19 restrictions implemented in S-Europe have impacted sales negatively, especially since mid October. Not to the same level as in March/April. > VA S-Europe > VA N-Europe > Sales & Distribution 9M 2020 Normalised PBT of €1.0m Weaker sales especially in Q2 is the key explanation for reduction in profits. for 9M 2020 compared to prior year, Price reductions and increased complexity of supply chains have negatively impacted margins in the period, especially with regards to Argentinian Shrimp and other shellfish species, Margin percentage of cod products have remained strong, although they have come down slightly from 2019 levels, Restructuring of Ecomsa completed in the quarter and sale of the company finalized in November. 9
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