Slides
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Eimskip Financial results Q4 2025 28 January 2026 Vilhelm Már Thorsteinsson, CEO Rósa Gudmundsdóttir, CFO
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2 Q4 2025 highlights Results are according to expectations, although below plan at the beginning of 2025. Revenue declined by 11.4%, while costs decreased by 5.7%, resulting in an EBITDA of EUR 12.7m compared to EUR 27.1m in the previous year . Volume in Liner decreased by 6.1% in the quarter . There was a significant increase in imports to Iceland year-on-year, driven by a sharp rise in vehicle imports, while exports from Iceland declined due to substantially lower volume of industrial cargo. Trans-Atlantic volume was stable although decreasing from the same period in 2024, when volumes were unusually high. Lower capacity in the Norwegian reefer vessels also affected volume and the results. Solid result in Forwarding with increased EBITDA margin despite a substantial decrease in global freight rates. Logistics services delivered a decent performance, although results varied somewhat within business units. Continued improvement in trucking, with strong focus throughout the year . Several operational efficiency initiatives have advanced since publication of Q3 2025 financial results. Measures amounting to EUR 13.5m on annual basis have already been executed. This compares to EUR 8m in Q3. The total estimated impact of planned initiatives is now EUR 15-17m on an annual basis, compared to EUR 12-14m at end of Q3. Realized benefit of initiatives was marginal in Q4 2025.
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3 The year 2025 was challenging and despite relatively stable volume in both Liner and Forwarding unit prices did not keep up with rising expenses. Additionally, challenging external environment characterized the year . Proactive measures were taken to address the operational headwinds, such as reducing the vessel fleet through the sale of Lagarfoss and temporarily discontinue a dedicated coastal vessel in Iceland as off Q4 2025. Furthermore, three operating locations were closed and managed reduction in FTEs. Strategic increase in operations of own trucking fleet in Iceland had a positive result on margin as transport cost has declined more than salary and investment expense. The ongoing geopolitical unpredictability caused turbulence in the transportation sector and caused fluctuation in global freight rates which over the year declined substantially. Eimskip entered contracts for two advanced 2,280 TEU container vessels. This investment marks a significant step in ongoing fleet renewal program and supports commitment to operational excellence and sustainability. Eimskip 3.0, a new strategy, including mission, vision and values was developed. The new strategy will be introduced and implemented during 2026. 2025 highlights
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Eimskip 3.0
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Eimskip 3.0 15 August . 3.0 Kick-off Executive Management Team (EMT) launches strategy revision with support from Board of Directors October Employee engagement Budgeting teams and managers participated in the strategy revision 40 Budgeting groups 4 Employee focus groups 33 Managers on site 140 Employees via Teams Mission, vision & values survey Two mission, vision and values surveys conducted with all Eimskip Employees 1034 Total responses September Eimskip 3.0 Intro New strategic pillars introduced and strategy discussed 85 Managers on site 90 International managers via Teams Go-live 16 Jan November Customers engagement In-depth customer interviews EMT & BoD workshop Eimskip 3.0 strategic alignment, including mission, vision and values with EMT and BoD 9 December BoD Approval A new strategy, Eimskip 3.0, approved by Board of Directors. The new strategy is a result of collective work throughout the Eimskip community
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Mission Our solutions, your success Values Teamwork Innovative Reliability Respect Vision Connect communities, deliver prosperity Strategic Pillars Operational efficiency Empower our people Innovate & AutomateCustomer-centric services Our new strategy
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Eimskip 3.0 Vision Connecting communities, deliver prosperity As one team, we strive to understand our customers and proactively offer seamless and enjoyable services. We embrace mutually valuable partnerships. Mission Our solutions, your success Eimskip’s Mission is to provide reliable transportation and logistics solutions in a sustainable way for customer success. Reliability We build trust by delivering on our promises. We hold ourselves accountable for the commitments we make. Respect We act with respect for our colleagues, customers, communities and the environment. We respect the resources we rely on to deliver our services. Values Teamwork We act as one Eimskip and celebrate achievements together . We share expertise and are unified towards our customers. Innovative We embrace forward thinking solutions and new ways of working. We take initiative, act with curiosity and courage.
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Service segments
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The only Pan-Arctic ocean carrier Strong connections to international markets via global network A leading fresh by sea service provider in the North-Atlantic
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Our solutions, your success Mission
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11 Note: Reefer liner volume in Norway converted from tons to teus Liner volume impacted by less industrial cargo and capacity in Reefer liner 53.6 52.1 55.1 53.9 50.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 - 6.1% 53.6 50.4 2.2 0.0 -1.6 0.0 -0.3 -1.4 -2.1 Q4 2024 IMP IS EXP IS IMP FO EXP FO TA NO North NO South Q4 2025 Volume development by quarter Teus ‘000 Change by trade lines Teus ‘000 Liner results EURm Q4 25 Q3 25 QoQ % Q4 24 YoY % Revenue 99.6 104.7 -4.9% 109.6 -9.1% Expenses 99.4 101.9 -2.5% 97.1 2.3% Thereof salaries 11.7 11.0 6.9% 11.1 5.5% EBITDA 0.2 2.8 -92.6% 12.5 -98.3% EBITDA margin 0.2% 2.7% 11.4% EBIT -6.6 -5.4 2.6 EBIT margin -6.6% -5.1% 2.3% Our liner solutions, your success
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12 Stable volume in the quarter and in line with seasonality, while Q4 2024 had exceptionally high activity. Trans-Atlantic freight rates at lower levels. 4.9 4.2 4.2 3.7 3.5 3.0 2.6 3.8 3.3 3.0 0.4 0.3 0.2 0.5 0.4 8.4 7.1 8.2 7.5 6.9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 TA Westbound TA Eastbound Shortsea Volume development by quarter Teus ‘000 Drewry World Container Index development $US/40ft container - 14.4% Note: Q1 to date 22 January 0 2,000 4,000 6,000 8,000 10,000 12,000 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 2020 2021 2022 2023 2024 2025 World Index RTM-NY NY-RTM Our Trans-Atlantic solutions, your success Trans-Atlantic
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Freight forwarding with global reach 30 locations in 20 countries across four continents Specialized in frozen and chilled commodities
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14 Volumes at similar levels year on year despite export from Asia affected by US tariffs - 2.8% Volume development by quarter Teus ‘000 Volume bridge and split by geography Teus ‘000 Forwarding results EURm Note: Historical volume data has been restated with a standardized platform Forwarding segmentOur forwarding solutions, your success 30.9 24.2 26.3 28.6 30.6 11.3 10.9 11.4 11.9 10.5 42.3 35.1 37.6 40.5 41.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Reefer Dry 18.2 19.8 19.0 16.5 3.3 3.1 42.3 1.6 -2.5 -0.2 -0.1 41.1 Q4 2024 Europe Asia Scandinavia N-America Q4 2025 Europe Asia Scandinavia N-America Q4 25 Q3 25 QoQ % Q4 24 YoY % Revenue 80.3 75.8 5.9% 97.2 -17.4% Expenses 77.7 72.4 7.3% 94.4 -17.7% Thereof salaries 7.3 6.7 9.2% 6.7 7.7% EBITDA 2.6 3.4 -24.5% 2.8 -6.4% EBITDA margin 3.2% 4.5% 2.8% EBIT 1.3 2.2 -37.6% 0.9 46.5% EBIT margin 1.7% 2.8% 0.9%
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Forwarding volume split YTD Asia - Africa 5% Asia - N-America 9% Intra - Europe 4% Europe - Africa 12% Intra - Africa 2% Europe - Asia 18% Asia - Europe 26% Other trades 11% Intra - Asia 9% Europe - N-America 4%
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Logistics and agency services Providing holistic door-to-door solutions in the North-Atlantic Leveraging valuable local expertise and Eimskip’s strong infrastructure Trucking Terminal operations Warehouses Chilled and cold storages Agency Operations
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17 Logistics and agency The segment delivered a solid performance despite mixed activity. Terminals in Iceland affected by disruptions among industrial customers and some markets were impacted by lower seafood inventories. Percentage split of revenue Logistics and agency results EURm 47% 48% 48% 48% 51% 22% 23% 24% 22% 23% 24% 23% 21% 22% 22% 3% 2% 3% 7% 3%4% 5% 4% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Trucking Warehouse & CS Terminal Agency Other Q4 25 Q3 25 QoQ % Q4 24 YoY % Revenue 69.0 72.8 -5.1% 70.0 -1.3% Expenses 59.1 58.6 0.9% 58.1 1.7% Thereof salaries 22.6 21.7 4.3% 21.9 3.4% EBITDA 10.0 14.2 -29.9% 11.9 -16.3% EBITDA margin 14.4% 19.5% 17.0% EBIT 3.8 9.1 -58.2% 5.1 -24.4% EBIT margin 5.5% 12.6% 7.2% Our logistics solutions, your success
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18 Note: Absolute values reflect the Group´s totals. Numbers have been adjusted where needed, for comparison between countries. Logistics volume QoQ Good activity in trucking and dry warehouses, while cold storages had less activity. Terminals affected by less industrial cargo. 712.000 tons transported 184.000 pallets out96.000 average # of pallets Up by 3.000 palletsUp by 2.000 pallets 46.000 container lifts Down by 8.000 lifts 55.000 pallets out23.000 average # of pallets Down by 13.000 pallets Down by 1.000 pallets Down by 39.000 tons Terminals Trucking Warehouses Cold storages
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19 Financial results
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20 Income statement Q4 2025 Revenue decreased by 11.4% while expenses decreased by 5.7%. Salaries increased by 4.7%, excluding salaries, expenses reduced by 8.1%. Depreciation is EUR 4.4m lower than previous year, primarily due to lower number of vessels, but at similar level as in Q3 2025. Net finance expense decreased by EUR 1.4m mainly due to lower net interest cost and favorable currency difference in the quarter . Affiliates are performing well and contributed EUR 5.8m, an increase of EUR 0.4m from last year . A challenging quarter. Marginal benefits of mitigation measures in the quarter. EURm Q4 2025 Q4 2024 Change % Revenue 201.4 227.2 -25.8 -11.4% Expenses 188.6 200.0 -11.4 -5.7% Thereof salary and related expenses 41.6 39.7 1.9 4.7% EBITDA 12.7 27.1 -14.4 -53.0% Depreciation and amortization 14.2 18.6 -4.4 -23.6% EBIT -1.4 8.6 -10.0 -116.9% Net finance expense -3.0 -4.3 1.4 -31.2% Share of profit of affiliates 5.8 5.5 0.4 6.6% Net earnings before income tax 1.4 9.7 -8.3 -85.5% Income tax -1.4 -2.4 1.0 -40.2% Net earnings for the period 0.0 7.3 -7.3 -100.2% EBITDA ratio 6.3% 11.9% EBIT ratio -0.7% 3.8% Profit margin 0.0% 3.2%
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21 Income statement FY 2025 Finna aðra mynd Hún er líka á glæru 14 EURm 2025 2024 Change % Revenue 807.5 847.1 -39.6 -4.7% Expenses 737.8 749.3 -11.5 -1.5% Thereof salary and related expenses 163.2 151.4 11.8 7.8% EBITDA 69.7 97.8 -28.1 -28.7% Depreciation and amortization 60.5 62.9 -2.4 -3.8% EBIT 9.2 34.9 -25.7 -73.7% Net finance expense -9.6 -13.7 4.2 -30.3% Share of profit of affiliates 12.5 15.7 -3.2 -20.5% Net earnings before income tax 12.1 36.8 -24.8 -67.2% Income tax -2.7 -6.8 4.1 -59.9% Net earnings for the period 9.3 30.0 -20.7 -68.9% EBITDA ratio 8.6% 11.5% EBIT ratio 1.1% 4.1% Profit margin 1.2% 3.5%
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22 99.9 95.5 96.7 94.9 91.0 87.3 67.4 63.0 68.3 71.8 40.0 37.4 41.3 41.6 38.6 227.2 200.3 201.1 204.7 201.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Liner Forwarding Logistics and agency Revenue analysis Total revenue decreased by EUR 25.8m or 11.4% YoY but in line with previous quarters in 2025. Liner revenue decreased by EUR 8.9m or 9.0% while volume was 6.1% lower . • Revenue in both Iceland and Faroe Island was impacted by reduced export volume and lower unit prices. • Trans-Atlantic was in line with expectation, however in Q4 2024 volumes and rates were strong due to imminent harbor strikes on the US east coast. • Reefer liner revenue and volume affected with one of four vessels being out of service in the quarter . Forwarding revenue decreased by EUR 15.5m or 17.8% while volume reduced by only 2.8% driven by substantially lower average global freight rates. Drewry world container index dropped by 45% between periods. Logistics and agency declined marginally by EUR 1.3m or 3.3%. Revenue increased in trucking and warehouses from last year while terminal operations in Iceland were affected by less industrial cargo. Adjusted for suspension of ferry service in Iceland, the segment’s revenue increased by 0.3m YoY . Revenue impacted by lower export volumes and lower global freight rates Total revenue development EURm Geographical split of revenue - 11.4% 51.8% 54.8% 55.5% 56.6% 56.6% 9.0% 6.6% 7.0% 6.6% 8.6%3.2% 4.5% 5.1% 3.9% 3.4% 20.4% 22.1% 21.9% 21.8% 20.7% 11.8% 8.3% 7.0% 7.6% 8.0% 3.7% 3.6% 3.4% 3.5% 2.7% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Iceland Faroe Islands Norway Europe Asia N-America
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23 Revenue affected by lower unit prices in Liner and reduced volumes. A significant decline in global freight rates impacted Forwarding. The Logistics segment had a solid quarter despite less activity in some business units. Revenue bridge by business activity EURm -1.2 -15.5 0.9 2.4 -1.2 -1.6 -1.7 -0.2 227.2 -7.7 201.4 Q4 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q4 2025 Revenue bridge
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24 -13.3 -2.1 0.5 0.8 1.9 0.8 200.0 188.6 Q4 2024 3rd party Bunker ETS Liner & equipm. Salaries Other Q4 2025 115.3 96.2 92.9 97.0 102.1 14.3 15.1 12.4 12.5 12.7 18.8 20.8 20.5 19.4 19.6 39.7 40.7 41.6 39.3 41.6 11.9 12.2 12.5 16.1 12.7 200.0 185.0 179.9 184.3 188.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 3rd p logistics serv. Bunker & ETS Liner & equipm. Salaries Other Expense analysis Expenses decreased by EUR 11.4m or 5.7% YoY . This was mainly driven by a reduction in third-party logistics services and lower bunker cost. Lower third-party expenses can mostly be attributed to a reduction in freight cost, as global freight rates continued to decrease in the quarter . Bunker cost decreased by EUR 2.1m or 15.7% due to lower bunker prices, lower consumption and sailed miles. ETS cost increased by EUR 0.5m in the quarter and total cost in 2025 was EUR 6.4m compared to EUR 3.6m last year . ETS implementation went from 40% to 70% in 2025. Salaries increased by EUR 1.9m or 4.7% which is a lower increase between periods than in recent quarters. Part of the increase is due to one-off redundancy cost in the quarter and EUR 0.7m was due to negative currency fluctuations. Lower total expenses as a result of declining global freight rates and bunker cost Total expenses development EURm Expense bridge EURm - 5.7%
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25 Expense bridge Forwarding accounted for most of the reduction in expenses due to lower global freight rates. Container Liner expense increased between periods mainly due to dockings and a short-term replacement charter vessel. Expense bridge by business activity EURm -0.4 -15.4 -0.4 3.3 -0.3 -1.2 -0.9 0.2 200.0 3.6 188.6 Q4 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q4 2025
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26 27.1 15.3 21.2 20.4 12.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITDA development by quarter EURm - 53% EBITDA bridge by business activity EURm EBITDA result reflects pressure on Liner while trucking continues to perform well -0.8 -0.1 1.3 -0.9 -0.9 -0.5 -0.8 -0.4 27.1 -11.3 12.7 Q4 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q4 2025
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27 35.5 12.7 3.5 -12.5 -10.1 -1.1 -3.9 25.6 1.5 Cash position 30.09.2025 EBITDA Taxes Working capital change Maint. CAPEX Financing activities Other investment Share buy back Cash position 31.12.2025 Cash flow bridge EURm Cash flow and leverage Solid cash position despite lower cash flow from operations 223 221 237 217 221 105 110 114 110 107 2.28 2.23 2.45 2.58 3.17 -1.30 -0.80 -0.30 0.20 0.70 1.20 1.70 2.20 2.70 3.20 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net debt Whereof operational leases Leverage ratio Net interest-bearing debt and leverage ratio by quarter EURm Cash flow from operations development by quarter EURm 18.4 15.9 15.1 0.7 5.1 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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28 24.1 25.4 26.9 35.1 29-32 29-32 29-32 2022 2023 2024 2025 2026 Plan 2027 Plan 2028 Plan Maintenance and investment capex New investment capex amounted to EUR 3.8m in Q4 and a total of EUR 9.3m in 2025 and lower than the plan of EUR 15- 18m as some new investments were deferred as mitigation to operational headwinds. Investments include washing facility in Sundahöfn terminal, increased investments in the trucking fleet and refurbishment of old headquarters in Iceland, for the use of TVG and Gára, and the Netherlands office. Maintenance capex amounted to EUR 12.5m in Q4 and a total of EUR 35.1m for the year 2025. The most significant maintenance capex items this year include vessel dockings (Brúarfoss, Dettifoss, Holmfoss and Svartfoss) and various equipment renewals. Acceleration of equipment fleet renewal in Domestic Iceland explains the variance from the original plan of EUR 29-32m for the year 2025. Maintenance capex EURm New investment capex EURm 9.7 17.8 11.4 9.3 15-18 15-18 15-18 2022 2023 2024 2025 2026 Plan 2027 Plan 2028 Plan A new three-year maintenance and new investment capex plan remains on same level as previous plans.
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Sustainability
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30 Target to reach net zero by 20401 10% from 2024 Maintaining focus on sustainability targets Code of Conduct 81% of employees have confirmed Supplier Code of Conduct 45% Suppliers in target group to confirm Up from 42% in 2024 Women in management 34% Target 40% by 2030 Employee turnover 20% In alignment with Eimskip’s internal benchmark2. No change year-to-year Zero accident policy3 2.8% Target 0% Down 0,4 point from 2024 1Greenhouse gas emission 2025 compared to 2024 2Eimskip’s benchmark is based on available information on employee turnover in similar companies 3Injury rate represents % of accidents that lead to absence
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31 Social responsibility Contributing to society through targeted grants and partnerships Total grants 102m ISK Total number of beneficiaries 66 Supporting the local community Service 27m ISK Cash 75m ISK 38% Safety & prevention 35% Sports & youth programs 17% Culture and arts 6% Environment 4% Other
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32 8 7.9 8.1 8.1 8.2 2021 2022 2023 2024 2025 Employee satisfactionCustomer satisfaction 4.5 / 5 Conducted by EMC in November-December 2025 Employee satisfaction 8.2 / 10 Conducted by Eimskip Group using Workday Peakon Employee Voice in April 2025 Top 25% Transportation Sector* *Based on data from the Workday Peakon Employee Voice database, which includes nearly 225 million employee survey responses and over 41 million comments from organizations across 160 countries. 32 28 29 37 40 10 20 30 40 50 60 70 2021 2022 2023 2024 2025 Customer NPS score Our team, your success
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Outlook Connect communities, deliver prosperity Vision
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Import into Iceland is expected to decline slightly, primarily due to reduced industrial volume. Export from Iceland continues to be affected by lower industrial volume, however somewhat offset by an increase in salmon harvesting and white fish. There are positive signs regarding a solid capelin season. Volume in Trans-Atlantic to be on similar level as last year, with good balance. Uncertainty surrounding US tariffs continues but freight rates are expected to be on similar levels as at end of Q4 2025. Import to the Faroe Islands is expected to be slightly lower than last year . Anticipating a modest increase in salmon export, while some uncertainty regarding export volume of pelagic fish. Liner volume continues to be impacted by less industrial cargo, however potentially offset by upcoming capelin season. Expecting traditional seasonality in Q1. Reefer liner volume southbound expected to be at lower levels compared to last year due to quota reduction. One of four reefer vessels was out of service in Q3 and Q4 2025 but came back into service at the start of 2026 Forwarding volumes expected to be similar to last year while global freight rates expected to remain somewhat lower due to increased global capacity. Furthermore, geopolitical developments are influencing customer patterns. Anticipating a relatively good quarter in Logistics with decent activity in trucking and warehousing while terminals in Iceland will be affected by less industrial cargo. Continued focus on mitigation measures addressing operational headwinds which will gradually start to realize in Q1 2026. Outlook
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Thank you
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Appendix
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37 This is Eimskip Since 1914 Eimskip has been a trusted partner in global logistics with a network spanning 20 countries, 56 offices and 1,700 employees. To ensure reliable door-to-door solutions for our customers, our services include container and reefer vessel operations in the North-Atlantic, terminal operations, trucking systems, warehouses, cold storages and a global forwarding network. 56 Offices Employee satisfaction 8.2 Scale 1 - 10 20 Countries 13 Vessels 9 Container vessels 4 Reefer vessels 52 Nationalities Customer satisfaction 4.5 Scale 1 - 5 Established in 1914 32% Female 68% Male 1701 FTEs *Greenhouse gas emission 2025 compared to 2024 29 Warehouses 11 Cold storages Greenhouse gas emissions* -10% Senior management 34% Female 66% Male Board of Directors 60% Female 40% Male
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38 Our solutions, your success Logistics and agency services represents trucking and distribution, warehousing, cold storages, own terminal operations and agency. Various services offered across 30 locations in 11 countries. Liner services includes container- and reefer liner services in the North-Atlantic. This includes import and export from Iceland and the Faroe Islands, west- and eastbound Trans-Atlantic and reefer liner in Norway. Included in this segment is all liner related pre- and on-carriages. A total of 22 liner offices across 14 countries. Forwarding services represents sale and services of transportation solutions outside of Eimskip's own operating system, particularly in sea-, air-, and land transportation. A total of 30 forwarding offices across 20 countries and four continents. Liner services Forwarding services Logistics and agency
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39 Income statement by segments Q4 2025 vs Q4 2024 EURm Q4 2025 Q4 2024 YoY % Q4 2025 Q4 2024 YoY % Q4 2025 Q4 2024 YoY % Q4 2025 Q4 2024 Q4 2025 Q4 2024 YoY % Revenue 99.6 109.6 -9.1% 80.3 97.2 -17.4% 69.0 70.0 -1.3% -47.5 -49.6 201.4 227.2 -11.4% Expenses 99.4 97.1 2.3% 77.7 94.4 -17.7% 59.1 58.1 1.7% -47.5 -49.6 188.6 200.0 -5.7% There of salaries 11.7 11.1 5.5% 7.3 6.7 7.7% 22.6 21.9 3.4% 41.6 39.7 4.7% EBITDA 0.2 12.5 -98.3% 2.6 2.8 -6.4% 10.0 11.9 -16.3% 12.7 27.1 -53.0% Depreciation 6.8 9.9 -31.1% 1.2 1.8 -32.8% 6.1 6.8 -10.3% 14.2 18.6 -23.6% EBIT -6.6 2.6 1.3 0.9 46.5% 3.8 5.1 -24.4% -1.4 8.6 -116.9% Net finance expense -1.4 -2.1 -31.9% -0.5 -0.7 -29.4% -1.1 -1.6 -31.0% -3.0 -4.3 -31.2% Share of earnings 5.8 5.4 6.8% 0.0 0.0 5.8 5.5 6.6% EBT -2.2 6.0 0.9 0.3 208.8% 2.7 3.4 -21.3% 1.4 9.7 -85.5% Taxes 0.0 -1.1 -97.9% -0.3 -0.2 19.1% -1.1 -1.0 6.4% -1.4 -2.4 -40.2% Net Profit -2.2 4.9 -146.0% 0.6 0.1 1.6 2.4 -33.3% 0.0 7.3 -100.2% A management distribution rule is applied for illustration purposes on net financial income and taxes to each segment Volume (teus '000) 50.4 53.6 -6.1% 41.1 42.3 -2.8% Jobs 26,106 25,938 0.6% Revenue per teus (EUR) 1,977 2,043 -3.2% 1,953 2,299 -15.0% Cost per teus (EUR) 1,972 1,810 9.0% 1,891 2,233 -15.3% EBITDA per teus (EUR) 4.1 232.6 -98.2% 62.9 65.3 -3.7% Sailed miles Q4 179,436 191,627 Uitilization (headhaul) - Cont. Liner 82% 82% EliminationLogistics and agencyForwardingLiner Total
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40 Income statement by segments FY 2025 vs FY 2024 EURm 2025 2024 YoY % 2025 2024 YoY % 2025 2024 YoY % 2025 2024 2025 2024 YoY % Revenue 415.3 419.0 -0.9% 303.1 335.5 -9.7% 275.8 278.8 -1.1% -186.7 -186.2 807.5 847.1 -4.7% Expenses 396.8 377.7 5.1% 292.5 321.9 -9.1% 235.3 235.9 -0.3% -186.7 -186.2 737.8 749.3 -1.5% Thereof salaries 45.5 42.7 6.6% 27.5 24.9 10.3% 90.3 83.8 7.7% 163.2 151.4 7.8% EBITDA 18.5 41.3 -55.1% 10.6 13.6 -21.8% 40.5 42.9 -5.5% 69.7 97.8 -28.7% Depreciation 34.2 35.6 -4.0% 5.1 4.9 3.7% 21.3 22.4 -5.1% 60.5 62.9 -3.8% EBIT -15.7 5.7 5.6 8.7 -36.1% 19.3 20.5 -6.0% 9.2 34.9 -73.7% Net finance expense -4.5 -6.5 -30.6% -1.5 -2.1 -30.5% -3.6 -5.1 -30.0% -9.6 -13.7 -30.3% Share of earnings 12.4 15.6 -20.5% 0.1 0.1 -27.8% 12.5 15.7 -20.5% EBT -7.7 14.8 4.2 6.7 -37.8% 15.7 15.3 2.1% 12.1 36.8 -67.2% Taxes -0.7 -2.9 -74.7% -0.4 -0.9 -56.0% -1.6 -3.0 -46.8% -2.7 -6.8 -59.9% Net Profit -8.5 11.9 -171.2% 3.8 5.8 -34.8% 14.1 12.3 13.9% 9.3 30.0 -68.9% A management distribution rule is applied for illustration purposes on net financial income and taxes to each segment Volume (teus '000) 211.4 206.6 2.3% 154.3 158.0 -2.3% Jobs 101,326 99,458 1.9% Revenue per teus (EUR) 1,964 2,028 -3.1% 1,965 2,124 -7.5% Cost per teus (EUR) 1,877 1,828 2.7% 1,896 2,038 -7.0% EBITDA per teus (EUR) 87.7 199.9 -56.1% 69.0 86.1 -20.0% Sailed miles (LTM) 750,861 764,869 Uitilization (headhaul) - Cont. Liner 83% 80% Liner Forwarding Logistics and agency Elimination Total
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41 Container liner analysis Lower bunker consumption per sailed mile and stable utilization 72.4 71.6 71.4 71.0 68.9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 765 759 763 763 751 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM bunker consumption development Metric ton (‘000) LTM sailed miles development Thousand Miles (‘000) 82% 84% 85% 81% 82% 60% 62% 65% 60% 60% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Headhaul Full units Roundtrip Vessel utilization
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42 Balance sheet and cash flow EURm FY 2025 FY 2024 Change EBITDA 69.7 97.8 -28.1 Working capital changes and other adjustments 7.8 -2.7 10.5 Paid taxes -5.5 -12.8 7.3 Maintenance Capex -35.1 -26.9 -8.2 Cash flow from operations 36.9 55.4 -18.5 Debt repayments & interest -25.8 -24.8 -1.0 Repayment of lease liabilities -31.3 -31.8 0.5 Cash flow after debt and lease service -20.2 -1.2 -19.0 Net investments -1.7 -4.1 2.4 Change in loan facilities 24.8 28.3 -3.5 Free cash flow to equity 3.0 23.0 -20.0 Dividend received 13.0 0.0 13.0 Dividend to minority -0.2 -1.3 1.1 Dividend paid to equity holders of the Company -15.3 -24.8 9.5 Share buy-back -4.0 -1.3 -2.7 Change in cash -3.6 -4.4 0.8 Effects of exchange rate fluctuations on cash held 0.5 0.5 0.0 Cash position at end of period 25.6 28.7 -3.1 EURm 31.12.25 31.12.24 Change Non-current assets 466.0 483.1 -17.2 Fixed assets 298.4 312.8 -14.3 Right-of-use assets 105.6 107.7 -2.0 Other non-current assets 61.9 62.7 -0.8 Current assets 171.8 184.2 -12.4 Trade and other receivables 136.1 143.2 -7.1 Other current assets 10.0 12.2 -2.2 Cash and cash equivalents 25.6 28.7 -3.1 Assets 637.7 667.3 -29.6 Equity 298.0 316.9 -18.9 Non-current liabilities 214.9 175.5 39.4 Loans and borrowings 124.7 80.5 44.2 Lease liabilitites 83.3 86.5 -3.2 Other non-current liabilitites 6.9 8.5 -1.6 Current liabilities 124.9 174.9 -50.0 Loans and borrowings 16.1 59.4 -43.2 Lease liabilities 24.0 26.8 -2.7 Trade and other payables 83.0 87.4 -4.4 Income tax payable 1.7 1.3 0.4 Liabilities 339.8 350.4 -10.6 Equity and liabilitites 637.7 667.3 -29.6
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43 Key figures by quarter Financial numbers are in EURm Operating results FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Revenue 807.5 201.4 204.7 201.1 200.3 847.1 227.2 219.0 207.1 193.8 817.9 199.1 199.8 206.8 212.1 Expenses 737.8 188.6 184.3 179.9 185.0 749.3 200.0 186.1 183.6 179.5 694.6 176.4 165.3 172.5 180.3 Salaries and related expense 163.2 41.6 39.3 41.6 40.7 151.4 39.7 36.3 37.9 37.5 143.8 36.9 35.1 36.8 35.0 EBITDA 69.7 12.7 20.4 21.2 15.3 97.8 27.1 32.9 23.5 14.2 123.4 22.7 34.5 34.3 31.8 EBIT 9.2 -1.4 5.9 5.7 -1.0 34.9 8.6 18.7 8.6 -0.9 61.0 6.9 18.9 19.4 15.8 Net earnings for the period 9.3 0.0 5.6 4.5 -0.8 30.0 7.3 14.3 7.9 0.5 54.5 8.4 16.6 17.0 12.5 EBITDA ratio 8.6% 6.3% 10.0% 10.5% 7.7% 11.5% 11.9% 15.0% 11.3% 7.3% 15.1% 11.4% 17.3% 16.6% 15.0% EBIT ratio 1.1% -0.7% 2.9% 2.8% -0.5% 4.1% 3.8% 8.5% 4.1% -0.5% 7.5% 3.5% 9.4% 9.4% 7.4% Profit ratio 1.2% 0.0% 2.7% 2.2% -0.4% 3.5% 3.2% 6.5% 3.8% 0.3% 6.7% 4.2% 8.3% 8.2% 5.9% Earnings per share (in EUR) 0.058 0.058 0.034 0.028 -0.003 0.184 0.045 0.088 0.047 0.003 0.325 0.051 0.100 0.101 0.073 Balance sheet 31.12.25 31.12.2025 30.09.25 30.06.25 31.03.25 31.12.24 31.12.24 30.09.24 30.06.24 31.03.24 31.12.23 31.12.23 30.09.23 30.06.23 31.03.23 Assets 637.7 637.7 654.3 675.1 662.9 667.3 667.3 655.4 648.1 631.4 618.8 618.8 651.4 638.5 668.4 Equity 298.0 298.0 301.5 296.7 296.9 316.9 316.9 306.2 293.5 285.7 312.1 312.1 314.6 297.9 282.5 Liabilities 339.8 339.8 352.8 378.4 366.0 350.4 350.4 349.1 354.6 345.7 306.7 306.7 336.8 340.6 386.0 Interest-bearing debt 248.1 248.1 253.6 267.8 249.2 253.1 253.1 241.4 248.6 225.0 211.2 211.2 222.3 228.3 229.3 Loans and borrowings 140.8 140.8 143.6 154.0 138.9 139.9 139.9 144.1 143.5 127.1 119.2 119.2 122.8 124.9 131.2 Lease liabilities 107.3 107.3 110.0 113.7 110.3 113.3 113.3 97.3 105.1 98.0 92.0 92.0 99.5 103.4 98.1 Net debt 222.5 222.5 217.6 237.3 220.6 223.2 223.2 215.6 221.3 196.2 176.6 176.6 172.8 179.4 139.8 Equity ratio 46.7% 46.7% 46.1% 43.9% 44.8% 47.5% 47.5% 46.7% 45.3% 45.2% 50.4% 50.4% 48.3% 46.7% 42.3% LTM return on equity 3.0% 3.0% 5.5% 8.6% 9.9% 9.5% 9.5% 10.0% 11.3% 15.0% 17.5% 17.5% 22.2% 28.0% 32.7% Leverage ratio 3.17 3.17 2.58 2.45 2.23 2.28 2.28 2.31 2.33 1.85 1.43 1.43 1.24 1.16 0.85 Cash flow FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Net cash from operating activities 43.4 14.5 5.9 20.1 17.3 63.7 24.1 13.2 21.3 5.1 98.5 12.1 29.3 22.2 34.3 Cash and cash equivalents at the end of the period 25.7 25.7 35.5 29.9 27.6 28.7 28.7 24.4 25.7 27.0 32.5 32.5 47.1 46.3 86.8 New investments 9.3 3.8 1.6 1.9 1.9 11.4 3.0 2.7 4.6 1.0 17.8 5.5 6.0 5.1 1.1 Maintenance capex 35.1 12.5 8.8 8.7 5.1 26.9 8.0 6.5 7.0 5.3 25.4 3.6 10.9 4.8 6.1 Distribution to shareholders 15.3 - 15.3 - 24.8 - - 24.8 - 35.4 - - 35.4 - Share buy back 3.9 3.8 0.1 - - 1.3 - - - 1.3 5.4 5.4 - - -
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We simply deliver
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Disclaimer Information contained in this presentation is based on sources that Eimskipafélag Íslands hf. (“Eimskip“ or the ”Company“) considers reliable at each time. Its accuracy or completeness can however not be guaranteed. Copyright of information contained in this presentation is owned by Eimskip. This presentation, including information contained therein, may not be copied, reproduced or distributed in any manner, neither wholly nor partly. This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation. Eimskip is not obliged to provide recipients of this presentation any further information on the Company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change. Statements contained in this presentation that refer to the Company’s estimated or anticipated future results or future activities are forward-looking statements which reflect the Company’s current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. By the receipt of this presentation the recipient acknowledges and accepts the aforesaid disclaimer and restrictions.