Interim report
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS First half 2026 results
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 2Next chapter » 1 2 This is Icelandic Salmon ......................................................................3 Key Figures for Icelandic Salmon ............................................................................................... 4 Operations, markets and strategy ............................................................................................. 5 Financial Report for the first half of 2026 ................................................................................7 Corporate matters - first half of 2026 update ......................................................................10 Outlook ...............................................................................................................................................11 Statement of the board of directors ........................................................................................ 12 Condensed Consolidated Interim Financial Statements of Icelandic Salmon AS ..................................................................... 13 Condensed Consolidated Interim Financial Statements of Icelandic Salmon AS ....14 Notes to the Condensed Consolidated Interim Financial Statements .........................19 1 Corporate information and basis for preparation .....................................................20 2 Operating revenue and segmentation ..........................................................................21 3 Biological assets and inventories ..................................................................................22 4 Share capital and shareholders .....................................................................................24 5 Interest-bearing liabilities ................................................................................................25 6 Alternative performance measures ..............................................................................27 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS First half 2026 results
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 3Next chapter »« Chapter start« Back to Contents THIS IS ICELANDIC SALMON 1 Key Figures for Icelandic Salmon ............................................................................................... 4 Operations, markets and strategy ............................................................................................. 5 Financial Report for the first half of 2026 ................................................................................7 Corporate matters - first half of 2026 update ......................................................................10 Outlook ...............................................................................................................................................11 Statement of the board of directors ........................................................................................ 12
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 4Next chapter »« Chapter start« Back to Contents KEY FIGURES FOR ICELANDIC SALMON1H 2026 Key Figures for Icelandic Salmon Smolt facilities tonnes harvestsmolt facilities with sufficient capacity for 25-30k4 7 ASC certified sites in 3 fjords In EUR million 1H 2025 1H 2026 Operating revenue 35.566.8 Operational EBIT (11.3)(3.3) Production tax (1.7)(2.7) Fair value adjustments and onerous contracts 13.0(0.4) Profit before tax (30.5)(11.3) Earnings per share (basic and diluted) (EUR/share) (0.79)(0.29) NIBD incl. lease liabilities 113.4123.7 Operational EBIT per kg (EUR/kg) (2.23)(0.36) Equity ratio (%) 47%43% Harvest volumes (thousand tonnes gwt) 5.1 FY 2025 90.0 (18.1) (3.9) (2.8) (33.8) (0.80) 136.4 (1.44) 45% 12.79.2 100% ASC Certified production Operational EBIT EUR million 7.3 2021 36.2 2022 20.3 2023 (5.9) 2024 (18.1) 2025 (3.3) 1H 2026 Harvest Volumes Thousand tonnes gwt 2025 12.7 1H 2026 9.2 2024 11.7 2023 17.9 2022 16.1 2021 11.5 14.0 2021 14.9 2022 9.6 2023 12.8 2024 18.1 2025 17.1 1H 2026 Closing Biomass Thousand tonnes (lwt) Assets EUR million 2024 263.2 2025 278.4 1H 2026 269.5 2023 238.3 2022 235.3 2021 171.0 Equity Ratio 64% 2021 61% 2022 64% 2023 57% 2024 45% 2025 43% 1H 2026 Our Locations Current operations License application EUR million NIBD Net interest-bearing debt Lease liabilities 2024 11.2 86.8 75.6 2025 12.4 129.0 116.6 1H 2026 11.6 123.7 112.1 2023 5.7 51.5 45.8 2022 6.9 63.0 56.0 2021 5.9 42.7 36.8 79% Male 21% Female Employees 177 employees in 1H 2026 6 of revenues from sales of fish in % Geographical distribution 2023 75 19 2024 68 16 16 6 2025 68 15 17 2026 65 15 20 Europe North America Asia Operating Revenues EUR million 2021 90.81 2022 157.6 2023 164.8 2024 101.5 2025 90.0 1H 2026 66.80
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 5Next chapter »« Chapter start« Back to Contents STRATEGY , OPERATIONS, AND MARKETS harvesting to safeguard fish welfare in response to biological challenges on the 2024 generation. The Group reported an operational EBIT of negative EUR 3.3 million in the first half of 2026, compared with negative EUR 11.3 million in the same period of 2025. Results were negatively affected by biological challenges during the period. However, performance improved year-on-year, supported by higher salmon prices, better price achievement, a lower cost base, and improved utilisation of production infrastructure. The biological challenges were primarily related to BKD in the 2024 generation, mainly affecting one production site, which was fully harvested during the period. This resulted in increased mortality and higher-than-expected production costs. Extraordinary expenses of EUR 2.9 million related to the 2024 generation were recognised in the first half of 2026. The 2025 generation has performed well, with stable biological conditions. The first harvest from the 2025 generation is expected to commence in the third quarter of 2026. During the first half of 2026, Róbert Benedikt Róbertsson was appointed Chief Financial Officer of the Group, succeeding interim CFO Edvin Aspli. The Group’s smolt production is carried out at four facilities, including Gileyri in the Westfjords and Eldisstöðin Ísþór and Fjallalax on the south coast of Iceland. The post-smolt facility Laxabraut, also located on the south coast, is expected to be completed and operational in first quarter 2027. In the first half of the year, 1.6 million smolts were released to sea, with an average weight of 249 grams, down from 272 grams in 2025. The Group plans to release 5.1 million smolts in total during 2026, with average weights ranging from 130 to 700 grams. Operational performance in freshwater has steadily improved over the years, with higher efficiency, better quality, and increased average smolt weights. These improvements reflect solid progress in the Group’s post-smolt strategy, and will be an important contributor to improved biological performance in sea, especially during the first winter period. Strategy Icelandic Salmon remains focused on sustainable growth, on the terms of the salmon and in harmony with nature. During the first half of 2026, the Group continued to strengthen its biological platform across its value chain. The group is self supplied with smolts and post-smolts from own facilities located on the south coast of Iceland and in the Westfjords A key milestone in the first half was the implementation of a new tool for non medical lice treatment systems, a service wessel with FLS delicing system, which became operational in June and is expected to improve lice control while maintaining fish welfare. This is one of several measures in the strategy for controlling sea lice. Preventive measures such as Stingray lasers and lice skirts are also used, as well as both medical and non-medical treatment. However, the former is kept at a minimum. It is an important part of the Group's strategy to sell all the products to the market through an inhouse sales department, as well as having sufficient harvest capacity for own production in Bildudalur, in the area where our production is located, the Westfjords of Iceland. The Group continued its cost saving initiatives during H1 2026 and is seeing positive effects on operational cost. This program will continue into H2 2026, alongside a targeted long term investment plan aimed at fully utilising the Group’s production capacity of 26.000 tonnes. Operational summary Icelandic Salmon reported operating revenues of EUR 66.8 million in the first half of 2026, compared with EUR 35.5 million in the corresponding period of 2025 and EUR 90.0 million for the full year 2025. The year-on-year increase was mainly driven by higher harvest volumes and improved price achievement. The Group harvested a total of 9.2 thousand tonnes in the first half of 2026, compared with 5.1 thousand tonnes in the corresponding period of 2025. A significant portion of the increase in harvest volume was related to accelerated
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 6Next chapter »« Chapter start« Back to Contents Licenses In May 2026, the Icelandic Food and Veterinary Authority renewed the Group’s 10,000-tonne operating licence in Arnarfjörður, extending its validity by a further 16 years, thus providing a strong foundation for the Group’s long-term operations in the region. The Group has also submitted an application to the respective Authorities to expand five of the existing farming sites in Arnarfjörður. Approval of this application would enhance the utilization of the fjord’s allowable biomass and support future production flexibility. The timing of the regulatory approval process remains undetermined. Following the revocation of its operating licence in Ísafjarðardjúp in 2024, the Group has continued to work closely and constructively with the relevant authorities to obtain regulatory reapproval of its license. Significant progress has been made during the year. Once reissued, the operating licence will allow the production of up to 10,000 tonnes (MAB) of sterile salmon across three farming sites in Ísafjarðardjúp, a region well suited for salmon farming in the Westfjords of Iceland. Markets The Group handles its own sales and logistics through an in-house Sales team and continues to build strong relationships across both domestic and international markets. The first half of 2026 was characterised by higher global supply and lower salmon prices than expected, although underlying demand remained resilient across key markets. China and the USA continued to be important markets for larger-sized salmon, where demand remained strong despite the weaker price environment. At the same time, Arnarlax experienced increasing demand for Icelandic salmon in several other markets, reflecting the growing recognition of its quality and origin. A significant milestone for the Sales department was achieved during the period when a third-party salmon producer outsourced its sales activities to the Arnarlax Sales team. Sustainability and Social Responsibility Icelandic Salmon is proud of its natural and sustainable approach to salmon farming in the pristine Arctic waters, a commitment strengthened by the brand launched in 2021. The company upholds strict quality standards while aiming to be a low-cost producer through sustainable biological practices and by prioritising the wellbeing of its salmon. By integrating optimal biological practices with cost efficiency and streamlined processes, the Group has established itself as a successful and cost-effective producer of farmed salmon in Iceland. The Group values diversity and corporate social responsibility, acknowledging its roles as an employer, producer, supplier of healthy food, user of natural resources, and steward of financial and intellectual capital. Social responsibility is a core aspect of daily operations, with ongoing efforts to minimise environmental impact and generate local value with the smallest possible footprint. Environmental issues are monitored and reported annually in the Group’s Sustainability Report, available at www.arnarlax.is. This transparent approach showcases the Group’s dedication to environmental stewardship and sustainable practices. Additionally, Icelandic Salmon emphasises the importance of social responsibility in the communities where it operates The Group expect to continue to grow, and it is committed to enhancing its contribution to the Icelandic community, and especially in the local communities in which it operates T o document its sustainability and social responsibility efforts, the Group has chosen to have the production in seawater ASC certified, and the harvesting facility BRC certified. BRC is a food safety standard.
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 7Next chapter »« Chapter start« Back to Contents FINANCIAL REPORT FOR THE FIRST HALF OF 2026 Group overview Icelandic Salmon AS is the sole owner and parent company of Arnarlax ehf. Icelandic Salmon AS inclusive its subsidiaries, is referred to as the “Group” or “Icelandic Salmon” throughout the report. All operational activities in the Group are performed through Arnarlax ehf. and its subsidiaries. Icelandic Salmon’s shares are listed on Euronext Growth in Oslo and NASDAQ First North in Reykjavík, traded under the ticker symbol ISLAX. The Group holds licenses for a maximum allowed biomass (MAB) of 23.7 thousand tonnes. The Groups organisational structure ensures a well-established and fully integrated value chain for the Group, where it maintains control over every step of the process. The Group procures eggs for its hatcheries, produces its own smolt, has seawater net pen production, operates a harvesting plant, and sells and distributes sustainable Icelandic salmon in Europe, North America and the Far East. The Group’s salmon harvesting facility in the Westfjords region is a key operational asset in the Group’s value chain, with a total harvesting capacity of 30.0 thousand tonnes per year. In addition, the Group operates four smolt facilities and a sales department. Four smolt facilities with a capacity sufficient for 25-30 thousand tonnes harvested volume Farming license of MAB 23,700 tonnes across six ASC certified sites in three fjords. Sales are conducted by the Group’s internal sales organisation to both domestic and global markets. Harvesting plant in Bíldudalur with yearly harvesting capacity of 30,000 tonnes. Smolt HarvestingSeawater Sales
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON Arnarlax acquired full ownership of Eldisstöðin Ísþór (Ísþór) in May 2022, securing full control over smolt production at the Ísþór facility. This acquisition has increased flexibility in smolt production, both in volume and smolt size, increased optimalisation of MAB capacity in sea phase, shortened production time at sea, and strengthened biological risk management. Ísþór currently holds an 2,700 tonnes MAB license for smolt production and has a production capacity of 3.3-4.0 million smolts annually, with average weights of 130-700 grams. Acquired in 2021, Fjallalax ehf. (Fjallalax) is a smolt facility with access to geo- thermal water. Originally built for Arctic Char, it was converted for salmon smolt production, with renovations completed in 2022. The upgrades at Fjallalax were important for the Group’s growth strategy to increase smolt production. Fjallalax holds a 100 tonnes MAB license for smolt production and has an annual production capacity of 1.3 million smolts. The smolts are transferred from Fjallalax to Ísþór and Laxabraut 5 for further production of large smolt and post-smolt. A subsidiary of Arnarlax with no current operations. The company was originally intended as a sales arm, but these plans were never realised. The Group retains ownership of the company primarily to preserve rights to the name. Established in November 2024 to comply with new EU Customs rules, effective from 4 December 2024. These regulations require a confirmed buyer for shipments to Europe. Arnarlax Europe ApS ensures flexibility for in-transit sales, allowing sales opportunities during transport and preventing fresh fish from being stranded in Iceland. Eldisstöðin Ísþór ehf. Fjallalax ehf. Icelandic Salmon ehf. Arnarlax Europe ApS Icelandic Salmon AS Arnarlax ehf. 8Next chapter »« Chapter start« Back to Contents
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9Next chapter »« Chapter start« Back to Contents ICELANDIC SALMON AS THIS IS ICELANDIC SALMON Comprehensive Income Operational EBIT for the period was negative EUR 3.3 million, compared to negative EUR 11.3 million in the first half of 2025. This corresponds to a negative EBIT of EUR 0.36 per kilo, compared with negative EUR 2.23 per kilo in the same period last year. Production tax for the period amounted to EUR 2.7 million, compared to EUR 1.7 million in the first half of 2025. The increase was driven by higher harvested volumes and a higher fixed production fee set by the government. Operational loss was EUR 6.4 million where of fair value adjustment corresponded to a negative EUR 0.4 million due to lower expected market prices, compared to a loss of EUR 26.2 million in the first half of 2025, which included a negative fair value adjustment of EUR 13.4 million. Net financial items amounted to negative EUR 4.8 million, compared with negative EUR 4.2million in the same period last year. Where the financial expenses increased from EUR 4.1 million to EUR 4.6 million, while the net currency loss increased from EUR 201 thousand to EUR 281 thousand. Balance Sheet The Group’s balance sheet on 30 June 2026 was at EUR 269.5 million, representing an decrease of EUR 8.8 million from year-end 2025. T otal equity was EUR 115.980 million at the end of the period. The equity ratio decreased from 47 per cent at the end of 2025 to 43 per cent. Non-current assets decreased from EUR 148.3 million at 31 December 2025 to EUR 146.6 million at the end of the period, primarily due to a reduction in property, plant and equipment and right-of-use assets. The decrease was mainly driven by depreciation exceeding capital investments during the period. Current assets decreased from EUR 130.1 million at end of 2025 to EUR 122.9 million at the end of June 2026, mainly due to decrease in biological assets. Non-current liabilities decreased from EUR 128.5 million at year-end 2025 to EUR 126.9 million at the end of June 2026. The decrease was mainly attributable to lower drawdowns under the Group's facility agreement, together with repayments of non-current loans during the period. At the same time, current liabilities increased from EUR 24.94 million from end of year 2025 to EUR 26.79 million at end of June 2026. Cash Flow Summary In the first six months of 2026, net cash flow from operating activities was positive EUR 13.4 million, compared to a negative EUR 10.8 million in the same period in 2025. The increase was mainly driven by improved price achievement, lower cost base and better utilisation of the production infrastructure. Net cash flow from investing act - ivities was EUR 1.6 million, down from EUR 5.7 million in the first half of 2025. The investment plan is scheduled primarily for the second half of 2026, resulting in a limited investments during the first half of the year. Net cash flow from financing activities amounted to a negative EUR 8.6 million in the first half of 2026, compared with a positive EUR 14.8 million in the corresponding period of 2025. The cash outflow primarily reflected the absence of new drawdowns under the Group's facility agreement, together with repayments of lease liabilities and scheduled repayments of interest-bearing debt.
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 10Next chapter »« Chapter start« Back to Contents CORPORATE MATTERS - FIRST HALF OF 2026 UPDATE Shares and Shareholders As of 30 June 2026, Icelandic Salmon AS has a total of 30,961,838 shares outstanding, held by 247 shareholders. The major shareholder, SalMar ASA, maintains ownership of 52.5 per cent of the shares. The twenty largest shareholders now collectively hold 96.7 per cent of the shares. For further details, refer to note 4 in the financial statement. Icelandic Salmon AS is a dual-listed company at both the Euronext Growth in Oslo and Nasdaq First North in Iceland. Icelandic Salmon AS maintains a market making agreement to ensure its shares remain continuously available for trading. Icelandic Salmon AS share price fluctuated between NOK 79 per share at beginning of year down to NOK 66,0 at end of June 2026, reflecting a decline of 16,5 per cent of the Groups share price. Icelandic Salmon held its Annual General Meeting (AGM) on June 18th 2026. In accordance with the Shareholder’s proposal, the general meeting resolved to re-elect all board members for the Board of Directors (“BOD” or “board”). The AGM approved the board’s authority to acquire treasury shares with a total nominal value of NOK 30,961,868. The shares may be deleted, used for board remuneration, included in incentive schemes, or used as consideration shares in connection with acquisition of businesses. Additionally the AGM, approved the board’s proposal to distribute no dividend for the operational year of 2025. Risks and Uncertainties The Group remains exposed to market, operational and financial risks, including credit and liquidity risk. The principal risks and uncertainties are unchanged from those described in the Annual Report 2025. Management continuously monitors these risks and applies established policies and procedures to mitigate their potential impact. The Group's investment activities continue to be supported by bank financing, and financial instruments used in the normal course of business primarily comprise trade receivables, trade payables and interest-bearing borrowings.
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 11Next chapter »« Chapter start« Back to Contents OUTLOOK The Group has incorporated a strong corporate culture defined by values that include strong commitment to leadership in salmon farming, dedication to high quality, teamwork , and care for colleagues, customers, and the environment. These values are the foundation of the Group’s continued success. Ongoing organisational and cultural development remains key focus areas for the Group going forward. The Group see strong demand for salmon from Iceland in all markets. This positive market outlook suggests continued growth in the years to come. The Group is concerned that the continued uncertainty surrounding the proposed aquaculture legislation, which was presented to Alþingi in the second quarter of 2026 but was not approved, may hinder investment and growth in Iceland's aquaculture industry at a time when global competitiveness is crucial. The Group remains committed to working constructively with policymakers and other stakeholders to support a balanced, competitive and predictable legal and fiscal framework. Stable Since Icelandic Salmon’s foundation, it has established a significant presence in Iceland’s aquaculture industry. The industry is currently in its early stages but have over the last years experienced considerable growth, contributing significantly to the country’s export revenues. Leveraging optimal conditions for salmon farming in the fjords, the Group commits to responsible resource management for the benefit of its shareholders, employees, customers, local communities and the environment. With sustainability at the forefront, the Group aims to establish itself as leader of Iceland’s aquaculture industry. Salmon farming is recognised as one of the most sustainable animal protein production methods, offering advantages including efficient space use, minimal freshwater consumption, and reduced greenhouse gas emissions. Given the increasing global demand for nutritious, protein-rich food, aquaculture play a crucial role. The Group remains dedicated to pursuing sustainable growth in alignment with the salmon’s natural environment. The harvest volume guidance for 2026 remains 21.3 thousand tonnes. Up from 12,7 thousand tonnes in 2025. and predictable regulatory conditions are essential for long-term investment, sustainable growth and maintaining the industry's global competitiveness. The Board of Directors extends gratitude to all employees for their commitment and dedication, which has fuelled the Group’s remarkable journey year after year and will be key for continued growth going forward.
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ICELANDIC SALMON AS THIS IS ICELANDIC SALMON 12Next chapter »« Chapter start« Back to Contents STATEMENT OF THE BOARD OF DIRECTORS We declare that, to the best of our knowledge, the half-year financial statements for the period 1 January to 30 June 2026 have been prepared in accordance with IAS 34 – Interim Reporting and that the information contained there provides an accurate and fair view of the Group’s assets, liabilities, financial position and overall results. We further declare that, to the best of our knowledge, the half-year report provides a true and fair view of important events that have taken place during the accounting period and their impact on the half-year financial statements, as well as the most important risk and uncertainties facing the business in the forthcoming accounting period. Bíldudalur, 25 August 2026 Leif-Inge Nordhammer, Chairman of the Board Espen Weyergang Marcussen, Member of the Board Kjartan Olafsson, Member of the Board Gustav Witzøe Member of the Board Bjørn Hembre, CEO Ulrik Steinvik, Member of the Board
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 13 Amounts in 1000 EUR« Chapter start« Back to Contents 2 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF ICELANDIC SALMON AS Condensed Consolidated Interim Financial Statements of Icelandic Salmon AS ....14 Notes to the Condensed Consolidated Interim Financial Statements .........................19
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 14 Amounts in 1000 EUR« Chapter start« Back to Contents Icelandic Salmon AS Condensed Consolidated Interim Financial Statements of Icelandic Salmon AS Statement of Comprehensive Income In EUR 1000 Notes H1 2026 H1 2025 2025 Total operating revenue 2 66,780 35,451 89,976 Cost of goods sold (44,398) (22,346) (58,058) Salaries and personnel expenses (9,347) (8,438) (17,050) Other operating expenses (9,718) (9,479) (19,173) Depreciation and amortization of tangible and intangible non-current assets (6,633) (6,516) (13,886) Restructuring cost (67) (234) (369) Production tax 6 (2,703) (1,705) (3,873) Fair value adjustments of biomass 3, 6 (349) (12,977) (2,777) Operating profit (6,435) (26,244) (25,210) Financial items Financial income 13 29 362 Financial expense (4,555) (4,059) (8,926) Net currency gain/(loss) (281) (201) (45) Net financial items (4,823) (4,231) (8,608) Profit before tax (11,258) (30,474) (33,819) Income T ax (2,177) (6,006) (9,005) Net profit for the period (9,081) (24,468) (24,813) Net profit for the period attributable to: Equity holders of the parent company (9,081) (24,468) (24,813) Other comprehensive income Items which may subsequently be reclassified to profit or loss Net fair value of cash flow hedges 0 0 0 Other comprehensive income for the period 0 0 0 Total comprehensive income for the period (9,081) (24,468) (24,813) Total comprehensive income attributable to: Equity holders of the Parent company (9,081) (24,468) (24,813) Earnings per share ("EPS"): Basic and diluted (EUR Per share) (0,29) (0,79) (0,80)
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 15 Amounts in 1000 EUR« Chapter start« Back to Contents Statement of Financial Position In EUR 1000 Notes 30/06/2026 30/06/2025 31/12/2025 Assets Non-current assets Goodwill 34,740 34,740 34,740 Licenses 1,659 1,659 1,659 Property, plant & equipment 94,030 100,186 96,629 Lease assets 11,260 15,092 12,476 Other investments 1 1 1 Deferred tax assets 4,949 2,245 2,773 Total non-current assets 146,638 153,923 148,277 Current assets Biological assets 3 97.631 83,069 109,510 Inventories 3 3.150 5,626 2,914 Trade receivables 5,972 9,935 7,482 Other receivables 5,734 6,780 2,869 Cash and cash equivalents 10,385 5,090 7,309 Total current assets 122,871 110,500 130,083 Total assets 269,510 264,423 278,360
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 16 Amounts in 1000 EUR« Chapter start« Back to Contents Statement of Financial Position Continued Bíldudalur, 25 August 2026 In EUR 1000 Notes 30/06/2026 30/06/2025 31/12/2025 Equity and liabilities Equity Share capital 4 29,571 29,571 29,571 Share premium 87,612 87,114 87,114 Other paid-in equity (909) (909) (909) Other equity (295) 9,549 9,204 Total equity 115,980 125,326 124,980 Liabilities Non-current liabilities Interest-bearing borrowings 5 119,514 100,397 120,942 Lease liabilities 5 7,340 10,064 7,529 Total non-current liabilities 126,855 110,461 128,472 Current liabilities Interest-bearing borrowings 5 3,000 3,000 3,000 Lease liabilities 5 4,259 5,016 4,919 Trade payables 6,911 11,498 6,506 Other payables 12,506 9,123 10,483 Total current liabilities 26,676 28,637 24,908 Total liabilities 153,530 139,098 113,426 Total equity and liabilities 269,510 264,423 278,360 Leif-Inge Nordhammer, Chairman of the Board Espen Weyergang Marcussen, Member of the Board Kjartan Olafsson, Member of the Board Gustav Witzøe Member of the Board Bjørn Hembre, CEO Ulrik Steinvik, Member of the Board
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 17 Amounts in 1000 EUR« Chapter start« Back to Contents Statement of Cash Flow In EUR 1000 Notes H1 2026 H1 2025 FY 2025 Cash flow from operating activities: Profit before tax (11,258) (30,474) (33,819) T ax paid in the period 0 0 2,471 Adjustments to reconzile profit for tax to net cash flows: Deprecation 6,633 6,516 13,886 Share based payment expense 0 (1) 0 Net foreign exchange diffrences and other items 619 121 (57) Financial expenses (debt/borrowings and leases) 4,555 4,059 8,926 Financial revenue (interest income) (13) (29) (362) Onerous contracts 0 0 0 Change in fair value of biomass 3 349 12,977 2,777 Working Capital changes: Change in inventories and biomass recognized at cost 3 11,294 (4,935) (18,464) Chance in account receivables and other receivables (1.355) (3,908) 2,457 Change in payables and other current payables 2.552 4,879 90 Net cash flow from operating activities 13,375 (10,796) (22,094) Cash flow (to) from investing activities: Purchase of property, plant & equipment (1,582) (5,657) (6,542) Proceeds of interest income 13 29 362 Net cash flow (to) from investing activities (1,569) (5,628) (6,180) Cash flow (to) from financing activities: Proceeds from new interest-bearing debt 5 0 22,397 45,000 Repayment of interest-bearing debt 5 (1,500) (1,500) (3,000) Payment of principal portion of lease liabilities (2,549) (2,144) (4,590) Paid interest (debt/borrowings and leases) (4,532) (3,942) (8,537) Net cash flow (to) from financing activities (8,580) 14,812 28,873 Net change in cash and cash equivalents 3,226 (1,612) 599 Foreign exchange effects (150) (198) (191) Cash and cash equivalents as at 1 Jan 7,309 6,901 6,901 Cash and cash equivalents as at period end 10,385 5,090 7,309
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ICELANDIC SALMON AS CONSOLIDATED FINANCIAL STATEMENTS 18« Chapter start« Back to Contents Amounts in 1000 EUR Statement of Changes in Equity In EUR 1000 Share capital Share premium Other paid-in equity Cash flow hedge reserve Other equity Total equity2025 Restricted reserve Statutory reserve Translation differences Retained earnings Equity as at 1 Jan 2025 29,571 88,231 (834) 8,968 4,663 (1,430) 20,625 149,795 Net profit for the year 0 0 0 0 0 0 (24,813) (24,813) Uncovered loss moved against Share premium 0 (1,117) 0 0 0 0 1,117 0 Other comprehensive income Translation difference of foreign interest 0 0 0 0 0 0 0 0 Total comprehensive income for the period 0 (1,117) 0 0 0 0 0 (23,696) (24,813) Share-based payment, expensed 0 0 (75) 0 0 0 75 0 Other changes 0 0 0 0 0 0 (1) (1) Other transactions 0 0 (75) 0 0 0 0 74 (1) Equity as at 31 Dec 2025 29,571 87,114 (909) 8,968 4,663 (1,430) (2,997) 124,980 In EUR 1000 Share capital Share premium Other paid-in equity Cash flow hedge reserve Other equity Total equity2026 Restricted reserve Statutory reserve Translation differences Retained earnings Equity as at 1 Jan 2026 29,571 87,114 (909) 0.000 8,968 4,663 (1,430) (2,997) 124,980 Net profit for the period 0 0 0 0 0 0 0 (9,081) (9,081) Uncovered loss moved against Share premium 0 498 0 0 0 0 0 (498) 0 Other comprehensive income Translation difference of foreign interest 0 0 0 0 0 0 0 0 Total comprehensive income for the period 0 498 0 0 0 0 0 (9,579) (9,081) Other changes 0 0 0 0 0 0 0 80 80 Other transactions 0 0 0 0 0 0 0 80 80 Equity as at 31 Dec 2025 29,571 87,612 (909) 0 8,968 4,663 (1,430) (12,496) 115,980 (0) 0 0 0 0 Statutory reserve According to the Icelandic Financial Statements act No. 2/1995 at least 10% of the profit of the Group which is not devoted against losses from previous years and is not contributed to other legal reserves must be contributed to the statutory reserve until it amounts to 10% of the share capital. When that limit has been reached the contribution must be at least 5% of the profit until the statutory reserve amounts to 25% of the share capital of relevant Company of the Group.
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19 Amounts in 1000 EUR« Chapter start« Back to Contents NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1 Corporate information and basis for preparation ............................................................20 2 Operating revenue and segmentation ................................................................................21 3 Biological assets and inventories......................................................................................... 22 4 Share capital and shareholders ...........................................................................................24 5 Interest-bearing liabilities ......................................................................................................25 6 Alternative performance measures ....................................................................................27
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20 Amounts in 1000 EUR« Chapter start« Back to Contents 1 Corporate information and basis for preparation Corporate information Icelandic Salmon AS (The “Company” or the “Parent”) is a limited liability company, incorporated in Norway and headquartered in Kverva. The address of its registered office is Industriveien 51, 7266 Kverva, Norway. The ultimate parent company is Kvarv AS. The Company’s shares are listed on Euronext Growth in Norway and Nasdaq First North on Iceland. Majority of the Company’s shares are held by SalMar ASA which is listed on Oslo Stock Exchange. The Condensed Consolidated Interim Financial Statements incorporate the Financial Statements of the Company and its subsidiaries collectively the “Group” or “Icelandic Salmon”. The Company’s shares are listed on Euronext Growth in Norway and Nasdaq First North on Iceland. Majority of the Company’s shares are held by SalMar ASA which is listed on Oslo Stock Exchange. The Condensed Consolidated Interim Financial Statements incorporate the Financial Statements of the Company and its subsidiaries collectively the “Group” or “Icelandic Salmon”. Icelandic Salmon is one of the leading salmon farmer in Iceland and the main operation of the Group is production, processing and sale of seafood and seafood-based products. Subsidiaries Subsidiaries are entities ultimately controlled by the Group. Control is achieved when the Company has power over the investee, is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Subsidiary Registerted office 30/06/2026 30/06/2025 31/12/2025 Company Country Arnarlax ehf. Strandgata 1, 465 Bíldudalur 100% 100% 100% Icelandic Salmon AS Iceland Fjallalax ehf. Strandgata 1, 465 Bíldudalur 100% 100% 100% Arnarlax ehf. Iceland Eldisstöðin Ísþór ehf. Nesbraut 25, 815 Þorlákshöfn 100% 100% 100% Arnarlax ehf. Iceland Icelandic Salmon ehf. Strandgata 1, 465 Bíldudalur 100% 100% 100% Arnarlax ehf. Iceland Arnarlax Europe Lautrupsgade 11, Copenhagen 100% 100% 100% Arnarlax ehf. Iceland Accounting principles These Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standards, IAS 34 Interim Financial Reporting. The Condensed Consolidated Interim Financial Statements have been prepared on the historical cost bases excepted for biological assets, which is measured at fair value with gain and losses recognized in the Statement of Comprehensive Income. The same accounting policies and classification have been followed in these Condensed Consolidated Interim Financial Statements as were applied in the preparation of the Group´s Consolidated Financial Statements for the year ended 31 December 2025. A full description of all material accounting principles used in the most recent Consolidated Financial Statements is given in the Group’s 2025 annual report, which is available on the Company’s website www.arnarlax.is. The Group has not early adopted any standards, interpretations or amendments that were not yet effective as of 1 January 2026. There are no new standards, interpretations or amendments issued but not yet effective that are expected to have a material impact on the Group. The Condensed Consolidated Interim Financial Statements are unaudited. T o increase the value of information disclosed in the notes to the Condensed Consolidated Interim Financial Statements, information disclosed are relevant and material. That means that information that are neither relevant nor material for the reader are not disclosed.
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21 Amounts in 1000 EUR« Chapter start« Back to Contents 2 Operating revenue and segmentation The Group owns and operates fish farming sites in the Icelandic fjords along with hatchery operations. The main purpose of the Group is the production, processing and sale of seafood and seafood-based products, as well as conducting other business in connection with this purpose, including through investments and ownership in other companies with the same purpose. The Group operates and manages its business as one operating segment based on the manner in which the Chief Executive Officer, the Group’s chief operating decision maker, assesses performance and allocates resources across the Group. The segment reporting is therefore identical to the Group Consolidated Financial Statements presented in the Group’s Consolidated Annual Report of 2025. The Group recognizes revenue from the sale of salmon at the point in time when control of the goods is transferred to the customer. The transfer of control to the customer depends on shipping terms, but will normally occur when the goods are delivered to the customer. Revenue from contracts with customers is recognized when control of the goods and the service has been transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods and/or service. Revenues from contracts with customers are recognised in the Consolidated Statement of Comprehensive Income net of discounts. Transaction prices are fixed upfront without any variable consideration. There is no right of return and refunds are only given if delivered goods are damaged or if there is a discrepancy in delivered goods compared to agreements. The normal credit term is 21 days upon delivery to the customers. Refunded amounts have historically been immaterial. Revenue recognized at point in time (sale of goods) and revenue recognized over time (other revenue) is as follows: Revenue recognized at point in time (sale of goods) and revenue recognized over time (other revenue) is as follows: Specifications of revenue: H1 2026 H1 2025 FY 2025 Sales of goods 66,537 35,178 89,472 Other revenues 243 273 504 Revenue from contracts with customers 66,780 35,451 89,976 Other revenues primarily include income from the sale of harvesting services, as well as lease revenues from employee accommodations, sales of sludge to processing companies and other services. Disaggregated revenue from contracts with customers The Group’s revenue based on geographical markets from contracts with customers in which the revenue is earned are presented below: Group revenues by geographic market: H1 2026 % H1 2025 % FY 2025 % Europe 43,203 65% 27,160 77% 60,616 67% North America 9,567 14% 4,780 14% 13,814 15% Asia 13,767 21% 3,510 10% 15,546 17% Revenue from contracts with customers 66,537 100% 35,451 100% 89,976 100% The operational income for the Group is denominated in EUR. In the first half of 2026, 63,5 per cent of the Group’s operational income was generated in EUR (FY 2025: 64,4 per cent), while 35,4 per cent was generated in USD (FY 2025: 32,9 per cent).
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22 Amounts in 1000 EUR« Chapter start« Back to Contents 3 Biological assets and inventories Inventories Inventories is comprised of feed, packaging materials and finished goods. Inventories are stated at the lower of cost or net realizable value. Net realizable value is the expected sales price less completion costs and costs to be incurred in marketing, selling, and distributing the inventory. Cost is determined using the first-in, first-out method. Finished products includes direct material cost, direct personnel expenses, and indirect processing cost (full production cost). Interest costs are not included in the inventory value. If cost value of finished product is estimated higher than realised sales value, based on judgement of the management, the finished products is revaluated based on best estimate on product valuation. Finished product is never valued over cost value. Value is based on the principle of first-in-first-out. Raw materials comprise mainly feed for smolt and marine-phase fish production. It also includes raw materials for use in processing, as well as packaging and production. Stocks of biological assets are associated with farming activities on land and at sea, and comprise roe, fry, smolt and fish held at sea farm. Finished goods comprises whole salmon, fresh and frozen, as well as processed salmon products. Book value of biological assets and inventories 30/06/2026 30/06/2025 31/12/2025 Finished Products 632 3,982 0 Raw materials 2.465 1,571 2,854 Boxes 52 73 60 T otal inventories 3.150 5,626 2,914 Biological assets 97.631 83,069 109,510 Total biological assets and inventories 100,781 88,695 112,424 Book value of biological assets recognized at fair value 30/06/2026 30/06/2025 31/12/2025 Biological assets held at sea farms at cost 72.772 72,299 89,758 Fair value adjustment of biological assets 9,446 (405) 9,795 T otal biological assets held at sea by fair value 82.217 71,894 99,553 Roe, fry, smolt and arctic char fish at cost 15,414 11,175 9,957 Total biological assets 97.631 83,069 109,510 Change in the book value of biological assets held at sea farm carried at fair value 30/06/2026 30/06/2025 31/12/2025 Biological assets held at sea farm 1 Jan 99,553 85,606 85,606 Increase resulting from production/purchase 35.595 35,530 94,030 Reduction resulting from sale/harvesting (49,576) (33,789) (72,241) Reduction resulting from incident-based mortality (3.004) (2,476) (2,476) Reduction resulting from re-valuation of stock value 0 0 (2,588) Net fair value adjustment (349) (12,977) (2,777) Biological assets held at sea farm at end of period 82.218 71,894 99,553 Incident-based mortality In the event of incidents exceeding three per cent mortality in a period based on a single incident, or if the mortality exceeds five per cent over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognized under cost of goods sold in the Consolidated Statement of Comprehensive Income. The estimate is based on the number of fish and is performed at the individual site level. During the first half of 2026, the Group experienced incidents at three sea farming sites, resulting in incident-related mortality as defined above. The combined impact on the Group's operational profit measured at cost was EUR 3.0 million.
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23 Amounts in 1000 EUR« Chapter start« Back to Contents Fair value Fair value adjustments are part of the Group’s operating profit/loss, but changes in fair value are presented on a separate line to provide a greater understanding of the Group’s profit/loss on sold goods. Estimated future revenues are calculated on the basis of Fish Pool forward prices on the balance sheet date. A quarterly price average is calculated, since the fish are harvested over several periods. Forward prices are adjusted for export supplements, shipping, sales and harvesting cost. An adjustment is also made for expected variations in fish quality. In the absence of the price quotations on Fish Pool, forward prices for 2027 and 2028 have been caluculated on the basis of price expectations obtained from industry analysts. The monthly discount factor reflects the time value of money, the risk in biological production and a hypothetical fees in relation to the farming. The discount factor is based on expectations on profitability in the industry which impact the hypothetical fees. Roe, fry and smolt are recognised at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value calculation is based on following forward prices in EUR: Expected harvesting period: 30/06/2026 30/06/2025 31/12/2025 Q3-2025 6.28 Q4-2025 6.64 Q1-2026 8.55 8.16 Q2-2026 8.15 8.16 Q3-2026 5.85 6.28 6.40 Q4-2026 6.70 6.64 6.90 Q1-2027 8.20 8.55 8.41 Q2-2027 7.87 8.15 8.16 Q3-2027 6.27 6.40 Q4-2027 6.67 6.90 Q1-2028 8.52 Q2-2028 8.38 Discount factor: 3.5% 3.5% 3.5%
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24 Amounts in 1000 EUR« Chapter start« Back to Contents 4 Share capital and shareholders As at 30 June 2026, the parent company’s share capital comprised: No, Face value Share capital in EUR Ordinary shares 30,961,868 0,96 29,571,137 Shareholders The Company’s 20 largest shareholders as at 30 June 2026 were: No, Shareholding SalMar ASA 16,248,152 52.48% J.P. Morgan SE 2,480,353 8.01% Íslandsbanki hf. 2,355,413 7.61% Clearstream Banking S.A. 2,293,667 7.41% Holta Invest AS 1,149,133 3.71% Surfside Holding AS 703,131 2.27% Pactum Vekst AS 701,983 2.27% MP Pensjon PK 619,706 2.00% Nima Invest AS 606,512 1.96% Roth 599,661 1.94% Kristians and AS 450,000 1.45% Skandinaviska Enskilda Banken AB 345,432 1.12% VPF DNB Norge Selektiv 244,724 0.79% Verdipapirfondet DNB SMB 224,294 0.72% Alden AS 197,776 0.64% DNB Bank ASA 183,732 0.59% J.P. Morgan SE 158,389 0.51% Verdipapirfondet KLP Aksjenorge 132,509 0.43% Haganes AS 129,496 0.42% Borgano AS 100,000 0.32% Total 20 largest shareholders 29,924,063 96.65% T otal other shareholders 1,037,805 3.35% Total no, of shares 30,961,868 100.00% Shares owned by members of the board and directors. Shares owned by members of the board and directors. Name Title Shares Shareholding Leif Inge Nordhammer (1) Chairman of the board Kjartan Olafsson (2) Boardmember 550,000 1.78% Gustav Witzøe (1) Boardmember Espen Marcussen (3) Boardmember Ulrik Steinvik (1) Boardmember Bjørn Hembre (4) CEO 32.900 0.11% Johnny Indergaard (5) COO SeaWater 650 0.00% Rúnar Ingi Pétursson (6) COO Harvest Plant 750 0.00% (1) Leif Inge Nordhammer and Ulrik Steinvik indirectly own shares through minority stake in SalMar ASA. (2) Kjartan Ólafsson owns 100% of the shares in Berg Fjárfesting ehf, which own 100% of the shares in Gyða ehf. Gyða ehf. has its shares within custody account within J.P. Morgan SE. (3) Gustav Witzøe indirectly owns 92.6 per cent of the shares in Kverva AS which, through Kverva Industries AS, holds 44.27 per cent of the shares in SalMar ASA. (4) Espen Marcussen indirectly owns shares through a minority stake in Pactum Vekst AS (5) Björn Hembre owns indirectly through IVMA AS which is one of minority stakeholders in Icelandic Salmon AS. Björn owns 100% of the shares in IVMA AS. (6) Johnny Indergaard owns shares through his own name. (7) Rúnar Ingi Pétursson owns shares within custody account within Íslandsbanki hf.
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25 Amounts in 1000 EUR« Chapter start« Back to Contents 5 Interest-bearing liabilities Non-current interest-bearing borrowings 30/06/2026 30/06/2025 31/12/2025 Interest-bearing borrowing to credit institutions 122,514 103,397 123,942 Next year’s installment on non-current interest-bearing borrowings (3,000) (3,000) (3,000) Total non-current interest-bearing borrowings 119,514 100,397 120,942 Leasing liabilities 15,080 12,765 11,163 Next year's installment on leasing liabilities (4,259) (5,016) (4,919) Total non-current leasing liabilities 7,340 10,064 7,529 Total non-current interest-bearing liabilities 126,855 110,461 128,472 Current interest-bearing debt Next year’s installment on non-current interest-bearing borrowings 3,000 3,000 3,000 Total debt to credit institutions 3,000 3,000 3,000 Next year's installment on leasing liabilities 4,259 5,016 4,919 Total current interest-bearing debt 7,259 8,016 7,919 Reconciliation of changes in liabilities to credit institutions incurred as a result of financing activities in the period of January to June 2026 Carrying amount at 01/01/2026 Cash from Financing activities Non cash-generating effects Carrying amount at 30/06/2026Currency effects Current portion of long-term debt Other effects Non-current debts 123,942 (1,500) 0 (3,000) 72 119,514 Current debts to credit institutions 0 0 0 3,000 0 3,000 Total debts to credit institutions 123,942 (1,500) 0 0 72 122,514 Non-current and current lease liabilities 12,449 (2,846) 469 0 1,527 11,599 Total interest-bearing debts 136,391 (4,346) 469 0 1,599 134,113 Financial covenants As of 30 June 2026, the Company remained compliant with its financial covenants following the covenant waivers granted under the agreement reached with the Company's creditors. The Company maintained a book equity ratio above the required 35 per cent. While the Company did not meet the original thresholds for the interest coverage ratio (ICR) and the net interest-bearing debt to EBITDA (NIBD/EBITDA) leverage covenant, these requirements have been waived in accordance with the terms of the agreement finalised in September 2025. Under the amended agreement, the financial covenants require the Company to maintain an equity ratio above 35 per cent and to satisfy profitability requirements. The Company's 12-month rolling interest coverage ratio (ICR) must not be lower than 2.00:1, first measured on 31 March 2026; and 2.50:1, first measured on 30 September 2026 and thereafter. The Company's NIBD to 12-month rolling EBITDA ratio must not exceed 5.50:1, first measured on 31 March 2026; 5.00:1, first measured on 30 September 2026; and 4.50:1, first measured on 31 March 2027 and thereafter.
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26 Amounts in 1000 EUR« Chapter start« Back to Contents Reconciliation of changes in lease liabilities incurred as a result of financing activities the period January to June 2026 2026 2025 Lease liability 1 January 12,449 11,163 Adjustments and indexation of existing agreements 213 82 Additions (New leases) 814 6,178 Interest on lease liability (profit and loss) 588 312 Installments on lease liabilities paid (cash flow) (2,549) (2,144) Interest on lease liabilities paid (cash flow) (297) (325) T ermination of leases (89) (108) Currency translation differences 469 (78) Total lease liabilities at 30 June 11,599 15,080 Summary of amounts recognized in the Condensed Consolidated Interim Statement of Comprehensive Income: H1 2026 H1 2025 Depreciation expense of leased assets 2,452 1,961 Interest expense on lease liabilities (included in finance expenses) 588 312 Total amount recognized in profit or loss during H1 3,040 2,273 Cash flow relating to lease liabilities Instalments on lease liabilities paid (cash flow) (2,549) (2,144) Interest on lease liabilities paid (cash flow) (297) (325) Total cash flow relating to lease liabilities (2,846) (2,286) Adjustments to lease liabilities comprise effect of terminated contracts during the period. Breakdown of net interest-bearing debt by currency (all figures are in EUR): NOK ISK EUR Other Total Non-current debts 0 0 119,514 0 119,514 Lease liabilities 7,188 4,411 0 0 11,599 Current debt to credit institutions 0 0 3,000 0 3,000 Total interest bearing liabilities 7,188 4,411 122,514 0 134,113 Lease liabilities (7,188) (4,411) 0 0 (11,599) Cash and cash equivalents (541) (693) (1,725) (7,426) (10,385) Net interest-bearing debts (NIBD) (541) (693) 120,789 (7,426) 112,130
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ICELANDIC SALMON AS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27 Amounts in 1000 EUR« Chapter start« Back to Contents 6 Alternative performance measures The Group prepares its Financial Statements in accordance with International Financial Reporting Standards (IFRS). In addition, management has established alternative performance parameters (APMs) to provide useful and relevant information to users of its Financial Statements. Alternative performance parameters have been established to provide greater understanding of the Company’s underlying performance, and do not replace the Consolidated Financial Statements prepared in accordance with international accounting standards (IFRS): The performance parameters have been reviewed and approved by the Group’s management and Board of Directors. Alternative performance parameters may be defined and used in other ways by other companies. Operational EBIT Operational EBIT is an APM and a non-IFRS metric used by the Company to evaluate its performance, reflecting the results of underlying operations for each period. As a widely recognized industry benchmark, Operational EBIT provides valuable insights to investors and other stakeholders. The difference between Operational EBIT and operating profit/loss arises from items the Group believes may impact comparability between periods or across companies in the industry. It is important to note that Operational EBIT is not intended to replace IFRS-based income statement measurements. Operational EBIT is calculated by excluding specific items that are not related to underlying operations. H1 2026 H1 2025 FY 2025 Operating profit (6,435) (26,244) (25,210) Production tax 2,703 1,705 3,873 Restructuring cost 67 234 369 Fair value adjustments of biomass 349 12,977 2,777 Operational EBIT (3,316) (11,328) (18,191) Production tax The production tax represents resource tax in Iceland. It Increased the loss by EUR 2.7 million in H1 2026 compared to EUR 1.7 million in H1 2025 and 3.9 million for the year 2025. Operational EBIT per kg gutted weight Operational EBIT per kg gutted weight (GW) is defined as a key APM for the Group. The performance parameter is used to assess the profitability of the goods sold and the Group’s operations. The performance parameter is expressed per kg of harvested volume. H1 2026 H1 2025 FY 2025 Operational EBIT (3,316) (11,328) (18,191) Harvested volume (tonnes) 9,201 5,084 12,671 Operational EBIT per kg gutted weight (0.36) (2.23) (1.44) Net interest bearing debt (NIBD) Net interest bearing debt is an alternative performance measure used by the Group. The performance measure Net interest bearing debt is an alternative performance measure used by the Group. The performance measure is used to express the Group’s working capital, and is an important performance measure for investors and other users, because it shows net borrowed capital used to finance the Group. Net interest-bearing debt is defined as long-term and short-term debt to credit institutions, less cash and cash equivalents. Lease liabilities under IFRS 16 are not included in the calculation of Net interest-bearing debt. 30/06/2026 30/06/2025 31/12/2025 Non-current interest-bearing debt 119,514 100,397 120,942 Current interest bearing debt 3,000 3,000 3,000 Cash and cash equivalents (10,385) (5,090) (7,309) Net interest bearing debt (NIBD) 112,130 98,307 116,633
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2026