Slides
Page 1
6 February 2026 Ásta S. Fjeldsted Magnús Kr. Ingason Presentation of Q4 2025 results
Page 2
2 • Quarterly highlights Q4 and 12M results 2025 • Q4 and 12M results 2025 Position and outlook • Position and outlook
Page 3
Consolidated highlights Q4 2025 Key points: • The quarter's operations performed well, and results exceeded management’s expectations. • Quarterly product sales increased by 7.2%, and the gross margin on product sales rose by 11.2%. • Quarterly EBITDA increased by 43.9% year-on-year (or 14.8% without the effects of an administrative fine in Q4 2024). • Strong cash flow. Net cash from operating activities ISK 1.5 bn. • The Q4 2025 results confirm strong operating performance and the continued growth momentum of Festi’s companies, each within its respective market. ISK 31.7 bn. ISK 35.2 bn. ISK 41.9 bn. ISK 45.0 bn. ISK 0 bn. ISK 10 bn. ISK 20 bn. ISK 30 bn. ISK 40 bn. ISK 50 bn. Q4 2022 Q4 2023 Q4 2024 Q4 2025 Sale of goods and services ISK 45.0 bn. +7.2% YoY 21.6% 23.0% 24.5% 25.4% 0% 5% 10% 15% 20% 25% 30% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Margin from sale 25.4% +0.9 p.p. YoY 54.4% 48.8% 50.7% 48.7% 0% 10% 20% 30% 40% 50% 60% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Salaries/Margin from sale 48.7% -2.0 p.p. YoY ISK 2.3 bn. ISK 3.1 bn. ISK 3.0 bn. ISK 4.3 bn. ISK 0.0 bn. ISK 0.8 bn. ISK 1.5 bn. ISK 2.3 bn. ISK 3.0 bn. ISK 3.8 bn. ISK 4.5 bn. Q4 2022 Q4 2023 Q4 2024 Q4 2025 EBITDA ISK 4.3 bn. +43.9% YoY 33.4% 38.8% 28.8% 37.3% 0% 10% 20% 30% 40% 50% Q4 2022 Q4 2023 Q4 2024 Q4 2025 EBITDA/Margin from sale 37.3% +8.5 p.p. YoY ISK 1.8 bn. ISK 1.9 bn. ISK 0.8 bn. ISK 1.5 bn. ISK 0.0 bn. ISK 0.5 bn. ISK 1.0 bn. ISK 1.5 bn. ISK 2.0 bn. ISK 2.5 bn. Q4 2022 Q4 2023 Q4 2024 Q4 2025 Cash from operating activities ISK 1.5 bn. +86.3% YoY
Page 4
Number of customer transactions Items sold Liters sold +2.6% Q4 2024 Q4 2025 +8.2% Q4 2024 Q4 2025 -0.7% Q4 2024 Q4 2025 Number of customers and sales increases in Q4 YoY 4 2024 2025 +15.5% Q4 2024 Q4 2025 Digital solution transactions
Page 5
Domestic card turnover Foreign card turnover Increase in domestic but decrease in foreign card turnover +11.9% Q4 2024 Q4 2025 -8.0% Q4 2024 Q4 2025 5 2024 2025
Page 6
Festi continuously works to reduce costs and limit price increases 6 6 • Increased shrinkage over the past year has had a negative impact on the Company’s financial performance. • Significant progress was achieved during the year through preventive measures and real-time monitoring, materially improving earnings and store gross margin levels. Store Shrinkage – Prevention Further synergies • The Group improved utilisation per square metre in its owned premises, covering both retail stores and employee office space. • Synergies from the Lyfja merger began to materialise during the year. Direct Actions – Examples • Krónan’s 10% price reduction on the Grön Balance product line in January. • N1 offering all customers the lowest available price at selected stations with My station (Stöðin mín). • ELKO providing 30-day price protection, Special Offer products, “get something for nothing”, and price-history. Discipline in Wage Increases • Headcount increased at a slower rate than revenue growth driven by higher activity levels. • Despite intense competition for talent, employee wage increases across the Group were kept within the limits of the wage index. Economies of Scale • Festi continues to leverage the Group’s scale to secure better contracts and deliver cost savings to consumers. Lower financing costs • The Company made additional repayments on its borrowings amounting to approximately ISK 3.7bn. • An issuance programme of up to ISK 8.0bn was approved at the end of Q4. • On this basis, the Company issued 6-month promissory notes totalling ISK 1.3bn, with the proceeds used to repay higher-cost debt.
Page 7
ELKO: Highlights of Q4 2025 7 Financing and Artificial Intelligence Exceptional Holiday Sales • ELKO’s Smart Payments were launched on elko.is in November, with approx. 1,500 loans processed in the first two months. • A digital advisor utilising artificial intelligence is now live on elko.is and has already handled around 1,000 customer enquiries. ELKO opens in Smáralind • ELKO will open a new store in Smáralind in a prime location by Mathöllin Garður, before summer. • In 2025, the benefits of a comprehensive store upgrade for ELKO Lindir became clear – the store was the highest-performing of 400 Elkjöp stores in 2025. • Share of online sales during the Christmas period increased YoY, reaching 34.1% in Q4, compared with 30.4%. • All promotional days in November performed strongly, resulting in 13% higher November sales YoY. • ELKO received the Gold Award from the Icelandic Customer Satisfaction Index. • This was the first time the ELKO achieved this distinction with a significant advantage. Gold Award for Customer Satisfaction
Page 8
Krónan: Highlights of Q4 2025 8 • Online sales revenue increased by 50% YoY. • Number of online transactions increased by 36% YoY. A clear sign of stronger adoption and customer loyalty. Growth in Online Sales Krónan and Sælkerabúðin Join Forces • Strengthens differentiation and value proposition as a premium product selection, available online as well. • Supports growth and profitability through higher average baskets and a positive customer experience. • Grön Balance products cover a broad range – from groceries and cleaning products to other household essentials • The price reduction reflects increased efficiency in operations and an improved competitive positioning supported by ongoing growth. 10% Price Reduction on Grön Balance Products • Number of transactions in stores increased by 7.5% YoY. • Number of units sold overall increased by 9.2% YoY. More Transactions and Units Sold
Page 9
Lyfja: Highlights of Q4 2025 9 Continued Growth in Lyfja’s App • Q4 was the largest quarter ever for the Lyfja app. • All records were broken during promotional days in November, marking the largest health and beauty campaign to date. • Lyfja NPS for 2025 was above the market for the second year in a row (+5.4 points) according to Gallup. • Store refurbishments and redesigns in Egilsstaðir and Neskaupstaður have been completed. Positive Customer Experience • Lyfja will open a new pharmacy during the spring in premises owned by Yrkir, next to Krónan at Vellir in Hafnarfjörður. • Lyfja will continue to operate 45 locations, following the closure of the Heilsuhúsið store at Kringlan on 1 February. Popular products will remain available in Lyfja stores and at heilsuhusid.is. Lyfja opens in Vellir area • Lyfja was nominated as Brand of the Year by Brandr. • Lyfja’s product range will expand from 1 March, following the acquisition of the Jurtaapótekið brand. Strong brand and new product offerings
Page 10
N1: Highlights of Q4 2025 10 • Utilisation of N1’s tyre hotels has been growing in recent years. • A new flagship facility opens in the autumn – a central tyre hotel at Borgahella, Hafnarfjörður. • Service centre for commercial vehicles and heavy equipment. • Car wash, lubrication and tyre services. New Tyre Hotel and Service Centre N1 Card and My Station • My Station or “Stöðin mín”* continues to attract new customers; number of new N1 cardholders increased by 19% YoY. • Number of fuel customers increased by 11% and EV charging customers by 53% YoY. • Increased focus on service enhancements in the app resulted in a 38% YoY increase in users. • Number of tyre-change bookings via the app almost doubled YoY. • The latest service feature – mileage registration – was launched around year-end and has been well received. N1 App Continues to Grow *Stöðin mín allows customers to select a station where they receive our lowest fuel and charging prices offered by N1nationwide. • An agreement has been reached for N1 to acquire a 70% ownership stake in Local salad, subject to notification to the Icelandic Competition Authority. • N1 has also acquired a stake in Alor, specialised in the production and storage of solar energy. N1 is working to sell surplus energy from customers to electricity markets. Equity stakes in Local and Alor
Page 11
• Quarterly highlights Q4 and 12M results 2025 • Q4 and 12M results 2025 Position and outlook • Position and outlook
Page 12
Amounts are in ISK million Q4 2025 Q4 2024 Change % Chg. Sale of goods and services 44,956 41,946 3,010 7.2% Margin from sale of goods and services 11,415 10,267 1,148 11.2% Lease revenue and operating income 650 622 29 4.6% Salaries and personnel expenses (5,561) (5,202) (359) 6.9% Other operating expenses (2,249) (2,731) 481 -17.6% EBITDA 4,255 2,957 1,298 43.9% Profit for the period 1,870 632 1,239 196.1% Other comprehensive income 57 2,392 (2,335) -97.6% Total comprehensive income 1,927 3,023 (1,096) -36.3% Key Figures EBITDA/Margin from sales 37.3% 28.8% +8.5 p.p. 29.4% Salaries/Margin from sales 48.7% 50.7% -1.9 p.p. -3.8% Earnings per share 8.52 7.30 1.22 16.8% Sale of goods and services increased by ISK 3.0 billion or 7.2% YoY but 7.7% without effect of change in USD and fuel global market price YoY . Margin from sale was ISK 11.4 bn., an increase of ISK 1.1 bn. or 11.2% YoY . Margin percentage is 25.4% and up 0.9 p.p. from previous year but 0.8 p.p. without change in USD and fuel global market price YoY . Salaries and personnel expenses was ISK 5.6 bn., an increase of ISK 0.4 bn. or 6.9% YoY . Number of full-time employees 1,682; an increase of 62 or 3.8% YoY . Other operating expenses decrease by ISK 0.5 bn. or 17.6% YoY . EBITDA was ISK 4.3 bn. in Q4 2025, an increase of 43.9% YoY or 14.8% without the effects of an administrative fine in Q4 2024. Total profit for the periodwas ISK 1.9 bn. a decrease of ISK 1.1 bn. YoY. Group Operations in Q4 2025 12 37.1% 35.9% 36.1% 36.6% >35% 0% 10% 20% 30% 40% Q4 2022 Q4 2023 Q4 2024* Q4 2025 Target 12.2% 10.0% 12.5% 13.9% >11% 0% 2% 4% 6% 8% 10% 12% 14% 16% Q4 2022 Q4 2023 Q4 2024* Q4 2025 Target EBITDA/margin (12m) Return on equity (12m) *Adjusted for ISK 750 million administrative fine in Q4 2024
Page 13
Amounts are in ISK million 12M 2025 12M 2024 Change % Chg. Sale of goods and services 173,414 154,463 18,951 12.3% Margin from sale of goods and services 43,692 36,722 6,970 19.0% Lease revenue and operating income 2,313 2,245 69 3.1% Salaries and personnel expenses (21,676) (18,385) (3,290) 17.9% Other operating expenses (8,328) (8,071) (257) 3.2% EBITDA 16,001 12,511 3,491 27.9% Profit for the period 6,220 4,018 2,201 54.8% Other comprehensive income 75 2,404 (2,329) -96.9% Total comprehensive income 6,295 6,422 (127) -2.0% Key Figures EBITDA/Margin from sales 36.6% 34.1% +2.5 p.p. 7.5% Salaries/Margin from sales 49.6% 50.1% -0.5 p.p. -0.9% Earnings per share 20.00 13.13 6.87 52.3% Sale of goods and services increased by ISK 19.0 billion or 12.3% YoY but 14.3% without effect of change in USD and fuel global market price YoY . Margin from sale was ISK 43.7 bn., an increase of ISK 7.0 bn. or 19.0% YoY . Margin percentage is 25.2% and up 1.4 p.p. from previous year but 0.9 p.p. without change in USD and fuel global market price YoY . Salaries and personnel expenses was ISK 21.7 bn., an increase of ISK 3.3 bn. or 17.9% YoY . Number of full-time employees 1,686; an increase of 153 or 10.0% YoY . Other operating expenses increase by ISK 0.3 bn. or 3.2% YoY . EBITDA was ISK 16.0 bn. in 2025, an increase of ISK 3.5 bn. or 27.9% YoY or 20.7 without the effects of an administrative fine in 2024. Profit for the period was ISK 6.2 bn. an increase of ISK 2.2 bn. YoY. Group Operations 12M 2025 13*Adjusted for ISK 750 million administrative fine in Q4 2024 +12.3% ISK 154,463 m. ISK 173,414 m. 0 bn. 40 bn. 80 bn. 120 bn. 160 bn. 200 bn. 12M 2025 12M 2024 Sale of goods and services +1.4 p.p. 23.8% 25.2% 0% 5% 10% 15% 20% 25% 30% 12M 2025 12M 2024 Margin from sale +27.9% ISK 12,511 m. ISK 16,001 m. 0 m. 3,000 m. 6,000 m. 9,000 m. 12,000 m. 15,000 m. 18,000 m. 12M 2025 12M 2024 EBITDA
Page 14
ISK 6.9 bn ISK 8.1 bn ISK 10.3 bn ISK 11.4 bn 21.6% 23.0% 24.5% 25.4% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Margin - ISK Margin - % Sales margin in Q4 2025 Turnover increased in every sector except fuel and electricity YoY . Total margin from sales amounted to ISK 11.4 bn. and increased by 11.2% from last year. Profit margin in Q4 was 25.4% increased by 0.9 p.p. YoY , but 0.8 p.p. without change in USD and fuel global market price YoY . Margin increases in every sector except medicine, prescription and OTC. Sales margin in ISK in groceries and convenience goods increased 15.7% YoY , Fuel and electricity increased 2.2%, electronic equipment increased 17.3%, Medicine, prescription and OTC by 2.3% and other goods and services increased 11.2% from last year. 14 Grocery and convinience goods ISK 1.0 bn ISK 1.2 bn ISK 1.8 bn ISK 1.9 bn 12.1% 14.0% 20.7% 22.0% Fuel and electricity Electronic equipment Medicine, prescription and over the counter Other goods and services ISK 3.4 bn ISK 4.1 bn ISK 4.6 bn ISK 5.3 bn 22.0% 22.5% 22.8% 23.5% ISK 1.3 bn ISK 1.5 bn ISK 1.5 bn ISK 1.7 bn 25.6% 26.7% 24.4% 27.1% ISK 1.0 bn ISK 1.0 bn 27.2% 25.2% ISK 1.2 bn ISK 1.4 bn ISK 1.4 bn ISK 1.5 bn 39.7% 45.2% 41.7% 43.4% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Sales margin
Page 15
Salaries and other personel expenses Q4 2024 5,202 Change in full-time position equivalents 154 Contractual wage increases 273 Change in personell expenses -8 Share options -11 Other changes -49 Salaries and other personel expenses Q4 2025 5,561 +359 m. 5,202 m. 5,561 m. - 750 1,500 2,250 3,000 3,750 4,500 5,250 6,000 6,750 Q4 2024 Q4 2025 Salaries and other personel expenses YoY comparison +62 1,620 1,682 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q4 2024 Q4 2025 Full time equivalents YoY comparison Salaries and other personnel expenses in Q4 2025 Salaries and other personnel expenses were ISK 5.6 bn. and increased by ISK 0.4 bn or 6.9% YoY . Full-time equivalents increased by 62 YoY or 3.8%. Great focus on increasing automation with technical solutions and efficiency in operations. Average cost per FTE increases by 3.0%YoY . Contractual wage increases by ISK 273 million. (5.2% increase 1. Jan 25). YoY increase was 3.9%without effects of increases in full time equivalents. 15
Page 16
Equality award Jafnvægisvogin 2025 ISK million Q4 2025 Q4 2024 Change % Total revenue 6,370 6,035 335 5.6% Total cost (5,629) (5,453) (177) 3.2% EBITDA 741 582 159 27.3% EBITDA-ratio 11.6% 9.6% +2.0 p.p. 20.6% EBIT 560 414 146 35.2% EBIT-ratio 8.8% 6.9% +1.9 p.p. 28.1% Profit (loss) 391 302 89 29.6% Electronics stores Strongest in Iceland 2025 ELKO – Highlights Q4 2025 • Revenue was ISK 6.4 bn., increase of ISK 335 million or 5.6% YoY. • Margin levels unchanged from last quarter but up 2.7 p.p between years. • EBITDA was ISK 741 million, an increase of 159 million or 27.3% YoY. • Profit was ISK 391 million, an increase of 89 million or 29.6% YoY. 6 16
Page 17
27 9 yrs ISK million Q4 2025 Q4 2024 Change % Total revenue 21,264 18,580 2,684 14.4% Total cost (19,466) (17,149) (2,317) 13.5% EBITDA 1,798 1,431 367 25.6% EBITDA-ratio 8.5% 7.7% +0.8 p.p. 9.8% EBIT 1,163 767 396 51.6% EBIT-ratio 5.5% 4.1% +1.3 p.p. 32.5% Profit (loss) 886 593 293 49.5% Grocery stores Sustainability ace for the second time Happiest customers in the grocery market Krónan – Highlights Q4 2025 • Revenue was ISK 21.3 bn., an increase of ISK 2.7 bn. or 14.4% YoY. • Same number of stores, a new bigger store in Reykjanes and new locations for online store YoY. • Margin level increases by 0.3 p.p. from previous quarter and 0.7 p.p. YoY • EBITDA was ISK 1.8 bn., an increase of ISK 367 million or 25.6% YoY. • Profit was ISK 886 million, an increase of ISK 293 million or 49.5% YoY. 17
Page 18
Equality award Jafnvægisvogin 2025 Pharmacies and outlets Strongest in Iceland 2025 Lyfja – Highlights Q4 2025 • Revenue was ISK 5.1 bn., increase of ISK 0.8 bn. or 18.1% YoY. • Margin level decreases by 1.6 p.p. YoY and by 0.5 p.p from last quarter. • EBITDA was ISK 434 million, an increase of ISK 65 million or 17.6% YoY. • Profit was ISK 74 million, a turnaround of ISK 111 million YoY. 44 ISK million Q4 2025 Q4 2024 Change % Total revenue 5,224 4,423 801 18.1% Total cost (4,790) (4,054) (736) 18.2% EBITDA 434 369 65 17.6% EBITDA-ratio 8.3% 8.3% -0.0 p.p. -0.4% EBIT 129 20 109 533.3% EBIT-ratio 2.5% 0.5% +2.0 p.p. 436.2% Profit (loss) 74 (36) 111 305.1% 18
Page 19
12 16 ISK million Q4 2025 Q4 2024 Change % Total revenue 13,265 13,560 (295) -2.2% Total cost (11,851) (12,172) 321 -2.6% EBITDA 1,414 1,388 25 1.8% EBITDA-ratio 10.7% 10.2% +0.4 p.p. 4.1% EBIT 621 648 (27) -4.1% EBIT-ratio 4.7% 4.8% -0.1 p.p. -2.0% Profit (loss) 407 442 (35) -8.0%94 Fuel dispenser locations Tire and oil service stations EV charging locations N1 – Highlights Q4 2025 • Revenue was ISK 13.3 bn., a decrease of ISK 0.3 bn. YoY. • Sales of fuel and electricity decreased by ISK 0.3 bn. or 1.2% YoY. Sales in litres decreased by 0.7% YoY. • Margin level increases by 1.5 p.p. YoY. Adjusted for effects of global fuel prices and FX the increase amounts to 1.4 p.p. between years. • EBITDA was ISK 1.4 bn., an increase of ISK 25 million or 1.8% YoY. • Profit was ISK 0.4 bn., a decrease of ISK 35 million between years. 19
Page 20
99% ISK million Q4 2025 Q4 2024 Change % Total revenue 1,183 1,093 91 8.3% Total cost (255) (212) (43) 20.5% EBITDA 928 881 48 5.4% EBITDA-ratio 78.4% 80.6% -2.2 p.p. -2.7% EBIT 432 413 19 4.7% EBIT-ratio 36.5% 37.8% -1.3 p.p. -3.3% Profit (loss) 71 19 51 268.0%84 Properties owned by Group Properties rented out Own use of properties Yrkir - Highlights Q4 2025 • Revenue was ISK 1.2 bn., increase of ISK 91 mn. or 8.3% YoY. • Net operating income (NOI) of properties was ISK 998 million, compared to ISK 949 million in Q4 2024, increase of 5.1%. • Utilisation ratio was 99%, increase by 1 p.p. due to the purchase of Hvaleyrarbraut 3 and Dalakofinn. • EBITDA was ISK 928 million, an increase of 5.4% YoY • The increase in fair value was ISK 55 million, which is a ISK 17 million increase between years. • Profit for the quarter was ISK 71 million, an increase of ISK 51 million YoY. 90% 20
Page 21
Statement of Financial Position 31.12.2025 Financial position increase ISK 0.9 bn. YoY. Investments amount to ISK 6.1 bn. Decrease in trade-receivables ISK 1.8 bn. Decrease in interest-bearing debt ISK 5.2 bn. Increase in other short-term liabilities ISK 2.0 bn. 21 Amounts are in ISK million 31.12.2025 31.12.2024 Change % Operating assets 43,655 41,217 2,437 5.9% Intangible assets 26,026 26,564 (538) -2.0% Other non-current assets 19,415 20,512 (1,096) -5.3% Non-current assets 89,096 88,293 803 0.9% Inventories 14,179 14,118 61 0.4% Trade- and short-term receivables 6,557 8,349 (1,791) -21.5% Cash and cash equivalents 5,929 4,075 1,854 45.5% Current assets 26,665 26,542 123 0.5% Total assets 115,761 114,835 926 0.8% Equity 47,684 43,493 4,191 9.6% Payable to credit institutions 24,016 29,340 (5,324) -18.1% Lease liabilities 10,029 10,001 28 0.3% Deferred tax liabilities 7,620 7,764 (143) -1.8% Non-current liabilities 41,666 47,105 (5,439) -11.5% Payable to credit institutions 3,393 3,227 165 5.1% Lease liabilites 1,438 1,388 50 3.6% Trade- and short-term liabilities 21,581 19,621 1,960 10.0% Current liabilities 26,411 24,236 2,175 9.0% Total equity and liabilities 115,761 114,835 926 0.8% 36.9% 37.3% 37.9% 41.2% 30-35% 0% 10% 20% 30% 40% 50% Q4 2022 Q4 2023 Q4 2024 Q4 2025 Target 3.6 3.1 3.0 2.1 <3,5 - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Q4 2022 Q4 2023 Q4 2024* Q4 2025 Target Equity ratio Net interest bearing debt/EBITDA (12m) *Adjusted for an ISK 750 m. administrative fine in Q4 2024
Page 22
Consolidated Statement of Cash Flow Q4 2025 Strong cash flow Cash flow from operating activities ISK 1.5 bn. Investments ISK 1.8 bn. Share buybacks ISK 0.4 bn. Repayment of interest-bearing-debt ISK 1.3 bn. Cash at the end of the period ISK 5.9 bn. 22 ISK millions Q4 2025 Q4 2024 Change % Cash at the beginning of the period 6,811 6,064 747 12.3% EBITDA 4,255 2,957 1,298 43.9% Changes in oparating items (1,702) (1,226) (476) 38.8% Interest and taxes (1,046) (921) (124) 13.5% Cash flows from operating activities 1,508 809 698 86.3% Investments (1,806) (1,701) (105) 6.2% Other investing activities 1,077 115 962 836.6% Investing activities (729) (1,586) 857 -54.0% Transactions with shareholders (365) 0 (365) 0.0% New interest-bearing-debt 40 0 40 0.0% Repayment of interest-bearing-debt (1,332) (1,187) (145) 12.2% Financing activities (1,656) (1,187) (469) 39.5% FX difference on cash (4) (25) 21 -82.3% Cash at the end of the period 5,929 4,075 1,854 45.5% 67.2% 50.1% 26.3% 60.1% >50% 0% 20% 40% 60% 80% 2022 2023 2024 12M 2025 Target Transactions with shareholders/profit
Page 23
ISK millions 12M 2025 12M 2024 Change % Cash at the beginning of the period 4,075 3,362 713 21.2% EBITDA 16,001 12,511 3,491 27.9% Changes in oparating items 3,515 (111) 3,626 3265.8% Interest and taxes (3,733) (3,346) (386) 11.5% Cash flows from operating activities 15,784 9,053 6,730 74.3% Investments (6,071) (4,642) (1,429) 30.8% Other investing activities 1,646 (3,466) 5,112 147.5% Investing activities (4,425) (8,108) 3,683 -45.4% Transactions with shareholders (2,414) (904) (1,510) 167.1% New interest-bearing-debt 40 3,986 (3,946) -99.0% Repayment of interest-bearing-debt (7,153) (3,242) (3,911) 120.7% Financing activities (9,527) (160) (9,367) 5869.1% FX difference on cash 22 (72) 94 129.9% Cash at the end of the period 5,929 4,075 1,854 45.5% Consolidated Statement of Cash Flow 12M 2025 23 67.2% 50.1% 26.3% 60.1% >50% 0% 20% 40% 60% 80% 2022 2023 2024 12M 2025 Target Transactions with shareholders/profit (12m) 2.89 5.18 4.35 6.46 3.00 - 1 2 3 4 5 6 7 2022 2023 2024 12M 2025 Target Cash flows from operating activities/repayment (12m)
Page 24
• Quarterly highlights Q4 and 12M results 2025 • Q4 and 12M results 2025 Position and outlook • Position and outlook
Page 25
Shareholders (10 largest) % Lífeyrissjóður verzlunarmanna 15.2 Lífeyrissj.starfsm.rík. A-deild 10.3 Gildi - lífeyrissjóður 9.7 Brú Lífeyrissjóður starfs sveit 8.6 Stapi lífeyrissjóður 5.4 Almenni-Lífsverk lífeyrissjóður 4.7 Birta lífeyrissjóður 3.9 Frjálsi lífeyrissjóðurinn 3.3 Söfnunarsjóður lífeyrisréttinda 2.9 Festa - lífeyrissjóður 2.1 +52.4% 11.31 12.32 13.06 14.36 13.13 13.27 14.65 16.00 20.02 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 125 kr 175 kr 225 kr 275 kr 325 kr 375 kr 0 m. 2,000 m. 4,000 m. 6,000 m. 8,000 m. 10,000 m. 12,000 m. 14,000 m. 31.12.2023 31.3.2024 30.6.2024 30.9.2024 31.12.2024 31.3.2025 30.6.2025 30.9.2025 31.12.2025 Total volume (L. axis) Closing price (R. axis) Market related information 25 Share price development on Nasdaq OMX Basic earnings per share rolling 12 months (ISK per share) Market information 31.12.2025 31.12.2024 Change Issued shares 309 m. 311 m. -0,7% Price at the end of the period ISK 324 ISK 284 14,1% Market cap ISK 100.161 M ISK 88.396 M 13,3% Turnover 12m ISK 55.325 M ISK 36.098 M 53,3% Number of shareholders 1.729 1.218 42,0% Basic earnings per share (12M) 20,0 13,1 52,4%
Page 26
Outlook for 2026 Position and outlook: Positive outlook for 2026, despite continued economic uncertainty and higher inflation expectations in H1. Continued focus on optimisation and efficiency across the Group’s value chain, with benefits passed on to customers where possible. Strong project pipeline: new Krónan store in Höfn, new N1 service centre at Selfoss and service/tyre facilities in Akranes and Borgahella (including the country’s largest tyre hotel), ELKO opening in Smáralind, new Lyfja pharmacy at Vellir. Multiple integration and development initiatives underway, to be introduced to customers during 2026. Strong financial position, with the Group well positioned to pursue the right opportunities, within and beyond the Group. Festi‘s EBITDA guidance and CAPEX forecast for the year EBITDA guidance for 2026 is ISK 16,500 – 17,000 million. CAPEX guidance for 2026 is ISK 6,500 – 7,000 million. Assumptions for guidance Inflation projected to average around 4% through year-end. The impact of ongoing geopolitical conflicts on product supply expected to be minimal. A slight YoY increase in tourist arrivals anticipated in the second half of 2026. Central bank interest rates assumed to remain unchanged until year-end. A strong ISK weighs on the country’s competitive position, with uncertainty regarding its broader economic impact. 26
Page 27
Thank you
Page 28
Disclaimers All information in this presentation is based on sources which Festi hf. considers reliable at the time of publication, but it cannot be guaranteed that the information is infallible. All information in this presentation is owned by Festi hf. It is not permitted to copy, change or distribute in any way information from this presentation, in part or entirety. This presentation is only intended for information purposes and is not part of, or a basis for, any decisions made by the recipient. Recipients should not interpret information in this presentation as a promise or as instructions. Festi hf. is not obliged to provide recipients of this presentation with further information about the company or to make changes or corrections to the presentation if information upon which it is based changes. The company’s future outlook is dependent on a number of risks and uncertainties which may have the effect that the actual result in the future is considerably different to the scenario described in this presentation. This includes factors such as exchange rates, the global price of fuel, the availability of funding, new legislation coming into effect and the impact of regulators, etc. Festi hf. wishes to point out that recipients of the presentation should not rely on statements contained within in the future since they are only applicable on the date of publication of the presentation. All statements concerning the company’s future prospects are entirely valid with respect to this disclaimer. By receiving this presentation, the recipient agrees that they are bound by the above provisos and limitations.