Interim report
Page 1
– Eimskipafélag Íslands hf. Condensed Consolidated Interim Financial Statements 1 January to 30 June 2026 | EUR
Page 2
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 1 Contents Endorsement and Statement by the Board of Directors and the CEO ................................ .................... 2 Condensed Consolidated Income Statement 1 January to 30 June 2026 ................................ ............... 5 Consolidated Income Statement of Comprehensive Income 1 January to 30 June 2026 ........................ 6 Consolidated Statement of Financial Position as at 30 June 2026 ................................ ........................... 7 Consolidated Statement of Changes in Equity 1 January to 30 June 2026 ................................ ............... 8 Consolidated Statement of Cash Flows 1 January to 30 June 2026 ................................ ......................... 9 Notes ................................ ................................ ................................ ................................ ..................... 10 1. Reporting entity ................................ ................................ ................................ ................................ . 10 2. Basis of preparation ................................ ................................ ................................ ........................... 10 3. Significant accounting policies ................................ ................................ ................................ ........... 10 4. Use of estimates and judgements ................................ ................................ ................................ ...... 10 5. Changes in significant accounting policies and other changes ................................ ........................... 11 6. Segment reporting ................................ ................................ ................................ ............................. 11 7. Financial income and expenses ................................ ................................ ................................ .......... 14 8. Earnings per share ................................ ................................ ................................ ............................. 15 9. Assets held for sale ................................ ................................ ................................ ............................ 15 10. Trade and other receivables ................................ ................................ ................................ ............. 16 11. Loans and borrowings ................................ ................................ ................................ ...................... 16 12. Lease liabilities ................................ ................................ ................................ ................................ . 17 13. Trade and other payables ................................ ................................ ................................ ................. 17 14. Group entities ................................ ................................ ................................ ................................ .. 17 15. Shareholder distributions................................ ................................ ................................ ................. 18 16. Other matters ................................ ................................ ................................ ................................ .. 18 17. Subsequent events ................................ ................................ ................................ ........................... 18 Quarterly Statements ................................ ................................ ................................ ............................. 19 Key figures by quarter ................................ ................................ ................................ ............................ 20
Page 3
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 2 Endorsement and Statement by the Board of Directors and the CEO Eimskipafélag Íslands hf. and its subsidiaries (together referred to as "Eimskip", "the Group" or "the Company") has been since 1914 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. The Consolidated Financial Statements of the Group include the financials of the parent company and its subsidiaries. The Group consists of a total of 57 companies in addition to five foreign branches. The Company operates branch offices in Norway, Denmark, UK, Netherlands and Germany. The Condensed Consolidated Interim Financial Statements for the Group are prepared and presented in accordance with IFRS accounting standards (IFRS) as adopted by the EU and additional requirements for listed Icelandic companies. The Financial Statements are presented in thousands of EUR. The Condensed Consolidated Interim Financial Statements have not been audited or reviewed by the Company's independent auditors and should be read in conjunction with the Group's Annual Consolidated Financial Statement as at and for the year ended 31 December 2025. Net earnings for the first six months of the year 202 6 amounted to EUR 0.8 million according to the Condensed Consolidated Income Statement. Total equity on 30 June 2026 amounted to EUR 295.3 million according to the Consolidated Statement of Financial Position. Operations and significant matters In the second quarter of 202 6, revenue amounted to EUR 225.4 million and increased by EUR 23.1 million from the previous year. Development of revenue was different across the three business segments. Liner revenue increased by EUR 9.9 million or 10.2% despite 2.4% decrease in volume mainly due to an emergency bunker surcharge that was implemented in March this year. Forwarding revenue increased by EUR 13.6 million or 21.2%, driven by higher global freight rates and project cargo in the quarter. Revenue in Logistics and agency segment were stable but adjusted for the suspension of the ferry service in Iceland, revenue increased by EUR 1.2 million. Total operating expenses increased by EUR 23.0 million, from EUR 181.1 million in the second quarter of 2025 to EUR 204.1 million in the second quarter of 2026. The heightened geopolitical tension in the Middle East is the single biggest attributer to the increase in expenses. The increase in third -party logistics costs was largely a result of higher global freight rates and inland transportation costs resulting from increased oil prices, together with higher vessel charter expenses. Bunker increased by EUR 5.7 million or 52.7% due to the sharp increase in global oil prices in the period. ETS cost increased by EUR 0.9 million as ETS implementation went from 70% to 100% in 2026 . Salary expenses increased only by EUR 0.4 million or 0.9% despite recent collective wage agreements in Iceland. EBITDA in the second quarter amounted to EUR 21.3 million, which is the same level as last year. In the second quarter, EBITDA comparison between years is negatively impacted by approximately EUR 1.0 million, reflecting a EUR 0.7 million effect of the seafarers' strike in April and a EUR 0.3 million adverse year-on-year comparison effect from the discontinuation of ferry operations last year. Depreciation decreased by EUR 0.9 million, primarily due to fewer vessels in operation. Net finance expenses increased by EUR 3.6 million to EUR 4.2 million driven by unfavorable foreign exchange movements compared with the same quarter last year. Affiliates performed well and contributed EUR 2.7 million higher than last year.
Page 4
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 3 Endorsement and Statement by the Board of Directors and the CEO Several factors in Eimskip's external environment continue to contribute to uncertainty in the coming months. Geopolitical tensions in the Middle East have increased volatility in energy markets, resulting in higher fuel prices and greater uncertainty across global transportation and logistics. At the same time, international shipping lines have gradually resumed transit through the Suez Canal, which is expected to increase available vessel capacity and may put downward pressure on global freight rates. Although uncertainty surrounding U.S. tariff policy has eased, policy unpredictability remains a defining characteristic of the current U.S. administration and continues to influence global trade sentiment, supply chain planning and investment decisions. More broadly, geopolitical developments, trade policy changes and shifting shipping patterns continue to create volatility in freight markets and operational complexity across the logistics sector. An operational disruption at Norðurál's Grundartangi plant in October 2025 resulted in a temporary reduction in production capacity, adversely affecting Eimskip's Liner volumes and terminal operations. Production resumed in April 2026 and gradually returned to full capacity by the end of July 2026, reducing the impact on volumes going forward. In a global environment characterized by recurring geopolitical, economic and operational disruptions, Eimskip has demonstrated strong ability to respond and adapt to changing conditions. The Group builds on its core strengths in the North Atlantic, with a clear focus on transportation of frozen and chilled commodities where Eimskip has developed significant expertise. By staying operationally focused, cost conscious and close to its customers, Eimskip concentrates on its core strengths and adjusts its operations to meet evolving market needs. While external factors may continue to influence performance in the short term, the Group’s experienced organization and flexible operating model support resilience over the cycle. Share Capital and article of association The Annual General Meeting approved on 26 March 2026 shareholder distributions and changes to the Company’s share capital during the year, including dividend payments and share capital reduction through cancellation of treasury shares. Further details are disclosed in note 15 to the Condensed Consolidated Interim Financial Statements.
Page 5
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 4 Endorsement and Statement by the Board of Directors and the CEO Statement by the Board of Directors and the CEO According to the best of our knowledge, it is our opinion that these Condensed Consolidated Interim Financial Statements give a true and fair view of the financial performance of Eimskip for the six months ended 30 June 2026, its assets, liabilities and consolidated financial position as of 30 June 2026 and its consolidated cash flow for the six months period ended 30 June 2026. The Board of Directors and the CEO have today discussed the Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. for the period 1 January to 30 June 2026 and confirm them by means of their signatures. Reykjavík, 25 August 2026. Board of Directors: Óskar Magnússon, Chairman Margrét Guðmundsdóttir, Vice- Chairman Frosti Ólafsson, Board Member Guðrún Ó. Blöndal, Board Member Ólöf Hildur Pálsdóttir, Board Member CEO: Vilhelm Már Thorsteinsson
Page 6
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 5 Amounts are in thousands of EUR Condensed Consolidated Income Statement 1 January to 30 June 2026 Notes 2026 2025 2026 2025 1.4.- 30.6. 1.4.- 30.6 1.1.- 30.6. 1.1.- 30.6 225,393 202,288 417,109 403,588 6 225,393 202,288 417,109 403,588 161,445 138,876 303,033 284,155 42,647 42,216 83,509 82,902 6 204,092 181,092 386,542 367,057 21,301 21,196 30,567 36,531 14,608)( 15,487)( 28,675)( 31,823)( 6,693 5,709 1,892 4,708 187 308 243 398 3,625)( 4,081)( 7,467)( 7,927)( 729)( 3,210 1,324)( 4,285 7 4,167)( 563)( 8,548)( 3,244)( 3,412 704 6,692 3,201 337 0 337 0 6,275 5,850 373 4,665 781)( 1,335)( 436 925)( 5,494 4,515 809 3,740 5,347 4,560 858 3,976 147 45)( 49)( 236)( 5,494 4,515 809 3,740 8 0.0330 0.0278 0.0053 0.0242 8 0.0330 0.0278 0.0053 0.0243 The notes on pages 10 to 18 are an integral part of these Condensed Consolidated Interim Financial Statements. Diluted earnings per share (EUR per share) ........................... Equity holders of the Company .............................................. Earnings per share: Basic earnings per share (EUR per share) ............................... Finance income ....................................................................... Income tax ............................................................................... Finance expense ...................................................................... Net earnings before income tax .................................................................................. Net earnings for the period ............................................................................................... Non-controlling interest .......................................................... Net earnings for the period attributable to: Share of earnings of equity-accounted investees .................. Net finance expense ............................................................... Net foreign currency exchange (loss) gain ............................. Profit on disposal of subsidiary ............................................... Expenses .................................................................................. Salaries and related expenses ................................................ Operating profit, EBITDA ................................................................................................. Depreciation, amortization and impairment .......................... Results from operating activities, EBIT ..................................................................................... Revenue Expenses Revenue ...................................................................................
Page 7
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 6 Amounts are in thousands of EUR Consolidated Income Statement of Comprehensive Income 1 January to 30 June 2026 Notes 2026 2025 2026 2025 1.4. 30.06 1.4 - 30.6 1.1. -30.6 1.1 - 30.6 5,494 4,515 809 3,740 Items that are or may subsequently be reclassified to the income statement 284 4,388)( 1,789 8,113)( 253)( 535)( 119 585)( 50 72 31 4,873)( 1,908 8,626)( 5,525 358)( 2,717 4,886)( 5,366 322)( 2,761 4,471)( 159 36)( 44)( 415)( 5,525 (358) 2,717 (4,886) The notes on pages 10 to 18 are an integral part of these Condensed Consolidated Interim Financial Statements. Total comprehensive income for the period attributable to: Equity holders of the Company ............................................... Non-controlling interest ........................................................... Total comprehensive income for the period .......................................................................................... Total comprehensive income for the period .......................................................................................... Net earnings for the period .......................................................................................................................................... Other comprehensive income: of foreign operations ............................................................. of cash flow hedges, net of income tax ................................ Total other comprehensive income for the period ............................................................................ Fair value changes of non-controlling put option liability ....... Foreign currency translation difference Effective portion of changes in fair value
Page 8
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 7 Amounts are in thousands of EUR Consolidated Statement of Financial Position as at 30 June 2026 Notes 30.6.2026 31.12.2025 Assets: 238,464 235,601 118,455 105,630 25,808 25,662 4 39,821 37,159 64,590 57,829 1,156 1,317 3,764 2,755 492,058 465,953 11,917 9,966 9 675 10 10 180,642 137,330 24,394 25,653 217,628 172,959 709,686 638,912 Equity: 992 994 93,027 93,768 141,644 131,437 58,279 70,368 15 293,942 296,567 1,339 1,386 295,281 297,953 Liabilities: 11 118,188 124,681 12 100,898 83,310 573 556 4,004 6,323 223,663 214,870 11 37,584 16,147 12 21,428 24,009 13 129,537 84,219 2,193 1,714 190,742 126,089 414,405 340,959 709,686 638,912 The notes on pages 10 to 18 are an integral part of these Condensed Consolidated Interim Financial Statements. Inventories ......................................................................................................... Trade and other receivables ............................................................................. Cash and cash equivalents ................................................................................. Asset held for sale .............................................................................................. Total non-current assets Property, vessels and equipment ...................................................................... Other Intangible Assets ..................................................................................... Equity accounted investees ............................................................................... Financial assets .................................................................................................. Deferred tax assets ............................................................................................ Right-of-use assets ............................................................................................. Total current liabilities Share capital ...................................................................................................... Total assets Total current assets Total equity attributable to equity holders of the parent company Total equity and liabilities Share premium .................................................................................................. Reserves ............................................................................................................. Retained earnings .............................................................................................. Non-controlling interest .................................................................................... Loans and borrowings ....................................................................................... Loans and borrowings ....................................................................................... Trade and other payables .................................................................................. Income tax payable ............................................................................................ Total equity Total non-current liabilities Deferred tax liability .......................................................................................... Other long-term liabilities ................................................................................. Lease liabilities ................................................................................................... Lease liabilities ................................................................................................... Total liabilities Goodwill .............................................................................................................
Page 9
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 8 Amounts are in thousands of EUR Consolidated Statement of Changes in Equity 1 January to 30 June 2026 Trans- Un- Non- Share Share lation Other distributed Retained controlling Total capital premium reserve reserves* profits earnings Total interest equity 1,007 97,754 6,708)( 751 133,268 87,571 313,643 3,248 316,891 7,934)( 513)( 3,976 4,471)( 415)( 4,886)( 0 180)( 180)( 1,107 1,107 1,107)( 0 164 19 183 183 15,317)( 15,317)( 15,317)( 2,108 2,108)( 0 0 1,007 97,754 14,642)( 402 135,376 75,248 295,145 1,546 296,691 121,136 994 93,768 12,468)( 815 143,090 70,368 296,567 1,386 297,953 1,784 119 858 2,761 44)( 2,717 0 3)( 3)( 233)( 355 122 122 2)( 741)( 743)( 743)( 4,765)( 4,765)( 4,765)( 8,537 8,537)( 0 0 992 93,027 10,684)( 701 151,627 58,279 293,942 1,339 295,281 141,644 * Other reserves include hedging reserve, share option reserve and reserve for fair value changes of minority put options. Ple ase refer to note 15 for further information. The notes on pages 10 to 18 are an integral part of these Condensed Consolidated Interim Financial Statements. Reserves ................................................................................................... Equity at 30 June 2025 ............................................................................. Equity at 30 June 2026 ............................................................................. Total comprehensive income for the period ........................................... Purchased treasury shares ....................................................................... Dividend declared (0.0934 EUR per share) .............................................. Profit of subsidiaries net of dividend received ........................................ Dividend declared (0.0295 EUR per share) .............................................. Total comprehensive income for the period ........................................... Equity at 1 January 2026 .......................................................................... Reserves ................................................................................................... Changes in Equity 1 January to 30 June 2026: Profit of subsidiaries net of dividend received ........................................ Changes in share options reserve ............................................................ Other changes in non-controlling interest .............................................. Changes in share options reserve ............................................................ Reserves Attributable to equity holders of the Company Purchased shares from non-controlling interests ................................... Changes in Equity 1 January to 30 June 2025: Equity at 1 January 2025 .......................................................................... Other changes in non-controlling interest ..............................................
Page 10
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 9 Amounts are in thousands of EUR Consolidated Statement of Cash Flows 1 January to 30 June 2026 Notes 2026 2025 2026 2025 1.4. - 30.6 1.4. - 30.6 1.1. - 30.6 1.1. - 30.6 Cash flows from operating activities: 5,494 4,515 809 3,740 14,608 15,487 28,675 31,823 7 4,167 563 8,548 3,244 (3,412) 704)( (6,692) 3,201)( (337) 0 (337) 0 (63) 31)( (3,329) 1,517)( (397) 125 506)( 1,248 20,060 19,955 27,168 35,337 (1,262) 2,838 (1,951) 3,703 (25,906) 10,006)( (40,700) 11,664)( 29,328 14,078 47,715 24,191 Change in current assets and liabilities 2,160 6,910 5,064 16,230 187 308 243 398 (3,625) 4,081)( (7,467) 7,927)( 140 2,769)( (1,029) 5,241)( Net cash from operating activities 18,922 20,323 23,979 38,797 Cash flows from investing activities: (8,703) 6,059)( (14,919) 9,969)( (1,548) 894)( (2,716) 1,967)( (13) 0 (61) 0 (2,276) 1,798)( (4,335) 2,917)( 400 812 887 1,463 0 0 0 2,900)( 0 63 0 63 (70) 0 (70) 0 48 6)( 48 232 Net cash used in investing activities 12,162)( 7,882)( 21,166)( 15,995)( Cash flows from financing activities: 0 0 (743) 0 (4,765) 15,317)( (4,765) 15,317)( (3) 180)( (3) 180)( 11 8,720 4,245 19,973 5,336 11 0 15,462 0 15,462 11 (3,059) 3,396)( (5,036) 5,674)( 12 (7,387) 9,213)( (13,492) 17,781)( Net cash used in financing activities 6,494)( 8,399)( 4,066)( 18,154)( 266 4,042 1,253)( 4,648 24,121 27,615 25,653 28,681 7 2,898)( 6)( 3,445)( 24,394 28,759 24,394 29,884 Investing and financing activities not affecting cash flows: (27,983) 16,725)( 31,873)( 25,293)( 12 27,983 16,725 31,873 25,293 0 17,000 0 17,000 0 17,000)( 0 17,000)( (675) 330)( 675)( 330)( 675 330 675 330 (1,486) 955)( 2,117)( 1,929)( 1,486 955 2,117 1,929 The notes on pages 10 to 18 are an integral part of these Condensed Consolidated Interim Financial Statements. Changes in current assets and liabilities: Adjustments for: Depreciation, amortization and impairment ................................ Net earnings for the period .............................................................. Share of earnings of equity-accounted investees ......................... Net finance expense ...................................................................... Change in deferred taxes ............................................................... Other changes ................................................................................ Profit on disposal of subsidiary ...................................................... Dividend from equity accounted investee ....................................... Investment in subsidiaries ................................................................ Receivables, change ....................................................................... Acquisition of intangible assets ........................................................ Proceeds from the sale of property, vessels and equipment ......... Inventories, change ....................................................................... Other investments ............................................................................ Effects of exchange rate fluctuations on cash held ........................................................................................ Proceeds from long term loans and borrowings ............................. Repayment of non-current loans and borrowings .......................... Cash and cash equivalents at the end of the period.................................................................................. Changes in cash and cash equivalents ...................................................................................................... Cash and cash equivalents at the beginning of the year ............................................................................ Payables, change .............................................................................. ETS units delivered ........................................................................... New long term loans ........................................................................ Short term loan change .................................................................... Fixed assets ....................................................................................... Assets held for sale ........................................................................... Dividend paid to equity holders of the company ............................ Dividend paid to non-controlling interest and other changes ........ Changes in finance assets ................................................................ New or renewed leases .................................................................... Acquisition of right-of-use assets ..................................................... Repayment of lease liabilities .......................................................... Purchased treasury shares ............................................................... Proceeds from current loans and borrowings ................................. Acquisition of right-of-use assets ..................................................... Payables, change ............................................................................ Interest paid ................................................................................... Interest received ............................................................................ Taxes paid ...................................................................................... Acquisition of property, vessels and equipment ............................. Other investing activites ...................................................................
Page 11
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 10 Amounts are in thousands of EUR Notes 1. Reporting entity Eimskipafélag Íslands hf. reg. no. 690409 -0460 (the "Company" or the "Parent Company") is a public limited liability company domiciled in Iceland. The address of the Company's registered office is Sundabakki 2, 104 Reykjavík. The Condensed Consolidated Interim Financial Statements of the Company for the period 1 January to 30 June 2026 comprise the Company and its subsidiaries (together referred to as "Eimskip" or the "Group"). The Parent Company is an investment company focused on investments in shipping and logistics services. The Parent Company's shares are listed at Nasdaq Iceland. 2. Basis of preparation a. Statement of compliance The Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU for interim financial statements (IAS 34) and additional Icelandic disclosure requirements for consolidated financial information of listed companies in accordance with Icelandic Financial Statements Act No. 3/2006 and rules for issuers of financial instruments on Nasdaq Iceland. The Condensed Consolidated Interim Financial Statements do not include all of the information required for a complete set of IFRS financial statements and should be read in conjunction with the Consolidated Financial Statements of the Company as at and for the year ended 31 December 2025, which is available on the Company's website, www.eimskip.is, and in the Company's news release distribution network of Nasdaq Nordic. These Condensed Consolidated Interim Financial Statements were approved and authorized for issue by the Company's Board of Directors on 25 August 2026. b. Functional and presentation currency These Condensed Consolidated Interim Financial Statements are presented in Euro (EUR), which is the Company's functional currency. All financial information presented in EUR has been rounded to the nearest thousand. 3. Significant accounting policies The accounting policies applied in these Condensed Consolidated Interim Financial Statements are the same as those applied in the Group’s Consolidated Financial Statements as at and for the year ended 31 December 202 5. IFRS standards effective as at 1 January 202 6 had immaterial effects on the Consolidated Interim Financial Statements. 4. Use of estimates and judgements The preparation of the Condensed Consolidated Interim Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing these Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those described in the last annual Consolidated Financial Statements as at and for the year ended 31 December 2025.
Page 12
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 11 Amounts are in thousands of EUR Notes 4. Use of estimates and judgements, continued Intangible assets Eimskip annually tests whether the carrying amount of intangible assets is impaired. At the end of each reporting period, the Company assesses whether there is any indication of impairment. Management has reviewed the impairment tests performed at year-end 2025. Please refer to note 13 in the Financial Statements of 2025. To date, there is no indication of impairment. Impairment loss on trade receivables and finance assets Eimskip establishes an allowance for impairment that represents its estimate of losses incurred in respect of trade and other receivables and finance assets. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. 5. Changes in significant accounting policies and other changes The accounting policies applied in these Condensed Consolidated Interim Financial Statements are the same as those applied in the Group's Consolidated Financial Statements as at and for the year ended 31 December 2025. Prior period adjustment During the preparation of the financial statements for the first quarter of 2026, a misstatement was identified in the comparative period related to the classification of a transaction. The comparative figures have been restated accordingly. The restatement resulted in reclassification of revenue and expenses amounting to EUR 2,196 thousand year to date. The correction has no impact on operating profit, profit for the period, or equity, as it relates solely to a reclassification between revenue and expenses. 6. Segment reporting Business segments Eimskip has three reportable segments, as described below, which are Eimskip's strategic business units. The strategic business units offer different products and services in different markets and are managed separately. The segment reporting is based on an internal reporting function of Eimskip. The following summary describes the operations in each of Eimskip's reportable segments: Liner services include container- and reefer liner services in the North -Atlantic including liner related pre- and on-carriages. Forwarding services represent sales and services of transportation solutions outside of Eimskip's own operating system. Logistics and agency services represent trucking & distribution, warehousing, cold storages, and Eimskip’s own terminal operation and agency.
Page 13
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 12 Amounts are in thousands of EUR Notes 6. Segment reporting, continued Comparative segment information has been restated due to a reclassification of personnel expenses amounting to EUR 649.3 thousand between operating segments, with no impact on the consolidated income statement. Liner Forwarding Logistics & services services Agency Elimination Consolidated 200,809 137,453 78,847 0 417,109 20,190 16,632 63,179 100,001)( 0 220,999 154,085 142,026 100,001)( 417,109 125,044)( 105,791)( 72,198)( 303,033)( 23,267)( 13,159)( 47,083)( 83,509)( 62,830)( 30,609)( 6,562)( 100,001 0 9,858 4,526 16,183 0 30,567 14,921)( 2,347)( 11,407)( 28,675)( 5,063)( 2,179 4,776 1,892 3,976)( 1,362)( 3,210)( 8,548)( 6,634 58 0 6,692 0 0 337 337 141 64 231 436 2,264)( 939 2,134 809 192,228 132,717 78,643 0 403,588 18,767 16,511 55,295 90,573)( 0 210,995 149,228 133,938 90,573)( 403,588 115,381)( 102,400)( 66,374)( 284,155)( 23,600)( 13,013)( 46,289)( 82,902)( 57,127)( 28,537)( 4,909)( 90,573 0 14,887 5,278 16,366 0 36,531 19,179)( 2,564)( 10,080)( 31,823)( 4,292)( 2,714 6,286 4,708 1,539)( 492)( 1,213)( 3,244)( 3,177 24 0 3,201 393)( 117)( 414)( 925)( 3,047)( 2,129 4,659 3,740 1 january - 30 June 2025 Expenses, external ......................................... Share of earnings of EBIT .................................................................. Income tax ....................................................... Net earnings for the period ............................ Revenue, external ........................................... Inter-segment revenue ................................... Total ................................................................. Salaries ............................................................ Inter-segment expense .................................. Total ................................................................. Salaries ............................................................ Inter-segment expense .................................. EBITDA ............................................................ Depreciation and amortization ...................... Net finance expense ....................................... EBITDA ............................................................ Share of earnings of Net finance expense ....................................... equity accounted investees ...................... Income tax ....................................................... Net earnings for the period ............................ equity accounted investees ...................... Revenue, external ........................................... Depreciation and amortization ...................... Inter-segment revenue ................................... 1 January - 30 June 2026 Expenses, external ......................................... EBIT .................................................................. Profit on disposal of subsidiary ......................
Page 14
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 13 Amounts are in thousands of EUR Notes 6. Segment reporting, continued Segment assets consist of fixed assets, ROU assets, intangible assets, equity accounted investee and finance assets. Information on assets and liabilities: Non-lease capital expenditure for the period: Geographical areas In presenting information based on geographical segments, segment revenue is presented based on the geographical location of the entity issuing invoices. Non-current assets (fixed assets, right of use assets, intangible assets), which cannot be easily moved ( e.g. terminal and cranes) are based on the geographical location of assets. For all other non -current assets geographical location is based on the legal ownership. These assets consist mainly of vessels and containers. Liner Forwarding Logistics & services services Agency Unallocated Total 215,380 51,022 221,892 0 488,294 3,764 3,764 215,380 51,022 221,892 3,764 492,058 11,917 11,917 675 675 180,642 180,642 24,394 24,394 217,628 217,628 215,380 51,022 221,892 221,392 709,686 Total assets Cash and cash equivalents ............................. Total current assets Assets held for sale ......................................... Total Assets 30.6.2026 Segment assets ............................................... Deferred tax assets ......................................... Total non-current assets Inventories ...................................................... Trade and other receivables .......................... Liner Forwarding Logistics & services services Agency Unallocated Total 212,966 51,384 198,848 0 463,198 2,755 2,755 212,966 51,384 198,848 2,755 465,953 9,966 9,966 10 10 137,330 137,330 25,653 25,653 172,959 172,959 212,966 51,384 198,848 175,714 638,912 Total Assets 31.12.2025 Segment assets ............................................... Deferred tax assets ......................................... Total non-current assets Inventories ...................................................... Trade and other receivables .......................... Cash and cash equivalents ............................. Total current assets Total assets Assets held for sale ......................................... Liner Forwarding Logistics & services services Agency Unallocated Total 6,976 1,754 8,966 0 17,696 5,346 1,656 4,934 0 11,936 1 January to 30 June 2026 .............................. 1 January to 30 June 2025 ..............................
Page 15
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 14 Amounts are in thousands of EUR Notes 6. Segment reporting, continued Geographical split of external revenues: Geographical split of non-current assets: 7. Financial income and expenses Finance income is specified as follows: 2026 2025 2026 2025 1.4. - 30.6 1.4. - 30.6 1.1. - 30.6 1.1. - 30.6 131,686 111,673 240,831 221,455 10,448 10,264 18,283 19,340 13,431 15,225 28,301 29,488 45,818 44,079 85,558 88,355 5,438 6,930 11,251 14,177 18,572 14,117 32,885 30,773 225,393 202,288 417,109 403,588 Asia ................................................................................................. Faroe Island ................................................................................... Europe - other ............................................................................... North - America ............................................................................ Iceland ........................................................................................... Norway .......................................................................................... 30.06.2026 31.12.2025 228,393 225,526 47,589 46,796 79,940 83,621 127,232 101,209 7,958 7,773 946 1,028 492,058 465,953 Faroe Island ......................................................................................................................................... Norway ................................................................................................................................................ Iceland ................................................................................................................................................. Europe - other ..................................................................................................................................... North - America ................................................................................................................................. Asia ...................................................................................................................................................... 2026 2025 2026 2025 Finance income is specified as follows: 1.4. - 30.6 1.4. - 30.6 1.1. - 30.6 1.1. - 30.6 68 149 124 239 119 159 119 159 187 308 243 398 Finance expense is specified as follows: 1,802)( 1,639)( 3,527)( 3,519)( 1,598)( 1,990)( 3,336)( 3,719)( 225)( 453)( 604)( 689)( 3,625)( 4,081)( 7,467)( 7,927)( 729)( 3,210 1,324)( 4,285 4,167)( 563)( 8,548)( 3,244)( Interest income ............................................................................. Finance income ............................................................................. Interest on long-term loans .......................................................... Interest on lease liabilities ............................................................ Other finance expense .................................................................. Finance expense ............................................................................ Net foreign currency exchange (loss) gain .................................. Net finance expense ..................................................................... Dividend received ..........................................................................
Page 16
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 15 Amounts are in thousands of EUR Notes 8. Earnings per share Basic and diluted earnings per share The calculation of basic earnings per share was based on earnings attributable to shareholders and a weighted average number of shares outstanding during the period. The Company has one category of dilutive potential ordinary shares: share options. For the share options a calculation is made to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price year to date of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued, assuming the exercise of the share options. The earnings per share is specified as follows: 9. Assets held for sale During the second quarter of 2026, the Group committed to a plan to sell a crane previously used in port operations. The asset was actively marketed for sale and management expects the transaction to be completed within twelve months from the reporting dat e. Based on the advanced stage of the sale process and management's commitment to complete the transaction, the crane is classified as an asset held for sale as at 30 June 2026 in accordance with IFRS 5. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. As a result of the classification and measurement requirements of IFRS 5, an impairment loss of EUR 347 thousand was recognized during the period. 2026 2025 2026 2025 1.4. - 30.6 1.4. - 30.6 1.1. - 30.6 1.1. - 30.6 5,347 4,560 858 3,976 163,400 165,700 165,700 165,700 1,340)( 1,725)( 3,640)( 1,725)( 0 0 311)( 0 0 0 1,213)( 0 162,060 163,975 160,536 163,975 0 61)( 0 136)( 162,060 163,914 160,536 163,839 0.0330 0.0278 0.0053 0.0242 0.0330 0.0278 0.0053 0.0243 diluted earning per share in thousands ................................... Basic earnings per share (EUR) ..................................................... Diluted earnings per share (EUR) ................................................. of the Company ........................................................................ Effect of treasury shares purchased in thousands ...................... Effect of share capital reduction .................................................. Adjustment for stock options ....................................................... Weighted average number of outstanding shares in thousands Weighted average number of outstanding shares for beginning of the period in thousands ..................................... Number of issued shares at the beginning of the period in thousands ..................................... Effect of treasury shares at the Net earnings attributable to equity holders
Page 17
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 16 Amounts are in thousands of EUR Notes 10. Trade and other receivables Trade and other receivables are specified as follows: 11. Loans and borrowings This note provides information on the contractual terms of Eimskip’s interest bearing loans and borrowings. Loans and borrowing consists of: The loan agreements of Eimskip contains restrictive covenants. At the end of June 2026 and at year-end 2025 Eimskip complied with all restrictive covenants. Terms and debt repayment schedule: Repayment schedule: 30.06.2026 31.12.2025 150,526 110,338 9,536 8,545 879 702 0 20 249 0 19,452 17,725 180,642 137,330 Other receivables .............................................................................................................................. Contract assets .................................................................................................................................. Forward contracts ............................................................................................................................. Trade and other receivables total .................................................................................................... Restricted cash .................................................................................................................................. Interest rate swaps ........................................................................................................................... Trade receivables .............................................................................................................................. 30.06.2026 31.12.2025 130,507 135,542 25,265 5,286 37,584)( 16,147)( 118,188 124,681 12,319 10,861 25,265 5,286 37,584 16,147 155,772 140,828 Total current loans and borrowings .................................................................................................. Credit lines .......................................................................................................................................... Current maturities of secured bank loans ......................................................................................... Secured bank loans ............................................................................................................................. Total non-current loans and borrowings ........................................................................................... Current maturity ................................................................................................................................. Total loans and borrowings ................................................................................................................ Credit lines .......................................................................................................................................... Nominal Carrying Nominal Carrying interest amount interest amount 4.6% 145,290 4.2% 133,300 5.5% 10,322 6.2% 7,073 160 169 0 286 155,772 140,828 Total secured bank loans .............................................................. Secured loans in other currencies ................................................ Loans in EUR .................................................................................. Loans in USD .................................................................................. Unsecured loans ............................................................................ 30.06.2026 31.12.2025 37,584 16,147 13,867 14,060 12,311 12,795 47,724 11,281 8,040 46,060 36,246 40,485 155,772 140,828 24 - 36 months .................................................................................................................................... 36 - 48 months .................................................................................................................................... 48 - 60 months .................................................................................................................................... 12 - 24 months .................................................................................................................................... Total secured bank loans .................................................................................................................... After 60 months .................................................................................................................................. On demand or within 12 months .......................................................................................................
Page 18
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 17 Amounts are in thousands of EUR Notes 11. Loans and borrowings, continued Credit lines The total undrawn credit lines amounted to EUR 26.0 million at end of June 2026 (31.12.2025: EUR 42.1 million). 12. Lease liabilities Lease liabilities are as follows: 13. Trade and other payables Trade and other payables are attributable to the following: 14. Group entities At period-end the Company owned directly eight subsidiaries that are all included in the consolidation. The direct subsidiaries owned 48 subsidiaries at period-end. The Company holds the majority of voting power in all of its subsidiaries. Assets, liabilities, revenues and expenses in Consolidated Interim Financial Statements that include a non-controlling interest are immaterial to the Group. 30.06.2026 31.12.2025 51,255 47,393 25,265)( 5,286)( 25,990 42,107 Drawn amount .................................................................................................................................... Undrawn amount ............................................................................................................................... Committed .......................................................................................................................................... 30.06.2026 31.12.2025 19,128 21,708 24,258 28,451 22,194 20,075 29,591 27,850 27,155 9,235 122,326 107,319 21,428)( 24,009)( 100,898 83,310 Maturity analysis: 21,428 24,009 16,711 16,174 6,428 10,257 5,766 5,658 5,180 4,975 66,813 46,246 122,326 107,319 Lease liabilities in NOK ....................................................................................................................... 48 - 60 months .................................................................................................................................... Non-current maturities ...................................................................................................................... Within 12 months ............................................................................................................................... Lease liabilities in other currencies .................................................................................................... Lease liabilities in ISK .......................................................................................................................... 36 - 48 months .................................................................................................................................... Current maturities .............................................................................................................................. Lease liabilities in USD ........................................................................................................................ Lease liabilities in EUR ........................................................................................................................ 24 - 36 months .................................................................................................................................... Total .................................................................................................................................................... 12 - 24 months .................................................................................................................................... After 60 months .................................................................................................................................. Total .................................................................................................................................................... 30.06.2026 31.12.2025 74,751 49,973 0 8 141 33 54,645 34,205 129,537 84,219 Total .................................................................................................................................................... Forward contracts .............................................................................................................................. Interest rate swaps ............................................................................................................................. Trade payables .................................................................................................................................... Other payables ....................................................................................................................................
Page 19
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 18 Amounts are in thousands of EUR Notes 14. Group entities, continued The Group's direct subsidiaries are as follows: 15. Shareholder distributions Dividend payment The Annual General Meeting of Eimskip approved on 26 March 2026 a dividend payment of ISK 4.22 per share to shareholders. The dividend payment amounted to ISK 700 million or EUR 4.8 million. The payment date was 29 April 2026. Reduction of treasury shares The share capital reduction by reducing treasury shares consisted of a share capital reduction of 2,300,000 shares or from 165,700,000 to 163,400,000 issued shares. Treasury shares amounted to 2.4% of total issued shares but will after the reduction amount to 1.03% of total issued shares. The reduction was executed on 16 April 2026. Subsequent to the shareholder distributions above share capital is ISK 163,400,000 and each share is divided into one ISK. Treasury shares are ISK 1,675,000 and outstanding shares are ISK 161,725,000. 16. Other matters Investigation of the Icelandic District Prosecutor Reference is made to note 16 in the Consolidated Interim Financial Statements for Q1 2026. No other changes have occurred in the case during the period Second summons from Alcoa Fjarðaál sf. With reference to note 28 in the Consolidated Financial Statements 2025 the District Court of Reykjavík dismissed Alcoa’s second tort case on 5 June 2026. Alcoa has referred that dismissal to Landsrettur Appeal Court whose decision is pending. 17. Subsequent events There are no subsequent events to report. Ownership Ownership Interest Interest 30.06.2026 31.12.2025 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 51% 51% The Netherlands Faroe Islands Iceland England Iceland Canada Eimskip Holding B.V. ...................................................................... The Netherlands P/f Skipafélagid Føroyar ................................................................ TVG-Zimsen ehf. ............................................................................ Eimskip USA, Inc. ........................................................................... incorporation Harbour Grace CS Inc. ................................................................... Eimskip UK Ltd. .............................................................................. Eimskip Ísland ehf. ......................................................................... Eimskip Asia B.V. ........................................................................... USA Country of
Page 20
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 19 Amounts are in thousands of EUR Quarterly Statements Year 2026 Q1 2026 Q2 2026 YTD 2026 191,716 225,393 417,109 182,450 204,092 386,542 9,266 21,301 30,567 14,067)( 14,608)( 28,675)( 4,801)( 6,693 1,892 4,381)( 4,167)( 8,548)( 3,280 3,412 6,692 0 337 337 5,902)( 6,275 373 1,217 781)( 436 4,685)( 5,494 809 Year 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YTD 2025 201,300 202,288 205,413 198,483 807,484 185,965 181,092 184,987 185,739 737,783 15,335 21,196 20,426 12,744 69,701 16,336)( 15,487)( 14,518)( 14,186)( 60,527)( 1,001)( 5,709 5,908 1,442)( 9,174 2,681)( 563)( 3,344)( 2,986)( 9,574)( 2,497 704 3,457 5,829 12,487 1,185)( 5,850 6,021 1,401 12,087 410 1,335)( 395)( 1,418)( 2,738)( 775)( 4,515 5,625 16)( 9,349 Revenue .................................................................................. Net earnings before income tax .......................................................................................... Operating profit, EBITDA .......................................................................................... Depreciation, amortization and impairment ... Results from operating activities, EBIT .......................................................................................... Share of profit of equity accounted investees .. Net finance expense .......................................................................................... Profit on disposal of subsidiary .......................... Net earnings .......................................................................................... Income tax .......................................................... Revenue .................................................................................. Operating profit, EBITDA .......................................................................................... Depreciation, amortization and impairment ... Expenses .......................................................................................... Results from operating activities, EBIT .......................................................................................... Net finance expense .......................................................................................... Net earnings before income tax .......................................................................................... Share of profit of equity accounted investees .. Income tax .......................................................... Net earnings .......................................................................................... Expenses ..........................................................................................
Page 21
Condensed Consolidated Interim Financial Statements of Eimskipafélag Íslands hf. 30 June 2026 20 Amounts are in million EUR Key figures by quarter Operating results Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Revenue 225.4 191.7 807.5 198.5 205.4 202.3 201.3 847.1 227.2 219.0 207.1 193.8 Expenses 204.1 182.5 737.8 185.7 185.0 181.1 186.0 749.3 200.0 186.1 183.6 179.5 Salaries and related expense 42.6 40.9 163.2 41.0 39.3 42.2 40.7 151.4 39.7 36.3 37.9 37.5 EBITDA 21.3 9.3 69.7 12.7 20.4 21.2 15.3 97.8 27.1 32.9 23.5 14.2 EBIT 6.7 -4.8 9.2 -1.4 5.9 5.7 -1.0 34.9 8.6 18.7 8.6 -0.9 Net earnings for the period 5.5 -4.7 9.3 0.0 5.6 4.5 -0.8 30 7.3 14.3 7.9 0.5 EBITDA ratio 9.4% 4.9% 8.6% 6.4% 9.9% 10.5% 7.7% 11.5% 11.9% 15.0% 11.3% 7.3% EBIT ratio 3.0% -2.5% 1.0% -0.7% 2.9% 2.8% -0.5% 4.1% 3.8% 8.5% 4.1% -0.5% Profit ratio 2.4% -2.5% 1.2% 0.0% 2.7% 2.2% -0.4% 3.5% 3.2% 6.5% 3.8% 0.3% Earnings per share (in EUR) 0.033 -0.028 0.059 0.001 0.034 0.028 -0.003 0.184 0.045 0.088 0.047 0.003 Balance sheet 30.6.2026 31.3.2026 31.12.2025 31.12.2025 30.9.2025 30.6.2025 31.3.2025 31.12.2024 31.12.2024 30.9.2024 30.6.2024 31.3.2024 Assets 709.7 659.9 638.9 638.9 654.3 675.1 662.9 667.3 667.3 655.4 648.1 631.4 Equity 295.3 289.7 298.0 298.0 301.5 296.7 296.9 316.9 316.9 306.2 293.5 285.7 Liabilities 414.4 370.2 341.0 341.0 352.8 378.4 366.0 350.4 350.4 349.1 354.6 345.7 Interest-bearing debt 278.1 257.3 248.1 248.1 253.6 267.8 249.2 253.1 253.1 241.4 248.6 225.1 Loans and borrowings 155.8 150.6 140.8 140.8 143.6 154.0 138.9 139.9 139.9 144.1 143.5 127.1 Lease liabilities 122.3 106.7 107.3 107.3 110.0 113.7 110.3 113.3 113.3 97.3 105.1 98.0 Net debt 253.7 233.2 222.5 222.5 217.6 237.3 220.6 223.2 223.2 215.6 221.3 196.2 Equity ratio 41.6% 43.9% 46.6% 46.6% 46.1% 43.9% 44.8% 47.5% 47.5% 46.7% 45.3% 45.2% LTM return on equity 2.2% 1.8% 3.0% 3.0% 5.5% 8.6% 9.9% 9.5% 9.5% 10.0% 11.3% 15.0% Leverage ratio 3.98 3.67 3.19 3.19 2.59 2.45 2.23 2.28 2.28 2.31 2.33 1.85 Cash flow Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net cash from operating activities 18.9 5.1 56.8 13.4 5.9 20.1 17.3 66.9 27.3 13.2 21.3 5.1 Cash and cash equivalents at the end of the period 24.4 24.1 25.7 25.7 35.5 29.9 27.6 28.7 28.7 24.4 25.7 27.0 New investments 1.8 2.8 9.2 3.8 1.6 1.9 1.9 11.4 3.0 2.7 4.6 1.0 Maintenance capex 9.2 5.8 35.1 12.5 8.8 8.7 5.1 26.9 8.0 6.5 7.0 5.3 Distribution to shareholders 4.8 - 15.3 - - 15.3 - 24.8 - - 24.8 - Share buy back - 0.7 3.9 3.8 0.1 - - 1.3 - - - 1.3