Kaldvik AS

Investor Presentation • Aug 28, 2025

Q2 2025

CEO: Vidar Aspehaug CFO: Róbert Róbertsson

28 August 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

• 2. Operational Updates
• 3. Financial Updates
• 4. Strategic Update
• 5. Outlook and Summary
• 6. Q&A - robert@kaldvik.is

Δ QoQ = Q2 2025 vs Q1 2025 Δ YoY= Q2 2025 vs Q2 2024

Q2 Highlights

Operations Q2

• Q2 1 235 tonnes harvested
• Q2 Group Operational EBIT mEUR -4,3
• YTD Q2 7 618 tonnes harvested

2025G Smolt Release

• ~70% of release executed
• Satisfactory survival rate
• Smolt output completed within Q3

Other topics:

Repair issue

Outlook 2025

• Harvest Guidance 18 000 tonnes
• Q3 guidance of 2 300 tonnes
• Smolt output of 7.5 million

Strategic Update

• Refinancing completed in Q2
• New license in Seyðisfjörður expected 2025

Farming operations (1)

Harvest volume 18 000 tonnes in 2025

2023-Generation – a challenging generation

• Main cause for lowering Harvest guiding 25
• Suboptimal smolt quality
• Last generation not benefiting from new winter wound vaccine and investments in our land facilities.
• Unusually low sea-temperatures Q4/24 Q1/25
• Algae summer 25 caused slower growth and early harvest

Harvest of 2023 generation will be completed in Q3 and Q4 2025

Farming operations (2)

Strategic investments paying off

Generation 2025: 7.5 million smolt guided

• Approximately 70% released
• Satisfactory survival rate
• Smolt output completed within Q3

2025G benefit from strategic investments done in 2023 – 2025, including new and improved vaccine program

• Increased production capacity and water quality
• Improved operational routines
• Proactive health management including new vaccine strategy
• Improved operational efficiency through additional wellboat capacity

• Kontali projects global supply to growth of 8.1% y/y 2025 and 1.0% y/y in 2026

Sales and harvesting

Sales Q2

Limited harvest during the quarter

• 1 235 tonnes
• 40% superior

Low market prices compared to previous years Fixed prize US above market prize

Harvesting Q2

Limited activities

• High unit cost pr kg harvested due to low capacity utilization
• Used opportunity to upgrade harvest site during the quarter

New project initiated to prepare harvest site for further expansion

Preparing for a busy period going forward (Q4)

Financial Update

Q2 Highlights

Group EBIT/KG (EUR) Operational

Q2 2025 Q2 2024 YTD 2025 YTD 2024

Financial Summary

Assets

Assets increased by EURm 27 primarily due increased cash balance after private placement during the quarter and investment in biological assets.

L iab ilities

Liabilities decreased by EURm 16 during the quarter.

Due to payment of the purchase price from the acquisition of box factory and 1/3 of Búlandstindur of EURm 15.2 Trade and other payables decreased by EURm 8.2

Equity

Eq uity

Kaldvík successfully completed a private placement during the quarter, issuing a total of 44.2 million new shares.

Equity ratio increased to 57% after the private placement.

NIBD

NIBD decreased by EURm 8 in Q1.

• EBITDA amounted to negative EURm 1.7
• Net Investment in working capital EURm 29.5
• Capex amounted to EURm 3.7
• Financial Items EURm 4.5
• Increased equity EURm 45.4

NIBD EURm Changes to NIBD including lease liability in Q2 2025 (EURm)

Refinancing and private

• Kaldvík entered into an agreement with its bank syndicate to increase and extend existing debt facilities during the quarter. Loan facilities of EURm 230.2
• Private placement of 38 million new shares at subscription price of NOK 14,0 per share.

Settlement of strategic assets

• Settlement for the acquisition of Djúpskel ehf and 33,3% stake in Búlandstindur with 6.2 million new shares at subscription price NOK 27,6 per share.

Other items

Share repair

• The Subsequent Offering ensures that eligible shareholders have the opportunity to subscribe for new shares at the Subscription Price of NOK 14 per share, which is the same price as at the private placement in June

Investigation

• In August, minority shareholders submitted a request to the District Court Norway to initiate an investigation concerning the acquisition of certain strategic assets H1 2025.

• Set to take place during Q3

• Set to be resolved during autumn 2025

Strategic Update

New Licence Seyðisfjörður

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
  • Planned final issuing during 2025
• Strategic opportunity new production area
  • Increased capacity
  • Increased flexibility
  • Reduced biological risk at sea

Outlook

Outlook

• Q3 2025 harvest volume approx. 2 300 tonnes
  • Continue harvesting Fall 2023 Generation
  • Start harvesting Spring 2024 generation
• Q4 2025 harvest volume approx. 8 100 tonnes
• Harvest volume 2025 expected to reach 18 000 tonnes
• Projected output for 2025 7.5 million smolts

The sole operator in the East Fjords

Kaldvik license portfolio (kt MAB)

No sea lice treatment

Recent years

• Strategic investments in land
• Rapid biomass built-up
• Consolidation and scaling towards higher Volume is key run-rate levels

Today – Milestone 1 within reach

• Release of 7.5 million robust smolts
• Record low transport mortality
• Fully invested to reach 30.000 tonnes run rate

Potential

11.3 18.0 15.0 45.0 x3 4.4 Harvested Volume (1000 tonnes) 30.0 15.0 2021 2022 2023 2024 2025 Milestone Potential

Future potential

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

Outlook and summary

Acquisition of strategic assets

Improved production capacity during

Box factory in Djúpivogur and 1/3 shares in Búlandstindur Harvesting

Purchase price NOKm 190

2024: EURm 25.

development.

station.

2024

Investment program to reach

Invest in sustainable production. Quality control and systematic

ASC certification achieved in Q3 2024.

capacity 30 000 tonnes.