Icelandic Salmon AS

Earnings Release • Feb 18, 2025

SUMMARY PRESENTATION Q4 2024

questions@arnarlax.is

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

Q4 SUMMARY

Stable biology in the quarter

Stable biological situation, higher volumes, solid quality on harvest volume, and good lice control

Quarterly harvest volume of 6,455 tonnes, compared to Q4-23 at 7,219 tonnes

• Finalized harvesting of autumn 2022 generation, and started harvesting on 2023 generation in Q4-24
• Q4 harvest volume reflects optimalization of MAB

2.0 million in Q4-23

• Lower harvest volumes compared to the corresponding quarter last year
• Cost level affected by biological challenges in H1-24

KEY RESULTS	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Operating income ('000 EUR)	49,887	51,642	101,455	164,816
Operational EBIT ('000 EUR)	1,412	2,018	(5,892)	20,275
Operational EBIT (%)	3%	4%	(6%)	12%
Harvest volume ('000 tgw)	6.5	7.2	11.7	17.9
Operational EBIT/kg	0.22	0.28	(0.50)	1.13
Operational EBIT/kg (ex. one-offs)	0.31	1.00	0.23	1.52

LICENSE STATUS STRATEGIC UPDATE

LICENSES

• The license for 10,000 tonnes MAB of sterile salmon in Ísafjarðardjúp was revoked in Q3
• We are working closely with authorities on the next steps regarding this license

APPLICATIONS PENDING APPROVAL

• Establishing larger sites for better MAB utilization
• 4,500 tonnes MAB in Arnarfjörður

NEW LAW PROPOSAL

• Election for a new Government in November 2024
• The new law proposal is planned for introduction in the Alþingi during fall legislative session, in an updated form
• 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
  • Larger fish than market average (Our avg.weight: 5.2kg gwt vs. Norwegian market avg. in Q4: 3.9kg gwt*)
  • 89% • North America: Strong market in Q4 and gave a high share of sales to that market (18%)
  • Asia: Large sizes gave high share of sales (13%)
• Contract share for Q4 was 11% and for FY 2024 14%

FINANCIAL HIGHLIGHTS

GROUP BALANCE

FINANCIAL HIGHLIGHTS

Equity ratio

NIBD w/leasing

KEY UPDATES FOR FOURTH QUARTER 2024

Extension on financing agreement

• Additional EUR 65 million, increasing the loan facility to EUR 160 million.
• Extension on our current Sustainability linked facility with DNB and Danske Bank

BALANCE SHEET HIGHLIGHTS

Investments

• Limited investments over the quarter
• Focus on smolt facilities

Equity ratio

— Improved following positive operational performance

2024 Consolidated Annual Report: Will be published on April 25th on the Group's website www.Arnarlax.is

NIBD Q4 2024

NET INTEREST-BEARING DEBT

Decrease in NIBD including leasing, of EUR 2.5 million

• Positive EBITDA EUR 5.5 million
• Positive change in working capital EUR 5.6 million

Investments in smolt facilities are proceeding as planned

OPERATIONAL UPDATE

SUSTAINABILITY – IT'S IN OUR NATURE 9

SUSTAINABILITY – IT'S IN OUR NATURE 10

OPERATIONAL UPDATE

STATUS

• Stable biological situation in sea during Q4
  • Sea temperature 1°C below normal
  • Good MAB utilization on Arnarfjörður licenses
  • Sea lice situation well under control
  • Improved performance on the smolts output
• Cost reduced compared to previous quarters
• High harvest volumes compared to Q3-24
  • A record harvest month in October with 3,000 tonnes
• Still some ongoing challenges with POX-virus in smolt production
• Continued strong demand in the market

OUTLOOK

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

• Long-term growth potential of up to 26,000 tonnes on existing licenses within current regulatory framework
• Significant biomass increase expected in 2025, and better MAB utilization
• Strengthening our value chain to address challenges: Smolt capacity, licenses in sea water, harvest capacity and sales
• Continue building strong corporate culture with our highly committed staff
• Volume guidance for 2025 maintained at 15,000 tonnes
• Expect a high cost level and low volume in the first half of 2025
• Contract share expected at 10% in Q1, and ~10% for FY 2025

Q&A SESSION STARTING SOON