Festi

Investor Presentation • Feb 6, 2025

Presentation of Q4 and 12M 2024 results

6 February 2025

Ásta S. Fjeldsted Magnús Kr. Ingason

• Quarterly and full-year highlights

2

• Spotlight – Yrkir

Q4 and 12M results 2024

Spotlight – Yrkir

Position and outlook

• Q4 and 12M results 2024
• Position and outlook

Consolidated highlights Q4 2024 Key points:

EBITDA ISK 2,957 m. -6.1% YoY

50%

Cash from operating activities ISK 809 m. -58.2% YoY

• The quarter's operations performed well, and results were in line with management's expectations.
• Operational metrics continue to be influenced by the acquisition of Lyfja from 1 July 2024, distorting year -on -year comparisons.
• Quarterly product sales increased by 19.0%, and the gross margin on product sales rose by 26.6%.
• Quarterly EBITDA decreased by 6.1% year -on -year, but a regulatory fine of ISK 750 million impacted the quarter's financial results.
• Strong focus remains on profitability, operational efficiency, and cost reduction, alongside continued efforts to leverage synergies across group companies.

Number of customers and sales increases in Q4 YoY

*2024 includes Lyfja

4

Increase in both domestic and foreign card turnover

2023 2024

*2024 includes Lyfja

Positive development of direct GHG emissions and waste recycling rate

Direct greenhouse gas emissions (scope 1 only)

Waste recycling rate

6

Settlement with Icelandic Competition Authority (ICA) acknowledging violations resulting in ISK 750M fine

• In July 2018, N1 hf. and Festi hf. entered into a settlement agreement with the ICA as part of their merger approval. The agreement included various conditions designed to prevent anti-competitive practices. However, in December 2020, the ICA launched an investigation into potential violations of the settlement by Festi.
• In late November 2024, Festi hf. and the ICA reached a new settlement, acknowledging that certain provisions of the original agreement had been breached, particularly regarding timely disclosure of information in line with competition laws. As a result, Festi hf. was fined ISK 750 million.
• The signing of the settlement concluded the case. The company assessed that settling the case was the right decision, allowing it to move forward and focus on the future.

We draw important learnings from this case.

ELKO: Q4 highlights

Black Friday reaches new heights

• Great quarter where records were set once again.
• Black Friday 22% bigger than last year.

Constant growth in online sales

• Online share of business sales was 30.4% in Q4'24 vs. 27.4% in Q4'23.
• Online sales for 2024 increased by 11,8% YoY.

Continued focus on B2B

• B2B continues to be a growth opportunity for ELKO.
• B2B sales increased by 3.8% in Q4 YoY. Increase was 6,2% for whole year 2024.

ELKO Lindir with most sales

• ELKO's store in Lindir had the most turnover of all 400 stores in the Elkjop chain in 2024.
• First time a franchisee reaches first place.

Most Satisfied Customers

• ELKO was in first place in the Icelandic customer satisfaction index for the first time.
• ELKO also received an award for the best employer brand.

Krónan: Q4 Highlights

Sales Record in December

• December was the highest-grossing sales month in the company's history.

More Transactions and Units Sold

• Number of transactions increased over 4% in Q4 YoY and by approx. 9% for the full year compared to the previous year.
• Number of units sold increased by 5.5% in Q4 and by 8% for the full year compared to the previous year.

Growth in Online Sales

• Online sales increased by 30% in Q4 YoY.
• In 2024, Krónan added nine new locations to its service network and now serves most of East Iceland, North Iceland, and South Iceland. More locations are in development.

Increased Use of Scan & Go

• In 2024, the use of Scan & Go increased by 35% compared to the previous year.

Most Satisfied Customers

• Krónan was in first place in Iceland's Customer Satisfaction Survey for the 8th consecutive year, showing a significant competitive advantage and year-onyear improvement.

Lyfja: Q4 Highlights

Lyfja App Continues to Grow

• Record quarter in sales since app's launch.
• Sales of health and nursing products up 5% YoY following apps redesign.
• Active users up by nearly 40% from last year.

Customer Awareness

• Lyfja's NPS score improved from -18.4 in 2023 to -1 in 2024.
• Frequent shoppers up 43%, transactions up 45% YoY.
• Lyfja Heyrn: 58% increase in hearing test awareness surveys.

Clean Products in Demand

• Strong reception of clean-label products free from harmful ingredients.
• Sales up 25% YoY for clean products.

More Than a Pharmacy

• Strategic projects ongoing focused on Lyfja being more than a pharmacy.
• The company sees great potential in expanding its services within firststage healthcare, building on its professional foundation.

Leadership updates

• Lyfja HQ moved to Dalvegur in November.
• Management team fully staffed with three new executives for people and culture, product and analytics, and marketing.
• Katrín Ýr Magnúsdóttir appointed Managing Director of Heilsa.

N1: Q4 Highlights

New Executives N1 Skógarsel

• Magnús Hafliðason appointed CEO of N1 and assumes his role later this month.
• Reynir Leósson simultaneously appointed Deputy CEO.

Closed

• N1 service station at Skógarsel has been closed as part of an agreement with Reykjavík City.
• Residential property will be built on the site; Yrkir is working on the project in collaboration with the city.

Development in Akranes

• Agreement with Akranes Municipality for the development of a fuel & EV charging station, automotive services, service station, and car wash at a new location.
• The current N1 service station and automotive service in Akranes will close upon completion of the development.

Growth in Car Services

• N1 Automotive services have been growing steadily over the last couple of years.
• October marked the largest single month in the history of our automotive services

Refined Focus for Service Stations

• Efforts are being made to refine service offerings and the appearance of N1 service stations.
• The goal is to maximise convenience for customers at each N1 stop.

Festi 2024: Year in Review

Financial Growth

• Steady growth in both revenue and EBITDA
• Increased profit forecast

Strengthened Foundations

• CEO of Bakkinn Warehouse appointed
• Yrkir Eignir rebranded as an independent entity

Stock Option Programme

• Stock option plan introduced for all employees across the group

Digital Solutions

• Focus on leveraging digital development to simplify customer experience and reach a larger audience
• Growth in e-commerce and app sales across all group companies

Sustainability Advancements

• Double materiality assessment conducted across the group
• Clearer focus for sustainability

Acquisition of Lyfja

• Settlement reached with ICA for the acquisition of Lyfja; final purchase price: ISK 5 bio in cash and 10 mio Festi shares
• The integration is progressing as planned, and synergies are already being realised across multiple operational areas

• Quarterly and full-year highlights
• Spotlight - Yrkir

Q4 and 12M results 2024

Quarterly and full-year highlights

Position and outlook

• Q4 and 12M results 2024
• Position and outlook

Individual companies to be in the spotlight in financial presentations – Óðinn Árnason, MD of Yrkir presents today

2.082 m² | 2022 2.048 m² | 2011 1.460 m² | 2018 1.501 m² | 2020 1.369 m² | 2023 32.694 m² | 1931-2022

-

-

• Quarterly and full-year highlights
• Spotlight - Yrkir

Spotlight - Yrkir

Quarterly and full-year highlights

Position and outlook

• Q4 and 12M results 2024
• Position and outlook

External factors Q4 2024

Consumer price index and inflation

• Salary index rose 6.4% in LTM and measured at 1,027.8 points at Q4 end compared to 966.3 at end-2023
• Consumer price index up 5.4% over LTM and measured at 637.2 at Q4-end compared to 608.3 at end-2023

Key interest rates

Rates began declining and key interest rates stood at 8.5% at Q4-end

Fluctuations in fuel prices:

• Diesel prices up 5.1% in Q4 compared to a decrease of 24.2% in Q4 2023. Average price decreased by 13.2% between years.
• Gasoline prices up 2.0% in Q4 compared to a decrease of 16.1% in Q4 2023. Average price decreased by 13.2% between years.

Fluctuations in currency USD/ISK and EUR/ISK:

• USD/ISK up 2.8% in Q4; 4.7% spread between high/low rates in the quarter
• EUR/ISK down 4.4% in Q4; 4.7% spread between high/low rates in the quarter

Group Operations in Q4 2024

• Sale of goods and services increased by ISK 6.7 billion or 19.0% YoY.
• Margin from sale was ISK 10.3 bn., an increase of ISK 2.2 bn. or 26.3% YoY.
• Margin percent is 24.5%, same as Q3 2024 and up 1.5 p.p. from Q4 previous year.
• Salaries and personnel expenses was ISK 5.2 bn., an increase of ISK 1.2 bn. or 31.6% YoY.
• Number of full -time employees 1,620, an increase of 285 or 21.3% YoY.
• Other operating expenses increase by ISK 1.1 bn. or 65.9% YoY but 20.3% without one -off costs.
• EBITDA was ISK 3.0 bn. in Q4, an increase of ISK 0.2 bn. or 6.1% YoY.
• Profit for the period was ISK 0.6 bn. and total comprehensive profit 3.0 bn., increase of ISK 2.0 bn. YoY .

0 bn.

Q4 2023 Q4 2024

0% 5%

10 bn.

Amounts in ISK million are	Q4 2024	Q4 2023	Change	% Chg
Sale of goods and services	41 946 ,	35 235 ,	6 711 ,	19 0%
from of Margin sale goods and services	10 267 ,	8 109 ,	2 158 ,	26 6%
Lease and operating income revenue	622	639	(18)	-2 7%
Salaries and personnel expenses	(5 202) ,	(3 954) ,	(1 248) ,	31 6%
Other operating expenses	(2 731) ,	(1 646) ,	(1 085) ,	65 9%
EBITDA	2 957 ,	3 148 ,	(192)	-6 1%
Profit for the period	632	975	(343)	35 2%
Other comprehensive income	2 392 ,	94	2 298 ,	-
Total comprehensive income	3 023 ,	1 069 ,	1 954 ,	182 9%
Key Figures
EBITDA/Margin from sales	28 8%	38 8%	-10 0 p.p.	-25 8%
Salaries/Margin from sales	50 7%	48 8%	+1 9 p.p.	3 9%
Earnings share per	2 03	3 23	-1 20	-37 2%
Sale of goods and services Margin from	sale		EBITDA
50 bn. 30%		3,750 m.
+19.0% 25% 40 bn. ISK	+1.5 p.p. 24.5%	3,000 m.	ISK	-6.1%
23.0% 41,946 20% ISK bn. 30 m. 35,235		2,250 m.	3,148 m.	ISK 2,957 m.
15% m. 20 bn. 10%		1,500 m.

Q4 2023 Q4 2024

Q4 2023 Q4 2024

0 m.

750 m.

Group Operations 12M 2024

• Sale of goods and services increased by ISK 18.2 billion or 13.4% YoY.
• Margin from sale was ISK 36.7 bn., an increase of ISK 6.1 bn. or 19.7% YoY.
• Margin percent is 23.8%, up by 1.5 p.p. from previous year.
• Salaries and personnel expenses were ISK 18.4 bn., an increase of ISK 3.0 bn. or 19.1% YoY.
• Number of full -time employees 1,533, an increase of 181 or 13.4% YoY.
• EBITDA was ISK 12.5 bn. in 2024, an increase of ISK 1.5 bn. or 13.6% YoY.
• Profit for the period was ISK 4.0 bn. and total comprehensive profit 6.4 bn., increase of ISK 3.0 bn. YoY .
• Earnings per share amounted to ISK 13.13 and return on equity 10.5%

Amounts in ISK million are	12M 2024	12M 2023	Change	Chg %
Sale of goods and services	154 463 ,	136 251 ,	18 211 ,	13 4%
Margin from sale of goods and services	36 722 ,	30 667 ,	6 055 ,	19 7%
Lease and operating income revenue	2 245 ,	2 189 ,	56	2 5%
Salaries and personnel expenses	(18 385) ,	(15 440) ,	(2 945) ,	19 1%
Other operating expenses	(8 071) ,	(6 400) ,	(1 671) ,	26 1%
EBITDA	12 511 ,	11 015 ,	1 495 ,	13 6%
Profit for the period	4 018 ,	3 438 ,	580	16 9%
Other comprehensive income	2 404 ,	(10)	2 413 ,	-
Total comprehensive income	6 422 ,	3 429 ,	2 993 ,	87 3%
Key Figures
EBITDA/Sales margin	34 1%	35 9%	-1 8 p.p.	2% -5
Salaries/Sales margin	50 1%	50 3%	-0 3 p.p.	-0 6%
Earnings share per	13 13	11 31	1 82	16 1%
Sale of goods and services Margin from sale		EBITDA
bn. 30% 180		15,000 m.
+13.4% 160 bn. 25% ISK	+1.3 p.p.	12,500 m.	+13.6%
140 bn. 154,463 ISK 22.5% bn. 120 20% m.	23.8%	10,000 m.	ISK	ISK 12,511
136,251 100 bn. m. 15%		7,500 m.	11,015 m.	m.

12M 2024 12M 2023

0% 5% 10%

0 bn. 20 bn. 40 bn. 60 bn. 80 bn.

12M 2024 12M 2023

12M 2024 12M 2023

0 m.

2,500 m. 5,000 m.

Sales margin in Q4 2024

• Turnover increased in every sector YoY.
• Margin increases in groceries and fuel but decreases in electronics and other goods and services.
• Total margin from sales amounted to ISK 10.3 bn. and increased by 26.6% from last year.
• Profit margin in Q4 was 24.5% unchanged from Q3 2024, but up 1.5 p.p. YoY.
• Sales margin in ISK in groceries and convenience goods increased 13.6% YoY, Fuel and electricity increased 51.7%, electronic equipment was unchanged and other goods and services increased 2.1% from last year.

Grocery and convinience goods

Salaries and other personnel expenses in Q4 2024

• Salaries and other personnel expenses were ISK 5.2 bn. and increased by ISK 1.2 bn or 31.6% YoY.
• Full-time equivalents increased by 285 YoY but 15 excluding Lyfja. Increase due to changes in FTE without Lyfja amounts to ISK 45 million.
• Contractual wage increases increased total salaries by ISK 117 million YoY.
• YoY increase was 6.5% if effects of increases in full time equivalents, one-off expenses relating to top management changes and FTE from Lyfja are excluded.
• Average cost per FTE increases by 8.5% YoY due to Lyfja

Salaries and other personel expenses Q4 2023	3,954
Change in full-time position equivalents	42
Contractual wage increases	117
Accrued vacation, change	46
Effect of Lyfja's acquisition	949
Other changes	94
Salaries and other personel expenses Q4 2024	5,202

ELKO – Highlights Q4 2024

• Revenue was ISK 6.0 bn., increase of ISK 528 million or 9.6% YoY.
• Margin levels decrease by 1.2 p.p from last quarter and 0.2 p.p between years.
• Renovations in Lindir in October had a negative impact on margin and profit within the quarter.
• EBITDA was ISK 582 million, a decrease of 97 million or 14.3% YoY.
• Profit was ISK 302 million, a decrease of 58 million or 16.0% YoY.

	Q4 2024	Q4 2023	Change	%
Total revenue	6 035 ,	5 507 ,	528	9 6%
Total cost	(5 453) ,	(4 827) ,	(626)	13 0%
EBITDA EBITDA-ratio	582 9 6%	679 12 3%	(97) -2 7 p p	-14 3% -21 8%
EBIT EBIT-ratio	414 6 9%	526 9 6%	(113) -2 7 p p	-21 4% -28 3%
Profit (loss)	302	359	(58)	-16 0%

Krónan – Highlights Q4 2024

Grocery stores

First Swan certified Icelandic grocery school chain

27 8yrs

Happiest customers in the grocery market

•	Revenue was ISK 18.6 bn., an increase of ISK 1.4 bn. or
	8.3% YoY.

• Same number of stores but new locations for online store.
• Margin level consistent YoY.
• EBITDA was ISK 1,431 million, an increase of ISK 51 million or 3.7% YoY.
• Profit was ISK 593 million, an increase of ISK 119 million or 25.1% YoY.

	Q4 2024	Q4 2023	Change	%
Total revenue	18 580 ,	17 151 ,	1 429 ,	8 3%
Total cost	(17 149) ,	(15 771) ,	(1 379) ,	8 7%
EBITDA EBITDA-ratio	1 431 , 7% 7	1 380 , 8 0%	51 -0 3 p p	3 7% -4 3%
EBIT EBIT-ratio	767 4 1%	692 4 0%	75 +0 1 p p	10 9% 2 3%
Profit (loss)	593	474	119	25 1%

Lyfja – Highlights Q4 2024

• Revenue was ISK 4.4 bn., increase of ISK 0.2 bn. or 4.3% YoY.
• EBITDA was ISK 369 million, a decrease of 26 million or 6.5% YoY. One-off costs due to the merger with Festi expensed in the quarter.
• Amortisation of premium of ISK 148 million (6 months) due to the acquisition of Lyfja is included in this quarter.
• Loss was ISK 36 million, a turnaround of 187 million YoY.
• Considering one-off costs and amortisation, the quarter's profit is similar YoY.

	Q4 2024	Q4 2023	Change	%
Total revenue	4 423 ,	4 239 ,	184	4 3%
Total cost	(4 054) ,	(3 844) ,	(210)	5% 5
EBITDA EBITDA-ratio	369 8 3%	395 9 3%	(26) -1 0 p p	-6 5% -10 4%
EBIT EBIT-ratio	20 5% 0	233 5 5%	(213) -5 0 p p	-91 2% -91 6%
Profit (loss)	(36)	151	(187)	-124 0%

N1 – Highlights Q4 2024

• Revenue was ISK 13.6 bn., an increase of ISK 0.2 bn. YoY.
• Sales of fuel and electricity increased by ISK 0.2 bn. or 2.3% YoY. Sales in litres were 50.5 million, 14.5% more volume than last year. Volume increases in most categories.
• Margin increased in fuel and electricity by ISK 0.6 bn. or 51.7% YoY.
• EBITDA was ISK 1,388 million, an increase of ISK 311 million or 28.9% YoY.
• Profit was ISK 442 million, an increase of 303 million between years.

96

Tire and oil service stations locations

	Q4 2024	Q4 2023	Change	%
Total revenue	13 560 ,	13 387 ,	173	1 3%
Total cost	(12 172) ,	(12 310) ,	138	-1 1%
EBITDA EBITDA-ratio	1 388 , 10 2%	1 077 , 8 0%	311 +2 2 p p	28 9% 27 2%
EBIT EBIT-ratio	648 4 8%	329 2 5%	319 +2 3 p p	96 8% 94 3%
Profit (loss)	442	139	303	218 7%

Yrkir - Highlights Q4 2024

• All real estate operations of the Festi Group were brought under Yrkir from January 1 st , 2024, which makes comparison between years difficult.
• Revenue was ISK 1.1 bn., increase of ISK 0.6 bn. or 126.7% YoY.
• Net operating income (NOI) of properties was ISK 949 million, compared to ISK 1,007 million in Q4 2023 for all real estate operations of the Group.
• Utilisation ratio was 98%, same as last year.
• EBITDA was ISK 881 million and profit was ISK 19 million.

82

Properties owned by Group

Properties rented out Own use of properties 90%

	Q4 2024	Q4 2023	Change	%
Total revenue	1 093 ,	482	611	126 7%
Total cost	(212)	(111)	(101)	91 4%
EBITDA	881	371	510	137 2%
EBITDA-ratio	80 6%	0% 77	+3 6 p p	4 6%
EBIT EBIT-ratio	413 37 8%	415 86 2%	(2) -48 4 p p	-0 6% -56 1%
Profit (loss)	19	69	(49)	-72 0%

32

Statement of Financial Position 31.12.2024

Amounts are in ISK million	31.12.2024	31.12.2023	Change	%	Current	ratio
Goodwill	18,367	14,842	3,525	23.7%
Other Intangible assets	8,197	4,260	3,937	92.4%	1 50
Property and equipment	41,217	35,779	5,439	15.2%		1 31	1 29	1 21
Leased assets	10,535	8,097	2,438	30.1%	1 00				1 10
Investment properties	7,012	6,647	365	5.5%	0 50
Shares in associates	2,915	2,621	294	11.2%
Shares in other companies	14	14	0	0.0%	-
Long-term receivables	35	145	(110)	-75.7%		Q4 2021	Q4 2022	Q4 2023	Q4 2024
Non-current assets	88,293	72,405	15,888	21.9%	Inventory	turnover
Inventories	14,118	13,557	561	4.1%	10 0
Trade receivables	7,168	5,985	1,183	19.8%	8 0	8 2			8 3
Other short-term receivables	1,181	723	458	63.3%	6 0		7 6	7 6
Cash and cash equivalents	4,075	3,362	713	21.2%	4 0
Current assets	26,542	23,627	2,914	12.3%	2 0
					-	12M 2021	12M 2022	12M 2023	12M 2024
Total assets	114,835	96,032	18,803	19.6%

• Total assets increase by ISK 18.8 bn. from year-end, there of ISK 11.7 bn. from Lyfja's assets.
• Goodwill increases by ISK 3.5 bn. due to the acquisition of Lyfja, but distribution of goodwill has been finalised.
• Operating assets increase by ISK 5.4 bn., while the revaluation of real estate at year-end amounted to an increase of ISK 3.0 bn.
• Leased assets increase by ISK 2.4 bn., mostly due to the acquisition of Lyfja.
• Increases in current assets, inventories and trade receivables are mostly due to the acquisition of Lyfja.
• Cash and cash equivalents was ISK 4.1 bn. and increase by ISK 713 million from year-end 2023. 33

Statement of Financial Position 31.12.2024

ISK Amounts in million are	31 12 2024	31 12 2023	Change	%	Net interest	bearing	debt
Equity	43 493 ,	35 842 ,	651 7 ,	21 3%	ISK 50 bn
Payable credit institutions to	29 340 ,	26 681 ,	2 659 ,	10 0%	ISK 40 bn ISK bn				ISK 39 9 bn
Lease liabilities	10 001 ,	793 7 ,	2 208 ,	28 3%	30 ISK 20 bn	ISK 29 7 bn	ISK bn 36 3	ISK bn 33 8
Deferred liabilities tax	7 764 ,	6 185 ,	1 579 ,	25 5%	ISK 10 bn
Non-current liabilities	47 105 ,	40 659 ,	6 446 ,	15 9%	ISK 0 bn
						Q4 2021	Q4 2022	Q4 2023	Q4 2024
Payable credit institutions to	3 227 ,	1 807 ,	1 420 ,	78 6%	Net interest	bearing	debt/EBITDA
Lease liabilites	1 388 ,	859	529	61 5%	4
Trade payables	11 787 ,	9 760 ,	2 027 ,	20 8%	0
Other short-term liabilities	7 834 ,	7 104 ,	730	10 3%	3 0	2 9	3 6	3 1	3 2
Current liabilities	24 236 ,	19 531 ,	4 706 ,	24 1%	2 0
					1 0
Total equity and liabilities	114 835 ,	96 032 ,	18 803 ,	19 6%	-
						Q4 2021	Q4 2022	Q4 2023	Q4 2024

• Equity increased by ISK 7.7 bn. The increase in share capital amounted to ISK 2.0 bn. and revaluation of real estate amounted to ISK 2.4 bn. into equity. Equity ratio of 37.9% at year-end.
• Trade payables and other short–term liabilities increased by ISK 2,757 million, of which ISK 2,027 million are due to effects of Lyfja.
• Net-interest bearing liabilities amounted ISK 39,880 million and increase by ISK 6,103 million from year-end due to effects of Lyfja.
• Current capital structure is in line with company strategy and well within the covenant agreements with credit institutions.

Consolidated Statement of Cash Flow Q4 2024

• Cash from operating activities was ISK 809 million, a decrease of ISK 1,126 million YoY. One-off cost amounting to ISK 750 million expensed within the quarter largely explains the difference.
• Investments amounted to ISK 1,701 million in Q4 2024, an increase of ISK 280 million YoY.
• Repayments of interest-bearing debt and lease liabilities amounted to ISK 1,187 million.
• Decrease in cash position in Q4 2024 amounted to ISK 1,989 million.

ISK millions	Q4 2024	Q4 2023	Change	%
Cash of the beginning the period at	6 064 ,	4 232 ,	1 833 ,	43 3%
Cash flows from operating activities	809	1 935 ,	(1 126) ,	-58 2%
Investments	(1 701) ,	(1 421) ,	(280)	19 7%
Other investing activities	115	108	7	6 1%
Transactions with shareholders	0	(310)	310	-100 0%
Transactions with credit institutions	(1 187) ,	(1 143) ,	(45)	3 9%
FX difference cash on	(25)	(37)	12	-32 4%
Cash the end of the period at	4 075 ,	3 364 ,	711	21 1%

Consolidated Statement of Cash Flow 12M 2024

• Cash from operating activities was ISK 9,053 million, a decrease of ISK 361 million YoY.
• Investments amounted to ISK 4,642 million in 2024, an increase of ISK 627 million YoY.
• Dividend paid amounting to ISK 904 million in 2024.
• New loans from credit-institutions amounted to ISK 3,985 million.
• Repayments of interest-bearing debt and lease liabilities amounted to ISK 3,242 million.
• Increase in cash position amounted to ISK 713 million.

ISK millions	12M 2024	12M 2023	Change	%
Cash the beginning of the period at	3 362 ,	2 112 ,	1 250 ,	59 2%
Cash flows from operating activities	9 053 ,	9 414 ,	(361)	-3 8%
Investments	(4 642) ,	(4 015) ,	(627)	15 6%
Other investing activities	(3 466) ,	619	(4 085) ,	-660 1%
Transactions with shareholders	(904)	(2 046) ,	1 143 ,	-55 8%
Transactions with credit institutions	744	(2 659) ,	3 403 ,	128 0%
FX difference cash on	(72)	(63)	(9)	15 1%
Cash of period the end the at	4 075 ,	3 362 ,	713	21 2%

• Quarterly and full-year highlights
• Spotlight - Yrkir

Spotlight - Yrkir

Q4 and 12M results 2024

Quarterly and full-year highlights

• Q4 and 12M results 2024
• Position and outlook

Market related information

Shareholders (10 largest)	%
Lífeyrissjóður verzlunarmanna	12 4
Lífeyrissj .starfsm .rík A-deild	11 0
Gildi - lífeyrissjóður	9 1
Brú Lífeyrissjóður starfs sveit	9 1
Stapi lífeyrissjóður	5 5
lífeyrissjóðurinn Almenni	4 7
Birta lífeyrissjóður	4 4
Frjálsi lífeyrissjóðurinn	3 2
Söfnunarsjóður lífeyrisréttinda	3 0
Brú R deild	2 8

Market information	31 12 2024	31 12 2023	Change
Issued shares	311 m.	301 m.	3 3%
of Price the end the period at	ISK 284	ISK 205	38 5%
Market cap	ISK M 88 396 ,	ISK M 61 757 ,	43 1%
Turnover 12m	ISK 36 098 M ,	ISK 22 781 M ,	58 5%
Number of shareholders	1 219 ,	1 191 ,	2 4%
(12M) Basic earnings share per	13 13	11 31	16 1%

Share price development on Nasdaq OMX Basic earnings per share rolling 12 months (ISK per share)

Outlook for 2025

Position and outlook:

• Overall business outlook remains positive, with expectations of lower inflation, interest rates and a stable labour market.
• The company continues to grow and strengthen, benefiting from synergies with Lyfja and increasing online and app sales across all subsidiaries.
• The overhaul and development of key units continues: Bakkinn is adapting facilities to better support sister companies, Krónan Vallakór will undergo refurbishment this month, and N1 will sharpen the focus of its service stations.
• The sales process of ODR is ongoing and the next steps in the development of Yrkir's development plots will be taken.
• The company is financially strong and well positioned to take on further growth and opportunities to further strengthen the company's performance.

Festi's EBITDA guidance and CAPEX forecast for the year

• EBITDA guidance for 2025 is ISK 14.400 – 14.800 million.
• CAPEX forecast for 2025 is ISK 4.800 – 5.200 million.

Assumptions and risk factors:

• The impact of raised key interest rates on the economy as a whole
• Developments in inflation and exchange rate of ISK
• Uncertainty about the number of tourist arrivals in Iceland and Icelanders´ travels abroad.
• Impact of armed conflicts on commodity prices and supply variety.
• Developments in international affairs and their impact on international trade.

Thank you

• • Disclaimers All information in this presentation is based on sources which Festi hf. considers reliable at the time of publication, but it cannot be guaranteed that the information is infallible.
    - All information in this presentation is owned by Festi hf. It is not permitted to copy, change or distribute in any way information from this presentation, in part or entirety.
    - This presentation is only intended for information purposes and is not part of, or a basis for, any decisions made by the recipient. Recipients should not interpret information in this presentation as a promise or as instructions. Festi hf. is not obliged to provide recipients of this presentation with further information about the company or to make changes or corrections to the presentation if information upon which it is based changes.
    - The company's future outlook is dependent on a number of risks and uncertainties which may have the effect that the actual result in the future is considerably different to the scenario described in this presentation. This includes factors such as exchange rates, the global price of fuel, the availability of funding, new legislation coming into effect and the impact of regulators, etc.
    - Festi hf. wishes to point out that recipients of the presentation should not rely on statements contained within in the future since they are only applicable on the date of publication of the presentation. All statements concerning the company's future prospects are entirely valid with respect to this disclaimer.
    - By receiving this presentation, the recipient agrees that they are bound by the above provisos and limitations.