Slides
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1H 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS Iceland Seafood International 26.08.2026
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Ahumados Domínguez IS Ibérica IS Iceland Oceanpath IS Germany Achernar IS France €484,3 m Revenues in 2025 10 Businesses 45 Countries we trade in Value-added factories 794+ Employees 2025 5000+ Customers 66.125 MT Of products sold 1.0+ m Meals sold every day 6 10 Businesses Iceland Seafood International Key numbers Thorpesca
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Historically high cod prices, while salmon prices have remained stable • Cod prices have been historically high due to quota cuts in the Barents Sea and the Atlantic Ocean, and political turmoil. This is expected to have a long-term impact. • Salmon prices remained relatively stable during 1H 2026 at levels broadly comparable to those seen in 2025. While future price developments remain uncertain, current market conditions do not indicate a significant change from the pricing environment experienced last year. • Ongoing economic and political challenges continue to impact demand. Salmon prices lower than expected in Q2 2026 HG frozen cod prices are still at an all-time high and increasing 0 350 700 1050 1400 1750 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Atlantic Cod supply 2005-2026 3,40 4,40 5,40 6,40 7,40 8,40 9,40 Jan Feb March April May June July Agu Sept Okt Nov Dec 2021 2022 2023 2024 2025 2026 3 4 5 6 7 8 9 10 11 12 Jan Feb March April May June July Agu Sept Okt Nov Dec 2021 2023 2024 2025 2026 2026 - Forward prices
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2024 2025 2026 Norway 208 173 131 Russia 222 151 119 Iceland 212 213 204 EU 45 40 37 UK 20 17 14 Greenland 59 69 71 Faroes 27 26 24 Canada/US 17 30 40 Total 810 719 640 TOTAL SUPPLY 2026 640.000 tn 600 400 200 0 800 1,20 0 1,00 0 ‘000MT 1,400 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Norway Russia EU Iceland UK Faroes / Greenland / Canada / USA Source: FAO 2023; 2024-2026= PANELISTS/ OWN ESTIMATES 810 719 640 Supply of Atlantic cod (2015-2026) 3,40 4,40 5,40 6,40 7,40 8,40 9,40 Jan Feb March April May June July Agu Sept Okt Nov Dec 2021 2022 2023 2024 2025 2026 HG frozen cod prices are increasing due to decreasing supply Cod supply & prices
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• Food inflation has been decreasing in all markets compared to the last few months. Inflation, on the other hand, has slightly increased in the EU and Iceland while decreasing slightly in the UK and the USA. • Compared with the prior year, interest rates are higher in the EU and Iceland and have been on an upward trend, while they are lower in the UK and the US but have been stable for a while. Food inflation is decreasing in key markets, while interest rates have increased in the Eurozone and are stable in other markets. Eurozone 2.4% UK 3.75% Federal Reserve 3.75% Iceland 8.00%
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Financial performance 1H 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS
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> VA S-Europe Sales in 1H, 4% up vs1H 25 • Ibérica Group sales increased by 8% in value while volume decreased by 10,3% compared to 1H 25. • The production volume of Argentinean shrimp was 21% higher than 1H 25 while sales deacreased by 11,4% due to unfavorable production mix. • Ahumados Domínguez sales increased by 5% in value and 10,3% in volume compared to 1H 25. Normalized PBT of €2.9m, up €0.7m on 1H 2025 • IS Ibérica Spain having a solid PBT of €3.9m compared to €2.6m in 1H 25. • Achernar delivered a PBTloss of €620k compared to €590kloss in1H 25. • Ahumados Domínguez posted a loss before tax of (€143k) vs profit of €156k in 1H 25. • Thorpesca had a loss before tax of (€230k). Increased sales and an improved NPBT compared with the prior year Sales in MT Normalised PBT Bridge 1H 25 – 1H 26 K´EUR 1H 2026 1H 2025 0 1000 2000 3000 4000 5000 6000 Cod Shellfish Other Iceland Other varios Cephalopod Salmon 2.174 16.402 -12.208 -3.318 -1.440 -38 1.286 2.858 NPBT 1H25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 1H 26 - 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 €m's Q2 26 Q2 25 1H 26 1H 25 Sales 53 52.9 114.1 110.0 Net margin 6.7 6.4 15.4 14.8 Normalised EBITDA 1.6 2.1 5.6 6.2 Normalised PBT* (0.1) (0.1) 2.9 2.2
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> VA N-Europe Sales in 2026 are 14% up from last year • Sales in Ireland were 14% ahead of the same period last year and 3% higher in volume. • Salmon prices lower than forecasted and high whitefish prices had opposing impacts on divisional results. Normalised PBT €0.5m more or less on par with 1H 2025 • In spite of higher sales both in value and volume, profitability was in line with 1H 2025. Good start of the year with an increase in value and volume 1H 2026 1H 2025 0,00 200,00 400,00 600,00 800,00 1.000,00 1.200,00 Salmon Prawns Other Cod Breaded Sea Bass Mussels Haddock Mackerel Hake Pollock Trout 484 3.038 922 -3.630 -409 33 25 463 NPBT 1H25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 1H 26 - 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 Sales in MT Normalised PBT Bridge 1H 25 – 1H 26 K´EUR €m's Q2 26 Q2 25 1H 26 1H 25 Sales 16.5 14.3 32.6 28.6 Net margin 2.0 2.0 3.8 3.5 Normalised EBITDA 0.5 0.7 0.9 1.0 Normalised PBT* 0.4 0.4 0.5 0.5
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> Sales & distribution Sales in 2026 are 31% ahead of last year • Strong sales performance this quarter driven by continued high white fish prices, combined with good capelin and herring sales. • Sales volumes increased by 33,5%, driven by pelagic species, with a significantly higher capelin quota in 2026, positively impacting volumes and total sales compared to 1H 2025. NPBT of €1.4m, down (€0.7m) from 1H 2025 • Solid operational results, supported by strong demand and higher whitefish prices. • Operating costs were in line with the prior year , resulting in a normalized PBT of €1.4m. Normalized PBT was €0.7m lower than in 1H 2025, reflecting increased competitive pressure and stabilization of prices, particularly in cod following a period of steep price increases during 2025. In addition, reported results were negatively impacted by a non-recurring €0.5m write- down of a receivable in the French operations. 1H performance supported by high white fish prices and strong sales in capelin and herring 1H 2026 1H 2025 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 Herring Cod Capelin Haddock Redfish Saithe Mackerel Catfish Mussels Silver Smelt Sea Urchins Plaice 2.052 -1.708 33.622 -30.076 -2.305 2 -230 1.357 NPBT 1H25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 1H 26 - 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 Sales in MT Normalised PBT Bridge 1H 25 – 1H 26 K´EUR €m's Q2 26 Q2 25 1H 26 1H 25 Sales 61.9 51.1 134.1 102.2 Net margin 1.8 2.1 4.3 4.5 Normalised EBITDA 0.4 0.8 1.5 2.0 Normalised PBT* 0.3 0.9 1.4 2.1
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Continued Operational and Financial Progress in 1H 2026. 1H 2026 sales up 16.8% and volumes up 12.6% vs. 1H 2025 Overall, a strong performance across the group. Continued strong demand for cod, driven by constrained supply, pushed cod and other whitefish prices to record highs. • Increased capelin quotas and a successful capelin season contributed positively to performance during the period. • Despite challenging market conditions, our sales businesses delivered an exceptional performance. Normalised PBT of €2.9m was up €0.6m from 2025 • EBITDA has decreased by €0.9m and Net profit is €1.1 up from last year. • EBITDA for the trailing 12 months rose to €21.9m, compared to €20.3m as of 2025. • Lower salmon prices continued to support profitability in our Ireland and Madrid operations. Higher whitefish prices, while creating margin pressure in Ireland, had a positive impact on the Sales and Iberica businesses. Monthly sales (€’m) NPBT vs Net Profit 20 25 30 35 40 45 50 55 60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2025 2026 2.304 8.594 30.540 -35.970 -4.060 142 1.377 2.927 NPBT 1H25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT 1H 26 - 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 €m's Q2 26 Q2 25 1H 26 1H 25 Sales 127 114.6 273.0 233.8 Net margin 10.6 10.6 23.7 23.1 EBITDA 2,6 3.8 8.3 9.2 Normalised PBT* (0.4) 0.0 2.9 2.3 Net Profit 0.1 0.1 2.2 1.1
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Condensed consolidated statement of financial position at 30 June 2026 €m's 30.06.26 Fixed assets / Inv.property 40.9 Leased assets 2.2 Intangible assets 61.5 Fin. Lease rec./Def. tax/other 2.2 Non-Current Assets 106.8 Inventory 89.0 Trade and other receivables 67,7 Other assets 12.5 Bank deposits 11,2 Current Assets 180.4 Total Assets 287.2 €m's 30.06.26 Total Equity 84.9 Thereof minority interest 2.3 Long-term borrowings 36.8 Lease liabilities 1.9 Obligations/deferred tax 4.7 Non-Current liabilities 43.4 Short term borrowings 80.2 Trade and other payables 68.7 Other current liabilities 10.0 Current liabilities 158.9 Total Equity and Liabilities 287.2 • Total assets reached €287.2m, up €7.8m from the start of the year. • Receivables decreased by €0.9m 76% of Group receivables are insured. • Collections remained strong across the Group, with minimal recurring receivable write-offs. Reported results were impacted by a non-recurring €0.5m receivable write- down in the French operations. • Inventories increased by €9.5m from beginning of the year. Iberica inventories increased by €7.2m. • Debt to EBITDA Ratios NIBD/ EBITDA (12M) 2026 4.8 vs 2025 4.6 • Total equity was €84.9m with a 29.6% equity ratio at the end of June, compared to 29.5% at the end of 2025. • At 30.06.2026 ISK 1.200m (€8m) in 6-month bills were outstanding, with EUR hedging. • Net interest-bearing debt at the end of June of €117.0m was €10.2m lower than at year-end 2025. • At 30.06.2026, an ISK 4.000m bond issued in April 2025 and fixed through a currency swap at €27.6m was outstanding. The bond is due in October 2028.
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Outlook 1H 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS
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The outlook for 2026 is Profit before taxes €11.5-13.5 million. • Cod prices are expected to remain elevated due to quota reductions and the U.S. and EU ban on Russian fish, which is impacting global cod pricing. These factors are likely to have a long- term impact on cod markets. • Salmon prices were lower throughout 2025 than forecasted. The price evolution for 2026 is uncertain but expected to follow a similar pattern to 2025. • Food inflation has decreased during the last few months in all markets after an increase during most of 2025. • Interest rates declined across the US, UK and EU during 2025 and stabilized in Q1 2026. Given ongoing inflationary pressures and heightened geopolitical uncertainty, further rate cuts are not currently anticipated, and interest rates are expected to remain broadly unchanged, with a potential risk of increases in 2026 which has been the case in the EU and Iceland. • All divisions are expected to perform in line with budget targets. However, performance will be influenced by developments in the cod, salmon and shrimp markets over the coming months. We are actively monitoring the situation and will continue to provide updates in our quarterly reports. Group results are influenced by various external factors such as: • Key risk factors include changes in fishing conditions, quotas, price developments, and the ability to pass on costs through the value chain. • Global economic shifts, currency fluctuations, import duties, labor access and cost, competition, and consumer behavior also play a role. • Political uncertainty, ongoing conflicts, and potential new sanctions or tariffs add further risk. Full year Normalised PBT* (m’s) 2 5,9 9,9 7,5 19,5 12,4 0,7 7,4 10,6 11,5 13,5 0 5 10 15 20 25 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 NPBT NPBT upper outlook
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Forward looking statements Disclaimer This presentation is furnished and intended for European market participants and should be viewed in that manner. Any potential forward looking statements contained in this presentation are reflective of management's current views on future events and performance. Whilst the views are based on positions that management believes are reasonable there are no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risks and consequently, actual results may differ to the statements or views expressed.
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