Icelandic Salmon AS

Investor Presentation • May 14, 2024

SUMMARY PRESENTATION Q1 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 seven 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

CHALLENGING QUARTER

Q1 SUMMARY

Quarterly harvest volume of 2,769 tonnes compared to Q1- 23 at 6,572 tonnes

• Continued harvesting of spring 2022 generation in Q1
• The Q1 harvest volume reflects the high volume in Q4 2023

EBIT for the quarter was negative EUR 0.5 million

• Operating income we 27.5 million and operational EBIT was negative 0.5 million,
  • This is including one-off costs of 3.6 MEUR in the period
• EBIT/kg in Q1 was -0.20, adjusted EBIT/kg for extraordinary mortality 1.10 EUR/kg
• Results affected by biological challenges, high cost of fish harvested and low capacity utilization

KEY RESULTS	Q1 2024	Q1 2023	FY 2023
Operating income ('000 EUR)	27,508	68,905	164,816
Operational EBIT ('000 EUR)	-548	18,368	20,275
Operational EBIT (%)	-2%	27%	12%
Harvest volume ('000 tgw)	2.8	6.6	17.9
Operational EBIT/kg.	-0.20	2.79	1.13

LICENSE STATUS STRATEGIC UPDATE

APPLICATIONS PENDING APPROVAL

• Expect 10,000 tonnes MAB licence of sterile salmon in Ísafjörður shortly
  • Includes 3 new sites for operation
• 4,500 tonnes MAB in Arnarfjörður.
• 2 new sites in Arnarfjörður.

ISSUED LICENSES

License was given out for the smolt-plant Gileyri for 1,000 tonnes in January

SALES & MARKETING UPDATE

STRATEGIC UPDATE AND OUTLOOK

STRONG INTEREST FOR ICELANDIC SALMON

5

• Strong market with high prices
• Benefitted from high average weight and good price on downgraded fish
• 89% • Volume to US significantly lower than in Q1 2023.
• Asia market Maximizing a high value market.
• Contract Share for Q1 was 15%

FINANCIAL HIGHLIGHTS

SUSTAINABILITY – IT'S IN OUR NATURE 6

GROUP BALANCE

FINANCIAL HIGHLIGHTS

KEY ITEMS FOR FIRST QUARTER 2024

Balance affected by biological challenges

— Decrease of biological assets by EUR 1.2 million.

New lease asset

51

23

74

— Lease of WellBoat affecting lease assets and leas liability

Sustainable linked financial agreement

• Decrease in cash balance after payment to revolving facility
• Utilization of loan agreement approximately 45%

FINANCIAL POSITION

Equity ratio at 68% at end of March 2024

— Compliant with all covenants

Annual statement issued

NIBD Q4 2023

NET INTEREST-BEARING DEBT

Working capital influenced by changes in biological assets

Increase in lease liability with new WellBoat

Low investment activities

— Main focus on finalizing investments in FreshWater and SeaWater equipments

OPERATIONAL UPDATE

SUSTAINABILITY – IT'S IN OUR NATURE 9

OPERATIONAL UPDATE

STATUS

• Biological challenges
• Continued good demand in the market
• Increased smolt output in 2024
• Strong biological performance on spring 2022 generation
• Risk reduction by new vaccines and delicing capacity
• Follow up sustainability strategy

NEW AQUACULTURE STRAGETY

PRESENTED BY MINISTRY OF FISHERIES

MINISTRY OF FOOD, AGRICULTURE AND FISHERIES STRATEGY AND LAWS

• Ministry sent the law proposal to the Parliament in April 2024
• New Minister of Food, Agriculture and Fisheries was appointed on the 10th of April 2024
• Potential for growth built around sustainable measures
• Total export value of farmed salmon was 4.3% of all goods export from Iceland in 2023.
• The growing industry in Iceland needs competitive taxation terms and working environment
• The proposal has not yet been sanctioned in law by Parliament

Salmon farming is a growing industry and has become significant for Iceland

OUTLOOK

Volume guidance kept unchanged at 15,000 tonnes for 2024 2025 volumes will be affected by biological challenges in Q1 2024

Contract share is expected to be 30% in Q2, and ~10% for 2024

New site, Vatneyri in Patreksfjörður, is ready for smolt output in May 2024

Icelandic Salmon is well suited for increased sustainable development

• Committed staff and robust corporate culture
• Still see a long-term good growth potential of up to 26,000 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