Kaldvik AS

Investor Presentation • May 28, 2025

Q1 2025

CEO: Roy-Tore Rikardsen CFO: Róbert Róbertsson

28 May 2025 Reykjavík, Iceland

Disclaimer:

This presentation may contain forward-looking statements relating to the business, financial performance and results of Kaldvik AS.

Forward looking statements are statements that are not historical facts and may be identified by words such as "predicts", "anticipates", "believes", "estimates", "expects", "projects", and other similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions.

Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other important factors could cause the actual business, financial performance, results or the industry and markets in which Kaldvik AS operates to differ substantially from the statements expressed or implied in this presentation by such forward-looking statements

Agenda

1. Highlights

• 1. Operational Updates
• 1. Financial Updates
• 1. Strategic Update
• 1. Outlook and Summary
• 1. Q&A

Δ QoQ = Q1 2025 vs Q4 2025 Δ YoY= Q1 2025 vs Q1 2024

Q1 Highlights

Operations Q1

• 6 383 tonnes Harvested in Q1
• EUR 1,54 EBIT/KG
• Price achievement EUR 7,44

Refinancing process initiated

• Long-term financing package of up to EURm 230.2
• New equity EURm 45.0

Outlook 2025

• Harvest Guidance 21 500 tonnes
• Q2 guidance of 1 200 tonnes
• Smolt output of 7.5 million

Strategic Update

• Acquisition of strategic assets
• New license in Seyðisfjörður

Farming operations Land

Target 2025: 7.5 million smolt released

Entering the spring season with record-high numbers and biomass at land-based stations.

Over 60% of smolt are scheduled for early transfer, before August this year.

The new grow-out facility in Land North (Rifós) became operational in Q1 2025.

Strong production performance, with yearover-year mortality reduced by over 30% in recent years.

Farming Operations Sea

• Harvest volume reached 6.383 tonnes in Q1
  • Harvest volume exceeded guidance, primarily due to winter wounds affecting the 2023 Generation
  • Year-over-year increase in harvest volume (Q1), supported with strong harvest weight
  • Completed harvest of Autumn 2022 Generation and Spring 2023 Generation
• Target 2025: 7.5 million smolt released
• Temperatures normalized toward the end of the quarter

Outlook Biology

• Q2 2025 harvest volume approx. 1 200 tonnes
• Continue harvesting Autumn 2023 Generation
• Harvest volume in 2025 expected to reach 21 500 tonnes
• Projected output for 2025 7.5 million smolts

Sales and harvesting

Price achievement of EUR 7,44 per kg despite low superior share of 62%

Sales through fixed price contracts amounted to 25% of total sales during Q1

The newly formed sales and trading organisation has put focus on developing new markets

Potential in VAP/Logistics

Integrated box factory – reduced box cost in full effect in Q2

Increased flexibility with full ownership of harvesting facility

Financial Update

0,6 0,6

* FY 2024 figures adjusted for one-off biomass write-down

Financial Summary

Assets

Assets are increased by EURm 17 primarily due to the acquisition of the box factory and increased cash balance

Liabilities EURm 219 240 214

Liabilities

Liabilities Increased by EURm 26 during the quarter. Mainly due to EURm 25 bridge facility and purchase price payable related to the acquisition of the box factory

Equity

Equity

Equity ratio 52% at the end of the quarter.

NIBD

NIBD EURm Changes to NIBD including lease liability in Q1 2025 (EURm)

NIBD

NIBD decreased by EURm 8 in Q1.

• EBITDA amounted to EURm 12.7
• Net Investment in working capital EURm 10.5
• Capex amounted to EURm 4.6
• Increase due to acquisition of Box factory increased NIBD by EURm 7.1

Waiver in Q1

Kaldvík obtained waiver of the

• following covenants in Q1:
  • •Minimum interest cover of 3.0x;
  • •Maximum leverage of 5.0x
  • •Minimum liquidity EURm 10.

Financing

Kaldvík obtained bridge facility of EURm 25 in Q1 payable in May 2025.

In Q1 net loans from the bank syndicate amounted to around EURm 155 of total Facility of EURm 180.

Loan facility of up to EURm 230.2

• The Company entered into an agreement with its bank syndicate to amend, increase and extend existing debt facilities.
• Maturity date is extended with 2 years (April 2028)
• Increase Term loan with EURm 25m
• Increase Revolving credit facility with EURm 8
  • Uncommitted incremental facility of EURm 10.0 from Q1 2027.
• Lease basket of EURm 20
• Light covenants and 21-month instalment holiday
• In connection with the refinancing, it is a condition for the new financing that the company raises EUR 45 million in new equity. The company is in the process of launching such an equity raise, with strong backing from its majority shareholder, Austur Holding AS.

New financing package

EURm	Committed amount (Q1'25)	Drawn amount (Q1'25)	Incr. committed amount	Total committed amount
Term Loans (incl. Capex)	88.2	82.9	25.0	113.2
Revoling Credit Facility	82.0	60.6	8.0	90.0
Mossi/Djupskel	7.0	7.0	-	7.0
Bridge facility	25.0	25.0	(25.0)	-
Bank debt package	202.2	175.5	8.0	210.2
Leasing	2.6	2.6	17.4	20.0
Total debt financing	204.8	178.1	25.4	230.2
New equity	-	-	45.0	45.0
Total financing package	204.8	178.1	70.4	275.2

Light covenants 2025 –	2026	Covenants 2027 – 2029
Equity ratio > 45%		Equity ratio > 45%
YTD EBITDA >0	during Q2 - Q4 2025	NIBD/EBTIDA < 6,5	during Q1 2027
LTM EBITDA > EURm 5.0	during Q1, Q2 2026	NIBD/EBTIDA < 5,5	during Q2 2027
LTM EBITDA > EURm 10.0	during Q3, Q4 2026	NIBD/EBTIDA < 5,0	from Q3 2027
		ICR > 1,5	during Q1,Q2 2027
		ICR > 2,5	from Q3 2027

Vertically Integrated Value Chain Transaction Key Assets New Licence Seyðisfjörður

Vertically integrated with substantial investments made to date

All infrastructure in place with capacity to handle milestone 30kt volumes in-house

(~45kt)

= Investment needed (longer term

~= Limited investment needed

perspective)

Fully-owned processing facility with significant capacity

Smolt production Processing and

Recently increased ownership to 100% in processing facility and acquired new box factory

distribution Salmon farming End customer

New Licence Seyðisfjörður

• Licence size
  • Fertile tonnes 6.500 MAB
  • Sterile tonnes 3.500 MAB
  • Total tonnes 10.000 MAB
• Application process and expected timeline
  • Started application process in 2016
  • Planned final issuing during 2025
• Strategic opportunity new production area
  • Increased capacity
  • Increased flexibility
  • Reduced biological risk at sea

Outlook

Potential

Milestone 1

• Successful release of 7.5 million smolts 2025
• Improved production with low mortality and good weight
• 30.000 tonnes harvested → Generation 2025

Future potential

• Bigger and more robust smolts
• License optimisation
• Sterile production

Kaldvík is positioned for enhanced profitability

Regained biomass and shifting focus toward run-rate volumes and scaling of fixed cost base in order to drive profitability

Stage 1

Stage 2

Stage 1: Developing an entirely new industry on the East Coast of Iceland

✓

• Ice Fish Farm (est. 2012) and Laxar (est. 2005) operated as separate companies, developing the infrastructure of an entirely new industry in Iceland and the East Coast
• First salmon generation harvested in 2013
• Attracting local and international investor capital as leading global seafood investors recognized the vast potential of the region
• 2020 proved to be a profitable year for Kaldvík, highlighting the potential within Icelandic salmon farming

2020 financials (Ice Fish Farm)

92% superior share ~1.4 EUR EBIT/kg¹ 4.3kt harvest (HOG)

2021 – 2024

Stage 2: Rapid growth, consolidation and scaling towards run-rate levels

✓

• Acquisition of Laxar becoming sole operator in East Fjords – 3 remaining market players
• ISA disease, winter wound and general focus on stabilizing and enhancing operations impacting biomass and profits
• Substantial focus on value chain and rigging the company to reach milestone harvest targets and scaling towards profitability
• Key initiatives include proactive health management strategy, expansion and improvement of freshwater facilities, larger and more robust smolt, and increase in wellboat capacity
• Regaining biomass towards the tail-end of this period following enhanced operations and biological control

~15kt

Today

Stage 3: Reaching run-rate volumes and boosting profitability

Near-to-medium term focus

Milestone 1:

• Fully invested value chain and current smolt release of ~7.5m at ~400g avg. size supporting run-rate ~30kt annual volumes
• Fixed cost base in place to handle run-rate volume, supporting significant EBITDA potential when scaling from ~15kt to ~30kt

Stage 4: Operational optimization and full license capacity utilization Longer-term potential

Long-term

• Scaling toward 45kt potential in the longer term supported by 53.8kt MAB total license capacity²
• Further increases in smolt size to reduce cycles (2-year vs. 3-year) and reduce risk
• Utilize sterile production of 9.3-12.8kt (3-4kt tonnes run-rate)
• License optimization and transition toward new production sones

1) 2020 EBIT/kg Salmon for Ice Fish Farm adjusting for cost related to Rifos and harvest of Arctic charr (which has been discontinued)

2) Including 10.0kt pending license applications (expected to be granted in Q2 2025)

Outlook and summary