Icelandic Salmon AS

Investor Presentation • Feb 18, 2022

SUMMARY PRESENTATION Q4 2021

THIS IS ICELANDIC SALMON

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

Four smolt facilities, Current capacity of 5 million smolt

All production ASC**

Total MAB 25,200 tonnes

Sales by internal team

Domestic and global markets

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

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

Harvesting plant in Bíldudalur. Now BRC* certified 30,000 tonnes

per year capacity

Note: *BRC = British Retail Consortium **ASC = Aquaculture Stewardship Council

STABLE AND STRONG BIOLOGICAL PERFORMANCE Q4 PRESENTATION

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		Q4 2021 Q4 2020 FY 2021 FY 2020
Operating income (NOKm)	357	173	919	662
Operational EBIT (NOKm)	37	-20	74	-50
Operational EBIT %	10 %	-11 %	8 %	-8 %
Harvest volume (tgw)	4.3	3.6	11.5	11.2
EBIT/kg	8.72	-5.51	6.41	-4.49

• The operation has throughout 2021 been without major incidents
• Strategic sales and marketing efforts yield promising results
• Icelandic Salmon expects to harvest 16,000 tonnes in 2022

SMOLT EXPANSION ON TRACK STRATEGIC UPDATE AND OUTLOOK

SOUTH COAST EXPANSION DEVELOPING AS PLANNED

• Development at the Fjallalax smolt plant is progressing as planned
  • Licence in place for 100 tonnes MAB
  • Operations started with input of eggs in January
• Development plans at Laxabraut 5 are also on track
  • Expecting a license of 900 tonnes MAB in Q1
• The two expansion initiatives will provide both increased number of smolt and size for approximately 7,000 tonnes additional harvested volume
  • This will support better utilisation of current licenses and prepare for new areas and licenses

SALES & MARKETING UPDATE

STRATEGIC UPDATE AND OUTLOOK

5

SUSTAINABLE SALMON INCREASED DEMAND IN THE US

• Continued emphasis on sea transport to the US market
  • The program is serving our customers well with no quality claims
• Icelandic logistics routes offer a new choice for a low carbon footprint salmon in the US market
• Arnarlax offers now both filets and HOG fish

STRATEGIC CHANGES DELIVER STRONG SALES ACHIEVEMENT

• The new brand was launched during the fall of 2021
• Arnarlax has achieved a good increase in prices and margins across all markets during 2021

CONTRACTS

Contract share for Q4 was 12.9% and is currently standing around 20% for Q1 2022 in accordance with our strategy and at comfortable price levels

SUSTAINABILITY – IT'S IN OUR NATURE 6

STRATEGIC UPDATE AND OUTLOOK LICENSE STATUS FOR SEA-WATER

Arnarlax holds licenses of 25,200 tonnes MAB in the Icelandic Westfjords (Arnarfjörður, Patreksfjörður and Tálknafjörður).

NEW SITES WITHIN EXISTING LICENCES

Currently in process to build three more sites within existing licences, for better MAB utilisation

First site expected to be approved in 2022

ÍSAFJÖRÐUR LICENSE STATUS

The Arnarlax application for a farming license in Ísafjarðardjúp is still in process

Arnarlax is in a position to receive a license for 10,000 tonnes in Ísafjarðardjúp despite uncertainty on the share of fertile fish

The license is now expected to be issued in 2022

ARNARFJÖRÐUR EXPANSION

The Arnarlax application for increased biomass in Arnarfjörður of 4,500 tonnes has not been processed and the application process has been delayed

Currently, there are 3.000 tonnes left of the carrying capacity in Arnarfjörður and the application will likely be updated to account for the difference

The exact timeline of the application process is still undetermined

FINANCIAL UPDATE FINANCIAL POSITION

Equity ratio

75% 64% 31.12.2020 31.12.2021 1,44 43,27 34,45 18,43 31.12.2020 31.12.2021 (EUR million)

KEY ITEMS FOR 2021

Total investment were EUR 14.5 million mainly related to smolt projects, increased production at sea and securing Harvest plant operation

Biological assets at cost value increased by EUR 16.1 million

Net cash flow from operational activities was negative of EUR 0.2 million compared to EUR 1.0 million in 2020

Net interest-bearing debt increased by EUR 19.4 million within the year in relation to increased biomass and continuing investments

New EUR 56.0 million three-year loan agreement signed with DNB and Arion Banki, replacing previous long-term credit arrangement

Increased lease assets in January 2022 by EUR 1.9 million following license issued in Fjallalax

FINANCIAL POSITION

At the close of the year, the balance sheet totaled EUR 171.0 million, an increase of EUR 26.9 million from the end of 2020

Total equity at 31st of December 2021 was EUR 109.3 million, up from 108.2 million at end of year 2020

Full annual statement will be issued out on 22nd April 2022

Non-current liability Current liabilities

Liabilities