Icelandic Salmon AS

Investor Presentation • Aug 20, 2024

SUMMARY PRESENTATION Q2 2024

THIS IS ICELANDIC SALMON

Icelandic Salmon AS is listed on the Euronext Growth market in Oslo, and NASDAQ First North in Reykjavik. The company is the sole owner and parent company of Arnarlax ehf.

Four smolt facilities, Current capacity of 7-8 million smolt, depending on size of smolt

Harvesting plant in Bíldudalur. BRCGS* certified 30,000 tonnes per year capacity

All operational activities of the group are performed in Arnarlax ehf.

Farming in eight sites in three fjords All production ASC** certified Total MAB 33,700 tonnes***

Sales by internal team Domestic and global markets

Arnarlax – Sustainable Icelandic Salmon is the common brand for all operational activities and products from Icelandic Salmon

Note: *BRCGS = Brand Reputation Compliance Global Standards | **ASC = Aquaculture Stewardship Council| ***Includes licences for 10,000 tonnes MAB of sterile salmon

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Q2 SUMMARY

— 10,000 tonnes MAB of sterile salmon at three sites in Ísafjarðardjúp

Quarterly harvest volume of 702 tonnes compared to Q2-23 at 88 tonnes

• Started harvesting of autumn 2022 generation in Q2
• The Q2 harvest volume reflects seasonal production cycle
• Smolt output according to plan

EBIT for the quarter was negative EUR 3.8 million

• Includes one-off costs of EUR 3.9 million
• H1 2024 saw drops in operating revenue and operational EBIT due to low harvest volumes and biological challenges
• Biological challenges at one site by year-end and lower fwd. prices led to a stock value reassessment

Partially expensed in Q2 2024, impacting EBIT by EUR 2.3 million

LICENSE STATUS STRATEGIC UPDATE

ISSUED LICENSES

• New licence of 10,000 tonnes MAB of sterile salmon issued in Ísafjarðardjúp. The licence includes 3 new sites for operation
• Timing of operational start is pending

APPLICATIONS PENDING APPROVAL

• 4,500 tonnes MAB in Arnarfjörður
• 2 new sites in Arnarfjörður

NEW LAW PROPOSAL

• The Ministry sent the law proposal to Parliament in April 2024
• The proposal has not yet been sanctioned in law by Parliament
• Could be sanctioned in law autumn 2024

Arnarlax holds licenses of 33,700 tonnes MAB in the Icelandic Westfjords (Arnarfjörður, Patreksfjörður, Ísafjarðardjúp and Tálknafjörður)

SALES & MARKETING UPDATE

STRATEGIC UPDATE AND OUTLOOK

STRONG DEMAND FOR ICELANDIC SALMON

5

• Robust market with high prices
• Low volume to US, mainly contractbased volume
• 89% • Low volume to Asia
• Benefited from good price achievements on downgraded fish
• Contract share for Q2 was 59%

FINANCIAL HIGHLIGHTS

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GROUP BALANCE

FINANCIAL HIGHLIGHTS

Net interest-bearing debt Leasing

KEY ITEMS FOR SECOND QUARTER 2024 Overall performance

• Mortality and reassessment of stock value at one site impacted biological assets
• Continued focus on sustainable growth and operational efficiency through continued investment and strategic initiatives

FINANCIAL POSITION

• Equity ratio at 65% at end of June 2024
  • Compliant with all covenants

H1 interim annual statement issued

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NIBD Q2 2024

NET INTEREST-BEARING DEBT

Working capital affected by reassessment of stock value at one site and mortality

Investment activities

• Partial payment of hybrid service boat
• Cages nets and other seawater equipment

OPERATIONAL UPDATE

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OPERATIONAL UPDATE

STATUS

• Biological challenges in Q2 related to mortality in sea
• Biological situation is significantly improved into Q3
• Implementation of new procedures towards POX-virus in smolt production seems promising
• Risk reduction by 2 new vaccines (ISA and winter wounds)
• Smolt output according to plan. New site taken into usage
• Implemented new procedures for controlling lice
• Continued good demand in the market

OUTLOOK

Volume guidance for 2024 is reduced to 13,000 tonnes 2025 volumes will be affected by biological challenges in H1 2024 Contract share expected to be 10% in Q3, and ~12% for FY 2024 Smolt output to continue according to plan into Q3

Icelandic Salmon is well-positioned for increased sustainable development

• Committed staff and robust corporate culture
• Long-term good growth potential up to 36,000 tonnes on existing licenses within current regulatory framework
• Enhancing our value chain to address encountered challenges

Strandgata 1 465 Bíldudalur Iceland (354) 456 0100

arnarlax.is arnarlax@arnarlax.is