Slides
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Q2 2026 Presentation August 18, 2026
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Disclaimer Cautionary note regarding forward-looking statements Q2 Presentation 2026 By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties, and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this presentation. This presentation is the managements summary of the 2nd quarter of 2026, it includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology. These forward-looking statements are not historic facts. The forward-looking statements are not guarantees of future performance. The Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements. The Company cannot guarantee that the intentions, beliefs, or current expectations upon which its forward-looking statements are based will occur.
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Arctic Fish in brief Arctic Fish (AFISH), listed at Euronext Growth market in Oslo, is a leading salmon farmer in Iceland with an attractive and sustainable value chain from smolt to sales. The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. The company's value chain consists of a state-of-the-art RAS hatching and smolt production facility, attractive sea sites with high bearing capacity and high-energy equipment, and a newly completed harvesting facility with sufficient capacity to secure the utilization of the licenses and growth objectives for the company. The salmon is eventually sold under the branding of “Mowi Arctic” utilizing the substantial synergies that is available through the majority owner. Q2 Presentation 2026
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Highlights Q2 2026 Strong harvest volumes Quarterly harvest volumes reached 5,595 tonnes, compared with 2,020 tonnes in Q2 2025 (Δ 177% YoY). YTD harvest volumes amounted to 11,624 tonnes, compared with 5,161 tonnes in YTD Q2 2025 (Δ 125% YoY). 2026 guidance steady Guidance for 2026 remains steady at 18.0 thousand tonnes after solid biological performance and growth in Q2 (Δ 22% YoY). Standing biomass is 11,475 tonnes (∇ 15% YoY) Biological performance in the quarter was on par with expectations. The biomass is lower YoY due to much higher harvest volumes than in 2025. Forecasting and seeing lower cost levels, with cost reduction measures continuing to be a key priority moving forward. Improvements from last year on Operational EBIT Operational EBIT saw a significant improvement YoY, mainly due to a lower cost basis and improved economies of scale Arctic Fish became Iceland’s first fish farmer to achieve Global G.A.P. certification, reaffirming its leadership and commitment to responsible, sustainable, and fully traceable salmon farming Q2 Presentation 2026 Harvested Volumes HOG Tonnes Revenue (‘000 EUR) 11,624 71,123 34,655 105% 5,595 2,020 177% 5,161 125% 32,476 12,599 158% Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 (EUR ‘000) Operational revenue and other income Operational EBITDA Operational EBIT Net interest -bearin g debt (NIBD) Underlying E PS (EUR) Net cash flow per share (EUR) RO CE E quit y ratio Harvest volume (G W T) Operational EBIT - EUR per kg Q2 2026 3 2,476 - 670 -3,121 143,182 - 0.01 0.02 -5.7% 32 .8% 5,595 - 0.56 Q2 2025 12,599 - 2,084 -4,417 140,129 - 0.06 - 0. 36 -8.6% 35.7% 2,020 - 2.19 YTD Q2 2026 71,12 3 3,751 -1, 103 143,182 0.08 0.04 - 1.1% 32.8% 11,624 - 0.09 YTD Q2 2025 34,655 652 - 3.9 0 1 140,129 0.07 - 0.22 -3.9% 35.7 % 5,161 - 0.76 2025 89, 336 - 785 -10,283 140,129 - 0.17 - 0.86 - 4.9% 35.7% 14,791 - 0.70
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Financials Q2 Presentation 2026
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Profit & Loss 32.5 MEUR revenues in the quarter, compared with 12.7 MEUR in Q2 2025 (Δ 158% YoY). The increase was mainly volume-driven, as significantly more fish was harvested compared to last year. 5,595 tonnes sold in the quarter, compared with 2,020 tonnes in Q2 2025 (Δ 177% YoY). Operational EBIT amounted to negative 3.1 MEUR, compared with negative 4.4 MEUR in Q2 2025 (Δ 29% YoY improvement). Negative fair value adjustment of biomass amounted to 6.0 MEUR, compared with a negative adjustment of 1.9 MEUR in Q2 2025. H arvested qua n tities 5,595 from Q2 2025 Operatio n al E BIT -3,121 +1,296 EUR from Q2 2025177 % Q2 Presentation 2026 (EUR ‘000) Operational revenue and other income Operational EBIT Net fair value adjustment of biomass License and production fees / taxes Restructuring costs EBIT Net financial items Earnings before tax Profit or loss for the period Basic EPS (EUR) Underlying EPS (EUR) Net cash flow per share (EUR) Operational EBIT margin Harvested tonnes GW Operational EBIT per kg ROCE Q2 2026 32,476 -3,121 -6,010 -1,620 -10,751 -2,528 -13,279 -10,623 -0.24 -0.01 0.02 -9.6% 5,595 -0.56 -5.7% Q2 2025 12,599 -4,417 -1,904 -633 -1,956 -8,909 -2,822 -11,731 -9,385 -0.29 -0.06 -0.36 -35.1% 2,020 -2.19 -8.6% YTD Q2 2026 71,123 -1,103 -13,665 -3,362 -18,130 -4,753 -22,883 -18,306 -0.41 0.08 0.04 -1.6% 11,624 -0.09 -1.1% YTD Q2 2025 34,655 -3.901 -15,307 -1,604 -4,364 -25,176 -5,279 -30,455 -24,364 -0.76 0.07 -0.22 -11.3% 5,161 -0.76 -3.9% 2025 89,336 -10,283 4,733 -4,612 -9,653 -19,814 -10,276 -30,090 -25,052 -0.56 -0.17 -0.86 -11.5% 14,791 -0.70 -4.9%
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Financial Position Total assets of 243.8 MEUR, a decrease of 8.4 MEUR from Q1 2026. Mainly due to a decrease of biological assets following substantial harvesting. Equity ratio of 32.8% end of Q2 2026 Equity of 80.0 MEUR, a decrease nominally of 10.6 MEUR from Q1 2026. The equity ratio decreases by 3.1% from Q1 2026 which is largely due to the negative fair value adjustment and subpar operational results of harvested fish. Net interest-bearing debt (NIBD) increased by 1.3 MEUR, from 141.6 MEUR million at the end of Q1 2026 to 143.2 MEUR at the end of the reporting period. The reason for the increase is due to CAPEX and financial items hitting in the quarter. Q2 Presentation 2026 (EUR ‘000) Non-current assets Current assets Total assets Equity Non-current liabilites Current liabilities Total equity and liabilities Net interest bearing debt Equity ratio 30.06.2026 147,313 96,460 243,772 79,996 138,370 25,406 243,772 143,182 32.8% 31.03.2026 144,380 107,829 252,209 90,620 136,301 25,289 252,209 141,648 35.9% 30.06.2025 141,615 104,838 246,453 63,991 145,444 37,019 246,453 145,046 26.0% 31.12.2025 140,889 134,510 275,399 98,303 139,232 37,864 275,399 140,129 35.7%
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Cash flow & Net interest-Bearing Debt (EUR ‘000) NIBD beginning of period* Operational EBITDA* Change in working capital License and production fees / taxes Other adjustments Cash flow from operations Net CAPEX Cash flow from Investments Net interest and financial items paid Share capital increase Other items Currency effect NIBD end of period* *E xcludi ng effects of I FR S 16 Q2 2026 -141,441 -670 5,937 -1,620 3,647 -2,727 -2,727 -2,300 -276 -85 -143,182 Q2 2025 -131,142 -2,084 333 -633 -1,956 - 4,340 -6,820 - 6 , 820 -2, 4 33 -101 -210 -145, 046 YTD Q2 2026 -140 , 129 3,751 7,970 -3,362 8,360 -6,701 -6,701 - 4 ,605 -140 32 143,182 YTD Q2 2025 -132,650 652 11,01 4 -1,60 4 - 4 ,36 4 5,699 -12,698 -12,698 - 4 ,997 -202 -198 -145, 046 2025 -13 2 ,650 -785 1,961 - 4 ,612 -9,653 -13,090 -17,969 -17,969 -10,95 4 35,000 - 4 85 18 -140 ,12 9 Q2 Presentation 2026 NIBD De v elopm ent (‘000 EUR) Opening Increase Decrease Closing NIBD 2025 Operationa l EBITDA Change in W C Licence and prod . fees /taxes CAPEX Financial items Other items Currency effect NIBD 2026 140 ,129 - 3,7 51 - 7,97 0 3,362 6 ,7 0 1 4, 605 140 - 3 2 143,18 2
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Capital Expenditures Capital Expenditures have been focused on three main pillars throughout the value chain Smolt Production Primary ProcessingSeawater Operations CAPEX in the quarter was mainly related to seawater operations Q2 Presentation 2026 CAPEX in 2026 is estimated at 13 MEUR and will mainly be focused on seawater operations Capital expenditure development (MEUR) 43 37 2022 2023 9 2024 18 2025 2026 E Q1: 4 13 Q2: 3
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Volume Guidance Q2 Presentation 2026 Harvested volumes in 2025 amounted to 14.8 thousand tonnes and was 39% higher than last year, and is a record-high for the company on an annual basis Guidance for 2026 is 18.0 thousand tonnes, which is an 22% increase year over year Harvested quantity development HOG tonnes Harvested volumes HOG ‘000 tonnes 18.018.0 14.8 22% Q2: 5.6 10.7 6.039% Q1: 6 5.6 4.0 2.4 Q1 Q2 Q3 E Q4 E 2026 E2025 2026 E2024
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Appendix Q2 Presentation 2026
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License Portfolio Licenses by Fjord Ísafjarðardjúp 8,000 Önundarfjörður 200 Dýrafjörður 10,000 Arnarfjörður 4,000 WestfjordsTálknafjörður Patreksfjörður 7,800 2,400 Pending Trout Licenses 200 Seawater Licenses 29,800 Freshwater Licenses 2,400 Q2 Presentation 2026 The license portfolio for the company is 29,800 tonnes MAB (Maximum Allowed Biomass) and includes licenses covering 10 farming areas in 5 different fjords, all located in the Westfjords of Iceland. Of the 29,800 tonnes, 27,000 tonnes are for fertile salmon. Additionally, the Group holds a license for land-based smolt production on its own property in Norðurbotn, with an annual production capacity of 2,400 tonnes.
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Thank you Q2 2026 Presentation