Icelandic Salmon AS

Investor Presentation • Feb 15, 2024

SUMMARY PRESENTATION Q4 2023

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

SUSTAINABILITY – IT'S IN OUR NATURE 3

HIGH VOLUME IN THE QUARTER

Q4 SUMMARY

• Started harvest of spring 2022 generation in Q4
• The high Q4 harvest level also a result of reported sea lice issues fish health concerns
• Total harvest 2023 17,919 tonnes
• EBIT for the quarter positive of EUR 2.0 million
• EBIT/kg in Q4 was 0,28, without one-off 1,0 EUR/kg
• Results affected by high cost level
• Positive development related to cost in sea
• Biological challenges
• One-off cost of 5.2 million euros
• As reported in November the incident was related to high lice levels

KEY RESULTS	Q4 2023	Q4 2022	FY 2023	FY 2022
Operating income ('000 EUR)	51,642	51,710	164,816	157,593
Operational EBIT ('000 EUR)	2,018	9,331	20,275	36,153
Operational EBIT (%)	4%	18%	12%	23%
Harvest volume ('000 tgw)	7.2	6.0	17.9	16.1
Operational EBIT/kg.	0.28	1.55	1.13	2.24

OPERATIONAL UPDATE

STRATEGIC UPDATE

SALES & MARKETING UPDATE

STRATEGIC UPDATE

TRANSPORTATION SPLIT TO NORTH AMERICA

STRONG INTEREST FOR ICELANDIC SALMON

Working closely with more companies across North America and Europe

Volume to US is lower compared to Q4 2022, as exports to Europe and Asia were given priority due to higher price achievements

Good price achievement towards NASDAQ

CONTRACTS

Contract share for Q4 was 16%

WE WELCOMED A NEW CSO IN JANUARY

Linda Gunnlaugsdóttir

FINANCIAL HIGHLIGHTS GROUP BALANCE

Equity ratio

NIBD w/leasing

KEY ITEMS FOR FOURTH QUARTER 2023

• Total assets decreased by 19 million in the period
• Driven by decrease of biological assets at fair value and continuing investments
• Decrease in total liabilities
• Mainly in reduction in Accounts payables against increase of interests bearing debts

FINANCIAL POSITION

• Sustainable linked financial agreement
• New facility agreement signed in November 2023
• Equity ratio at 64% at end of December 2023
• Compliant with all covenants

NET INTEREST-BEARING DEBT NIBD Q4 2023

• Minor changes on net interest-bearing debts incl. leasing balance during the quarter
• Change in working capital EUR 5.8 million.
• Reduction of biological assets at cost value after harvest towards end of year.
• Net investments at EUR 6.7 million in the quarter
• Focus on seawater equipment and smolt facilities

LICENSE STATUS FOR SEA-WATER STRATEGIC UPDATE

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

APPLICATIONS

10,000 tonnes MAB in Ísafjörður

4,500 tonnes MAB in Arnarfjörður

2 new sites in Arnarfjörður

License was given out for Gileyri for 1,000 tonnes in January

NEW AQUACULTURE STRATEGY PRESENTED BY MINISTRY OF FISHERIES

MINISTRY OF FOOD, AGRICULTURE AND FISHERIES STRATEGY AND LAWS

Ministry presented its proposal for new law in December 2023

Arnarlax provided comments and suggestion in the hearing process which ended on January 15 2024, together with SFS

Potential for growth built around sustainable measures

The growing industry in Iceland needs competitive taxation terms and working environment

The proposal has not yet been sanctioned in law by Parliament

GUIDANCE FOR HARVEST VOLUME IN 2024 IS 15.000 TONNES OUTLOOK

Experiencing good demand for Sustainable Icelandic Salmon

Guidance for harvest volume in 2024 is 15,000 tonnes

2025 volumes and growth potential unaffected by biological challenges in Q4 2023

Contract share is expected to be 15% in Q1, and ~10% for 2024

Still see a long-term potential for growth up to 26.000 tonnes on existing licenses within current regulatory framework

De-licing capacity secured for the coming years through access to non-medical de-licing

New site, Vatneyri in Patreksfjörður will be used for smolt output 2024

Strandgata 1 465 Bíldudalur Iceland (354) 456 0100

arnarlax.is arnarlax@arnarlax.is