Eimskipafélag Íslands — Earnings Release 2022

Nov 3, 2022

Vilhelm Már Thorsteinsson, CEO María Björk Einarsdóttir, CFO

PRESENTATION OF

Q1 2022 RESULTS

PRESENTATION OF Q3 2022 RESULTS

Q3 HIGHLIGHTS STRONG QUARTER FOR ALL SEGMENTS

• Increase in EBITDA from Q3 2021 mostly attributable to the container liner system and primarily driven by growth in Trans-Atlantic services
• Good utilization and increased operational efficiency supported by strong volume in import to Iceland and Trans-Atlantic
• Export Iceland volume started to pick up at the end of the quarter after a relatively slow summer
• Financial contribution from Trans-Atlantic services continues to be substantially higher than last year, supported by rates and volume that reflect the high demand on this international trade lane
• High activity and good contribution from services supporting the liner system such as land transportation, warehousing and cold storage, customs services etc.
• International forwarding continued to perform well in the quarter
• Space and equipment availability continued to improve in the quarter
• Global freight rates started to drop significantly in the quarter, putting pressure on margins, due to general slowdown in the global economy
• Important steps towards energy transition in the operations were taken in the quarter with a formal co-operation with Landsvirkjun and investments in the first electric trucks in Eimskip's fleet

ECONOMIC OUTLOOK AFFECTING GLOBAL SHIPPING MARKETS

GLOBAL FREIGHT RATES ARE DECREASING SHARPLY…

…BUT THE TRANS-ATLANTIC TRADE LANE IS STILL STRONG

ute	20-Oct-22	27-Oct-22	3-Nov-22	Weekly change (%)	Annual change (%)
mposite Index	\$3,383	\$3,145	\$3,050	$-3\%$	$-67\%$
anghai - Rotterdam	\$4,436	\$3,845	\$3,684	$-4\%$	$-73\%$
tterdam - Shanghai	\$887	\$887	\$876	$-1\%$	$-45\%$ $\blacktriangledown$
anghai - Genoa	\$4,614	\$4,200	\$4,087	$-3\%$	$-68\%$
anghai - Los Angeles	\$2,497	\$2,412	\$2,364	$-2\%$	$-76\%$
s Angeles - Shanghai	\$1,175	\$1,180	\$1,165	$-1\%$	$-10\%$
anghai - New York	\$6,214	\$6,034	\$5,694	$-6\%$	$-55\%$
w York - Rotterdam	\$1,308	\$1,319	\$1,318	$0\%$	11% ▲
tterdam - New York	\$7.264	\$7,284	\$7,426	2%	21% ▲

General slowdown in demand and worsening outlook driving freight rates down

Shanghai Containerized Freight Index Source: Statista

Source: Drewry Supply Chain Advisors

• The great uncertainty in the Global economy and fear of global recession driven by e.g., high inflation and the energy crisis in Europe causing a general slowdown in demand worldwide
• This has put pressure on global freight rates
• The biggest drop has been in the Trans-Pacific rates while the Trans-Atlantic route remains the only major trade lane that is up YoY
• Dropping global rates will put pressure on margins in Eimskip's forwarding operations
• Congestion which resulted in a long period of serious space and equipment shortage with the Deep-Sea Lines is easing up on most trade lanes
• This has increased forwarders' access to space and equipment allocation and could positively affect Eimskip's forwarding volume development
• Eimskip is well positioned as a niche ocean carrier in the North-Atlantic region servicing export driven economies highly dependent on import
• Eimskip's sailing system is mainly servicing trade lanes that did not follow the same increases as the major routes and the price levels are more stable
• Eimskip's forwarding operations are focused on transportation of chilled and frozen goods which are generally more resilient than demand for other goods in a recessionary environment

DIVERSE SUSTAINABILITY PROJECTS

Important milestones in energy transition

Eimskip aims to be at the forefront of energy exchange and has clear goals when it comes to reducing carbon emissions.

Landsvirkjun, the National Power Company of Iceland, and Eimskip signed a Letter of Intent concerning Eimskip's energy transition for its vessel- and land transportation fleet.

The Companies will jointly analyze market conditions and technology development regarding the use of hydrogen or e-fuel which will be the basis for potential procurement and sales of hydrogen or e-fuel produced by Landsvirkjun or its partners.

ENERGY TRANSITION

Eimskip DK has for the last 6 years cooperated with the Youth Center, a part of the job center in Aarhus Kommune, by offering internships to young people who have been on the edge of the labor market. The target group is made up of activity ready young people that are furthest away from the labor market.

The interns have their own mentor in the warehouse and follow an individual career plan. With the partnership with Aarhus Kommune Eimskip supports the important personal development of these young people in this untraditional program.

PARTNERSHIP WITH YOUTH UNIT AT JOB CENTER

MORE STEPS TOWARDS GREENER ENERGY

Eimskip has invested in two 15-tonne electric Volvo trucks, but the vehicles will be delivered in March next year.

The Company has previously invested in smaller delivery trucks powered by green energy, including methane and electric vehicles.

Eimskip's sustainability status has recently been evaluated by Reitun. Using the three pillars of sustainability, Environment, Social, and Governance, the risk assessment reflects the company's risks, management, and results.

The total score is 73 points or B2 which is above average. That is a good result, but the company has ambitions to score even higher as it's sustainability journey progresses.

SUSTAINABILITY SCORE ABOVE AVERAGE (EVALUATED BY REITUN)

OPERATING ACTIVITIES

LINER VOLUME

Strong growth in import to Iceland and Trans-Atlantic services while decreased capacity affected volume in Norway

CONTAINER LINER ANALYSIS

Utilization remains good and a fourth vessel to be added to the North-America route in November to meet strong demand

• Eimskip temporarily increased capacity on the green line during the summer of 2022 with good results
• By rotating vessels capacity was shifted from Norway over to the Trans-Atlantic trade lane to meet excess demand
• positive
• Increased export to North-America by Icelandic and Faroese customers
• favorable rates
• • The vessel will enter the schedule in mid-November

• The North-America route has continued to be well utilized and outlook is

• Continued strong demand for Trans-Atlantic transportation combined with

• To meet this strong demand, a 700 teus vessel has been chartered which enables a fourth vessel to be added on the route

FORWARDING VOLUME

Space and equipment availability has improved but change in market conditions is starting to put pressure on margins

OPERATING ACTIVITIES

FINANCIAL RESULTS

EUR thousand	Q3 2022	Q3 2021	Change	%
Revenue	292,173	236,607	55,566	23.5%
Expenses	242,595	199,831	42,764	21.4%
Salary and related expenses	33,425	29,611	3,814	12.9%
EBITDA	49,578	36,776	12,802	34.8%
Depreciation and amortization	(15,501)	(12,962)	(2,539)	19.6%
EBIT	34,077	23,814	10,263	43.1%
Net finance expense	(2,664)	(2,909)	245	(8.4%)
Share of profit of affiliates	3,866	4,071	(205)	(5.0%)
Net earnings before income tax	35,279	24,976	10,303	41.3%
Income tax	(7,142)	(4,256)	(2,886)	67.8%
Net earnings for the period	28,137	20,720	7,417	35.8%
Key ratios
EBITDA ratio	17.0%	15.5%
EBIT ratio	11.7%	10.1%
Profit margin	9.6%	8.8%

INCOME STATEMENT

Strong financial results in Q3 driven by good performance of all business units

• Generally high activity in all business units, reflecting the relatively strong economic conditions in Eimskip's home market during the quarter

• Results in liner services driven by good utilization of the sailing system combined with healthy margins

• Strong volume in import to Iceland and Trans-Atlantic services

• Financial contribution from the Trans-Atlantic services substantially higher than last year with rates that reflect the high demand on this trade lane

• Good contribution from cold storage and warehouse operations worldwide

• International forwarding continues to perform well despite lower volume

• Expenses affected by price increases from 3rd party transportation suppliers, oil prices and general inflation

• Salary expenses increase by EUR 3.8m or 12.9%

• Thereof EUR 0.7m increase due to currency effect or 2.4%

• EBITDA in the quarter of EUR 49.6m which is an increase of EUR 12.8m

• EBIT of EUR 34.1m which is an increase of EUR 10.3m YoY

• Depreciation & amortization increases by 20% mainly due to increase in right-of-use assets

• from previous year
• last year

• Net earnings of EUR 28.1m compared to EUR 20.7m in the same period

Q3 HIGHLIGHTS

REVENUE ANALYSIS

Strong revenue growth in the quarter driven by good liner volume, growth in Trans-Atlantic and increased cost of 3rd party services

EXPENSE ANALYSIS

Expense increase driven by high activity, cost of 3rd party services, oil prices and general inflation

EBITDA results mainly driven by container liner on back of good volume and growth in Trans-Atlantic

EBITDA ANALYSIS

Million EUR	Q3 2022	Q3 2021	Change
EBITDA	49.6	36.8	12.8
Working capital changes & EBITDA adjustments	(9.1)	2.6	(11.7)
Paid taxes	(1.4)	(0.1)	(1.3)
Maintenance CAPEX	(5.1)	(3.8)	(1.2)
Cash flow from operations	34.0	35.4	(1.4)
Debt repayment and interests	(5.0)	(4.7)	(0.4)
Repayment of lease liabilities	(8.7)	(6.3)	(2.4)
Cash flow after debt and lease service	20.3	24.5	(4.1)
Net investments	(5.9)	7.1	(13.0)
Debt funding	0.3	8.8	(8.4)
Change in revolver facilities	0.0	(20.0)	20.0
Free cash flow to equity	14.7	20.3	(5.6)
Dividend to minority	(0.3)	(0.1)	(0.2)
Share buy-back	(5.7)	0.0	(5.7)
Distribution to shareholders	0.0	0.0	0.0
Change in Cash	8.8	20.2	(11.4)
Paid ICA settlement	0.0	(10.2)	10.2
Cash position at end of period	46.6	25.1	21.5

CASH FLOW

Continued good cash flow from operations and strong liquidity at the end of the quarter

• Cash flow from operations is EUR 34.0m in the quarter and is in line

• Maintenance CAPEX amounted to EUR 5.1m

• with same period last year
• net investment

• Free cash flow to equity EUR 14.7m in the quarter, a decrease by EUR 5.6m from last year due to increase in net working capital and higher

• Strong liquidity at end of the period or EUR 46.6m which the company considers an advantage given current global economic outlook

HIGHLIGHTS

CASH FLOW FROM OPERATIONS DEVELOPMENT

MAINTENANCE CAPEX & INVESTMENTS

Maintenance CAPEX and new investments on track

DEVELOPMENT IN MAINTENANCE CAPEX & NEW INVESTMENT

• Maintenance CAPEX in 9M 2022 amounting to EUR 13.7m

• Sustainable maintenance CAPEX level, given current operation and asset portfolio, is estimated in the range of EUR 20-24m per annum (not adjusted for recent price

• Continued emphasis on selecting more environmentally friendly options and green solutions when renewing equipment and machines

• Long lead times will most likely cause some of this year's planned CAPEX to be

• General new investments target of EUR 5-10m per year on projects that strengthen and support organic growth of the operations

• • increases)

• deferred to 2023

• New investment in 9M 2022 of EUR 6.9m

• • facilities in Faroe Islands
  • finish before year-end 2023

• Main projects in the period and on the horizon include;

• A new mobile crane in Sundahöfn was delivered in July and is in operation

• Land connection project in Sundahöfn expected to be finalized in Q4

• Groundworks have started for the new CFS, cold storage and extended office

• Automated gate project in Sundahöfn terminal has started and is expected to

• Updated three-year CAPEX plan will be presented along with the Q4 2022 results

MAINTENANCE CAPEX HIGHLIGHTS

NEW INVESTMENT

Increasing efficiency and modernizing processes at Sundahöfn Terminal

• The container gate in Sundahöfn is used by trucks when dropping off and picking up containers at the terminal (gating in/gating out)
• Annually, around 60,000 containers move through the gate
• With increased volume in Sundahöfn, waiting times at the gate are becoming longer and the current gate does not have the capacity to handle much additional volume growth
• Currently, the processes around the gate operations are both paper-heavy and manual
• The Board of Directors has approved an investment in a new container gate with increased capacity in a more strategic location inside the terminal
• Additionally, the investment includes implementing new technology and redesigning the gating in/gating out processes
• Automatic container and truck recognition system will eliminate the need for human interaction at the gate
• Furthermore, the project includes adding automated recognition technology to the Gantry Crane Straumur which will improve efficiency in loading and discharging vessels
• The total investment is around EUR 3.0m and annual cost savings are estimated around EUR 700k
• Estimated project IRR around 20% and NPV of around EUR 2m
• Preparation is already underway and the project is expected to be finished before year-end 2023

INVESTMENT IN AN AUTOMATED CONTAINER GATE AND OCR SYSTEM

• One lane for gating in/out and weighing • Manual processes with no automation • Three employees in gate operations • No surveillance of container equipment

• possible
• Paper-heavy operation

• 4 lanes for gating in/out and two weighing

• No human interaction at the gate but exceptions handled remotely by trucking

• stations
• Automatic container and truck recognition
• department
• Container condition recorded and traceable
• Paperless operations

CURRENT CONTAINER GATE

NEW CONTAINER GATE

OUTLOOK NEAR-TERM OUTLOOK REMAINS GOOD DESPITE GROWING ECONOMIC UNCERTAINTY

• Overall, a good start of the fourth quarter and positive outlook for the remainder of the year
• The Liner system continues on a good track with generally good volume
• Import to Iceland is on a stable level which reflects the resilience of the Icelandic economy under current external conditions
• Upwards trend in Export Iceland volume with fish exports picking up after a relatively slow summer, increase in salmon harvesting and other commodity exports on a good and consistent level
• Continued strong demand for Trans-Atlantic services west-bound while east-bound volume remains stable and fourth vessel to be added to the North America route in November
• International forwarding with solid results so far in the quarter despite turbulence in global transportation markets
• Global freight rates have been decreasing sharply following slowdown in global demand, less congestion and better availability of equipment and space with the Deep-Sea lines
• Expecting prices in Eimskip's forwarding operation to decrease from current levels but volume to remain stable or even to increase in certain trade lanes partly offsetting the rate reduction
• The global economic outlook for next year is marked by great uncertainty and inflationary pressure that is affecting both international trade volume and labor markets world-wide
• The Company has started to analyze and evaluate its options in renewing the container vessel fleet
• Focusing on next generation of vessels using alternative greener fuel

THANK YOU

APPENDIX

THIS IS EIMSKIP

Eimskip is a leading transportation company in the North-Atlantic providing container and reefer liner services with connections to international markets and is specialized in worldwide freight forwarding services with a focus on frozen and chilled commodities

19%

EQUITY: EUR 296 m (43.7%)

KEY FIGURES 9M 2022

TOTAL ASSETS: EUR 677 m

REVENUES: EUR 815 m

EBITDA: EUR 125 m

GEOGRAPHICAL SPLIT OF REVENUE

• Iceland Norway
• Asia Faroe Islands
• Europe N-America

INCOME STATEMENT AND CASH FLOW 9M 2022

Strong financial performance YTD

EUR thousand	9M 2022	9M 2021*	Change	%	Million EUR	9M 2022	9M 2021	Change
Revenue	814,972	627,969	187,003	29.8%	EBITDA	124.7	82.8	41.9
Expenses Salary and related expenses	690,255 100,674	555,389 89,455	134,866 11,219	24.3% 12.5%	Working capital changes & EBITDA adjustments Paid taxes Maintenance CAPEX	(19.1) (2.8) (13.7)	(19.1) (1.2) (8.7)	(0.0) (1.6) (5.0)
EBITDA Depreciation and amortization	124,717 (45,727)	72,580 (37,002)	52,137 (8,725)	71.8% 23.6%	Cash flow from operations Debt repayment and interests	89.1 (15.6)	53.8 (15.1)	35.3 (0.5)
EBIT	78,990	35,578	43,412	122.0%	Repayment of lease liabilities Cash flow after debt and lease service	(23.2) 50.3	(12.7) 26.0	(10.5) 24.3
Net finance expense Share of profit of equity accounted investees	(7,100) 8,327	(6,165) 5,249	(935) 3,078	15.2% 58.6%	Net investments	(5.1)	9.6	(14.7)
Net earnings before income tax	80,217	34,662	45,555	131.4%	Debt funding Change in revolver facilities Free cash flow to equity	0.3 0.0 45.5	18.9 (20.0) 34.5	(18.6) 20.0 11.1
Income tax	(16,721)	(7,990)	(8,731)	109.3%	Dividend to minority	(0.9)	(0.6)	(0.3)
Net earnings for the period	63,496	26,672	36,824	138.1%	Share buy-back Distribution to shareholders	(11.2) (25.1)	0.0 (14.2)	(11.2) (10.9)
Figures and key ratios*					Change in Cash	8.3	19.7	(11.3)
EBITDA ratio EBIT ratio	15.3% 9.7%	11.6% 5.7%			Paid ICA settlement	0.0	(10.2)	10.2
Profit margin	7.8%	4.2%			Cash position at end of period	46.6	25.1	21.5

EUR thousand	30.9.2022	31.12.2021	Change	%
Non-current assets	423,466	435,719	(12,253)	(2.8%)
Fixed assets	290,524	291,746	(1,222)	(0.4%)
Right-of-use assets	98,818	120,514	(21,696)	(18.0%)
Other non-current assets	34,124	23,459	10,665	45.5%
Current assets	253,659	198,605	55,054	27.7%
Trade and other receivables	195,136	152,674	42,462	27.8%
Other current assets	11,969	8,945	3,024	33.8%
Cash and cash equivalents	46,554	36,986	9,568	25.9%
Assets	677,125	634,324	42,801	6.7%
Equity	296,189	261,465	34,724	13.3%
Non-current liabilities	209,021	233,254	(24,233)	(10.4%)
Loans and borrowings	124,651	133,230	(8,579)	(6.4%)
Lease liabilities	75,073	91,768	(16,695)	(18.2%)
Other non-current liabilities	9,297	8,256	1,041	12.6%
Current liabilities	171,915	139,605	32,310	23.1%
Loans and borrowings	13,513	13,603	(90)	(0.7%)
Lease liabilities	30,695	28,229	2,466	8.7%
Trade and other payables	114,387	97,773	16,614	17.0%
Income tax payable	13,320	4,562	8,758	-
Liabilities	380,936	372,859	8,077	2.2%
Equity and liabilities	677,125	634,324	42,801	6.7%

BALANCE SHEET

Strong financial position and leverage currently below target

HIGHLIGHTS

• Working capital items increasing due to seasonality and increasing

• turnover

• Cash position increases by EUR 9.5m from year end despite EUR 36.3m payments to shareholders

• Equity ratio 43.7%, slightly above the long term-target of ~40%

• Leverage ratio 1.23x while the long-term target is between 2-3x

• The company considers this strong financial position an advantage in the current external environment which is marked by uncertainty

NET INTEREST BEARING DEBT AND LEVERAGE RATIO

OPERATING RESULTS ('000 EUR)	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Revenue	292,173	283,115	239,684	254,748	236,607	211,134	180,228
Expenses	242,595	238,362	209,298	223,269	199,831	191,639	163,919
Salaries and related expense	33,586	34,943	32,306	32,850	29,611	30,613	29,231
Settlement with ICA	-	-	-	-	-	10,219	-
EBITDA	49,578	44,753	30,386	31,479	36,776	19,495	16,309
EBIT	34,077	29,825	15,088	17,471	23,814	7,252	4,512
Net earnings for the period	28,137	24,904	10,455	13,719	20,720	3,118	2,834
EBITDA ratio	17.0%	15.8%	12.7%	12.4%	15.54%	9.2%	9.0%
EBIT ratio	11.7%	10.5%	6.3%	6.9%	10.06%	3.4%	2.5%
Profit ratio	9.6%	8.8%	4.4%	5.4%	8.8%	1.5%	1.6%
Earnings per share (in EUR)	0.1622	0.1395	0.0567	0.0731	0.1148	0.0157	0.0143
Average FTE's	1,681	1,660	1,634	1,624	1,623	1,623	1,607
BALANCE SHEET	30.09.2022	30.06.2022	31.03.2022	31.12.2021	30.09.2021	30.6.2021	31.3.2021
Assets	677,125	663,618	655,891	634,324	597,976	567,930	552,539
Equity	296,189	270,090	251,032	261,465	246,874	225,669	222,022
Liabilities	380,936	393,528	404,859	372,859	351,102	342,261	330,517
Interest-bearing debt	243,932	252,790	260,767	266,830	242,314	234,644	225,176
Loans and borrowings	138,164	140,608	144,061	146,833	150,645	164,442	159,003
Lease liabilities	105,768	112,182	116,706	119,997	91,669	70,202	66,173
Net debt	192,436	212,325	205,891	225,994	213,234	215,253	203,649
Equity ratio	43.7%	40.7%	38.3%	41.2%	41.3%	39.7%	40.2%
Leverage ratio	1.23	1.48	1.60	1.98	2.18	2.98	2.97
Current ratio	1.48	1.38	1.27	1.42	1.45	1.39	1.28
CASH FLOW	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Net cash from operating activities	37,204	31,298	28,779	28,835	27,042	12,336	7,770
Net cash (used in) provided by investing activities	(10,996)	(4,528)	(3,260)	(6,581)	3,149	(2,522)	(162)
Net cash (used in) provided by financing activities	(17,432)	(41,570)	(11,154)	(10,405)	(20,239)	(11,709)	-6,224
Cash and cash equivalents at the end of the period	46,554	36,852	51,234	36,986	25,081	15,385	17,212
New investments	6,103	498	255	1,587	8 3	593	(12)
Maintenance capex	5,016	4,616	4,100	4,409	3,861	3,292	1,568
Distribution to shareholders	0	25,068	0	0	0	14,175	0
Share buy back	5,674	5,548	0	0	0	0	0

QUARTERLY KEY FIGURES

Participants in Eimskip's International Leadership Program in October 2022

SEGMENT ANALYSIS

Strong performance of both business segments

|--|--|--|--|--|--|

LINER FORWARDING

EUR thousand	Q3 2022	Q3 2021	Change	%	9M 2022	9M 2021	Change	%
Revenue	180,353	136,842	43,511	31.8%	506,110	374,615	131,495	35.1%
Expenses	142,705	112,099	30,606	27.3%	414,374	318,849	95,525	30.0%
Salary and related	24,934	21,364	3,570	16.7%	75,055	65,682	9,373	14.3%
EBITDA	37,648	24,743	12,905	52.2%	91,736	55,766	35,970	64.5%
EBIT	24,005	13,518	10,487	77.6%	51,491	23,904	27,587	115.4%
Net earnings	20,311	13,005	7,306	56.2%	42,039	21,485	20,554	95.7%
Key ratios
EBITDA ratio	20.9%	18.1%			18.1%	14.9%
EBIT ratio	13.3%	9.9%			10.2%	6.4%
Revenue per ton	303	245	59	23.9%	300	393	(93)	(23.6%)
EBITDA per ton	63	44	19	43.1%	54	59	(4)	(7.0%)

Revenue and expenses include inter-segment revenue and expenses

EUR thousand	Q3 2022	Q3 2021	Change	%	9M 2022	9M 2021	Change	%
Revenue	119,169	109,224	9,945	9.1%	343,210	288,271	54,939	19.1%
Expenses	107,239	97,191	10,048	10.3%	310,229	261,238	48,991	18.8%
Salary and related	8,492	8,246	246	3.0%	25,620	23,773	1,847	7.8%
EBITDA	11,930	12,033	(103)	(0.9%)	32,981	27,033	5,948	22.0%
EBIT	10,072	10,296	(224)	(2.2%)	27,499	21,893	5,606	25.6%
Net earnings	7,826	7,715	111	1.4%	21,457	15,406	6,051	39.3%
Key ratios
EBITDA ratio	10.0%	11.0%			9.6%	9.4%
EBIT ratio	8.5%	9.4%			8.0%	7.6%
Revenue per teus	2,836	2,253	583	25.9%	2,714	2,919	(205)	(7.0%)
EBITDA per teus	284	248	36	14.4%	261	274	(13)	(4.7%)

Revenue and expenses include inter-segment revenue and expenses

LEASE LIABILITIES (IFRS 16)

Lease liabilities mainly consist of chartered vessels and leased buildings and land

• Net decrease of lease liabilities of EUR 14.2m in the quarter
• IFRS 16 effect on EBITDA in Q3 2022 amounts to EUR 9.8m compared to EUR 5.5m in same period 2021

HIGHLIGHTS

Lease liabilities

IFRS 16 - Impact on EBITDA

IFRS 16 LEASE LIABILITIES ANALYSIS

Shareholder	Shares	%
Samherji Holding ehf.	56,748,532	32.79%
Gildi - lífeyrissjóður	21,680,269	12.53%
Lífeyrissjóður verzlunarmanna	21,167,406	12.23%
Birta lífeyrissjóður	8,105,035	4.68%
Stapi lífeyrissjóður	6,997,710	4.04%
Lífeyrissj.starfsm.rík. A-deild	6,909,000	3.99%
Sjóvá-Almennar tryggingar hf.	4,114,687	2.38%
Stefnir - Innlend hlutabréf hs.	2,797,915	1.62%
Lífsverk lífeyrissjóður	2,682,551	1.55%
Almenni lífeyrissjóðurinn	2,541,522	1.47%
Söfnunarsjóður lífeyrisréttinda	2,319,931	1.34%
Landsbréf - Úrvalsbréf hs.	1,912,749	1.11%
Lífeyrissj.starfsm.rík. B-deild	1,691,000	0.98%
TM tryggingar hf.	1,643,048	0.95%
Stefnir - ÍS 5 hs.	1,527,190	0.88%
Akta Stokkur hs.	1,339,889	0.77%
Arion banki hf.	1,251,913	0.72%
Vátryggingafélag Íslands hf.	1,082,023	0.63%
Lífeyrissjóður Vestmannaeyja	989,883	0.57%
Acadian Frontier Markets Equity	933,166	0.54%
Top 20 shareholders	148,435,419	85.78%
Other 953 shareholders	21,153,274	12.22%
Total outstanding shares	169,588,693	98.00%
Treasury shares	3,461,307	2.00%
Total shares	173,050,000	100.00%

SHAREHOLDERS INFORMATION

PAYMENTS TO SHAREHOLDERS

SHARE PRICE DEVELOPMENT FROM LISTING

SHAREHOLDERS 2.11.2022

DISCLAIMER