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Q4 AND FULL YEAR 2025 RESULTS Iceland Seafood International 26.02.2026
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Ahumados Domínguez IS Ibérica IS Iceland Oceanpath IS Germany Achernar IS France €484,3 m Revenues in 2025 10 Businesses 45 Countries we trade in Value-added factories 794+ Employees 2025 5000+ Customers 66.125 MT Of products sold 1.0+ m Meals sold every day 6 10 Businesses Iceland Seafood International Key numbers Thorpesca
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Cod prices hit record highs in 2025 while salmon prices were lower than predicted in the earlier part of the year • Cod prices have been historically high due to quota cuts in the Barents Sea and the Atlantic Ocean, and political turmoil. This is expected to have a long-term impact. • Salmon prices were lower throughout 2025 than forecasted. Price evolution for 2026 is uncertain but are expected to rise from 2025 levels. • Ongoing economic and political challenges continue to impact demand. Salmon prices lower than expected during 2025 HG frozen cod prices are still at an all-time high 0 350 700 1050 1400 1750 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Atlantic Cod supply 2005-2026 (2026 is based on estimation) 3,4 4,4 5,4 6,4 7,4 8,4 9,4 Jan Feb March April May June July Agu Sept Okt Nov Dec 2022 2023 2024 2025 3 4 5 6 7 8 9 10 11 12 Jan Feb March April May June July Agu Sept Okt Nov Dec 2021 2023 2024 2025
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• Food inflation has increased in all major markets • Interest rates have decreased in the US, UK and EU throughout 2025 and into 2026. Eurozone 2.15% UK 3.75% Federal Reserve 3.75% Iceland 7.25% Food inflation is slightly up in the EU, the UK and the US, while interest rates have decreased in key markets
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Strong and solid base in Iceland Iceland Seafood, with a strong sourcing base in Iceland • In 2025, 53% of total purchases in kgs came from ISI shareholders • The remaining 47% came from around 60 different producers in Iceland and various providers all around the globe • In 2024, more than 58% of total purchases came from ISI shareholders, a 3.5% increase from 2023 • The remaining 42% came from around 60 different producers in Iceland and various providers all around the globe. 58,41% 41,59% 2024 Shareholders Others 53,00% 47,00% 2025 Shareholders Others Purchases in Kgs 2025 vs 2024
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Branded products & private label sales are 40.3% of the total sales Sales value of branded products 2025 € . m ( . %) € 8. m ( .8%) € .8m €7. m €9 .8m € .7m Total Brand & private label Sales €195.2m (40,3%) B2B B2C €43.4m (9.0%) Branded products have decreased as a proportion of total sales - now 34.7%+ down fr m 9. % f s es €. Iceland Seafood has historically had strong brands that differentiate on the merits of quality, consistency, and ability to deliver. That has resulted in higher margins and more sustainable business. An important part of the strategy to diversify from food service to retail is to own our consumer brands. Retail Brands
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ACHERNAR / CIGALFER / THORPESCA: Entrena Uno & Entrena Dos Investment in the Argentine fishing sector
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ACHERNAR S.A.S.: Achernar was founded in 2012, an Iceland Seafood company since 2015 • Specialized in land-frozen Argentine Red Shrimp and squid • Reliable & Stable Supply • Access to shrimp fleets during key seasons (Rawson & National) • Ensures consistent, dependable supply • Market Expertise & Leadership • Extensive processing, logistics, and market knowledge • Leading presence in southern Argentina under brands Seastar and Achernar 2024 Expansion: Storage Acquisition • Acquired Cigalfer792 S.R.L. • Enhances storage operations and reduces costs • Improves inventory management across Achernar and IS Iberica Group Strategic investment in the Argentinian seafrozen shrimp sector THORPESCA S.A.S.: New Subsidiary of Iceland Seafood Ibérica • Signed offer to acquire ENTRENA UNO & ENTRENA DOS from FOOD ARTS S.A. • Includes fishing permits and historical rights • Total purchase price: USD 5.8 million
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On the road to knowing our impact we have set out certain objectives to achieve. The impacts of those objectives have been identified, and the KPIs have been set. Continuous work on ESG The ESG performance report reflects our current understanding of our overall sustainability responsibility. With this publication, we are not declaring a full understanding of our impact. Still, we will continue to take important steps towards improving our sustainability and identify both the opportunities and challenges we face towards increased sustainability. Icelandseafood.com/sustainability
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Q4 AND FULL YEAR 2025 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Financial performance
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> VA S-Europe Sales in 20251% down vs2024 • Ibérica Group sales decreased by 1% in value and by 2% in volume compared to2024. • The production volume of Argentinean shrimp was high and has compensated for lower volumes in cod products. • Ahumados sales increased by 1% in value and 4% in volume compared to 2024. Normalized PBT of €8.2m, up €2.4m on 12M 2024 • IS Ibérica Spain had a solid PBT of €5.4m compared to €3m in 2024. • Achernar delivered a PBT of €470k compared to €584k in2024,impacted by unfavourable ARS/USD exchange rates. • Ahumados Domínguez posted a PBT of €2,4m in 2025, up from a PBT of €1.1m in 2024. Stronger earnings with higher EBITDA and PBT, even with a modest decline in sales Sales in MT Normalised PBT Bridge 12M 24 – 12M 25 K´EUR 2025 2024 €m's Q4 25 12M 25 Sales 60.3 212.9 Net margin 10.9 31.7 Normalised EBITDA 6.2 14.5 Normalised PBT 5.3 8.2 0 2000 4000 6000 8000 10000 12000 Cod Shellfish Cephalopod Other Iceland Salmon Other varios 5.833 874 -3.352 6.610 -573 161 -1.339 8.214 NPBT 24 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 25 - 2.000 4.000 6.000 8.000 10.000 12.000
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> VA N-Europe Sales in 2025 are 11% up from last year • Sales in Ireland were 11% ahead of the same period last year and 1% higher in volume. • Value-Added N-Europe division is now solely Oceanpath Group in Ireland, as Iceland Seafood Barraclough in the UK is presented under Other and Elimination. Normalised PBT €2.4m more or less on par with 12M 2024 • Salmon prices lower than forecasted and high whitefish prices had opposing impacts on divisional results. • The Irish operation posted an NPBT of €2.4m, decreasing €0.1m from last year. Continued resilience drives sales and volume growth in 2025 Sales in MT Normalised PBT Bridge 12M 24 – 12M 25 K´EUR 2025 2024 €m's Q4 25 12M 25 Sales 20.6 63.3 Net margin 2.7 8.7 Normalised EBITDA 1.4 3.5 Normalised PBT 1.0 2.4 0,00 500,00 1.000,00 1.500,00 2.000,00 Salmon Prawns Other Breaded Cod Mussels Mackerel Sea Bass Haddock Trout Hake Pollock 2.515 5.884 556 -6.260 -473 -18 197 2.401 NPBT 24 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 25 - 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000
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> Sales & distribution Sales in 2025 are 22% ahead of last year • Strong annual sales performance driven by sharp increases in cod and related species, as well as mackerel prices. • Increased sales volumes in white fish species vs pelagic fish, resulting in higher income due to prices. NPBT of €4.5m, up €0.7m from 2024 • Solid operational results, supported by strong demand and higher whitefish prices. • Operations and finance costs are in line with the prior year, resulting in a Normalized PBT of €4.5m, which was €0.7m up on last year. Record-setting performance fueled by high cod prices – an excellent year €m's Q4 25 12M 25 Sales 59.7 221.5 Net margin 2.7 9.5 Normalised EBITDA 1.3 4.5 Normalised PBT 1.3 4.4 Sales in MT Normalised PBT Bridge 12M 24 – 12M 25 K´EUR 2025 2024 0 2.000 4.000 6.000 8.000 10.000 12.000 Cod Mackerel Herring Haddock Redfish Saithe Capelin Silver Smelt Mussels Catfish Ling Plaice 3.857 92.051 -51.586 -38.722 -972 1 -201 4.428 NPBT 24 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 25 - 20.000 40.000 60.000 80.000 100.000 120.000
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Enhanced financial progress and a strong overall year in 2025 Group sales in 2025 up 9% on 2024 • Continued strong Cod demand due to lower supply has pushed Cod and white fish prices to a record high. • Overall, a strong performance in all divisions in a highly competitive market. • Normalised PBT of €10.6m was up €3.2m from 2024 • EBITDA has improved by €4.8m and Net profit is €4.6 up from last year. • EBITDA for the trailing 12 months rose to €22.8m, compared to €18m as of 2024. • Lower salmon prices have positively impacted our operation in Ireland and Madrid. €m's Q4 25 12M 25 Sales 136.7 484.3 Net margin 16.5 50.7 Normalised EBITDA 8.8 22.8 EBITDA 8.8 22.8 Normalised PBT 6.5 10.6 Net Profit 4.8 7.4 Monthly sales (€’m) NPBT vs Net Profit 20 25 30 35 40 45 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2025 -25 -20 -15 -10 -5 0 5 10 15 20 2019 2020 2021 2022 2023 2024 2025 9,9 7,5 19,5 12,4 0,7 7,4 10,6 6,1 0,8 8,8 -10,2 -20,3 2,8 7,4 NPBT vs Net Profit 2019 -2025 Net Profit P/L
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Condensed consolidated statement of financial position at 31 December 2025 €m's 31.12.25 Fixed assets / Inv.property 39.3 Leased assets 2.0 Intangible assets 61.0 Fin. Lease rec./Def. tax/other 2.4 Non-Current Assets 104.7 Inventory 79.5 Trade and other receivables 68.6 Other assets 10.9 Bank deposits 15.7 Current Assets 174.7 Total Assets 279.4 €m's 31.12.25 Total Equity 82.4 Thereof minority interest 2.5 Long-term borrowings 35.6 Lease liabilities 1.7 Obligations/deferred tax 4.9 Non-Current liabilities 42.2 Short term borrowings 91.6 Trade and other payables 53.3 Other current liabilities 9.9 Current liabilities 154.8 Total Equity and Liabilities 279.4 • Total assets reached €279.4m, up €25.5m from the start of the year. • Inventories rose by €17.6m, with the VA S- Europe division up €13.8m. • Trade receivables on par with last year. 83% of Group receivables are insured. • Collections remained strong, and receivable write-offs are insignificant. • Debt to EBITDA Ratios NIBD/ N EBITDA (12M) 2025 4.9 vs 2024 5.6 NIBD/ EBITDA (12M) 2025 4.9 vs 2024 5.8 • Total equity was €82.4m with a 29.5% equity ratio at the end of December, compared to 30.0% at the end of 2024. • At 31.12.2025 ISK 2.660m (€16.8m) in 6-month bills were outstanding, with EUR hedging. • Net interest-bearing debt at the end of December of €111.5m was €6.9m higher than at year-end 2024. • The Group has successfully completed its refinancing process. Credit facilities have been renewed, and both the credit line and loan previously held with a foreign financial institution have been refinanced through the same Icelandic bank. • At year-end, an ISK 4.000m bond issued in April 2025 and fixed through a currency swap at €27.6m was outstanding. The bond is due in October 2028.
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Q4 AND FULL YEAR 2025 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Outlook 9a5e1f68-3ad4-44f5-bbac-775b69d18ddf
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The normalised PBT of €10,6 million for 2025 surpassed the outlook of €7.5-9.5 million. The outlook for 2026 is €11.5-13.5 million. • Cod prices are expected to remain elevated due to quota reductions and the U.S. ban on Russian fish, which is impacting global cod pricing. These factors are likely to have a long-term impact on cod markets. • Salmon prices were lower throughout 2025 than forecasted. The price evolution for 2026 is uncertain, but expected to rise from 2025 levels. • Food inflation has increased slightly in the Euro Area, the US, and the UK. • Interest rates have decreased in the US, UK and EU throughout 2025. • All divisions are expected to perform in line with budget targets. However, performance will be influenced by developments in the cod and salmon market over the coming months. We are actively monitoring the situation and will continue to provide updates in our quarterly reports. Group results are influenced by various external factors such as: • Key risk factors include changes in fishing conditions, quotas, price developments, and the ability to pass on costs through the value chain. • Global economic shifts, currency fluctuations, import duties, labor access and cost, competition, and consumer behavior also play a role. • Political uncertainty, ongoing conflicts, and potential new sanctions or tariffs add further risk. Full year Normalised PBT* (m’s) 2 5,9 9,9 7,5 19,5 12,4 0,7 7,4 10,6 11,5 13,5 0 5 10 15 20 25 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NPBT NPBT upper outlook
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Forward looking statements Disclaimer This presentation is furnished and intended for European market participants and should be viewed in that manner. Any potential forward looking statements contained in this presentation are reflective of management's current views on future events and performance. Whilst the views are based on positions that management believes are reasonable there are no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risks and consequently, actual results may differ to the statements or views expressed.
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