Eimskipafélag Íslands - Earnings Release 2021

Eimskip: Information regarding Q4 and full year 2021

According to management accounts for December 2021, which are now available, EBITDA in the fourth quarter 2021 will be higher than previously estimated and published on 20 December 2021.

It is estimated that EBITDA in the fourth quarter will be around EUR 31.6 million compared EUR 14.9 million for the same quarter 2020. The previously published range was EUR 26.7 to 29.7 million. EBIT in the quarter will be around EUR 17.5 million compared to EBIT of EUR 3.2 million for the same period 2020.

Main drivers for the increase in EBITDA from the range published in December are higher volume and better margins than expected in the container liner especially in export Iceland. Furthermore, the performance of the Norway operation and the international forwarding operations exceeded expectations. Overall, activity was strong throughout the month which is unusual for December which traditionally sees a slow down over the holidays.

Adjusted EBITDA for the full year 2021 is expected to be around EUR 114.5 million compared to EUR 109.5 to 112.5 million as previously published. Estimated adjusted EBIT will be around EUR 63 million.

Eimskip is still working on 2021 financial closing and the results are subject to change during that process and until the work on financial closing is completed and audited.

The Company will publish its fourth quarter and year 2021 results after market closing on Thursday 17 February 2022.

For further information please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications via phone (+354) 825-3399 or [email protected].