Interim report
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Iceland Seafood International hf. Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 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 .............................................................2-4 Consolidated Interim Statement of Income .....................................................................................................5 Consolidated Interim Statement of Comprehensive Income ...........................................................................6 Consolidated Interim Statement of Financial Position .....................................................................................7 Consolidated Interim Statement of Changes in Equity ....................................................................................8 Consolidated Interim Statement of Cash Flows ...............................................................................................9 Notes to the Condensed Consolidated Interim Financial Statements .............................................................10-14 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) Condensed Consolidated Interim Financial Statements 30 June 2026 1 Amounts in EUR thousands
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Statement and Endorsement by the Board of Directors and the CEO Statement The Company Operations for the period During the first six months of the year, total sales amounted to EUR 273 million, an increase of 16.8% compared to the same period last year. Value-Added Southern Europe (VA S‑Europe) recorded a 3.7% increase in value, with volumes down by 9.7%. Sales & Distribution (S&D) grew by 31.2% year-on-year, driven by strong demand and higher whitefish prices. Overall volumes rose by 33.5%, mainly reflecting increased pelagic volumes, particularly capelin and herring. Value-Added Northern Europe (VA N‑Europe) achieved a 14.0% increase in sales, supported by a 3% increase in volume. During the reporting period, Normalised Profit Before Taxes (PBT) amounted to EUR 2.9 million, representing an increase of EUR 0.6 million compared to the same period last year. Net profit reached EUR 2.2 million, EUR 1.1 million higher than in 1H 2025. The improved result reflects a combination of market and financial factors. Operationally, the period benefited from historically high whitefish prices and strong demand for whitefish products, supporting a solid operating performance. However, despite higher sales and increased volumes, operating profitability did not improve to the same extent as revenue growth, as price increases were less pronounced than in the prior year and competition for raw materials intensified. In addition, geopolitical tensions, including developments in the Middle East, contributed to higher freight and logistics costs during the period. The reported result also includes a non-recurring EUR 0.5 million write-off of a receivable in the French operations, which negatively impacted earnings during the period. Compared with 1H 2025, the stronger overall performance was primarily driven by lower interest costs and the absence of the adverse foreign exchange movements experienced in the prior year, both of which had a material positive impact on the result. It is the opinion of the Board of Directors and the CEO of Iceland Seafood International hf. (the Company), that these Condensed Consolidated Interim Financial Statements present the necessary information to evaluate the financial position of the Company at the end of June 2026 and the operating results and financial developments for the six months then ended. The Company is a holding company for a Group of subsidiaries that are leading suppliers of North Atlantic seafood, one of the largest exporters of seafood from Iceland and a key processor of high quality seafood in the Spanish and Irish markets. 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 and 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 in Argentina. The Condensed Consolidated Interim Financial Statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to understand the changes in the Company's financial position and performance from year end 2025. The Condensed Consolidated Interim Financial Statements are prepared in accordance with the International Accounting Standard IAS 34,Interim Financial Reporting,and should be read in conjunction with the Company's Financial Statements for the year ended 31 December 2025. The Condensed Consolidated Interim Financial Statements are reviewed by the Company's auditors. Condensed Consolidated Interim Financial Statements 30 June 2026 2 Amounts in EUR thousands
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Statement and Endorsement by the Board of Directors and the CEO Shareholders 455 15% 455 15% 350 11% 350 11% 345 11% 345 11% 322 11% 322 11% 211 7% 194 6% 160 5% 178 6% 159 5% 159 5% 106 3% 106 3% 93 3% 93 3% 90 3% 87 3% 2.291 74% 2.289 74% 773 26% 775 26% 3.064 100% 3.064 100% For an overview of changes in equity, see the Consolidated interim Statement of Changes in Equity. Brim hf. ......................................................................................................... Jakob Valgeir ehf. ......................................................................................... Nesfiskur ehf ................................................................................................ Birta lífeyrissjóður ........................................................................................ Almenni - Lífsverk lífeyrissjóður ................................................................... Stapi lífeyrissjóður ........................................................................................ Lífeyrissjóður starfsmanna ríkisins A-deild ................................................... Sjóvá-Almennar Tryggingar hf. ..................................................................... VÍS tryggingar hf. .......................................................................................... Other shareholders (2026: 624 and 2025: 654) ........................................... FISK Seafood ehf. .......................................................................................... Total assets on 30 June 2026 of EUR 287.2 million were EUR 7.8 million higher than at the end of 2025. Net interest- bearing debt at end of June of EUR 105.8 million was EUR 5.7 million lower than at year end 2025. The Company is listed on the Nasdaq Iceland Main Market (ticker: ICESEA). The closing price at the end of June 2026 was ISK 4.20 per share (2025 year end: ISK 4.86), giving the Company a market capitalization of EUR 89.8 million (2025: EUR 101.5 million), a 12% decrease from year end 2025. Equity amounted to EUR 84.9 million on 30 June 2026 or EUR 2.5 million higher than at the end of 2025. The equity ratio was 29.6% on 30 June, compared to 29.5% at year end 2025. The number of shareholders at the end of June 2026 was 634 (2025 year end: 664). The ten largest were (shares are in millions): 30.6.2026 31.12.2025 In August 2026, the Company's property in Grimsby was subject to trespass, vandalism and damage by unauthorized third parties. The full extent of the damage and the associated repair costs are still being assessed. These events may impact the ongoing sale process of the property, which, under normal circumstances, could have resulted in a gain above its carrying value. However, it is not yet possible to determine the final financial impact of the incident. The Company is working closely with its insurers, tenant and other relevant stakeholders to assess the damage and evaluate potential solutions. While uncertainty remains, the Board currently believes that the overall impact of the matter on the Iceland Seafood International Group is not expected to be material to the Group's overall operations or financial performance. Condensed Consolidated Interim Financial Statements 30 June 2026 3 Amounts in EUR thousands
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Statement and Endorsement by the Board of Directors and the CEO Endorsement Reykjavík, 26 August 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 Condensed Consolidated Interim Financial Statements of the Company for the six months ended 30 June 2026 with their signatures. Condensed Consolidated Interim Financial Statements 30 June 2026 4 Amounts in EUR thousands
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Consolidated Interim Statement of Income for the six months ended 30 June 2026 2026 2025 2026 2025 1.4. - 30.6.1.4. - 30.6.1.1. - 30.6.1.1. - 30.6. Gross profit Sales of seafood ..............................................................................126.942 114.570 272.957 233.823 Cost of sales ....................................................................................(110.047) (98.102) (236.068)(199.750) 16.895 16.468 36.889 34.073 Operating expenses Operating expenses ........................................................................(14.308) (12.608) (28.557) (24.866) Operating profit before interest and depreciation and amortisation (EBITDA) .....................................................2.587 3.860 8.332 9.207 Change in fair value of investment property ................................0 (98) 0 (152) Depreciation and amortisation ......................................................(1.009) (1.125) (2.017) (1.986) Operating profit (EBIT) ............................................................1.578 2.637 6.315 7.069 Net finance costs ............................................................................(1.424) (1.106) (2.773) (2.614) Net exchange rate difference .........................................................(528) (1.529) (615) (2.151) (Loss) profit before exceptional items and taxes ......................(374) 2 2.927 2.304 Exceptional items ...........................................................................6 0 (188) 0 (613) (Loss) profit before taxes .........................................................(374) (186) 2.927 1.691 Income taxes ...................................................................................515 286 (684) (597) Profit for the period ................................................................141 100 2.243 1.094 Attributable to Owners of the Company ................................................................149 77 2.259 1.077 Non-controlling interests ...............................................................(8) 23 (16) 17 Profit for the period ................................................................141 100 2.243 1.094 Earnings per share 7 Basic and diluted (EUR cents per share) ........................................0,0049 0,0025 0,0737 0,0351 The notes on pages 10 to 14 are an integral part of the Condensed Consolidated Interim Financial Statements. Note Condensed Consolidated Interim Financial Statements 30 June 2026 5 Amounts in EUR thousands
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Consolidated Interim Statement of Comprehensive Income for the six months ended 30 June 2026 2026 2025 2026 2025 1.4. - 30.6.1.4. - 30.6.1.1. - 30.6.1.1. - 30.6. Profit for the period ...........................................................141 100 2.243 1.094 Items that may be reclassified subsequently to profit or loss Translation difference ...........................................................76 (773) 294 (1.136) Total comprehensive income .............................................217 (673) 2.537 (42) Attributable to Owners of the Company .......................................................225 (696) 2.553 (59) Non-controlling interests ......................................................(8) 23 (16) 17 Total comprehensive income .............................................217 (673) 2.537 (42) The notes on pages 10 to 14 are an integral part of the Condensed Consolidated Interim Financial Statements. Condensed Consolidated Interim Financial Statements 30 June 2026 6 Amounts in EUR thousands
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Consolidated Interim Statement of Financial Position at 30 June 2026 Note 30.6.2026 31.12.2025 30.6.2025 Assets Non-current assets Property, plant and equipment ...................................................... 37.409 35.559 33.816 Investment property ....................................................................... 3.463 3.782 3.958 Leased assets .................................................................................. 2.221 1.954 1.373 Intangible assets ............................................................................. 8 61.478 61.001 56.643 Finance lease receivables ................................................................ 137 398 702 Deferred tax assets ......................................................................... 1.884 1.848 2.004 Other long term assets .................................................................... 188 166 144 Total non-current assets 106.780 104.708 98.640 Current assets Inventories ...................................................................................... 89.033 79.461 66.927 Finance lease receivables ................................................................ 521 493 440 Trade and other receivables ........................................................... 67.675 68.607 56.424 Other assets .................................................................................... 11.995 10.389 12.151 Cash and bank balances .................................................................. 11.241 15.727 16.885 Total current assets 180.465 174.677 152.827 Total assets 287.245 279.385 251.467 Equity and liabilities Capital and reserves Issued capital and share premium .................................................. 46.321 46.321 46.321 Translation reserve ......................................................................... (826) (1.120) (1.115) Other reserves ................................................................................ 612 612 612 Retained earnings and unrealised profit from subsidiaries ............ 36.471 34.085 27.981 Equity attributable to owners of the Company 82.578 79.898 73.799 Non-controlling interests ................................................................ 2.309 2.475 2.224 Total equity 84.887 82.373 76.023 Non-current liabilities Borrowings ...................................................................................... 10 36.828 35.590 34.793 Lease liabilities ................................................................................ 1.946 1.686 1.165 Retirement benefit and other obligations ...................................... 2.403 2.711 1.091 Deferred tax liabilities ..................................................................... 2.265 2.165 2.049 Total non-current liabilities 43.442 42.152 39.098 Current liabilities Borrowings ...................................................................................... 10 80.185 91.574 83.276 Lease liabilities ................................................................................ 531 497 443 Trade and other payables ............................................................... 68.690 53.252 44.304 Other liabilities ................................................................................ 9.510 9.537 8.323 Total current liabilities 158.916 154.860 136.346 Total liabilities 202.358 197.012 175.444 Total equity and liabilities 287.245 279.385 251.467 The notes on pages 10 to 14 are an integral part of the Condensed Consolidated Interim Financial Statements. Condensed Consolidated Interim Financial Statements 30 June 2026 7 Amounts in EUR thousands
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Consolidated Interim Statement of Changes in Equity for the six months ended 30 June 2026 Restricted equity Attributable Non - Share Share TranslationStatutory Equity Unrealised profitRetained to owners ofcontrolling Total capital premium reserve reserve reserve of subsidiaries earnings the Companyinterests equity Balances at 1 January 2025 27.456 44.068 21 430 182 26.147 (24.294) 74.010 2.207 76.217 Profit (loss) ..................................................................... 1.992 (915) 1.077 17 1.094 Translation of shares held in foreign currencies ........... (1.136) (1.136) (1.136) Total comprehensive income .........................................0 0 (1.136) 0 0 1.992 (915) (59) 17 (42) Transfer of share premium to accumulated loss ...........(25.203) 25.203 0 0 Other adjustments ......................................................... (152) (152) (152) Balances at 30 June 2025 27.456 18.865 (1.115) 430 182 28.139 (158) 73.799 2.224 76.023 Profit (loss) ..................................................................... 8.350 (2.340) 6.010 251 6.261 Translation of shares held in foreign currencies ........... (5) (5) (5) Total comprehensive income .........................................0 0 (5) 0 0 8.350 (2.340) 6.005 251 6.256 Dividend declared from subsidiaries to parent ............. (5.500) 5.500 0 0 Other adjustments ......................................................... 0 94 94 94 Balances at 31 December 2025 27.456 18.865 (1.120) 430 182 30.989 3.096 79.898 2.475 82.373 Profit (loss) ..................................................................... 4.186 (1.927) 2.259 (16) 2.243 Translation of shares held in foreign currencies ........... 294 294 294 Total comprehensive income .........................................0 0 294 0 0 4.186 (1.927) 2.553 (16) 2.537 Dividend declared from subsidiaries to parent ............. (850) 850 0 (150) (150) Other adjustments ......................................................... 127 127 127 Balances at 30 June 2026 27.456 18.865 (826) 430 182 34.325 2.146 82.578 2.309 84.887 The notes on pages 10 to 14 are an integral part of the Condensed Consolidated Interim Financial Statements. Condensed Consolidated Interim Financial Statements 30 June 2026 8 Amounts in EUR thousands
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Consolidated Interim Statement of Cash Flows for the six months ended 30 June 2026 Note 2026 2025 2026 2025 1.4. - 30.6. 1.4. - 30.6. 1.1. - 30.6. 1.1. - 30.6. Operating activities Operating profit ...................................................................................... 1.578 2.637 6.315 7.069 Change in fair value of investment property .......................................... 0 98 0 152 Depreciation and amortisation .............................................................. 1.009 1.125 2.017 1.986 Gain on disposal of non-current assets .................................................. 0 (5) (28) (23) Change in obligations and other calculated liabilities ............................ 1.846 1.567 712 834 Working capital generated from operations4.433 5.422 9.016 10.018 (Increase) decrease in inventories .......................................................... (7.333) 1.614 (9.572) (5.070) (Increase) decrease in receivables and other assets .............................. 19.490 8.598 (463) 9.877 Increase (decrease) in payables and other liabilities .............................. 2.801 (12.438) 15.249 (3.247) Cash generated from (used in) operations before interests and taxes19.391 3.196 14.230 11.578 Interest received .................................................................................... 73 446 168 601 Interest paid ........................................................................................... (1.497) (1.760) (2.941) (3.865) Income taxes paid .................................................................................. (594) (523) (966) (545) Net cash generated from (used in) operating activities17.373 1.359 10.491 7.769 Investing activities Payments for property, plant and equipment ....................................... (2.305) (826) (3.150) (1.548) Payments for intangible assets ............................................................... (9) (64) (94) (137) Proceeds from disposal of non-current assets ....................................... 2 2 145 49 Net cash outflow on acquisition of subsidiaries ..................................... (358) 0 (358) 0 Net cash generated by (used in) investing activities(2.670) (888) (3.457) (1.636) Net cash before financing activities14.703 471 7.034 6.133 Financing activities Net proceeds from (repayment of) revolving credit facilities ................ (1.202) 5.801 (3.516) (746) Net proceeds from (repayment of) bills ................................................. (8.771) 1.676 (8.771) 1.905 Proceeds from new long term borrowings ............................................. 3.000 9.770 4.000 10.770 Repayment of other borrowings ............................................................ (1.625) (9.982) (2.171) (11.637) Dividend payment .................................................................................. (150) (150) Net cash generated by (used in) financing activities(8.748) 7.265 (10.608) 292 Net increase (decrease) in cash and bank balances ............................... 5.955 7.736 (3.574) 6.425 Cash and bank balances at the beginning of period .............................. 6.685 10.999 15.727 12.900 Effect of exchange rate changes on cash held in foreign currencies ...... (1.399) (1.850) (912) (2.440) Cash and bank balances at the end of period11.241 16.885 11.241 16.885 The notes on pages 10 to 14 are an integral part of the Condensed Consolidated Interim Financial Statements. Condensed Consolidated Interim Financial Statements 30 June 2026 9 Amounts in EUR thousands
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Notes to the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 1. General information 2. Statement of compliance 3. Use of estimates and judgements The same accounting policies, presentation and methods of computation (except mentioned here above) are followed in these Condensed Consolidated Interim Financial Statements as were applied in the latest Financial Statements for the year ended 31 December 2025. The preparation of the Condensed Consolidated Interim Financial Statements in line with IAS 34, requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Iceland Seafood International hf. (the Company) is a limited liability company incorporated and domiciled in Iceland. The address of its registered office is Köllunarklettsvegur 2, 104 Reykjavík. The Company is a holding company for a 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 Spain, Argentina, Ireland, Iceland, France, Germany and the United Kingdom. The Condensed Consolidated Interim Financial Statements do not include all of the information required for a complete set of consolidated annual financial statements and should be read in conjunction with the Consolidated Financial Statements of the Company for the year ended 31 December 2025, which is available on the Company´s website, www.icelandseafood.com/investors. The Condensed Consolidated Interim Financial Statements of the Company as at and for the six months ended 30 June 2026, comprise the Company and its subsidiaries (together referred to as "the Group"). The Condensed Consolidated Interim Financial Statements are prepared in accordance with the International Accounting Standard on Interim Financial Reporting, IAS 34, as adopted by the European Union. The Company´s shares are listed on NASDAQ main market in Iceland (ticker: ICESEA). In preparing these Condensed Consolidated Interim Financial Statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the Consolidated Financial Statements for the year ended 31 December 2025. Condensed Consolidated Interim Financial Statements 30 June 2026 10 Amounts in EUR thousands
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Notes to the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 4. Quarterly statements Q2 Q1 Q4 Q3 Q2 2026 2026 2025 2025 2025 Revenue: Sales of seafood ....................138.060 164.287 152.625 125.908 127.342 Intercompany ........................(11.118) (18.272) (15.919) (12.164) (12.772) 126.942 146.015 136.706 113.744 114.570 Operating results: Operating profit (EBIT) .......... 1.578 4.737 7.885 3.696 2.637 (1.952) (1.436) (1.338) (1.945) (2.635) Normalised PBT ................... (374) 3.301 6.547 1.751 2 Exceptional costs ................... 0 0 (60) 40 (188) Profit (loss) before taxes ...... (374) 3.301 6.487 1.791 (186) Income tax ............................ 515 (1.199) (1.669) (348) 286 Profit for the period ............. 141 2.102 4.818 1.443 100 Assets ....................................287.245 292.819 279.385 243.697 251.467 Liabilities ...............................202.358 208.034 197.012 166.122 175.444 5. Segment reporting For 1H 2026 Value addedValue added Sales and Other and S-Europe N-Europe distribution Eliminations Consolidated Revenue: Sales of seafood ....................129.418 35.115 137.590 224 302.347 Intercompany ........................(15.269) (2.524) (3.492) (8.105) (29.390) 114.149 32.591 134.098 (7.881) 272.957 Operating results: Operating profit (EBIT) .......... 4.410 485 1.488 (68) 6.315 (1.552) (22) (131) (1.683) (3.388) Normalised PBT ................... 2.858 463 1.357 (1.751) 2.927 Exceptional costs ................... 0 0 0 0 0 Profit (loss) before taxes ...... 2.858 463 1.357 (1.751) 2.927 Income tax ............................ (571) (70) (367) 324 (684) Profit (loss) for the period .... 2.287 393 990 (1.427) 2.243 Assets ....................................165.652 27.143 40.459 53.991 287.245 Liabilities ...............................106.546 7.358 35.386 53.068 202.358 Net finance costs and exchange rate difference ..... Net finance costs and exchange rate difference ..... Iceland Seafood Barraclough in UK is presented under Other and Eliminations instead of Value Added N-Europe division. Condensed Consolidated Interim Financial Statements 30 June 2026 11 Amounts in EUR thousands
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Notes to the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 For 1H 2025 Value addedValue added Sales and Other and S-Europe N-Europe distribution Eliminations Consolidated Revenue: Sales of seafood ....................123.622 30.386 105.192 230 259.430 Intercompany ........................(13.667) (1.755) (3.008) (7.177) (25.607) 109.955 28.631 102.184 (6.947) 233.823 Operating results: Operating profit (EBIT) .......... 5.012 531 1.953 (427) 7.069 (2.838) (47) 99 (1.979) (4.765) Normalised PBT ................... 2.174 484 2.052 (2.406) 2.304 Exceptional costs ................... 0 0 0 (613) (613) Profit (loss) before taxes ...... 2.174 484 2.052 (3.019) 1.691 Income tax ............................ (505) (67) (416) 391 (597) Profit (loss) for the period .... 1.669 417 1.636 (2.628) 1.094 Assets ....................................138.228 28.304 29.453 55.482 251.467 Liabilities ............................... 85.177 10.657 21.818 57.792 175.444 6. Exceptional items Exceptional income and costs: 1H 2026 1H 2025 Exceptional costs ..................................................................................................0 (613) 0 (613) 7. Earnings per share 1H 2026 1H 2025 Profit attributable to owners of the Company .....................................................2.259 1.077 Weighted average number of ordinary shares (ISK '000) for basic EPS ................3.064.480 3.064.480 Earnings per share (EUR cents per share) Basic and diluted earnings per share ....................................................................0,0737 0,0351 Net finance costs and exchange rate difference ..... In 2025 the Group incurred exceptional costs associated with the following: - Interest cost of bond ICESEA 25 06 related to the sale of Iceland Seafood UK, EUR 0.6 million. Condensed Consolidated Interim Financial Statements 30 June 2026 12 Amounts in EUR thousands
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Notes to the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 8. Intangible assets 30.6.2026 31.12.2025 30.6.2025 Goodwill at beginning of period ................................................56.216 56.216 56.216 Goodwill at end of period ..........................................................56.216 56.216 56.216 Other fishing rights at end of period ...........................................4.631 4.207 Other intangible assets at end of period ....................................631 578 427 Intangible assets at end of period ..............................................61.478 61.001 56.643 9. Subsidiaries Name of company incorporation30.6.2026 31.12.2025 30.6.2025 activity Subsidiaries: Iceland Seafood ehf. Iceland 100% 100% 100% Sale of seafood Solo Export ehf. Iceland 100% 100% 100% Not active Iceland Seafood Ibérica S.A.U.Spain 100% 100% 100% Sale of seafood - Achernar S.A. Argentina 100% 100% 100% Sale of seafood - Cigalfer792 S.R.L. Argentina 100% 100% 100% Real estate - Thorpesca S.A.S. Argentina 100% 100% Fisheries Ahumados Domínguez S.A.Spain 85% 85% 85% Sale of seafood Iceland Seafood BarracloughUK 100% 100% 100% Real estate Oceanpath Ltd. Ireland 100% 100% 100% Sale of seafood - Dunns Seafare Ltd. Ireland 100% 100% 100% Sale of seafood - Mondi Properties Ireland Ltd.Ireland 100% 100% 100% Real estate - Carr & Sons Seafood Ltd.Ireland 100% 100% 100% Sale of seafood - H J Nolan Ltd. Ireland 100% 100% 100% Sale of seafood Iceland Seafood France S.A.S.France 100% 100% 100% Sale of seafood ISG Iceland Seafood GmbHGermany 100% 100% 100% Sale of seafood ISI Seafood Inc. USA 100% 100% 100% Not active At 30 June 2026, the Company directly owned nine subsidiaries, of which are 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 and fishing rights with indefinite useful lives are tested for impairment at least annually at year-end. In the opinion of management there were no indicators of impairment of goodwill present at the 30 June 2026 reporting date. Condensed Consolidated Interim Financial Statements 30 June 2026 13 Amounts in EUR thousands
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Notes to the Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 10. Financing 11. Approval of financial statements The Condensed Consolidated Interim Financial Statements have been approved for issue by the Board of Directors and the CEO on 26 August 2026. 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 a number of banks in Spain which finance the Southern Europe division. At the end of June 2026 the total headroom of the Group was EUR 45.2 million. Borrowings are secured with most of the Group's assets, except for the 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, receivables and PP&E. The finance leases are secured with the assets leased. The Company concluded two offerings of 6 month bills for ISK 1,200 million in total, at end of June 2026. In all cases hedging was put in place to fix the liability in EUR. The total fixed amount at end of June 2026 amounts to EUR 8.0 million. The bills are listed on Nasdaq Iceland. The Group has credit facilities in place with a number of banks in Spain. Total amount of these loans was EUR 56.9 million at end of the quarter (1H 2025: EUR 52.7 million). In april 2025, the parent company 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. The bond bears interest payable semi-annually and the principal is repayable in a single installment in October 2028. The bond is listed on Nasdaq Iceland. The Group maintains a financing facility with an Icelandic financial institution of up to EUR 37.0 million, of which EUR 22.1 million had been drawn at the end of the period (1H 2025: EUR 16.8 million). During the period, the EUR 32.0 million revolving facility was extended until 31 March 2027 and temporarily increased in June by EUR 5.0 million until mid-July 2026. Following the expiry of the temporary increase, the facility reverted to its committed limit of EUR 32.0 million. In July 2026, the Group also entered into a new EUR 10.0 million longterm loan with a four-year maturity from the same financial institution, secured by a pledge over the shares of IS Iberica. Condensed Consolidated Interim Financial Statements 30 June 2026 14 Amounts in EUR thousands