Interim report
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Iceland Seafood International hf. Consolidated Financial Statements for the year ending 31 December 2025 Iceland Seafood International hf. Köllunarklettsvegur 2 104 Reykjavík Iceland TIN 611088-1329
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Contents Page Statement and Endorsement by the Board of Directors and the CEO ..............................................................2-6 Independent Auditor's Report of the Consolidated Financial Statements .......................................................7-10 Consolidated Statement of Profit or Loss ..........................................................................................................11 Consolidated Statement of Comprehensive Income .........................................................................................12 Consolidated Statement of Financial Position ...................................................................................................13 Consolidated Statement of Changes in Equity ...................................................................................................14 Consolidated Statement of Cash Flows .............................................................................................................15 Notes to the Consolidated Financial Statements ..............................................................................................16-44 Appendices (unaudited) Quarterly Statements .........................................................................................................................................45 Corporate Governance Statement .....................................................................................................................46-52 Non-financial information ..................................................................................................................................53-65 Company Information Name Iceland Seafood International hf. TIN 611088-1329 BOD Birna Einarsdóttir, Chairman Bergþór Baldvinsson, Board Member Halldór Leifsson, Board Member Ingunn Agnes Kro, Board Member Jakob Valgeir Flosason, Board Member CEO Ægir Páll Friðbertsson Address Köllunarklettsvegur 2 104 Reykjavík Iceland Web www.icelandseafood.com Auditors Deloitte ehf. Dalvegur 30 201 Kópavogur Iceland www.deloitte.is Reporting currencyEuro (EUR) Iceland Seafood International hf. 1 Financial Statements 2025 - Audited
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Statement and Endorsement by the Board of Directors and the CEO Statement The Company Changes in Financial Statement Presentation Operations for the year It is the opinion of the Board of Directors and the CEO of Iceland Seafood International hf. (the Company), that these Consolidated Financial Statements present the necessary information to evaluate the financial position of the Company at year end, the operating results for the year and financial developments during the year 2025. The Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Icelandic Act no. 3/2006 on Financial Statements. Iceland Seafood International hf ("the Company") is a holding company for a Group of subsidiaries in Europe and South America. The Company is a one of the leading suppliers of North-Atlantic seafood, a global value-added seafood producer, and a sales and marketing company. The Group is headquartered in Iceland and has subsidiaries in Spain, Argentina, Ireland, Iceland, France, Germany and the United Kingdom. The Group operates across three divisions, Value Added Southern Europe, Value Added Northern Europe and Sales & Distribution Division which has offices in Iceland, France and Germany. The Value Added Divisions have processing factories and coldstores in their respective regions with Southern Europe also having a satellite facility and a freezer- trawler operation in Argentina. Furthermore, in our opinion the Consolidated Financial Statements and the Statement and Endorsement of the Board of Directors and the CEO give a fair view of the development and performance of the Group's operations and its position and describe the principal risks and uncertainties faced by the Group. Inflation decreased across the EU in 2025 while rising slightly in the UK and the US, and interest rates fell in several major markets. Together, these shifts have resulted in moderate to positive effects on consumer purchasing power in 2025. Total sales from continuing operations reached EUR 484.3 million, marking a 9% increase compared to the previous year. This growth over the year was primarily driven by high cod prices and strong demand for whitefish. The fourth quarter performed notably well, in line with expected seasonal patterns, with sales increasing by 5.8% compared to the same quarter in 2024. Christmas-season sales were strong in the Irish and Spanish subsidiaries, together with a robust performance in frozen and fresh products from the Sales and Distribution Division. Effective from Q1 2025, we have revised the format of our financial statements to present both current quarter and year-to-date (YTD) results within each quarterly, bi-annual, and annual report. As part of this change, we have discontinued the use of separate columns for Normalised results and significant items in the YTD sections of quarterly reports and for the prior year. The year was marked by rising prices for cod and related species, as well as for mackerel, while herring prices remained relatively stable and capelin was scarce due to very low quotas issued for 2025. In contrast, salmon prices were substantially lower than projected, which contributed to a very strong year across all Company divisions. Despite the limited capelin availability, reducing volumes compared to previous years, a shift toward a higher‑value product mix supported performance and contributed to an overall sales growth. Iceland Seafood International hf. 2 Financial Statements 2025 - Audited
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Statement and Endorsement by the Board of Directors and the CEO Acquisition of Cigalfer792 S.R.L. The Consolidated Statement of Financial Position at year-end 2025 shows total assets of EUR 279.4 million or EUR 25.5 million increase from the prior year. The increase in total assets is mainly due to higher inventories value, higher cash position and purchase of freezing trawlers and fishing rights. Net debt at end of December of EUR 111.4 million was EUR 6.8 million higher than at year end 2024 on a like for like basis. Increase in debts is mainly driven by high inventories at year end and investments in the freezing trawlers in Argentina. Total equity, including non-controlling interests amounted to EUR 82.4 million compared to EUR 76.2 million at end of December 2024. The equity ratio was 29.5% at year end compared to 30.0% at end of 2024. Full time employees in continuing operations on average for the year were 797 (2024: 767), with 802 at year end (2024: 788). On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A., an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L. in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset acquisition at 2024 year-end, and included in the Group´s financial statement from the beginning of 2025. Cigalfer792 S.R.L. will enhance the current operation, leading to immediate cost reductions in Achernar operations. It will also contribute to an overall decrease in storage costs within the IS Iberica Group, improving inventory management and reducing inventory-related expenses. The S&D division also performed strongly, driven by solid demand for Icelandic products. Our freezing trawler operation in Argentina, which commenced in the fall of 2025, shows promising potential, enabling us to expand further into the value chain and offer premium wild‑caught shrimp, thereby broadening our product portfolio. NormalisedprofitbeforetaxreachedEUR10.6million,anincreaseofEUR3.2millioncomparedtothepreviousyear. The profit for 2025 amounted to EUR 7.4 million, a significant improvement from the EUR 2.8 million profit in 2024. Lower salmon prices benefited our VA N-Europe operations, even as elevated whitefish prices presented challenges. Ahumados Dominguez in Spain, which relies heavily on salmon, delivered a healthy profit for the second consecutive year. Additionally, rising sales prices throughout the year supported margin improvements, particularly within the VA S-Europe division. In 2025 Iceland Seafood International hf. successfully completed its refinancing process. Credit facilities with an Icelandic bank were renewed, and both the credit line and loan previously held with a foreign financial institution were refinanced through the same Icelandic bank. On April 7, the Group completed an unsecured bond issuance, raising ISK 4,000 million (equivalent to EUR 27.6 million via currency swap) with a 3.5-year maturity. Additionally, the Company conducted three short-term bill offerings in October and December 2025, raising ISK 2,660 million (EUR 16.8 million via currency swap) with 6 month maturities. This refinancing reduced interest expenses from the June 2025 maturity date and will do so onward. The Group remains focused on further lowering financing costs through continued financial optimization initiatives. Further information in note nr 21. Iceland Seafood International hf. 3 Financial Statements 2025 - Audited
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Statement and Endorsement by the Board of Directors and the CEO Thorpesca S.A.S. Iceland Seafood Barraclough Ltd. Market capitalization Shareholders 31.12.2025 31.12.2024 FISK Seafood ehf .........................................................................................455 15% 363 12% Brim hf ........................................................................................................350 11% 350 11% Jakob Valgeir ehf .........................................................................................345 11% 345 11% Nesfiskur ehf ...............................................................................................322 11% 322 11% Birta lífeyrissjóður .......................................................................................194 6% 178 6% Lífsverk lífeyrissjóður ..................................................................................178 6% 164 5% Stapi lífeyrissjóður .......................................................................................159 5% 159 5% Lífeyrissjóður starfsmanna ríkisins A-deild ..................................................106 3% 122 4% Sjóvá-Almennar tryggingar hf. ....................................................................93 3% 93 3% VÍS tryggingar hf. .........................................................................................87 3% 87 3% 2.289 74% 2.183 71% Other shareholders (2025: 654 and 2024: 735) ..........................................775 26% 881 29% 3.064 100% 3.064 100% Espersen A/S’s subsidiary, Espersen UK, has withdrawn from its operations in Grimsby and confirmed that it will not exercise its purchase option at the end of the four‑year lease period in September 2027. The company has also approved the early sale of the property. On July 18th, 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from FOOD ARTS S.A. The purchase price amounts to USD 6.0 million. USD 1.2 million for the vessels and USD 4.8 million for the fishing rights. The Company is listed on the Nasdaq main market in Iceland (ticker: ICESEA). The latest transaction in 2025 was at ISK 4.86 per share, giving the Company a market capitalization of EUR 101.5 million (2024: EUR 107.9 million) or 6% decrease from year end 2024. The Board of Directors will propose to the Annual General Meeting that no dividend will be paid to shareholders in 2026. For an overview of changes in equity, see the Consolidated Statement of Changes in Equity. The total number of shareholders at year end was 664 (2024: 745). The ten largest are (shares are in millions): Stock options are granted to management, based on stock option plan approved by Annual General Meeting in March 2021. Total granted and unexercised options at year end 2025 were 15.8 million shares (2024: 15.8 million shares). At end of the year 15.8 million shares are exercisable. All granted options are vested. Further information on stock options is disclosed in note 20.4. Iceland Seafood International hf. 4 Financial Statements 2025 - Audited
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Statement and Endorsement by the Board of Directors and the CEO Corporate Governance Non-financial information The Company's policies, material issues and focus areas are disclosed in the Non-Financial Information appendices to these Consolidated Financial Statements. Iceland Seafood International hf. is a limited liability company operating under Act No. 2/1995 respecting Public Limited Companies. The framework for Corporate Governance practices within the Company is defined by the provisions of law, the Nasdaq Iceland Rules, the principles set forth in the Corporate Governance Guidelines issued by the Iceland Chamber of Commerce, the Company's Articles of Association and rules of procedures for Board and sub-committees. The Company is governed by shareholders meetings, the Board of Directors and the Chief Executive Officer. The Board of Directors shall be composed of three to five members and up to two alternate members, elected at the Annual General Meeting for a term of one year. Currently the board consist of five members and one alternate member. Two of five board members are female, the Company therefore complies with regulation on gender compositon of the board. Furthermore the Senior Executive Management consists of a male and a female, and the Company´s gender ratio is 51% males, 49% females. Further information is provided in the Corporate Governance Statement which is an appendix to these Financial Statements. The European Union has introduced the European Green Deal which consists of series of major proposals, important commitments and detailed roadmap with the goal of Europe to become the world's first climate-neutral continent by 2050. One aspect for the financial part of the European Green Deal is the Taxonomy Regulation 2020/852/EU, which took effect in Iceland in June 2023 with act. no. 25/2023. The Company has gone through a detailed assessment to understand the extent of the regulation for its operation and has evaluated the eligibility and alignment against the climate and environmental objectives. The results are reported in detail in the chapter Non-Financial Disclosure. The Company is defined, under the Icelandic Act no. 3/2006 on Financial Statements, as a parent company of a large consolidation. According to the Act, such companies are to disclose as an attachment to the Statement and Endorsement by the Board of Directors and the CEO, relevant and useful information on their policies, main risks and outcomes relating to environmental, social and employee matters, their human rights policy and how they counteract corruption and bribery. Also a short description of their business model. Iceland Seafood International hf. 5 Financial Statements 2025 - Audited
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Statement and Endorsement by the Board of Directors and the CEO Endorsement Reykjavík, 26 February 2026 Birna Einarsdóttir Bergþór Baldvinsson Chairman of the Board Board Member Halldór Leifsson Ingunn Agnes Kro Board Member Board Member Jakob Valgeir Flosason Ægir Páll Friðbertsson Board Member Chief Executive Officer The Board of Directors and the CEO of Iceland Seafood International hf. hereby confirm the Consolidated Financial Statements of the Company for the year 2025 with their signatures. Iceland Seafood International hf. 6 Financial Statements 2025 - Audited
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Independent Auditor's Report of the Consolidated Financial Statements To the Board of Directors and shareholders of Iceland Seafood International hf. Opinion Basis for opinion Key audit matters Valuation of goodwill How our audit addressed the key audit matter Book value of goodwill at year-end amount to EUR 56.2 million (2024: 56.2 million). In order to address this key audit matter, we audited the assumptions used in the impairment model for goodwill. As part of our work, we engaged our internal specialists to assist with: The management consider that each geographical segment constitutes its own cash generating unit (‘CGU’). The key assumptions applied by the managements in the impairment reviews are: segment specific discount rates, We have audited the Consolidated Financial Statements of Iceland Seafood International hf. for the year ended 31 December 2025 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows for the year then ended and the Notes to the Consolidated Financial Statements, including a summary of significant accounting policies. In our opinion, the accompanying Consolidated Financial Statements give a true and fair view of the consolidated financial position of Iceland Seafood International hf. as at 31 December 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and additional requirements in the Icelandic Financial Statement Act. Our opinion in this report on the Consolidated Financial Statements is consistent with the content of the additional report that has been submitted to the parent company´s audit committee in accordance with the EU Audit Regulation 537/2014 Article 11. We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of Iceland Seafood International hf. in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Iceland, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the EU Audit Regulation 537/2014 Article 5.1 has been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. ▪ Critically evaluating whether the model used by management to calculate the value in use of the individual Cash Generating Units complies with the requirements of IAS 36 Impairment of Assets. ▪ Validating the assumptions used to calculate the discount rates and recalculating these rates. Iceland Seafood International hf. 7 Financial Statements 2025 - Audited
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Independent Auditor's Report of the Consolidated Financial Statements Other information Responsibilities of the Board of Directors and the CEO for the Consolidated Financial Statements future revenue growth and expected future margins. Determining whether the carrying value of goodwill is recoverable requires management to make significant estimates regarding the future cash flows, discount rates and long-term growth rates based on management’s view of future business prospects. Due to the relative sensitivity of certain inputs to the impairment testing process, in particular the future cash flows of the CGUs noted above, the valuation of goodwill is considered a key audit matter. The board of directors and the audit committee shall supervise the preparation and presentation of the Consolidated financial statements. In accordance with Paragraph 2 article 104 of the Icelandic Financial Statement Act no. 3/2006, we confirm to the best of our knowledge that the accompanying Statement and Endorsement by the Board of Directors and CEO includes all information required by the Icelandic Financial Statement Act that is not disclosed elsewhere in the Consolidated Financial Statements. The Board of Directors and the CEO are responsible for the preparation and fair presentation of the Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and additional requirements in the Icelandic Financial Statement Act, and for such internal control as the Board of Directors and the CEO determines is necessary to enable the preparation of Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated Financial Statements, the Board of Directors and the CEO are responsible for assessing Iceland Seafood International hf.’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors and the CEO either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. The Board of Directors and the CEO are responsible for the other information. The other information comprises the Statement and Endorsement by the Board of Directors and the CEO and the unaudited appendices to the Consolidated Financial Statements. Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon, except the confirmation regarding Statement and Endorsement by the Board of Directors and the CEO as stated below. ▪ Considering the projected future cash flows, understanding variances between the forecast and actual results for the year ended 31 December 2025 and comparing the forecast growth trends to historic trends. ▪ Evaluating the appropriateness of the sensitivity analysis applied by management to the impairment testing model including considering whether the scenarios reasonably represent possible changes in key assumptions. ▪ Performing further sensitivity analysis based on our understanding of the future prospects to identify whether these scenarios could give rise to further impairment; and ▪ Analysing the future projected cash flows used in the models to determine whether they are reasonable and supportable given the current macroeconomic climate and expected future performance We also reviewed the disclosures presented in note 11 to the Consolidated Financial Statements to confirm compliance with the requirements within IAS 36. Iceland Seafood International hf. 8 Financial Statements 2025 - Audited
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Independent Auditor's Report of the Consolidated Financial Statements Auditor’s responsibilities for the audit of the Consolidated Financial Statements We communicate with the Board of Directors and the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Board of Directors and the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors and the Audit Committee, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. In addition to our work as the auditors of Iceland Seafood International hf., Deloitte has provided the firm with permitted additional services such as review of interim financial statements. Deloitte has in place internal procedures ▪ Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ▪ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Iceland Seafood International hf.'s internal control. ▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ▪ Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. ▪ Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. ▪ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated and separate financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Iceland Seafood International hf. 9 Financial Statements 2025 - Audited
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Independent Auditor's Report of the Consolidated Financial Statements Report on other legal and regulatory requirements Report on European single electronic format (ESEF Regulation) Kópavogur, 26 February 2026 Deloitte ehf. Heiðar Þór Karlsson State Authorised Public Accountant Our responsibility is to obtain reasonable assurance, based on evidence that we have obtained, on whether the consolidated financial statements is prepared in all material respects, in compliance with the ESEF Regulation, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor's judgement, including the assessment of the risks of material departures from the requirement set out in the ESEF regulation, whether due to fraud or error. In our opinion, the consolidated financial statements for the year ended 31.12.2025, with the file name "254900CJS0OI5B8GO668-2025-12-31-0-en.zip", has been prepared, in all material respects, in compliance with the ESEF Regulation. Deloitte was appointed auditor of Iceland Seafood International hf. by the Annual General Meeting of shareholders on 26 March 2025. Deloitte have been elected since the Annual General Meeting 1999. in order to ensure its independence before acceptance of additional services. The audit committee also evaluates the independence of the company’s auditors on yearly basis in order to ensure their independence and objectivity. Deloitte has confirmed in writing to the Audit Committee that we are independent of Iceland Seafood International As part of our audit of the consolidated financial statements of Iceland Seafood International hf. we performed procedures to be able to issue an opinion on whether the consolidated financial statements of Iceland Seafood International hf. for the year 2025 with the file name "254900CJS0OI5B8GO668-2025-12-31-0-en.zip" is prepared, in all material respects, in compliance with laws no. 20/2021 disclosure obligation of issuers of securities and the obligation to flag relating torequirements regarding European single electronic format regulation EU 2019/815 which include requirements related to the preparation of the consolidated financial statements in XHTML format and iXBRL markup. Management is responsible for preparing the consolidated financial statements in compliance with laws no. 20/2021 disclosure obligation of issuers of securities and the obligation to flag. This responsibility includes preparing the consolidated financial statements in a XHTML format in accordance to EU regulation 2019/815 on the European single electronic format (ESEF regulation). Iceland Seafood International hf. 10 Financial Statements 2025 - Audited
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Consolidated Statement of Profit or Loss for the year ended 31 December 2025 2025 2024 2025 2024 1.10. - 31.12.1.10. - 31.12.1.1. - 31.12.1.1. - 31.12. Gross profit Sales of seafood ..................................................................2 136.707 129.165 484.273 443.179 Cost of sales ........................................................................15 (114.053) (107.283) (410.948) (375.899) 22.654 21.882 73.325 67.280 Operating expenses Operating expenses ............................................................(13.832) (12.518) (50.532) (48.565) Operating profit before interest and depreciation and amortisation (EBITDA) ................................................8.822 9.364 22.793 18.715 Change in fair value of investment property ....................9 119 (78) (87) (244) Depreciation and amortisation ..........................................10 (1.056) (647) (4.056) (4.070) Operating profit (EBIT) .................................................7.885 8.639 18.650 14.401 Net finance costs ................................................................5 (1.323) (1.522) (5.229) (6.408) Net exchange rate difference .............................................(15) (2.174) (2.819) (552) Profit before exceptional items and taxes .....................6.547 4.943 10.602 7.441 Exceptional items ...............................................................7 (60) (404) (633) (3.512) Profit before taxes .......................................................6.487 4.539 9.969 3.929 Income taxes .......................................................................6 (1.669) (294) (2.614) (1.153) Profit for the period .....................................................4.818 4.245 7.355 2.776 Attributable to Owners of the Company .....................................................4.597 4.096 7.087 2.654 Non-controlling interests ...................................................221 149 268 122 Profit for the period .....................................................4.818 4.245 7.355 2.776 Earnings per share 8 Basic and diluted (EUR cents per share) ............................0,1500 0,1337 0,2313 0,0866 Note Iceland Seafood International hf. 11 Amounts in EUR thousands Financial Statements 2025 - Audited
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Consolidated Statement of Comprehensive Income for the year ended 31 December 2025 2025 2024 2025 2024 1.10. - 31.12.1.10. - 31.12.1.1. - 31.12.1.1. - 31.12. Profit for the period .......................................................................4.818 4.245 7.355 2.776 Items that may be reclassified subsequently to profit or loss Net fair value of cash flow hedges ......................................................... 76 Translation difference ............................................................................(48) 694 (1.141) 526 Total comprehensive income ..........................................................4.770 4.939 6.214 3.378 Attributable to Owners of the Company ........................................................................4.549 4.790 5.946 3.256 Non-controlling interests .......................................................................221 149 268 122 Total comprehensive income ..........................................................4.770 4.939 6.214 3.378 Iceland Seafood International hf. 12 Amounts in EUR thousands Financial Statements 2025 - Audited
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Consolidated Statement of Financial Position at 31 December 2025 Note 31.12.2025 31.12.2024 Assets Non-current assets Property, plant and equipment .................................................................................10 35.559 34.723 Investment property ..................................................................................................9 3.782 4.220 Leased assets .............................................................................................................23 1.954 1.389 Intangible assets ........................................................................................................11 61.001 56.577 Finance lease receivables ..........................................................................................398 1.186 Deferred tax assets ....................................................................................................6 1.848 2.518 Other long term assets ..............................................................................................166 128 Total non-current assets 104.708 100.741 Current assets Inventories .................................................................................................................15 79.461 61.857 Finance lease receivables ..........................................................................................493 228 Trade and other receivables ......................................................................................16 68.607 68.352 Other assets ...............................................................................................................17 10.389 9.844 Cash and bank balances .............................................................................................18 15.727 12.900 Total current assets 174.677 153.181 Total assets 279.385 253.922 Equity and liabilities Capital and reserves Issued capital and share premium ............................................................................19 46.321 71.524 Translation reserve ....................................................................................................20 (1.120) 21 Other reserves ...........................................................................................................20 612 612 Retained earnings and unrealised profit from subsidiaries ......................................34.085 1.853 Equity attributable to owners of the Company79.898 74.010 Non-controlling interests ..........................................................................................2.475 2.207 Total equity 82.373 76.217 Non-current liabilities Borrowings .................................................................................................................21 35.590 7.881 Lease liabilities ...........................................................................................................23 1.686 1.085 Retirement benefit and other obligations ................................................................2.711 1.140 Deferred tax liabilities ...............................................................................................6 2.165 1.791 Total non-current liabilities 42.152 11.897 Current liabilities Borrowings .................................................................................................................21 91.574 109.630 Lease liabilities ...........................................................................................................23 497 509 Trade and other payables ..........................................................................................53.252 44.697 Other liabilities ..........................................................................................................22 9.537 10.972 Total current liabilities 154.860 165.808 Total liabilities 197.012 177.705 Total equity and liabilities 279.385 253.922 Iceland Seafood International hf. 13 Amounts in EUR thousands Financial Statements 2025 - Audited
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Consolidated Statement of Changes in Equity for the year ended 31 December 2025 Restricted equity Attributable Non - Share Share TranslationHedging Statutory Equity Unrealised profitRetained to owners ofcontrolling Total capital premium reserve reserve reserve reserve of subsidiaries earnings the Companyinterests equity Balances at 1 January 2024 27.456 44.084 (505) (641) 430 181 21.657 (21.657) 71.005 1.726 72.731 Profit (loss) for the year ........................................ 8.990 (6.336) 2.654 122 2.776 Net fair value gain on cash flow hedges ................ 76 76 76 Translation of shares held in foreign currencies ... 526 526 526 Total comprehensive income ................................ 526 76 8.990 (6.336) 3.256 122 3.378 Issue of share capital ............................................ 0 360 360 Transfer of cash flow hedge upon derecognition of financial liabilities ........................................... 565 (565) 0 0 Dividend declared from subsidiaries to parent ..... (4.500) 4.500 Other adjustments ................................................ (16) 1 (236) (251) (1) (252) Balances at 31 December 2024 27.456 44.068 21 0 430 182 26.147 (24.294) 74.010 2.207 76.217 Profit (loss) for the year ........................................ 10.342 (3.255) 7.087 268 7.355 Translation of shares held in foreign currencies ... (1.141) (1.141) (1.141) Total comprehensive income ................................ (1.141) 10.342 (3.255) 5.946 268 6.214 Transfer of share premium to accumulated loss ...(25.203) 25.203 0 0 Dividend declared from subsidiaries to parent ..... (5.500) 5.500 0 0 Other adjustments ................................................ (58) (58) (58) Balances at 31 December 2025 27.456 18.865 (1.120) 0 430 182 30.989 3.096 79.898 2.475 82.373 Iceland Seafood International hf. 14 Amounts in EUR thousands Financial Statements 2025 - Audited
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Consolidated Statement of Cash Flows for the year ended 31 December 2025 Note 2025 2024 Operating activities Operating profit .................................................................................................18.630 12.752 Change in fair value of investment property ....................................................9 87 1.190 Depreciation and amortisation .........................................................................10 4.056 4.070 Gain on disposal of property, plant and equipment .........................................(42) (91) Change in obligations and other calculated liabilities ......................................2.652 (668) Working capital generated from operations 25.383 17.253 (Increase) decrease in inventories ....................................................................(17.604) 15.132 (Increase) decrease in receivables and other assets .........................................(315) (10.733) Increase (decrease) in payables and other liabilities ........................................7.965 (9.139) Cash generated from operations before interests and taxes15.429 12.513 Interest received ...............................................................................................1.003 1.405 Interest paid ......................................................................................................(6.845) (9.676) Income taxes paid .............................................................................................(2.604) (1.871) Net cash generated from operating activities 6.983 2.371 Investing activities Payments for investment property ...................................................................9 (3.627) Payments for property, plant and equipment ..................................................10 (5.563) (4.469) Payments for intangible assets .........................................................................11 (4.440) (197) Proceeds from disposal of non-current assets ..................................................83 135 Net cash outflow on acquisition of subsidiaries ...............................................13 (809) (695) Net cash used in investing activities (10.729) (8.853) Net cash before financing activities (3.746) (6.482) Financing activities Net proceeds from revolving credit facility ......................................................21 9.784 8.889 Net proceeds from (repayment of) bills ............................................................21 1.281 (1.458) Net proceeds from borrowings on new term loan ...........................................21 12.927 3.667 Net repayment of other borrowings .................................................................21 (13.884) (9.889) Proceeds from issue of share capital, net of issue costs ................................... 360 Net cash generated by financing activities 10.108 1.569 Net increase (decrease) in cash and bank balances ..........................................6.362 (4.913) Cash and bank balances at the beginning of the year ......................................12.900 16.524 Effect of exchange rate changes on cash held in foreign currencies ................(3.535) 1.289 Cash and bank balances at the end of the year18 15.727 12.900 Iceland Seafood International hf. 15 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 1.General information 2.Segment information 2.1 Products and services from which reportable segments derive their revenues Processing and sale of seafood in Southern Europe. Processing and sale of seafood in Ireland. Also includes UK as discont. operations. Distribution of seafood to a global network of customers. Head office and discontinued operations. 2.2 Segment revenue, results, assets and liabilities For the year 2025 Value addedValue added Sales & Other and S-Europe N-Europe Distribution EliminationsConsolidated Revenue: Sales of seafood ............................241.934 67.154 228.420 455 537.963 Eliminations ..................................(28.994) (3.896) (6.929) (13.871) (53.690) 212.940 63.258 221.491 (13.416) 484.273 Operating results: Operating profit (loss) ...................12.482 2.461 4.440 (733) 18.650 (4.234) (60) (12) (3.742) (8.048) Normalised PBT ...........................8.248 2.401 4.428 (4.475) 10.602 Exceptional costs ........................... (30) (603) (633) Profit (loss) before taxes .............8.218 2.401 4.428 (5.078) 9.969 Income tax ....................................(2.205) (319) (841) 751 (2.614) Profit (loss) for the period ...........6.013 2.082 3.587 (4.327) 7.355 Assets ............................................160.173 29.413 35.192 54.607 279.385 Liabilities .......................................102.766 10.022 25.607 58.617 197.012 Iceland Seafood International hf. (the Company) is a public limited company incorporated in Iceland. It is listed on the Nasdaq main market in Iceland (ticker: ICESEA). Information is reported to the Board of Directors and key management on the operating segment level. The reportable segments in 2025 were: The address of its registered office and principal place of business are disclosed in the Contents to the Consolidated Financial Statements. The principal activities of the Company and its subsidiaries (the Group) are described in the Statement and Endorsement by the Board of Directors and the CEO. Value added Northern Europe ....... Sales & Distribution ...................... Value added Southern Europe ....... Other ............................................. Net finance costs and exchange rate difference ............ Iceland Seafood Barraclough in UK is now presented under Other and Eliminations instead of Value Added N-Europe division. Comparative figures in 2024 have been restated accordingly. Iceland Seafood International hf. 16 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 For the year 2024 Value addedValue added Sales & Other and S-Europe N-Europe Distribution EliminationsConsolidated Revenue: Sales of seafood ............................230.607 63.521 187.180 460 481.768 Eliminations ..................................(15.205) (6.702) (6.154) (10.528) (38.589) 215.402 56.819 181.026 (10.068) 443.179 Operating results: Operating profit (loss) ...................8.725 2.763 3.668 (755) 14.401 (2.892) (248) 189 (4.009) (6.960) Normalised PBT ...........................5.833 2.515 3.857 (4.764) 7.441 Exceptional costs ........................... 0 0 (298) (3.214) (3.512) Profit (loss) before taxes .............5.833 2.515 3.559 (7.978) 3.929 Income tax .................................... (728) (332) (793) 700 (1.153) Profit (loss) for the period ...........5.105 2.183 2.766 (7.278) 2.776 Assets ............................................137.819 29.324 31.711 55.068 253.922 Liabilities .......................................85.101 12.094 21.213 59.297 177.705 3.Salaries 2025 2024 Salaries ...........................................................................................................................27.933 26.506 Pension related expenses ..............................................................................................4.444 4.071 Other salary related expenses .......................................................................................1.118 918 33.495 31.495 2025 2024 Cost of sales ...................................................................................................................20.298 18.836 Operating expenses .......................................................................................................13.197 12.659 33.495 31.495 Full time employees on average for the year from continuing operations ...................797 767 Full time employees at end of the year from continuing operations ............................802 788 4.Fee to auditors 2025 2024 Audit of the Consolidated Financial Statements ............................................................382 374 Other services ................................................................................................................21 59 403 433 Classified by operational category: Salaries and related expenses: Net finance costs and exchange rate difference ............ Iceland Seafood International hf. 17 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 5.Net finance costs 2025 2024 Investment income: Interest income on bank accounts .................................................................................413 733 Interest income on trade receivables ............................................................................590 672 Total investment income ...............................................................................................1.003 1.405 Finance costs: Interest expenses on borrowings ...................................................................................(6.011) (7.381) Interest expenses on obligations under leases ..............................................................(83) (80) Other interest expenses .................................................................................................(138) (352) Total finance costs .........................................................................................................(6.232) (7.813) Net finance costs ............................................................................................................(5.229) (6.408) 6.Income tax 6.1 Income tax recognised in profit or loss 2025 2024 Current tax expense .......................................................................................................(1.570) (1.909) Deferred tax expense .....................................................................................................(1.044) 756 (2.614) (1.153) 2025 2024 Profit before tax after exceptional items .......................................................................9.969 3.929 Income tax expense calculated at 20% (2024: 21%)(the Company's rate in Iceland) ....(1.994) (825) Effect of different tax rates of subsidiaries operating in other jurisdictions ..................(290) (100) Effect of items that are not deductible/taxable in determining taxable profit ..............(115) (1.308) Effect of unused tax losses and tax offsets not recognised as def. tax assets ...............(145) (1.184) (72) 2.351 Others ............................................................................................................................2 (87) Income tax expense recognised in profit or loss ............................................................(2.614) (1.153) Effective tax rate ............................................................................................................26% 29% 6.2 Current tax balances 31.12.2025 31.12.2024 Income tax payable ........................................................................................................1.202 1.087 The income tax expense for the year can be reconciled to the accounting profit as follows: Effect of exchange rate difference on deferred tax ....................................................... Iceland Seafood International hf. 18 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 6.3 Deferred tax balances 31.12.2025 31.12.2024 Deferred tax assets ........................................................................................................1.848 2.518 Deferred tax liabilities ....................................................................................................(2.165) (1.791) (317) 727 Deferred tax assets / (liabilities) have changed as follows: Deferred taxDeferred tax assets liabilities Total At 1 January 2024 ................................................................................2.461 (2.490) (29) Calculated tax for the year ..................................................................(766) (387) (1.153) Income tax payable for the period ......................................................823 1.086 1.909 At 31 December 2024 .........................................................................2.518 (1.791) 727 Calculated tax for the year ..................................................................(1.199) (1.415) (2.614)Income tax payable for the period ......................................................529 1.041 1.570 At 31 December 2025 .........................................................................1.848 (2.165) (317) Deferred tax assets / (liabilities) are in relation to: 31.12.2025 31.12.2024 Property, plant and equipment .....................................................................................(161) (1.250) Intangible assets .............................................................................................................(1.263) (1.226) Inventories .....................................................................................................................(51) (12) Trade and other receivables ..........................................................................................(160) 1.656 Deferred revenue ...........................................................................................................(250) (252) Deferred exchange rate difference ................................................................................(1) (16) Deferred tax loss ............................................................................................................1.587 1.568 Other items ....................................................................................................................(18) 259 (317) 727 6.4. Unused tax losses Most of the unused tax losses will expire in the years 2026-2035, although some subsidiaries have unused tax losses that do not expire. Unused tax losses at the amount of EUR 23.1 million is not recognised as deferred tax assets. Unused tax losses at the amount of EUR 16.2 million will not expire and unused tax losses at the amount of EUR 6.7 million will expire in the years 2029-2035. Management has concluded that there will be sufficient taxable profit in the future to use the tax loss currently carried forward. The recognition of the deferred tax is based on the Group´s forecast whereby there will be sufficient taxable profits to fully utilize current taxable losses. Iceland Seafood International hf. 19 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 7.Significant items Exceptional costs, net of income tax: 2025 2024 Exceptional costs ............................................................................................................(633) (2.154) Income tax ..................................................................................................................... 63 Costs due to discontinued operations ...........................................................................(1.358) Exceptional costs, net of income tax ..............................................................................(633) (3.449) 8.Earnings per share 2025 2024 Profit attributable to owners of the Company ...............................................................7.087 2.654 Weighted average number of ordinary shares (in ISK thous.) for basic EPS .................. 3.064.480 3.064.480 Basic and diluted earnings per share (EUR cents per share) Basic and diluted earnings per share .............................................................................0,2313 0,0866 9.Investment property 2025 2024 4.220 1.663 (144) 3.627 (87) (1.190) (207) 120 3.782 4.220 In 2025 the Group incurred costs associated with the following: In 2024 the Group incurred costs associated with the following: - Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 0.6 million. Investment properties held by the Group are a property in the UK that was used in the operation of Iceland Seafood UK Ltd., that was sold in 2023. In accordance with the agreement with the buyer of Iceland Seafood UK Ltd., the buyer and the Group entered into rental agreement of the property, where the lessee has a purchase option at end of the leasing period. Asset valuation at year end reflects the discounted valuation of rental payments under the rental agreement and the purchase price at the end of the leasing period. - Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 1.7 million. - Group management changes EUR 0.4 million. - Costs related to the sale of UK operation EUR 1.4 million. Fair value adjustments ................................................................................................... Exchange rate differences .............................................................................................. At 31 December ............................................................................................................. The Company has no agreements with dilutive effects. Prior year adjustment .................................................................................................... At 1 January ................................................................................................................... The lessee, Espersen A/S’s subsidiary, Espersen UK, has withdrawn from its operations in Grimsby and confirmed that it will not exercise its purchase option at the end of the four‑year lease period in September 2027. The company has also approved the early sale of the property. The Group reassessed the measurement basis for its investment property in Grimsby and fair value changes are recognised in profit or loss in accordance with IAS 40. Additions ........................................................................................................................ Iceland Seafood International hf. 20 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 10.Property, plant and equipment Property Machinery For the year 2025 and land and equipment Total Cost At 1 January ........................................................................................24.603 20.134 44.737 Additions .............................................................................................12 5.551 5.563 Eliminated on disposal ........................................................................ (280) (280) Fully depreciated assets ...................................................................... (215) (215) Exchange rate differences ...................................................................(775) (1.010) (1.785) At 31 December ..................................................................................23.840 24.180 48.020 Depreciation At 1 January ........................................................................................3.895 6.119 10.014 Charge for the period ..........................................................................530 2.831 3.361 Eliminated on disposal ........................................................................ (239) (239) Fully depreciated ................................................................................. (215) (215) Exchange rate differences ...................................................................(10) (450) (460) At 31 December ..................................................................................4.415 8.046 12.461 At 31 December 2025 .........................................................................19.425 16.134 35.559 Property Machinery For the year 2024 and land and equipment Total Cost At 1 January ........................................................................................21.323 16.498 37.821 Acquired on acquisition of subsidiary .................................................3.200 3.200 Additions .............................................................................................38 4.431 4.469 Eliminated on disposal ........................................................................ (469) (469) Fully depreciated assets ......................................................................(71) (906) (977) Exchange rate differences ...................................................................113 580 693 At 31 December ..................................................................................24.603 20.134 44.737 Depreciation At 1 January ........................................................................................3.339 4.357 7.696 Charge for the period ..........................................................................619 2.806 3.425 Eliminated on disposal ........................................................................ (299) (299) Fully depreciated .................................................................................(71) (906) (977) Exchange rate differences ...................................................................8 161 169 At 31 December ..................................................................................3.895 6.119 10.014 At 31 December 2024 .........................................................................20.708 14.015 34.723 10.1 Useful lives Property and land ....................................................25-50 years Machinery and equipment ......................................3-20 years 10.2 Property, plant and equipment pledged as security The following useful lives of property, plant and equipment are used in the calculation of amortisation. Iceland Seafood International hf. 21 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 10.3 Depreciation and amortisation expense 2025 2024 Depreciation of property, plant and equipment ............................................................3.361 3.425 Amortisation of intangible assets, note 11 ....................................................................94 75 Depreciation of leased assets, note 23 ..........................................................................601 570 4.056 4.070 10.4 Property, plant and equipment insurance value 31.12.2025 31.12.2024 Insurance value ..............................................................................................................85.507 62.903 10.5 Fire in Achernar´s Operational Facilities 11.Intangible assets Other intangibleFishing For the year 2025 Goodwill assets rights Total At 1 January ..............................................................56.216 361 56.577 Additions .................................................................... 329 4.111 4.440 Charge for the period ................................................ (94) (94) Exchange rate differences ......................................... (18) 96 78 At 31 December .........................................................56.216 578 4.207 61.001 Other intangibleFishing For the year 2024 Goodwill assets rights Total At 1 January ..............................................................56.216 231 56.447 Additions .................................................................... 197 197 Charge for the period ................................................ (75) (75) Exchange rate differences ......................................... 8 8 At 31 December .........................................................56.216 361 0 56.577 During the year, the Company purchased fishing rights for shrimp in Argentina. For further information, see note 14. The Company assessed the recoverable amount of goodwill and determined that none of the Company's cash- generating units have suffered an impairment loss. At year-end 2025, the Group had no property, plant and equipment pledged as security for its banking facilities. In the prior year, a property in the UK was pledged as security for banking facilities of the Group’s UK operations. On December 5th 2025, a fire occurred in the reception and office areas of Achernar’s processing facility, a subsidiary of the Group located in Argentina. The fire was contained within the affected areas and did not spread to other parts of the facility, as firewalls prevented further damage. The incident did not affect inventory storage areas. Operations resumed within two weeks following the incident, and the facility has since been operating at full capacity. The property is insured, and the incident has been reported to the Group’s insurance broker. As at the reporting date, the final financial impact of the incident has not yet been determined. Based on information currently available, management does not expect the fire to have a material impact on the Group’s financial position, results of operations, or cash flows. Iceland Seafood International hf. 22 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 11.1 Allocation of goodwill to cash-generating units 31.12.2025 31.12.2024 WACC % Book value WACC % Book value Iceland ......................................................................8,8% 4.072 8,4% 4.072 Spain ........................................................................8,1% 36.005 8,2% 36.005 France ......................................................................9,4% 1.127 8,9% 1.127 Ireland ......................................................................8,5% 15.012 8,8% 15.012 56.216 56.216 12.Subsidiaries and other investments Place of Ownership OwnershipPrincipal Name of company incorporation31.12.2025 31.12.2024activity Subsidiaries: Iceland Seafood ehf. Iceland 100% 100% Sale of seafood Solo Export ehf. Iceland 100% 100% Not active Iceland Seafood Ibérica S.A.U. Spain 100% 100% Sale of seafood - Achernar S.A. Argentina 100% 100% Sale of seafood - Cigalfer792 S.R.L. Argentina 100% 100% Real estate - Thorpesca S.A.S. A) Argentina 100% Fisheries Ahumados Dominguez Spain 85% 85% Sale of seafood Iceland Seafood Barraclough Ltd. UK 100% 100% Real estate Oceanpath Ltd. Ireland 100% 100% Sale of seafood - Dunns Seafare Ltd. Ireland 100% 100% Sale of seafood - Mondi Properties Ireland Ltd. Ireland 100% 100% Real estate - Carr & Sons Seafood Ltd. Ireland 100% 100% Sale of seafood - H J Nolan Ltd. Ireland 100% 100% Sale of seafood Iceland Seafood France S.A.S. France 100% 100% Sale of seafood ISG Iceland Seafood GmbH Germany 100% 100% Sale of seafood ISI Seafood Inc. USA 100% 100% Not active At 31 December 2025, the Company directly owned nine subsidiaries that are all included in the consolidation. The direct subsidiaries in addition owned a further seven subsidiaries. The Company holds the majority of voting power in all of its subsidiaries. Goodwill has been allocated for impairment testing purposes to the following cash-generating units. The recoverable amount of these cash-generating units is determined based on a value in use calculation, which uses cash flow projections based on financial forecasts prepared by management covering a five-year period and a discount rate of 8.1-9.4% p.a. (2024: 8.2-8.9% p.a.). Cash flow projections during the forecast period are based on the same expected gross margins and raw materials price inflation throughout the forecast period. The cash flows beyond that five-year period have been extrapolated using a steady 1.5% p.a. (2025: 1.5%) growth rate which is the projected long-term average growth rate for the international seafood market. Management believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not cause carrying amounts of any of the cash generating units to exceed their recoverable amounts. An increase in weighted average cost of capital of more than 90 bps would cause impairment of goodwill in S-Europe division. A) In 2025 Iceland Seafood Ibérica S.A.U. founded the company Thorpesca S.A.S. in Argentina (see note 14). Iceland Seafood International hf. 23 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 12.1 Subsidiaries pledged as security 13.Acquisition of subsidiary 1.1.2025 Property, plant and equipment .................................................................................................................4.377 Trade and other receivables .....................................................................................................................137 Cash and bank balances ............................................................................................................................8 Assets acquired 4.522 Deferred tax liabilities ...............................................................................................................................1.004 Trade and other payables .........................................................................................................................168 Liabilities assumed 1.172 Total net identified assets .........................................................................................................................3.350 Consideration paid in cash in 2024 ...........................................................................................................750 Consideration paid in cash in 2025 ...........................................................................................................920 Deferred payments ...................................................................................................................................1.680 3.350 Net cash outflow in 2025 in USD relating to acquisition of Cigalfer792 S.R.L.: 2025 Consideration paid in cash during the year 2025 ......................................................................................920 Less: cash and cash equivalent balances acquired ....................................................................................(8) 912 On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A., an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L. in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset acquisition with its balance becoming part of the Group´s financial statement at the beginning of 2025. The formal transfer of ownership and operational control of Cigalfer792 S.R.L. took place on January 1st, 2025. The impact of Cigalfer792 S.R.L. on the Group’s sales in 2025 were USD 0.4 million and it generated profit of USD 0.1 million USD. Equity of subsidiaries, except from subsidiaries in Spain, have been pledged for the Group's borrowings. In accordance with IFRS 3 Business Combinations, the purchase price of Cigalfer792 SRL was allocated pro-rata to the acquired assets and liabilities. No goodwill is recognised for asset acquisitions. The following table in USD summarizes the consideration paid for Cigalfer792 S.R.L. and the recognized amounts of assets acquired and liabilities assumed at the acquisition date, being the January 1st 2025. Iceland Seafood International hf. 24 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 14.Formation of Thorpesca S.A.S. and subsequent acquisition of vessels and fishing rights 15.Inventories 31.12.2025 31.12.2024 Raw materials .................................................................................................................5.929 3.397 Finished goods ...............................................................................................................69.920 55.082 Other inventories ...........................................................................................................3.612 3.378 79.461 61.857 15.1 Recognised as an expense 2025 2024 Cost of sales ...................................................................................................................410.948 375.899 15.2 Movement in write-downs to net realisable value 31.12.2025 31.12.2024 At 1 January ...................................................................................................................(759) (1.217) Write-downs of inventory to a net realisable value .......................................................(2.718) (783) Reversal of such write-downs ........................................................................................3.003 1.241 At 31 December .............................................................................................................(474) (759) 15.3 Inventories pledged as security Inventories, except from Inventories in IS Iberica Group and Ahumados Dominguez of EUR 66.7 million, have been pledged for the Group's borrowings. The cost of inventories recognised as an expense is: On July 18th 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from FOOD ARTS S.A. The purchase price amounts to USD 5.8 million. USD 1.2 million for the vessels and USD 4.8 million for the fishing rights. The transaction has been accounted for as an asset acquisition, as the assets acquired do not constitute a business under IFRS 3. Thorpesca S.A.S. impact on the Group´s sales in 2025 were USD 1.3 million and it generated loss of USD 24 thousand. The remaining payments related to the acquisition amount to a total of USD 2.0 million, comprising USD 666 thousand due in 2026, USD 667 thousand due in 2027, and USD 667 thousand due in 2028. The acquisition is aligned with the Group’s long-term strategic objectives to strengthen operations in Argentina and to diversify the product offering of Argentinian shrimp. It provides Iceland Seafood Ibérica S.A.U. with direct access to high-quality sea-frozen shrimp and supports vertical integration within the Group’s value chain. The acquired assets are expected to enhance raw material access for existing land-based operations and enable expansion into new premium markets for sea-frozen products. The vessels are recognized as additions to property, plant and equipment and are depreciated on a straight-line basis. The historical fishing rights have an indefinite lifetime and are therefore not amortized. The recoverable amount is tested for impairment each year. The results of the impairment test is that there is no indication of impairment. Iceland Seafood International hf. 25 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 16.Trade and other receivables 31.12.2025 31.12.2024 Trade and other receivables ..........................................................................................69.510 69.448 Allowance for doubtful accounts ...................................................................................(903) (1.096) 68.607 68.352 16.1 Trade receivables 16.2 Trade receivables expected credit loss The following table details the risk profile of trade receivables based on the Group´s provision matrix. Trade receivables - days past due 31.12.2025 Not past due <30 31 - 60 61 - 90 >90 Uninsured receivables 1,8% 3,2% 10,0% 18,0% 100,0% 7.770 839 385 1 631 140 27 38 0 631 Insured receivables 1,0% 2,0% 8,0% 15,0% 100,0% 48.654 10.357 596 94 184 37 14 3 1 12 903 Allowance has been made for doubtful accounts and sales returns. This allowance has been determined by management in reference to past default experience. Management considers that the carrying amount of receivables approximates their fair value. Expected credit loss rate Expected credit loss (ECL) Estimated total gross carrying amount at default The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over two years past due, whichever occurs earlier. Total expected credit loss ......................................................................................................................... Estimated total gross carrying amount at default Expected credit loss rate The expected credit losses (ECL) on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor´s current financial position, adjusted for factors that are specific to the debtors such as general economic conditions in the markets the Group operates. This analysis also takes into account if receivables are credit insured or not at end of the year, recoverability of credit insured receivables is in the range from 90-95%. Around 83% of Group's receivables were credit insured. Expected credit loss (ECL) Iceland Seafood International hf. 26 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 Trade receivables - days past due 31.12.2024 Not past due <30 31 - 60 61 - 90 >90 Uninsured receivables 1,9% 2,5% 10,0% 18,0% 100,0% 6.922 1.858 315 7 817 132 46 32 2 817 Insured receivables 1,0% 2,0% 8,0% 15,0% 100,0% 50.529 8.301 478 87 133 39 12 3 1 12 1.096 16.3 Movement in the allowance for doubtful debts 2025 2024 At 1 January ...................................................................................................................(1.096) (921) Change in impairment estimate .....................................................................................116 (500) Amounts written off as uncollectible .............................................................................0 189 Amounts recovered ........................................................................................................72 139 Exchange rate difference ...............................................................................................5 (3) At 31 December .............................................................................................................(903) (1.096) 16.4 Receivables pledged as security 17.Other assets 31.12.2025 31.12.2024 Prepaid expenses ...........................................................................................................5.298 4.576 Value added and capital gain taxes ................................................................................4.030 3.536 Fair value of cash flow hedges .......................................................................................1.061 1.732 10.389 9.844 18.Cash and bank balances Trade receivables, except from receivables in IS Iberica Group and Ahumados Dominguez, have been pledged for the Group's borrowings. Cash and bank balances consist of cash and bank accounts. Cash amounts are insignificant. Expected credit loss rate Total expected credit loss ......................................................................................................................... Expected credit loss rate Expected credit loss (ECL) Estimated total gross carrying amount at default Estimated total gross carrying amount at default Expected credit loss (ECL) Iceland Seafood International hf. 27 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 19.Issued capital and share premium Authorized Issued Outstanding 19.1 Shares shares shares shares Book value 3.064.480 3.064.480 3.064.480 27.456 3.064.480 3.064.480 3.064.480 27.456 3.064.480 3.064.480 3.064.480 27.456 Share Share 19.2 Issued capital and share premium capital premium Total At 1 January 2024 ................................................................................27.456 44.084 71.540 Treasury shares purchased ................................................................. (16) (16) At 31 December 2024 .........................................................................27.456 44.068 71.524 Transfer of share premium to accumulated loss ................................ (25.203) (25.203) At 31 December 2025 .........................................................................27.456 18.865 46.321 20.Reserves 31.12.2025 31.12.2024 Translation reserve ........................................................................................................(1.120) 21 Statutory reserve ...........................................................................................................430 430 Equity reserve ................................................................................................................182 182 Unrealised profit of subsidiaries ....................................................................................30.989 26.147 30.481 26.780 20.1 Translation reserve 20.2 Hedging reserve 20.3 Statutory reserve At 31 December 2025 .............................................. At 31 December 2024 .............................................. At 1 January 2024 .................................................... Fully paid shares, which have a par value of ISK 1, carry one vote per share and carry right to dividends. In accordance with the Icelandic Act no 2/1995 on Public Limited Companies, the Company is to retain 10% of its annual profit in a statutory reserve until it equals 10% of the outstanding shares. After that, the Company is to retain 5% until the reserve equals 25% of the outstanding shares. The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the profit or loss, or included as a basis adjustment to the non-financial hedged item, consistent with the Group’s accounting policy. Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional currencies to the Group’s presentation currency (i.e. Euro) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Exchange differences previously accumulated in the foreign currency translation reserve (in respect of translating both the net assets of foreign operations and hedges of foreign operations) are reclassified to profit or loss on the disposal of the foreign operation. Iceland Seafood International hf. 28 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 20.4 Equity reserve Average exerciseStock options price per share(thousands) At 1 January 2025 ...........................................................................................................9,36 15.775 At 31.12.2025 .................................................................................................................9,36 15.775 Exercisable stock options at 31.12.2025 ........................................................................15.775 At 1 January 2024 ...........................................................................................................8,78 25.775 Cancelled ........................................................................................................................7,90 (10.000) At 31.12.2024 .................................................................................................................9,36 15.775 Exercisable stock options at 31.12.2024 ........................................................................15.775 Assumptions used in the Black-Scholes calculation: 2015 ..............................................5,40 4 0,31% 3,70% 0,4 2019 ..............................................9,55 4 0,00% 14,10% 3,7 2020 ..............................................10,23 4 0,00% 19,29% 5,0 20.5 Unrealised profit of subsidiaries Estimated volatility Expected risk free interest rate The equity-settled employee benefits reserve relates to share options granted by the Company to its employees under its employee share option plan. At 31 December 2025, executives and senior employees held options to buy 15.775.000 shares in the Company, no new share options were granted during the year. Weighted average lifetime of outstanding options at year end was 3.7 years, the exercise price is in the range from ISK 5.4 to 10.23 per share. Options granted prior to 2020, will vest over four years from issuance, with the first 12/48 of the option vesting at the first anniversary of grant date and the remaining 36/48 vesting monthly after that. Options granted during 2020, will vest over four years from issuance, with the first 36/48 vesting at the third anniversary of grant date and being exercisable at that day. The remaining 12/48 will vest monthly after that but are first exercisable at the time the Optionee ceases to be employed by the Company. The exercise price of options granted is the same as market price at Nasdaq stock exchange at the time options are granted. All options are subject to the condition that the Optionee remains an employee of the Company. The options carry neither rights to dividends nor voting rights and are valued using the Black Scholes option pricing model. During 2025 no shares options were exercised. During the year no options were expensed as they were fully expensed in year end 2024 (2024:1 thousands). If a share of profit of subsidiaries is in excess of dividends received from those companies or dividend that has been decided to distribute, the difference is to be transferred from retained earnings to a restricted reserve among equity. If a company's shareholding in its subsidiary is sold or written off, the aforementioned reserve is to be dissolved via transfer to retained earnings or accumulated deficit, as applicable. Expected term (years)Exercise price Remaining lifetime in yearsYear option granted Iceland Seafood International hf. 29 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 21.Borrowings 31.12.2025 31.12.2024 Current Non-current Current Non-current Revolving credit facilities .........................................86.662 77.093 Other bank loans ......................................................4.912 35.590 32.537 7.881 91.574 35.590 109.630 7.881 21.1 Revolving credit facilities In June 2021, the Company completed a private placement of a four-year unsecured bond totaling ISK 3,400 million, fixed at EUR 23.1 million through a currency swap. The bond carried semi-annual interest payments, with the full principal due in a single installment in June 2025. It was listed on Nasdaq Iceland. On 7 April 2025, the Company successfully completed a new unsecured bond issuance, raising ISK 4,000 million, fixed at EUR 27.6 million via a currency swap, with a 3.5-year maturity. At the same time, ISK 2,880 million in nominal value of ICESEA 25 06 bonds were repurchased, reducing the outstanding balance of the bond maturing on 20 June 2025 to ISK 520 million, which was fully repaid on 23 June 2025. The Group has credit facilities in place with number of banks in Spain. Total amount of these loans was EUR 61.8 million at year end (2024: EUR 51.3 million). The Group's subsidiaries in UK and Ireland (Northern Europe division) entered into a loan agreement with a foreign bank, which was finalised in December 2021. In relation to the sale of Iceland Seafood UK, an amendment agreement was finalised for that facility, to reflect a reduction in borrowing need post the transaction. After that amendment, the loan agreement consisted of a 3 year term loan of GBP 3.5 million against pledge in the Groups properties in UK and Ireland, and a revolving borrowing base facility of EUR 12.0 million against inventories and receivables in Ireland. The Facility agreement was fully paid on 30 April 2025 and the borrowing base of EUR 12.0 million against inventories and receivables in Ireland, was added to a multi currency revolving credit facility with an Icelandic financial institution. Iceland Seafood hf. fully repaid the three-year term loan to the foreign financial institution on 20 May 2025. Iceland Seafood hf. is the lender to Iceland Seafood Barraclough. The parent company has outstanding two offerings of 6 months bills for total ISK 2.660 million in total, at end of December 2025. In both cases hedging was put in place to fix the liability in EUR. The total fixed amount at end of December 2025 amounts to EUR 16.8 million. The bills are listed on Nasdaq Iceland. The Group´s main sources of financing are a multi currency revolving credit facility with an Icelandic financial institution, a 3.5 year unsecured bond listed on Nasdaq Iceland, two bills listed on Nasdaq Iceland and credit facilities with number of banks in Spain which finance the Southern Europe division. At end of December 2025 the total headroom of the Group was EUR 37.8 million including cash. The facility with the institution in Iceland has a cap of EUR 32 million with EUR 19.8 million draw down at year end (2024: EUR 9.4 million). The facility has been extended to 31 March 2026. Iceland Seafood International hf. 30 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 21.2 Aggregated maturities 31.12.2025 31.12.2024 In 2026 / 2025 ................................................................................................................4.912 32.537 In 2027 / 2026 ................................................................................................................3.806 3.814 In 2028 / 2027 ................................................................................................................29.936 2.552 In 2029 / 2028 ................................................................................................................869 1.436 Later ...............................................................................................................................979 79 40.502 40.418 Borrowings and lease liabilities 2025 2024 At 1 January ...................................................................................................................119.105 115.642 Net increase in revolving credit facility ..........................................................................9.784 8.889 Increase (decrease) in bills .............................................................................................1.281 (1.458) Increase in lease liabilities ..............................................................................................1.164 411 New borrowings .............................................................................................................12.927 3.667 Repayments ...................................................................................................................(13.884) (9.889) FX impact long term loans ..............................................................................................(1.030) 1.843 At 31 December .............................................................................................................129.347 119.105 21.4 Weighted average interests 21.5 Assets pledged as security 22.Other liabilities 31.12.2025 31.12.2024 Accrued payroll related expenses .................................................................................. 3.075 2.902 Accrued other expenses .................................................................................................2.872 3.872 Current portion of deferred purchase consideration (see notes 13 and 14) .................1.536 2.504 Income tax ......................................................................................................................1.202 1.087 Value added tax .............................................................................................................852 607 9.537 10.972 Borrowings are secured with most of the Group's assets, except from assets and equity of the Spanish subsidiaries. The revolving credits are secured with inventories, receivables, intellectual property rights and shares in subsidiaries. The other bank loans are secured with inventories and receivables. The finance leases are secured with the assets leased. The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non–cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s Consolidated Statement of Cash Flows as cash flows from financing activities. Weighted average interests rate on longterm loans in 2025 are 6.6% (2024: 9.4%). The contractual repayments of other bank loans are as follows: 21.3 Reconciliation of liabilities arising from financing activities Iceland Seafood International hf. 31 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 23.Leases 23.1 Leased assets Property Machinery and land and equipment Total Balance at 1 January 2025 ....................................................................619 770 1.389 Adjustments for indexed leases ............................................................2 2 New or renewed leases ........................................................................640 524 1.164 Depreciation .........................................................................................(208) (393) (601) Balance at 31 December 2025 ..............................................................1.053 901 1.954 23.2 Recognised in profit and loss 2025 2024 Depreciation expense from leased assets ......................................................................601 570 Interest expense on lease liabilities .................................................................................83 80 Total amount recognised in profit and loss .....................................................................684 650 23.3 Lease liabilities Maturity analysis (not discounted) 31.12.2025 31.12.2024 Not later than 1 year ......................................................................................................593 571 Later than 1 year and not later than 5 years ..................................................................1.410 747 Later than 5 year ............................................................................................................591 655 2.594 1.973 24.Financial instruments 24.1 Categories of financial instruments 31.12.2025 31.12.2024 Financial assets Amortised cost (trade and other receivables) ...............................................................68.607 68.352 Amortised cost (other assets) ........................................................................................517 106 Derivatives .....................................................................................................................1.061 1.732 Cash and bank balances .................................................................................................15.727 12.900 Financial liabilities Amortised cost (borrowings) .........................................................................................127.164 117.511 Amortised cost (trade and other payables) ...................................................................53.252 44.697 Amortised cost (other liabilities) ....................................................................................7.483 9.278 The total cash outflow for leases amount to EUR 0.6 million (2024: 0.6 million). The remaining lease term of leases as of the reporting date, ranges from 1 to 22 years. Iceland Seafood International hf. 32 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 24.2 Financial risk management objectives 24.3 Foreign currency risk management Assets Liabilities 31.12.2025 31.12.2024 31.12.2025 31.12.2024 GBP ...........................................................................8.414 6.291 7.716 6.396 USD ..........................................................................19.616 25.657 7.488 9.159 ISK ............................................................................16 2.648 828 877 ARS ...........................................................................4.634 4.592 4.628 7.094 Other ........................................................................13 70 10 44 32.693 39.258 20.670 23.570 Sensitivity analysis 2025 2024 GBP .................................................................................................................................56 (8) USD .................................................................................................................................970 1.320 ISK ..................................................................................................................................(65) (2.944) ARS .................................................................................................................................0 (200) Other ..............................................................................................................................(2) (2) 2025 2024 2025 2024 GBP ...........................................................................0,8564 0,8464 0,8728 0,8298 USD ..........................................................................1,1268 1,0825 1,1759 1,0382 ISK ............................................................................144,6500 149,3100 146,6800 143,4000 JPY ............................................................................168,1977 163,6992 185,6709 164,8276 CAD ..........................................................................1,5769 1,4820 1,6087 1,4936 NOK ..........................................................................11,7126 11,6231 11,8100 11,8122 The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows. The Group's foreign currency forward contracts are measured at fair value with discounted cash flow valuation techniques. Future cash flow (which is all anticipated within the next 12 months) is estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties. The Company mitigates foreign currency risk from ISK-denominated loans by using hedging to fix the liability in EUR. The Company's Board of Directors and senior executive team has the overall responsibility for the establishment and oversight of the Group's risk management framework, with regards to market risk, credit risk, liquidity risk and operational risk. The objective of the Group's risk policies is to manage and control risk exposures within acceptable levels, while optimizing the return. Average rate A 10% strengthening of the EUR against the following currencies at 31 December would have changed result after income tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. A 10% weakening of the EUR against the above currencies would have had the equal but opposite effect on the above currencies to the amounts shown above on the basis that all other variables remain constant. The following significant exchange rates were applied during the year: Closing rate Iceland Seafood International hf. 33 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 24.4 Interest rate risk management Variable rate instruments 31.12.2025 31.12.2024 Financial assets ..............................................................................................................15.727 12.900 Financial liabilities ..........................................................................................................(127.164) (117.511) (111.437) (104.611) 24.5 Credit risk management 24.6 Liquidity risk management Carrying Contractual Less than More than 31 December 2025 amount cash flow 1 year 1-3 years 3 years Non-current borrowings* .............42.685 48.100 7.369 37.972 2.759 Current borrowings .......................86.662 86.662 86.662 Other liabilities ..............................60.735 60.735 60.735 190.082 195.497 154.766 37.972 2.759 Carrying Contractual Less than More than 31 December 2024 amount cash flow 1 year 1-3 years 3 years Non-current borrowings* .............42.012 51.143 9.617 33.875 7.651 Current borrowings .......................77.093 77.093 77.093 Other liabilities ..............................53.975 53.975 53.975 173.080 182.211 140.685 33.875 7.651 *Non- current borrowings includes Long term loans and leases 24.7 Fair value measurements A change of 50 basis points in interest rates during the year would have impacted pre-tax profits by EUR 515 thousands (2024: 539 thousands). The Group manages liquidity risk by ensuring sufficient liquidity is available from current bank facilities to meet foreseable needs and to invest cash assets safely and profitably. This policy has remained unchanged from previous periods. At end of 2025 the total funding headroom of the Group was 36.8 million including cash. At the reporting date the interest rate profile of the Group's interest bearing financial instruments was: Trade receivables consist of a large number of customers spread across geographic areas. The maximum credit risk of financial assets is their book value. The Group manages its credit risk by using credit insurances alongside ongoing credit evaluation on the financial conditions of relevant customers. At year end 83% of receivables are credit insured. Further information about credit risk is shown in notes 16 and 28.15. The following table details the Group's remaining contractual maturity for its non-derivative financial liabilities, including estimated interest payments. The directors consider that the carrying amounts of financial assets and financial liabilities recognised in the Consolidated Financial Statements approximate their fair values. Iceland Seafood International hf. 34 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 25.Events after the reporting period 26.Related party transactions 26.1 Trading transactions 2025 2024 Purchases of goods and services, from companies related to Board Members ............145.697 111.943 Sales of goods and services ............................................................................................280 0 31.12.2025 31.12.2024 Amounts owed to companies related to Board Members .............................................17.095 13.794 Amounts owed by companies related to Board Members ............................................0 82 26.2 Compensation to key management personnel Shares at 2025 2025 2024 year end* Birna Einarsdóttir, Chairman ...............................................................62 57 Bergþór Baldvinsson, Board Member .................................................32 30 322.304 Halldór Leifsson, Board Member ........................................................31 29 455.000 Ingunn Agnes Kro, Board Member ......................................................35 30 Jakob Valgeir Flosason, Board Member ..............................................31 29 344.961 Gunnlaugur K Hreinsson, Alternate Board Member ...........................4 4 25.826 Ægir Páll Friðbertsson, CEO .................................................................491 472 1.000 Other Key management ** .................................................................780 836 45.120 management .....................................................................................1.466 1.487 1.194.211 ** Included in other key management is the Group´s CFO, and the CEO´s of the subsidiaries (2025: 4 FTE, 2024: 4 FTE). Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. * Number of shares (in thousands) held directly by Directors and Executive Management or parties related to them. Total salaries and benefits for the BOD and executive Purchases of goods and services from and sales to related parties were made at the same prices and terms to non related parties. The following balances were outstanding at the end of the reporting period: On February 3rd 2026, a malfunction occurred in the cooling system at the cold storage facility of Cigalfer792, a subsidiary of the Group located in Argentina. Based on preliminary assessments, it appears that the temperature in the facility did not decrease significantly during the incident and, as at the reporting date, it remains unclear whether there has been any impact on inventory. During the year, Group entities entered into the following trading transactions with related parties that are not members of the Group: The remuneration of directors and other members of key management personnel was as follows: The incident has been reported to the Group’s insurance broker. As at the reporting date, the potential financial impact of the malfunction has not yet been determined. The Group maintains insurance coverage for such events, and based on information currently available, management does not expect the incident to have a material impact on the Group’s operations or financial performance in 2026. Iceland Seafood International hf. 35 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 27.Approval of financial statements 28.Significant accounting policies 28.1 Statement of compliance 28.2 Basis of preparation 28.3 Basis of consolidation The Consolidated Financial Statements were approved by the Board of Directors and the CEO and authorised for issue on February 26th 2026. The Consolidated Financial Statements have been prepared on the historical cost basis except for certain properties and financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Share-based payments transactions are valued according to IFRS 2. The Company reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an entity, it has power over the entity when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the entity unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company's voting rights in an entity are sufficient to give it power, including: Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The same accounting policies (except mentioned here above), presentation and methods of computation are followed in these Consolidated Financial Statements as were applied in the latest Financial Statements for the year ended 31 December 2024. The Consolidated Financial Statements incorporate the Financial Statements of the Company and entities controlled by the Group. Control is achieved when the Group has power over the subsidiaries, is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to use its power to affect its returns. ▪ the size of the Company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders; ▪ potential voting rights held by the Company, other vote holders or other parties; ▪ rights arising from other contractual arrangements; and ▪ any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings. The remuneration of key management is determined by a Remuneration Committee, having regarded to their performance, general market trends and other factors. The Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Icelandic Act no. 3/2006 on Financial Statements. The presentation of the consolidated statement of Profit or Loss is not in all respects in accordance with IFRS since management believes the current presentation of exceptional item as a seperate line in the statement gives a more appropriate view of the Group´s operations. Iceland Seafood International hf. 36 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.4 Changes in the Group's ownership interests in existing subsidiaries 28.5 Goodwill 28.6 Non-current assets held for sale A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. Non-current assets and disposal Groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is considered as met only when the sale is highly probable and the non-current asset (or disposal Group) is available for immediate sale in its present condition. All intraGroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non- controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. For the purposes of impairment testing, goodwill is allocated to each of the Group's cash-generating units (or Groups of cash-generating units) that is expected to benefit from the synergies of the combination. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of Other Comprehensive Income are attributed to the owners of the Company and to the non-controlling interests. Total Comprehensive Income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When necessary, adjustments are made to the Financial Statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business, less accumulated impairment losses, if any. Iceland Seafood International hf. 37 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.7 Revenue recognition 28.7.1 Sale of seafood 28.7.2 Dividend and interest income 28.8 Leasing Revenue from the sale of goods is recognised when control of the goods has transferred, being at the point the goods are delivered to the customer and titles have passed. A receivable is recognised by the Group when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. There is no right of return under the Group's return policy and therefore no refund liability is recognised. Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition. Dividend income from investments is recognised when the shareholder's right to receive payment has been established. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease payments included in the measurement of the lease liability comprise fixed payments less any incentives, variable lease payments that depend on an index or rate, expected residual guarantees and the excercise price of purchase options if the Group expects to excercise the option. Non-current assets (and disposals Groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Leased assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. When the Group is committed to a sale plan involving loss of control of a subsidiary, all the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the leased asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a leased asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Iceland Seafood International hf. 38 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.9 Foreign currencies 28.10 Employee benefits 28.10.1 Short-term and other long-term employee benefits 28.10.2 Share based payment arrangements Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. A liability is recognised for benefits accruing to employees in respect of wages and salaries and annual leave in the year the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity- settled employee benefits reserve. Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. The Group’s Consolidated Financial Statements are presented in Euro, the Group’s presentation currency. In preparing the Financial Statements of each individual Group entity, transactions in foreign currencies other than the entity's functional currency are recognised at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in such currencies are retranslated at the rates prevailing on the balance sheet date. Profits and losses arising on exchange are included in net profit or loss for the period. For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group´s foreign operations (including comparatives) are expressed in Euro using exchange rates prevailing on the balance sheet date. Income and expense items of foreign operations, are translated at the average exchange rates for each month. Translation differences from foreign operations are posted to translation reserves among equity. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as asset and liabilities of the foreign operation and translated at the rate of exchange prevailing at end of each reporting period. Exchange differences are recognised in other comprehensive income. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has used this practical expedient. Iceland Seafood International hf. 39 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.11 Taxation 28.11.1 Current tax 28.11.2 Deferred tax 28.11.3 Current and deferred tax for the year Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Income tax expense represents the sum of the tax currently payable and deferred tax. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Consolidated Income Statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Iceland Seafood International hf. 40 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.12 Property, plant and equipment 28.13 Intangible assets 28.14 Inventories 28.15 Financial assets 28.15.1 Recognition of financial assets 28.15.2 Financial assets at amortised cost 28.15.3 Financial assets at fair value Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Financial assets at amortised cost are debt instruments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group's financial assets measured at amortised cost are trade and other receivables, bank balances and cash. The depreciable amount of the asset is allocated on a straight-line basis over its useful life. The depreciation charge for each period is recognized as an expense. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. Debt instruments that are held within a business model whose objective is both to collect the contractual cash flows and to sell the debt instruments, and that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured subsequently at fair value through other comprehensive income (FVTOCI). All other debt investments and equity investments are measured subsequently at fair value through profit or loss (FVTPL). The Group currently holds no financial assets measured at fair value. Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a first-in- first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Financial assets are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are recognised immediately in profit or loss. In the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Consolidated Income Statement. Property and equipment are recognized as an asset when it is probable that future economic benefits associated with the asset will flow to the Group and the cost of the asset can be measured in a reliable manner. Property and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Land is not depreciated. Such cost includes the cost of replacing parts of the property and equipment if the recognition criteria are met. When significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciation, respectively. All other repair and maintenance costs are recognized in profit or loss as incurred. Iceland Seafood International hf. 41 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 28.15.4 Impairment of financial assets 28.15.5 Derecognition of financial assets 28.16 Financial liabilities and equity instruments 28.16.1 Financial liabilities 28.17 Hedge accounting 28.17.1 Cash flow hedges At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. The Group recognises a loss allowance for expected credit losses (ECL) on its trade receivables, that are measured at amortised cost. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. The Group's estimate for trade receivable ECL is described in detail in note 16. The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, and is included in the ‘other gains and losses' line item. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are classified as ‘other financial liabilities'. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost using the effective interest method. The Group designates certain hedging instruments, which include derivatives in respect of cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. The Group has elected to continue to apply the hedging requirements of IAS 39, as permitted by IFRS 9. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss. Iceland Seafood International hf. 42 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 29.Critical accounting judgements and key sources of estimation uncertainty In the application of the Group's accounting policies, the management of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Iceland Seafood International hf. 43 Amounts in EUR thousands Financial Statements 2025 - Audited
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Notes to the Consolidated Financial Statements for the year ended 31 December 2025 30.Application of new and revised International Financial Reporting Standards (IFRSs) 30.1 Amendments to IFRSs that are mandatorily effective for the current year The adoption of the amendments stated above has not had any material impact on the disclosures or on the amounts reported in these Consolidated Financial Statements. How to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not. In the current year, the Group has applied the following amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2025. - IAS 21 The Effects of Changes in Foreign Exchange Rates Effective date - IFRS 18 Presentation and Disclosures in Financial Statements 1 January 2027 - IFRS 19 Subsidiaries without public accountability: Disclosures 1 January 2028 Management believes that the adoption of IFRS 18 will have an impact on the presentation of information in the financial statements without affecting accounting estimates. The European Union has not yet endorsed the adoption of IFRS 18 and IFRS 19, but endorsement of IFRS 18 is expected in the first quarter of 2026. Management also believes that the adoption of other standards or amendments to standards in issue that have not yet entered into force will have no or insignificant impact on the financial statements. The Group has not early adopted the following new standards or other amendments to IFRSs that have been issued and are permitted for early adoption. Iceland Seafood International hf. 44 Amounts in EUR thousands Financial Statements 2025 - Audited
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Quarterly Statements (unaudited) for the year ended 31 December 2025 Quarterly Statements For the year 2025 Q4 Q3 Q2 Q1 Total Revenue: Sales of seafood ...........................152.625 125.908 127.342 132.088 537.963 Eliminations ................................. (15.919) (12.164) (12.772) (12.835) (53.690) 136.706 113.744 114.570 119.253 484.273 Operating results: Operating profit ...........................7.885 3.696 2.637 4.432 18.650 (1.338) (1.945) (2.635) (2.130) (8.048) Normalised PBT ........................ 6.547 1.751 2 2.302 10.602 Exceptional costs ......................... (60) 40 (188) (425) (633) Profit (loss) before taxes ........... 6.487 1.791 (186) 1.877 9.969 Income tax ...................................(1.669) (348) 286 (883) (2.614) Profit for the period .................. 4.818 1.443 100 994 7.355 Assets ...........................................279.385 243.697 251.467 256.228 Liabilities ......................................197.012 166.122 175.444 179.532 For the year 2024 Q4 Q3 Q2 Q1 Total Revenue: Sales of seafood ...........................142.019 106.884 105.712 127.153 481.768 Eliminations .................................(12.854) (4.888) (7.515) (13.332) (38.589) 129.165 101.996 98.197 113.821 443.179 Operating results: Operating profit ...........................8.636 2.257 720 2.788 14.401 (3.696) (895) (1.443) (926) (6.960) Normalised PBT ........................ 4.940 1.362 (723) 1.862 7.441 Exceptional costs ......................... (401) (1.832) (416) (863) (3.512) Profit (loss) before taxes ........... 4.539 (470) (1.139) 999 3.929 Income tax ...................................(294) (269) 331 (921) (1.153) Profit (loss) for the period .........4.245 (739) (808) 78 2.776 Assets ...........................................253.922 239.123 253.324 272.419 Liabilities ......................................177.705 167.700 180.848 199.546 The Group´s quarterly statements are not audited. Summary of the Group´s results by quarters is specified as follows: Net finance costs and exchange rate difference ........... Net finance costs and exchange rate difference ........... Iceland Seafood International hf. 45 Amounts in EUR thousands Financial Statements 2025
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Statement of Corporate Governance About Iceland Seafood International Corporate Governance structure Board of Directors Iceland Seafood International hf (hereafter referred to as “Iceland Seafood“, the “Company“ or “ISI”) is a holding company for Group of subsidiaries, that are leading suppliers of North Atlantic seafood and one of the largest exporters of seafood from Iceland. The Group is headquartered in Iceland and has subsidiaries in the Spain, Argentina, Ireland, Iceland, France, Germany and United Kingdom. The Group operates across three divisions; Value-Added Southern Europe, Value-Added Northern Europe and our Sales and Distribution Division. The Value-Added Divisions have processing factories and cold stores in their respective regions with Southern Europe also having a satellite facility in Argentina. Iceland Seafood's corporate governance framework is defined by Act No. 2/1995 on Public Limited Companies (hereafter referred to as the “Act on Public Companies“), the Nasdaq Iceland Rules and is set out in the Company’s Articles of Association. Under its Articles of Association, the Company is governed by shareholders' meetings, the Company's Board of Directors (hereafter referred to as the “Board of Directors” or the “Board”) and the Chief Executive Officer. The Shareholders hold the decision-making powers in the Company through shareholders meetings that are held at least once a year. The Board of Directors is authorized to allow shareholders to participate in proceedings at shareholders’ meetings through electronic means without being present at the meeting venue if it deems that available equipment is sufficiently secure for this purpose. When organising shareholders meetings, the Board does so in a manner that allows shareholders to exercise their decision powers and express their opinions, i.e., by publishing all information and documents on the Company’s website. Between shareholders meetings, the Board holds supreme authority of the Company. In accordance with Article 70 (5) of the Act on Public Companies the Board of Directors has set itself formal Rules of Procedure which are supplementary to the Articles. According to the Rules the Board of Directors may elect committees that operate on behalf of the Board. All Board committees set themselves specific rules of procedure. The Company adheres to the principles set forth in the Corporate Governance Guidelines, published by the Iceland Chamber of Commerce in co-operation with SA Business Iceland and Nasdaq Iceland (hereafter referred to as the “Guidelines”). As of the date of this statement there are two deviations from full compliance with the Guidelines. The Company does not have a board nomination committee, the reason being that due to the nature of the Company and close connection to the seafood sector, it is considered important to have representatives from key seafood suppliers of the Company on its board. These board members bring both valuable sourcing capabilities and sector knowledge to the board of Iceland Seafood. At the date of this statement, three of five board members of the Company are directors and/or owners of key suppliers of Iceland Seafood and are as such not independent from the company. These board members do not participate in dealings with items connected to their own business or business that is related to them, except from normal trading of seafood. The Company's Board of Directors shall be composed of three to five members and up to two alternate members, elected at the Annual General Meeting for a term of one year. In 2025 the total number of Board meetings were 14 and the Board was competent to make decisions in all meetings. The Board annually evaluates its own work, the work of the CEO and the Company’s operation. This assessment is based on self-assessment of the board, examination of whether the Board has operated in accordance with its Rules of Procedures. The Board shall evaluate the work of the CEO and the Company’s operation in general, the CEO shall not be present for this evaluation. The Chairman of the Board shall present and discuss the results of the assessment with the CEO. The Board currently consists of five main members and one alternate member. As of the date of this statement the Board of Directors consists of the following members: Iceland Seafood International hf. 46 Financial Statements 2025
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Statement of Corporate Governance Board member Name: Bergþór Baldvinsson First elected: March 2020 Education and experience: Bergþór has been the CEO of Nesfiskur since 1979. Nesfiskur is a family-owned company that Bergþór and his parents stated in 1975. Working at Nesfiskur since a teenager, Bergþór has familiarized himself with every aspect of the industry. The small family company has grown constantly from the beginning, today Nesfiskur and its subsidiaries employ around 400 people. Bergþór has been a board member of various companies and pension funds for the past two decades. Chairman of the Board of Directors Name: Birna Einarsdóttir Birna is also chairman of the board Verðbréfamiðstöð Íslands hf (VBM), and is a board member of Skel, Kjarnafæði Norðlenska ehf, Thor Landeldi ehf and Míla. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers None First elected: October 2023 Education and experience: Birna has over 30 years experience in the banking sector, both in Íslandsbanki and in the Royal Bank of Scotland. Before her banking career she worked in marketing as the Marketing Director of the television station Stöð 2, among other roles. Birna holds a degree in Business Administration, Cand.oecon from University of Iceland and MBA from University of Edinburgh. Member of board or management: Member of board or manangement Bergþór is a board member of FSM hf, Umbúðamiðlun hf, Nesfiskur ehf and companies within Nesfiskur Group. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Nesfiskur ehf, owned by Bergþór and his family, holds 322,304,386 shares. Nesfiskur is also a large supplier of seafood to the Company. Iceland Seafood International hf. 47 Financial Statements 2025
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Statement of Corporate Governance Education and experience: Halldór is Marketing and Sales Director at Fisk Seafood ehf. He has worked in the seafood industry since 1990, in all the key segments including management of production, fleet, sales, office, finance and in the role of deputy MD and MD. Halldor holds a degree in Fishery Technology from the Technical University of Iceland and has studied Business Management in the University of Reykjavík and business courses in University of Iceland. Member of board or manangement Halldór is the main owner and board member of the company Haf- sjór ráðgjöf slf. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Fisk Seafood, the employer of Halldor, holds 454,841,302 shares. Fisk Seafood is also a large supplier of seafood to the Company. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers None Member of board or manangement Ingunn is currently the chairman of RARIK ohf. (the state's electricity grid company), a board member of Sjóvá Almennar tryggingar hf. (insurance company), Freyja slhf. (private equity fund), Miklatorg hf. (IKEA franchisee), Sóltún heilbrigðisþjónusta ehf. (nursing homes) and the Wetlands Fund (environmental NGO). First elected: February 2019 as an alternate board member and as a board member from March 2020 Education and experience: Ingunn is the former general manager of Jarðvarmi slhf., an entity holding the Icelandic pension funds' investment in HS Orka, energy producer and provider. Previously Ingunn was a Director of Administration and Communication at Skeljungur hf., a company listed on Nasdaq Iceland, heading internal and external communication, incl. legal matters, marketing, public relations and human resources, and before that the company´s general counsel, compliance officer and secretary to the board. Ingunn holds a B.A. and M.A. degree in law and an MBA from the University of Iceland, as well as being a certified securities broker. Board member Name: Ingunn Agnes Kro Board member Name: Halldór Leifsson First elected: March 2020 Iceland Seafood International hf. 48 Financial Statements 2025
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Statement of Corporate Governance Member of board or manangement GPG Seafood ehf, owned by Gunnlaugur, holds 25,825,754 shares. GPG Seafood ehf is also a supplier of seafood to the Company. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Gunnlaugur is the chairman of board in GPG Seafood ehf, Þórsnes ehf, Sólrún ehf, Austmar ehf og Útgerðarfélag Norðurþings ehf. He is a board member in Safír byggingar ehf og Sæfell ehf in addition to his alternate board membership with the Company. Education and experience: Gunnlaugur Karl Hreinsson is the CEO and owner of GPG seafood. Gunnlaugur has decades of experience within the seafood sector. Board member Education and experience: Jakob has an extensive knowledge of the Icelandic fishing industry from all perspectives, a knowledge that not many people possess. He has been involved in every aspect of the sector from early age, working in factories, on fishing boats and building up the family company to become one of the most technology advanced and leading company within the Icelandic fishing sector. Member of board or manangement Jakob is currently a board member of Sigurbjörg ehf., HRock ehf., BB29 ehf., Klofningur ehf., Valgeir ehf., B1917 ehf., Sýr ehf., Itsorf ehf., Salting ehf., Breiðhella ehf., Karlsbali ehf., Gafl ehf., Hamarshöfði 4 ehf., B15 ehf., Fiskmarkaður Vestfjarða hf. and EA 30 ehf. in addition to his board membership with the Company. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Alternate Board member Name: Gunnlaugur Karl Hreinsson First elected: March 2020 Jakob Valgeir ehf., owned by Jakob, his wife, and his father, holds 344,961,200 shares. Jakob Valgeir ehf. is also a large supplier of seafood to the Company. Name: Jakob Valgeir Flosason First elected: February 2019 Iceland Seafood International hf. 49 Financial Statements 2025
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Statement of Corporate Governance Subcommitees Audit Committee Remuneration Committee The Board is responsible for the appointment and activities of the Remuneration Committee and it operates under the Board's authority. The Remuneration Committee does not reduce the responsibilities of the Board or relieve it of any responsibility. The Audit Committee ensures the quality of the financial statements and internal controls. It has oversight of the external auditors. It also presents proposals for the selection of external auditors and ensures their independence. The Audit Committee's main responsibilities include monitoring the integrity of the financial statements of the Group, reviewing the effectiveness of the Group's internal controls and risk management systems and overseeing the selection, appointment and relationship with the Group's external auditor. The committee shall operate independently on behalf of the Board of Directors who shall elect the members of the Audit Committee each year. The Audit Committee operates in accordance with rules of procedure approved by the Board of Directors and shall be made up of 2-3 members. Committee members shall possess knowledge and experience which is consistent with the work of the committee, at least one of the audit committee members shall be a financial expert who has accounting or related financial expertise. The members shall be independent of the auditor of the Group and the majority should be independent of the Company's management. Members of the Audit Committee are Ingunn Agnes Kro, Bergþór Baldvinsson and Ágúst Kristinsson. The committee shall meet at least four times a year, at appropriate times in the reporting and audit cycle and otherwise as required. Only members of the Audit Committee have the right to attend committee meetings, however, other individuals such as the chairman of the Board, chief executive, finance director, other directors and representatives from the finance function may be invited to attend all or part of any meeting as and when appropriate. Additionally, the external auditors are invited to attend meetings of the committee on a regular basis. The Board is responsible for the appointment and activities of the Audit Committee and it operates under the Board's authority. The Audit Committee does not reduce the responsibilities of the Board or relieve it of any responsibility. The Remuneration Committee is responsible for establishing a remuneration policy for the Company. The Remuneration Committee shall assist the Board in ensuring that compensation arrangements support the strategic aims of the Company and enable the recruitment, motivation and retention of senior executives while also complying with legal and regulatory requirements. The committee's main tasks include preparing and submitting annually a proposal to the Board of Directors for the Company's remuneration policy, annually reviewing the Company's compensation programs and monitoring that salary and any incentive schemes are in accordance with law and market practice. The Board of Directors appoints the members of the committee and its chairman. Neither the Company's chief executive officer nor any of the Company's and its subsidiaries' top executives shall be appointed to the Remuneration Committee. The committee operates in accordance with rules of procedure approved by the Board of Directors and shall be made up of 2-3 members. It is preferable that the members of the committee have experience and knowledge on guidelines and common practise regarding decision on executives' terms of employment. If deemed necessary, the Remuneration Committee may seek the assistance of consultants, such consultants shall be independent of the Company, its executives and the Board of Directors who are not deemed to be independent. The committee is responsible for examining the consultant's experience. Members of the Remuneration Committee are Birna Einarsdóttir, Jakob V Flosason and Halldór Leifsson. The committee shall call meetings as often as necessary at their own initiative or at the request of the other committee members, however, not less than twice a year. The Board of Directors has appointed two subcommittees, Audit Committee and Remuneration Committee. Iceland Seafood International hf. 50 Financial Statements 2025
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Statement of Corporate Governance Executive Management Member of board or manangement Alda is a board member of several of the Issuer's subsidiaries. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Alda Björk Óskarsdóttir holds 324,675 shares. Chief Financial Officer Name: Alda Björk Jónsdóttir First employed: February 2024 Education and experience: Alda is a certified accountant with wide experience in financial management, accounting, and auditing. Alda joins ISI from Treble Technologies; previously, she served as a financial controller at Sidekick Health and as an auditor at Grant Thornton and PWC. Alda holds MSc in international business and master's degree in accounting and auditing from Reykjavík University, along with a BA in psychology from the University of Iceland. Education and experience: Ægir Páll has over 30 years of management experience, in the finance sector, seafood sector, as well as consulting for various companies. Before joining the Group he was the COO of Brim hf. from 2018 to 2023. He was the Managing Director of Útgerðafélag Reykjavíkur from 2015 - 2017. From 2010 until 2014 he was in consulting. He was the Managing Director of Ísfélag hf. from 2001- 2009. Ægir Páll holds a MSc in Finance from the University of Iceland, and Cand.Oecon. degree from the University of Iceland. Member of board or manangement Ægir Páll is currently the chairman of the board of Jöklar-Verðbréf hf. and a board member of Viðskiptaráð (e. Iceland Chamber and Commerce) and Íslandsstofa (e.Promote Iceland). Ægir Páll is also a board member of several of the Issuer's subsidiaries. Shareholdings in the Company as at 31.12.2025 and other interest related to large shareholders, competitors, customers or suppliers Valagil ehf, a company owned by Ægir Páll Friðbertsson holds 1.000.000 shares. The Executive Management comprises the Company’s CEO and CFO. The CEO has charge of the day-to-day operations of the Company and represents the Company in all matters concerning normal operations. The CEO shall manage the accounts of the Company and employ the employees of the Company. The CEO shall grant Board members and auditors all necessary information on the operations of the Company which they might request and should be granted according to statutory law. The CEO of the company is Ægir Páll Friðbertsson and the CFO is Alda Björk Óskarsdóttir. Chief Executive Officer Name: Ægir Páll Friðbertsson First employed: November 2023 Iceland Seafood International hf. 51 Financial Statements 2025
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Statement of Corporate Governance Internal control and risk management Iceland Seafood’s corporate governance rules 1. 2. 3. 4. 5. 6. 7. 8. 9. Reykjavík, 26 February 2026. Board of Directors Meeting notices, minutes of shareholders’ meetings and documents presented at the meeting. It is not necessary to publish a list of the shareholders and proxies that have attended meetings. The Company’s Articles of Association. The Board’s rules of procedure. The sub-committee’s rules of procedure. The Company’s annual accounts and the report of the Board of Directors. Effective risk management is important to minimise the risk of material misstatement and for the business to perform. Iceland Seafood activities are exposed to variety of risk factors related to its operations and financials, such as Currency Risk, Supplier Risk, Credit Risk, Liquidity Risk etc. Risk management within Iceland Seafood is governed by the Board of Directors, while the Audit Committee is responsible for its review on a regular basis. The Executive Management is responsible for identifying material risk and developing the risk management strategy. The Company has specifically reserved a section of its website for corporate governance information on www.icelandseafood.com/investors. The below information and documents are available on the website: The Company’s corporate governance statement. The Company’s remuneration policy. Summarised information on the Company’s Board of Directors, CEO, auditors and members of sub- committees. Information on the Company’s shareholders’ meetings, including time and location, information on candidates to the Board, and the agenda of the meeting, together with the date of issue of the annual accounts and interim financial statements. The Board of Directors and the CEO are responsible for internal control and risk management of the Company. Internal control and risk management procedures are designed to minimize risk of material misstatements. The Company does not have an internal audit function, but the Audit Committee reviews the effectiveness of the Group's internal controls and risk management systems. An independent auditor or auditing company is elected at the Annual General Meeting for a term of one year. The auditors shall be provided with any information requested in relation to its auditing services for the Company, they shall always have full access to the Company’s books and documents. They shall audit the Company’s consolidated financial statements in accordance with international standards on auditing, including a review of internal controls and processes. Any significant findings in relation to the audit and review of internal controls are reported to the Board of Directors through Audit Committee. Iceland Seafood International hf. 52 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 About the Company Sustainability Iceland Seafood International hf ("The Company") is a holding Company for a Group of subsidiaries in Europe and South America. The Company is a one of the leading suppliers of North-Atlantic seafood, a global value-added seafood producer, and sales and marketing Company. The Company serves all major seafood markets worldwide, with a depth of expertise and understanding to meet customers' needs, combined with innovative, flexible solutions and strategic global distribution. The Group is headquartered in Iceland and has subsidiaries in Spain, Argentina, France, Germany, Iceland, Ireland and the United Kingdom. The operation is categorised into three division. VA S-Europe: •Iceland Seafood Ibérica offers variety of frozen and salted products from all major fishing grounds in the world and runs factories in Barcelona and Argentina as well as operating two freezer trawlers, serving markets in Spain, Italy, Portugal and Greece. • Ahumados Dominguez produces premium-quality smoked salmon and has a strong brand and consumer recognition in the Spanish retail market. It actively runs consumer campaigns and has a direct consumer facing through its speciality stores. VA N-Europe: • Oceanpath Limited is the Irish subsidiary. It consists of three companies, Oceanpath, specialising in supplying fresh fish to the retail sector in Ireland, Dunns of Dublin, best known for its smoked seafood products, and Carr & Sons, producing smoked salmon and a range of other premium quality seafood products. Oceanpath is the leading supplier to the retail sector in Ireland in fresh and smoked products. Sales & Distribution: • Iceland Seafood Iceland is one of the largest companies in seafood export from Iceland to all main markets worldwide, providing sourcing expertise, quality control and logistic solutions. • Iceland Seafood Germany supplies high quality fresh seafood. Fresh fish is mainly flown in from Iceland for delicatessen stores, food service and retail. • Iceland Seafood France provides high quality seafood from Iceland and various global sources. The Company supplies fresh and frozen products to food service, retail, and processors in France. The Company’s mission is to supply sustainably sourced seafood while continuously improving the environmental and social aspects linked to its operations and aligning them with business priorities. The Company’s ambition is to continuously improve the environmental and social impacts, both from own operations, as well as supply-chain partners' operations. The financial year 2024 was originally intended to be the last year the Company would report on its ESG aspects according to the Nasdaq ESG Reporting Guide, as preparations had begun for compliance with the EU Corporate Sustainability Reporting Directive (CSRD). However, recent EU Omnibus developments and related “Stop‑the‑Clock” and “quick‑fix” measures have postponed CSRD implementation timelines and significantly reduced the number of companies required to report. These changes include delayed reporting obligations and higher thresholds that may exempt many companies from compulsory CSRD reporting. Given these regulatory delays and uncertainties, the Company will continue reporting according to the Nasdaq ESG Reporting Guide until further clarity is available. As part of ongoing sustainability work, the Company has implemented a Sustainability Policy guiding Environmental, Social and Governance (ESG) priorities, with defined objectives and related impacts. ESG responsibilities have now been transferred under the CFO, who is responsible for presenting the policy, overseeing its implementation, and monitoring its effectiveness. Each subsidiary reports quantitative values monthly, and the Company’s objectives and Key Performance Indicators (KPIs) will continue to evolve in line with internal initiatives, emerging legislation, and stakeholder expectations. Iceland Seafood International hf. 53 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Objectives and impacts of Key Performance Indicators (KPI's) a) Environmental aspects Certified sustainable seafood The Company is committed to work with the industry on fishery improvements and best practices. There is a deep understanding of the risks related to each type of supplier and market within the trading part of the Company. The risks are continuously assessed and monitored during the relationships with suppliers. All production sites are also subject to inspections for compliance with applicable food laws, including traceability requirements, by local authorities. On the road to improving its impact the Company set out certain objectives to achieve. The impacts of those objectives were then further identified and the KPI’s were set. The following sections will explain in more detail why the objectives were chosen and how the KPI’s will be reached. Final results and milestones achieved to fulfil targets will be presented in the Annual Report, published in conjunction with the Annual Meeting on March 24th. The aim is to build further on improvements already made as well as finding new methods to further strengthen the environmental profile and reduce overall greenhouse gas (GHG) emissions. The Company depends on the continued biodiversity and stability of the ocean ecosystem and therefore places reduction of GHG emissions and sustainable sourcing of seafood high on the agenda. The Company promotes and practices responsible sourcing of seafood and monitors the level of MSC or ASC certified products within the value chain. All subsidiaries have a valid chain of custody certification towards the MSC standard, ensuring traceability of the products. Subsidiaries also have a certification towards ASC chain of custody where applicable. * Sustainability Policy * Group Code of Conduct * Supplier Code of Conduct Supporting policies for sustainability objectives and KPI's Iceland Seafood International hf. 54 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Scope 1 & 2 emissions Recycled waste 1. 2. 3. 4. 5. Water Renewable energy Circular economy aims to minimize waste and promote a sustainable use of natural resources. In a circular economy, products are either recycled, remanufactured, or re-used after they have served their initial purpose. As strategies have been prioritised on how to reduce the amount of waste generated, the circular economy has been kept in mind. Continued improvements in the processing of seafood. Purchase wisely other goods. Awareness training for staff on different streams and what can be recycled. Seek every opportunity to find recycling streams for the waste that is generated on-site. Increased co-operation with our service partners in waste-handling. Most of the non-recycled waste from the operations is organic waste from shrimp processing in Achernar, located in Argentina. Therefore, special emphasis has been placed on finding ways to reuse the organic waste and upcycle it. It is important to lower the carbon footprint by eliminating emissions as much as possible. Innovation and investment are the driving factors enabling the completion to reach this goal. For scope 1 this can be done by switching to more environmentally friendly cooling systems and phasing out fossil-fuel use on site by upgrading to electricity generated equipment. The Company invested 2023 in a wastewater treatment plant in Puerto Madryn, Argentina, supporting the goal of reclaiming 50% of the water used. Reclaimed wastewater, treated at this wastewater treatment facility, can be reused in applications such as irrigation and industrial processes. When upgrading equipment, water efficiency is an important selection criterion. Possible water savings will be analysed to reduce the water footprint. To increase the share of renewable energy, investments were made 2023 in solar panels for the sites in Madrid and Barcelona. The sun already emits more than enough energy to power all energy needs on the planet and as an added benefit the sun is free, clean, and a sustainable energy source. It can be used to provide heat, and electricity. Given the abundance of solar energy, its reliability, positive effects on air quality, and its cost-effectiveness, investing in solar panels for the Spanish subsidiaries was an easy choice. Ahumados Dominguez in Madrid and Iceland Seafood Ibérica in Barcelona completed the installation of solar panels in 2023. The solar panels are mounted on the roofs of our buildings, utilizing otherwise unused areas, increasing even more the benefits of them. In Madrid the generation capacity is around 550 kWh and in Barcelona about 440 kWh, in total around 25-30% of the electricity need of the Spanish subsidiaries. For scope 2 this can be done by opting out of purchasing electricity not generated from renewable energy sources and reduce the dependency on the electricity grid by increasing electricity production on site. Iceland Seafood International hf. 55 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 b) Social aspects of own operations Employee satisfaction survey Health and safety Human resources are the heart of the operation. The Company is convinced that good management, transparency in communication, safe work conditions, health of employees and appropriate training, increases job satisfaction and employee engagement, as well as increasing their overall health and well-being. The Company’s operations are made up of a highly experienced Group of employees, from various countries, backgrounds, and cultures. Focus is set on the importance of attracting employees with the right skills and ambition to provide high quality service, exceed customer demands and achieve financial and strategic goals. The objective is to ensure that the employees feel empowered to deliver to the highest standards by being connected to producers and customers. The Company has implemented a robust system of regularly scheduled measurements to monitor employee engagement. The system is intended to reduce employee turnover, boost employee engagement, improve managerial skills, increase workforce visibility and human resource metrics, and provide up to date human resource information. Health and safety of staff is essentially important for the Company. Management in each subsidiary oversees compliance with all local laws and regulations. Production sites have in place appropriate occupational health and safety (OHS) and emergency preparedness and response management systems. Employee safety is ensured with training on tasks and appropriate personal protective equipment (PPE). Metrics on operational health and safety will be reported in the Company's ESG report. Iceland Seafood International hf. 56 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 c) Social aspects of the value chain Corporate Social Responsibility (CSR) mapping of suppliers Supporting communities The Company recognises and supports international human right treaties. No human right violations have been reported in 2025. As a global value-added seafood producer and sales and marketing Company with a vast global supply chain, the Company must source, produce, package, transport, and sell products sustainably and responsibly. The objective is to foster sustainable and responsible corporate behaviour within the supply chain, increase transparency and to know the collective impact of the entire supply chain. This involves continued co-operation with suppliers and service providers. The Company has started to assess its suppliers on their overall sustainability matters. The supply chain mostly consists of sourced seafood, packaging material and transportation. It has both environmental and social impacts. Environmental impacts include all the impacts the products and their respective processes have on the environment. Social impacts include labour practices and human rights, business ethics involved in the production and product delivery. Often these subjects are intertwined. The Company has implemented a platform that enables continuous monitoring on its supplier CSR management and progress while offering tools to drive improvement on the supplier side. Within this platform risks are identified in the supply chain, corporate adherence to recognized CSR criteria is validated and the scope of the assessment is adjusted to supplier Company size, industry, and location. Iceland Seafood International and its subsidiaries have through the years donated resources and money to charitable organisations in their communities. The amounts and number of donations are evaluated and decided by each subsidiary. The focus has been on engaging children in various activities and donating to causes where most aid is needed. Iceland Seafood International hf. 57 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 d) Governance Employee training on Group Code of Conduct Commitment to Supplier Code of Conduct All suppliers shall read, approve, and conduct their operation according to the code. Transparency - due diligence Double Materiality Assessment Scope 3 Sets the standard for how employees engage with co-workers, suppliers, customers, and other stakeholders. The code applies to all employees, managers and board members and gives guidance towards conducting business practices honestly, fairly, and legally. The Company has zero tolerance towards bribery and corruption and expects employees, suppliers, contractors, and other business partners to act with integrity and without acts of bribery or corruption. The Company recognises that a Supplier Code of Conduct is an important way to communicate publicly to customers, consumers of our products, and other stakeholders the practices that are expected for suppliers to follow. The Supplier Code of Conduct sets expectations for suppliers, gives guidance, and promotes ethical behaviour by addressing human rights, fair labour practices, legal compliance, and environmental responsibility. Continuous improvement regarding the Company’s ESG aspects is high on the agenda. Integrating sustainability into the business culture and supply chain is a key factor in operating a successful and sustainable global business. The Company will continue to increase the knowledge of employees regarding ethics and human rights as well as continue to increase the knowledge of its suppliers and service providers sustainability aspects. A detailed double materiality assessment was completed in 2024. However, the presentation of the results will be delayed due to the ongoing uncertainty in the ESG regulatory landscape. The Company will publish the assessment once the regulatory framework becomes clearer. ESG numbers are collected and reviewed respectively in each subsidiary before they are sent to the ISI hf finance department, where results of the KPIs are combined for the final report, outcomes calculated, and impacts assessed. The Company is continuously improving on internal documentation and processes and intends to get external verification along with CSRD implementation. Mostof theCompany’sidentifiedGHGemissionscomefromupstreamanddownstreamtransportation.The calculation method is based on Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard. The Company puts effort into receiving calculated emission factors from its transportation service providers, when that is not available, the standard emission factors provided in the above mentioned GHG standard are used. Scope 3 reporting is expected to extend when result of the double materiality assessment are ready. Iceland Seafood International hf. 58 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Risk management EU Taxonomy Reporting The EU Taxonomy Regulation was entered into force in Iceland on June 1st, 2023, through Act no. 25/2023 on Sustainability Disclosures in Financial Services and the Taxonomy for Sustainable Investments. The regulation is retroactive to Jan 1st, 2023, the reporting scope is therefore the full financial year of 2023 and valid for 2024 and 2025 as well. The purpose of the regulation is to define which business activities are considered environmentally sustainable based on the technical screening criteria set out in the delegated regulation 2021/2139 and is set to promote transparency in sustainability information. For companies to be considered environmentally sustainable within the meaning of the regulation, they must meet the criteria for environmentally sustainable economic activity according to Article 3 of the regulation. Firstly, the economic activity must significantly contribute to one or more of the environmental goals, while at the same time it must do no significant harm to other goals. It must be carried out in accordance with the minimum safeguards and finally comply with the technical screening criteria. The environmental objectives are six, climate mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. The technical screening criteria for climate mitigation and climate change adaptation have been implemented by delegated regulation EU 2021/2139 and business activities that are listed there are subject to information obligations in Iceland but delegated regulation EU 2023/2486 on other environmental objectives and delegated regulation EU 2023/2485 on updated climate objectives entered into force within the EU in 2023 and are awaiting implementation in Iceland. As previously mentioned, double materiality assessment has been carried out where risks have been systematically identified and the extent of them evaluated. The major risks that have been identified are related to climate change: Ocean acidification: Majority of the global carbon cycle is circulated through the ocean which absorbs the greater part of excess heat from GHG emissions causing acidification. The ocean is the home to a vast variety of marine species and acidification disrupts the balance of life found in the ocean which can affect seafood supplies. Extreme weather events: Climate change increases the frequency of extreme weather events. This can affect the availability of seafood due to dangerous sea conditions as well as delaying transportation of seafood from producer to the end consumer. Companies are required to disclose the percentage of revenue, capital expenses and operational expenses for eligible activities, that is, activities identified under the EU Taxonomy. Similarly, the same criteria must be reported for activities that meet all the criteria of the regulation and have been identified as aligned activities or environmentally sustainable. Iceland Seafood International hf. 59 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Evaluation of eligibility Evaluation of alignment The Company began reviewing its operations in accordance with the technical screening criteria, where the activities were compared to the technical screening criteria of the environmental objectives that have already been implemented, climate mitigation, and climate change adaptation. The Company's core activity, sale of seafood, does not currently fall under the technical screening criteria. However, a decision was made to identify revenue, CapEx and OpEx for the following activities: For an activity to be considered aligned and thereby meet requirements of the EU Taxonomy of being environmentally sustainable, it needs to meet the requirements of substantial contribution to at least one environmental objective while doing no significant harm to any of the other objectives, in addition to complying with minimum safeguards. Buildings * 4.1 - "Construction or operation of electricity generation facilities that produce electricity using solar photovoltaic (PV) technology”. * 7.2 - "Renovation of existing building”. * 7.6 - "Installation, maintenance and repair of renewable energy technologies”. * 7.7 - "Acquisition and ownership of buildings”. The aim of going through the eligbility assessment was to identify environmental sustainability within the operation and prepare the Company for further reporting in coming years. Further development of the EU Taxonomy will be monitored to prepare for when additional activites will be subject to disclosure. For the renovation of buildings (7.2) to be considered a significant contribution to mitigating climate change, the first requirement is that they meet current requirements for major renovation or that they lead to a reduction in primary energy demand by 30%. For the purchase and ownership of buildings (7.7) to be considered a significant contribution, the buildings in question must be in energy efficiency class A. Energy efficiency is defined by an energy efficiency certificate, which is defined by EU Directive 2010/30, and primary energy needs are based on the same certificate. The renovation of an existing building owned by the subsidiary in Barcelona does not meet the requirement of 30% reduction in primary energy demand. The Company owns various buildings in its locations, however none of them hold an energy efficiency certificate, stating the energy efficiency of the building to be class A. The Company is therefore not able to demonstrate that these activities have a significant contribution to mitigating climate change and did not continue with the assessment. Renewable energy The Company generates electricity using photovoltaic cells at its locations in Madrid and Barcelona (4.1/7.6). For the activity to be considered contributing significantly to mitigating climate change, it is sufficient that electricity is produced using photovoltaic cell technology. To meet the requirement of not causing significant harm, a climate risk and vulnerability assessment of the specified activity is required. The Company has carried out the mentioned assessment on the activity classified as eligible activity and has assessed the main climate-related risks associated with it. Similarly, the Company has identified which adaptation solutions are available and where improvements are needed. There are no other requirements for the activity, and it is therefore considered environmentally sustainable and classified as Taxonomy-aligned. Iceland Seafood International hf. 60 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Key Performance Indicators Revenue CapEx OpEx Nuclear and natural gas activities In addition, Iceland Seafood discloses information on nuclear and natural gas activities in accordance with Article 8 (points 6 and 7) of the same Regulation. Since Iceland Seafood has neither nuclear or natural gas activities, KPI‘s are not included in accordance with same Annex. See table on page 65. According to Article 8 of the EU Taxonomy regulation, CapEx consist of the increase in tangible and intangible assets, before any depreciation, amortisation, revaluation, or write offs, excluding fair value movements. CapEx in the financial year 2025 amounted to EUR 10.0 million as detailed in notes 10-11 to the Consolidated Financial Statement. Thereof, 0% are related to eligible activities and 0% related to aligned activities. See table on page 63. The EU Taxonomy regulation defines OpEx differently from the OpEx of the Consolidated Financial Statement. The EU Taxonomy excludes depreciation, amortization, general and administrative, and sales and marketing related expenses. Included are direct non-capitalised costs derived from the day-to-day servicing of assets, consisting of research and development, short-term leases, and maintenance and repairment and similar essential cost for maintaining efficient operation of the relevant assets. OpEx in the year 2025 was EUR 2.1 million and were related to maintenance material, cost of employee repairing a machine, cost of employee cleaning a factory and IT dedicated to maintenance. Thereof 0% are related to eligible activities and 0% are aligned. See table on page 64. The European Union has published guidance on calculations of key performance indicators (KPI’s) in a delegated regulation 2021/2178. The proportion of turnover, CapEx and OpEx, is calculated in accordance with Article 8 of the EU Taxonomy regulation. However, there’s a possibility that criteria or methods for calculations will change in accordance with any future updates of the regulation, that could influence future Taxonomy calculations of the Company. Following are explanations of KPI’s of identified eligible activities within the Company. Turnover as defined in the EU Taxonomy regulation is equal to the consolidated revenues as reported in the Company’s Consolidated Financial Statement for the year 2025, explained in note 2. The portion of the revenue that is eligible or aligned with the EU Taxonomy is 0%. See table on page 62. The Company complies with these requirements and has both implemented Group Code of Conduct and Supplier Code of Conduct. The Company also performs due diligence on its upstream value chain by mapping and scoring its suppliers and service providers sustainability aspects in cooperation with EcoVadis, a recognised assessment platform that rates business sustainability in environmental impact, labour, and human rights standards, ethics, and procurement practices. The Company is aware that continuous improvements and reassurances are needed when it comes to minimum safeguards, such as a detailed due diligence on human rights according to the OECD definition, as well as upcoming requirements in European legislation regarding the provision of information in the field of human rights and will continue to emphasize this work in the coming months. Minimum safeguards Article 18 of the EU Taxonomy regulation describes Minimum Safeguards considering the guidelines of the Organization for Economic Cooperation and Development (OECD), the guiding principles of the United Nations on business and human rights as well as eight fundamental conventions in the declaration of the International Labor Organization. Platform on Sustainable Finance has defined the core topics based on these requirements to be human rights, including labour rights, bribery, taxation, and fair competition. Iceland Seafood International hf. 61 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Key Perfomance Indicators: Revenue Economic Activities (1) Code (2)Absolute turnover (3)Proportion of Turnover (4)Climate Change Mitigation (5)*Climate Change Adaptation (6)Water (7)Pollution(8)Circular Economy(9)Biodiversity and ecosystems (10)Climate Change Mitigation (11)Climate Change Adaptation (12)Water(13)Pollution(14)Circular Economy(15)Biodiversity(16)Minimum Safeguards(17) Taxonomy aligned proportion of turnover, year N-1 (19) Category (enabling activity) (20) Category (transitional activity) (21) Millions, EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T 0% 0,00 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% 0% Acquisition and ownership of buildings 7.7 0,00 0% Electricity generation using solar photovoltaic technology 4.1 0,00 0% Renovation of existing buildings 7.2 0,00 0% 0,00 0% 0,00 0% 484.273 100% 484.273 100% Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm') A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (Taxonomy- aligned) (A.1) A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) Total (A.1+A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy-non-eligible activities Total (A+B) Iceland Seafood International hf. 62 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Key Perfomance Indicators: CapEx Economic Activities (1) Code (2)Absolute CapEx (3)Proportion of CapEx (4)Climate Change Mitigation (5)*Climate Change Adaptation (6)Water (7)Pollution(8)Circular Economy(9)Biodiversity and ecosystems (10)Climate Change Mitigation (11)Climate Change Adaptation (12)Water(13)Pollution(14)Circular Economy(15)Biodiversity(16)Minimum Safeguards(17) Taxonomy aligned proportion of turnover, year N-1 (19) Category (enabling activity) (20) Category (transitional activity) (21) Millions, EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T 0% Electricitygenerationusingsolarphotovoltaic technology (CapEx A) 4.1 0,00 0% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y - 0,00 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% 0% 0% Acquisition and ownership of buildings (CapEx A) 7.7 0,00 0% Renovation of existing buildings (CapEx A) 7.2 0,00 0% 0,00 0% 0,00 0% 10,003 100% 10,003 100%Total (A+B) CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Capex of Taxonomy-non-eligible activities A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. CapEx of environmentally sustainable activities (Taxonomy-aligned) CapEx of environmentally sustainable activities (Taxonomy- aligned) (A.1) A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned) Total (A.1+A.2) DNSH criteria ('Does Not Significantly Harm')Substantial Contribution Criteria Iceland Seafood International hf. 63 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 Key Perfomance Indicators: OpEx Economic Activities (1) Code (2)Absolute OpEx (3)Proportion of OpEx (4)Climate Change Mitigation (5)*Climate Change Adaptation (6)Water (7)Pollution(8)Circular Economy(9)Biodiversity and ecosystems (10)Climate Change Mitigation (11)Climate Change Adaptation (12)Water(13)Pollution(14)Circular Economy(15)Biodiversity(16)Minimum Safeguards(17) Taxonomy aligned proportion of turnover, year N-1 (19) Category (enabling activity) (20) Category (transitional activity) (21) Millions, EUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T 0% 0,00 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% 0% Acquisition and ownership of buildings (OpEx A) 7.7 0,00 0% Renovation of existing buildings (OpEx A) 7.2 0,00 0% Electricitygenerationusingsolarphotovoltaic technology (OpEx A) 4.1 0,00 0% 0,00 0% 0,00 0% 2,100 100% 2,100 100%Total (A+B) Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm') A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) OpEx of Taxonomy-non-eligible activities OpEx of environmentally sustainable activities (Taxonomy- aligned) (A.1) A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) Total (A.1+A.2) B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Iceland Seafood International hf. 64 Financial Statements 2025
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Non-Financial Information (unaudited) for the year ended 31 December 2025 1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.NO2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.NO3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.NO4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.NO5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.NO6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.NONuclear and fossil gas related activitiesNuclear energy related activitiesFossil gas related activities Iceland Seafood International hf. 65 Financial Statements 2025