Icelandic Salmon AS

Investor Presentation • Nov 18, 2024

SUMMARY PRESENTATION Q3 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 23,700 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|

Q3 SUMMARY

Biology stabilized, good foundation for future growth

Quarterly harvest volume of 1,750 tonnes compared to Q3- 23 at 4,040 tonnes

• Continued harvesting of autumn 2022 generation in Q2
• The Q3 harvest volume reflects
  • optimalization of MAB
  • affected by lice situation in 2023
• Improved results on this year smolt output

EBIT for the quarter was negative EUR 3 million

• Low operating revenue due to low harvest volumes
• High cost due to low volumes
• Includes one-off costs of EUR 0,4 million

KEY RESULTS	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Operating income ('000 EUR)	14,332	41,951	51,568	113,174
Operational EBIT ('000 EUR)	(2,989)	2,953	(7,305)	18,527
Operational EBIT (%)	(21%)	7%	(14%)	16%
Harvest volume ('000 tgw)	1.8	4.0	5.2	10.7
Operational EBIT/kg	(1.71)	0.73	(1.40)	1.71
Operational EBIT/kg (ex. one-offs)	(1.46)	0.72	0.12	1.87

LICENSE STATUS STRATEGIC UPDATE

LICENSES

• The license in Ísafjarðardjúp for 10,000 tonnes MAB of sterile salmon was revoked in Q4
• We are working closely with authorities on the next steps regarding this license

APPLICATIONS PENDING APPROVAL

• Establishing bigger sites for better MAB Utilisation
• 4,500 tonnes MAB in Arnarfjörður
• Extension of 2 sites in Arnarfjörður

NEW LAW PROPOSAL

• Election for new Government in November 2024
• Timing of a new law proposal is unclear
• The companies continue to operate under current legislation

Arnarlax holds licenses of 23,700 tonnes MAB in the Icelandic Westfjords (Arnarfjörður, Patreksfjörður, and Tálknafjörður)

SALES & MARKETING UPDATE

STRATEGIC UPDATE

5

STRONG DEMAND FOR ICELANDIC SALMON

• Good price achievements
  • Large fish compared to market
  • North American market was strong in Q3 compared to previous quarters this year (25%)
  • 89% • Large sizes increased our sales to Asia (18%)
• Contract share for Q3 was 13%

FINANCIAL HIGHLIGHTS

GROUP BALANCE

FINANCIAL HIGHLIGHTS

KEY ITEMS FOR THIRD QUARTER 2024

Overall performance

— Buildup of biological assets during low harvest period

FINANCIAL POSITION

Equity ratio of 54% at end of September 2024

NIBD increased following buildup of biomass Credit facility in place to support growth ambition

NIBD Q3 2024

NET INTEREST-BEARING DEBT

Increase of biological assets after low harvesting period.

Investment to support growth up to 26 thousand mt.

OPERATIONAL UPDATE

SUSTAINABILITY – IT'S IN OUR NATURE 9

OPERATIONAL UPDATE

STATUS

• Increased harvesting again after low volumes in Q2
  • Expect significant higher volumes in Q4
• Stable biology in sea during Q3
  • Building up biomass
  • Control of sea lice situation
  • Improved performance on the smolts output
  • Use of two new vaccines to reduce risk (ISA and winter wounds)
• Continued good demand in the market

OUTLOOK

Building a base for sustainable production of 26,000 tonnes in steady state

• Long-term growth potential up to 26,000 tonnes on existing licenses within current regulatory framework
• Robust corporate culture and committed staff
• Enhancing our value chain to address encountered challenges
  • Smolt capacity, Licences in sea water, harvest capacity and sales
• Volume guidance for 2024 is kept at 13,000 tonnes
• Volume guidance for 2025 is 15,000 tonnes
  • affected by biological challenges in H1 2024
• Contract share expected to be 11% in Q4, and ~12% for FY 2024

Q&A SESSION STARTING SOON