Slides
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Q2 2026 CEO: Vidar Aspehaug CFO: Thorunn Ragnarsdottir 27. August 2026 Reykjavík, Iceland
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Management Team • Joined Kaldvík in 2018 • Previously with Norwegian Royal Salmon Finmark and BR Karlsen COO Farming | Kjartan Lindbøl • Joined Kaldvík in 2026 • 17 years of experience in administration and financial management, most recently with EFTA and Icelandair Ground Services CFO | Thorunn Ragnarsdottir • Joined Kaldvík in 2024 • 10 years of experience across multiple roles and industries CPO | Ólöf Helga Jónsdóttir • Joined Kaldvík in 2014 • Founder of Búlandstindur Harvesting station COO Processing | Elís Grétarsson • Joined Kaldvík in 2022 • CEO (since August 2025) • Previously Head of Fish Health & Quality (22-25) • Co-founder and owner of PatoGen, serving 8 years as CEO and 8 years as CBDO CEO | Vidar Teis Aspehaug
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Disclaimer: This presentation may contain forward-looking statements relating to the business, financial performance and results of Kaldvik AS. Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates", "expects", "projects", and other similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Kaldvik AS operates to differ substantially from the statements expressed or implied in this presentation by such forward-looking statements
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Agenda 1. Highlights 2. Operational Updates 3. Financial Updates 4. Strategic Update 5. Outlook and Summary 6. Q&A – QA@kaldvik.is
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Q2 Highlights 1,235 1,545 7,943 6,441 1,840 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 HARVESTED VOLUME (TONNES) Operations Q2 2026 • 1,840 (1,235) tonnes harvested, 1,900 guided, YTD June 8,281 (7,618) tonnes harvested • Group Operational EBIT EURm -3.3 (- 4.3), YTD June EURm -29.6 (5.5) • 68.2% (40%) superior share 40% 65% 42% 30% 68% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SUPERIOR SHARE Financing update • The Company obtained a waiver in Q1 for 2026 from its banking partners • Subordinate shareholder loan EURm 20 -4.3 -5.0 -10.8 -26.4 -3.3 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 OPERATIONAL EBIT (EURm) Outlook • Harvest Guidance for Q3 2026 ~ 3,500 tonnes • Harvest Guidance for 2026 maintained at ~ 17,000 tonnes • 2025 Generation performing well -3.44 -3.26 -1.37 -4.10 -1.77 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 OPERATIONAL EBIT/kg (EUR) Strategic Update • New Aquaculture Bill was not adopted before end of latest parliamentary session • New license in Seyðisfjörður pending • Strategic review of production model finished in Q2
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G25 has performed significantly better than G24 in the same period last year Overall fish health is good, with full recovery after some challenges related to the autumn fish during the coldest season • 15.7% cumulative mortality (G25) by end of Q2 2026 (35.6% in G24) Harvest restarted in August 26 confirming good condition and superior share above 85% Sea Operations - Generation 2025 Status Q2 2026 First generation with release according to milestone 1 Kaldvik The quarter was characterized by higher temperatures than assumed in our production model, resulting in better growth than expected 0 1 2 3 4 5 6 7 8 9 10 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 Average per week temperature 2026 Temperature Assumption in Production Model
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Smolt release 2026 Target is 7.5 million smolt 35% (22% G25) of smolt was released by end of Q2 (June) • Higher release mortality connected to transport than targeted Combining externally sourced smolt with internal smolt capacity improves flexibility and reduces overall risk Land Operations Land Operations Land Operations Smolt production on target – full focus on operational excellence and optimization of production parameters First groups smoltified using light regime released with good performance at sea 2 3 4 5 6 7 8 9SEA TEMPERATURE 1 0 40 41 42 43 44 45 46 47 48 49 50 51 52 1 2 3 4 5 6 7 8 9 10 11 12 13 WEEK 2016-2026 2025-2026 The quarter was characterizedby normal to above-average temperatures and good growth.
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Harvesting and Sales • Harvested tonnes Q2 1,840 (1,235) • High harvesting cost/kg due to low utilization of infrastructure • Achieved price Q2 EUR/kg 5.92 (5.98) • Superior share Q2 68.2% (40%) • Low average weight • Lower contract share than Q2 2025 Q2 2026 Q2 2025 YTD 2026 YTD 2025 Harvested Tonnes 1,840 1,235 8,281 7,618 Revenue Salmon 10,844 7,382 46,830 54,862 Achieved Sales Price 5.92 5.98 5.67 7.04 Superior Share 68.2% 40% 38.3% 58.3%
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Financial Update
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Q2 Highlights
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199192196193173 35263348 50 Q2 26Q1 26Q4 25Q3 25Q2 25 Non-current liability Current liability 352354356355354 124115156174170 Q2 26Q1 26Q4 25Q3 25Q2 25 Non-current assets Current assets Financial Summary Assets EURm Assets Assets increased by EURm 8 primarily due to increase in biomass, offset by decrease in receivables and cash Liabilities EURm Equity Liabilities Liabilities increased by EURm 16, primarily due to increase in subordinate shareholder loan and payables Equity Equity ratio of 51% at quarter-end, slightly down from the previous quarter. 228 218224 240 234512 468 524 530 476 51%53%55%55%57% Q2 26Q1 26Q4 25Q3 25Q2 25
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Financing Waiver and subordinate shareholder loan • As previously reported, the Company obtained a waiver in Q1 from the Financial Parties for 2026 • Waiver of the EBITDA covenant for 2026 • Reduction in the minimum liquidity requirement from EUR 10 million to EUR 5 million • Increased availability under the revolving facility for 2026 • As part of the waiver, the Company´s largest shareholder provided a subordinated loan of EUR 20 million
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193179180177150 3.784.114.71.55 2.00 Q2 26Q1 26Q4 25Q3 25Q2 25 NIBD excl. lease Leases NIBD NIBD NIBD increased by EURm 13 in Q2 2026 • EBITDA negative EURm 0.1 • Working capital EURm 7 • Capex EURm 0.8 • Financial items EURm 5 • Production tax EURm 0.5 NIBD EURm Changes to NIBD including lease liability in Q2 2026 (EURm) 184 183152 179 196 183 196 0,1 7 0,8 5 0,5 0 50 100 150 200 250 NIBD 31.03.2026 EBITDA Q2 Working capital Capex Financial items Production tax NIBD 30.06.2026
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Financial Calendar Financial Year 2026 Event Date Half-year Report 1H 2026 27 August 2026 Quarterly Update Q3 2026 13 November 2026 Quarterly Update Q4 2026 25 February 2027 Annual Report 2026 29 April 2027 Company updates are provided in quarterly presentations Financial statements are published semi-annually (half-year and annual reports) Please refer to the appendix for Q2 2026 details, including: • Income Statement • Balance Sheet • Cash Flow Statement • Alternative performance measures
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Strategic Update
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Strategic Review of Production Model Finalized STRATEGIC FOCUS: Reduce production time at sea with one-winter as main strategy. KEY DRIVERS: Reduce risk. Optimal use of sites. Improved smolt quality. GOAL: Stabilize production at +30,000 tonnes with a mortality below 10% and superior share above 90%
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ONE-WINTER AS MAIN STRATEGY & SITE DIFFERENTIATION • Core principle: fewer groups with two winters at sea to reduce biological risk • Sea sites are now differentiated – output strategy coordinated with site characteristics PARVICAPSULA CAN BE MITIGATED • Reduce risk of Parvicapsula by avoiding high risk output period in August and beginning of September • Similar experience as in Northern-Norway SMOLT QUALITY — IMPROVEMENT PROGRAM • A targeted program to elevate smolt quality and strengthen biological performance ongoing • Hybrid smolt sourcing — combining internal production with external partners to optimise timing, sizing and performance Strategic Review of Production Model Finalized – Implementation Phase
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Strategic Review of Production Model Timeline Implementation of New Production Strategy: • Transition ongoing: • 65% (60%) of 26G (7.5 mill total for 26) to be transferred by end July • Original plan was 80%, but final production plan has been adjusted due to regulatory constraints • No transfer in Parvicapsula high-risk period, external smolt with good performance. • Harvest volume: • Transition phase: Harvest above 20,000 tonnes in 2027 • Stabilization phase: Targeting 30,000 tonnes in 2028 – milestone 1 • Long term: Mortality below 10% and superior share above 90% and harvest approaching 45,000 tonnes - milestone 2
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Strategic update New Aquaculture Act Submitted to Parliament • New Aquaculture Bill was not adopted before end of latest parliamentary session • Current regulatory and taxation framework remains unchanged, providing near-term visibility and preserving existing investment assumptions • Industry stakeholders are expected to continue advocating for reforms that support competitiveness, investment and sustainable growth New license in Seyðisfjörður pending
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Outlook
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• Still a volatile market. • Contract share H2 26 – 35%, providing revenue predictability and downside protection Market Outlook 3 4 5 6 7 8 9 10 11 12 13 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 EUR/kg Week Historical Prices & Price Outlook 3-6 kg. 2024 2025 2026 Euronext ESF
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15 11.3 4.4 15 17.1 17 30 45 2021 2022 2023 2024 2025 2026 Guidance 2028 Milestone 1 Milestone 2 • Q3 Harvest will be ~ 3,500 tonnes • Q4 Harvest will be ~ 5,200 tonnes • FY 2026 Harvest Guiding for 2026 maintained at ~ 17,000 tonnes • Current production YTD is according to plan • G25 is with good health and first harvest in Q3 has been executed with high superior rate Harvested Volume (1,000 tonnes) Harvest Outlook
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Farming Status Market Outlook Harvest and Sales Harvest Outlook Full Year Guiding 2026 Maintained at ~ 17,000 tonnes Harvest in Q3 2026 ~ 3,500 tonnes Biomass production is according to plan G25 with good health and first harvest in Q3 is with high superior rate STRATEGIC GOAL: Stabilize production at +30,000 tonnes with a mortality below 10% and superior share above 90% Seyðisfjörður license pending approval New aquaculture bill was not adopted Still volatile markets Contract share H2 26 – 35% Financial Update Strategic Update Company obtained a waiver from the Financial Parties Subordinate loan from shareholders Summary 1,840 (1,235) tonnes harvested in Q2 2026 8,281 (7,618) tonnes harvested 1H 2026
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Appendix
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FINANCIAL STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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FINANCIAL STATEMENT CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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FINANCIAL STATEMENT CONSOLIDATED STATEMENT OF CASH FLOW
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FINANCIAL STATEMENT CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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ALTERNATIVE PERFORMANCE MEASURES