Eimskipafélag Íslands — Earnings Release 2024

Nov 5, 2024

Q3 2024 RESULTS

5 November 2024

Vilhelm Már Thorsteinsson, CEO Rósa Guðmundsdóttir, CFO

Q3 HIGHLIGHTS

Good results with seasonal high activity across the group

THE ONLY PAN-ARCTIC OCEAN CARRIER

• in Norway
• volume
  -
  -
  -
  -

• Container liner with the strongest quarter this year and above same quarter last year in

• Import volume to Iceland decreased by 400 teus, driven by a sharp decline in automobile imports while other categories remained stable or increased slightly

• Strong volume growth in export from Iceland on back of good contribution of the mackerel season, strong months in salmon and fresh fish as well as continued good volume in recycling materials. However, the different cargo mix from same quarter last year negatively impacts rates

• Import to Faroe Islands remained on a same level despite good growth in project cargo. Export decreased by 600 teus mainly due to low pelagic catch and general low export of frozen whitefish while fresh volume remained robust

Teus '000 • Good volume in Liner driven by strong export from Iceland, good growth in Trans-Atlantic and LINER VOLUME DEVELOPMENT BY QUARTER HIGHLIGHTS 54.7 51.5 50.6 51.7 50.8 51.4 48.9 51.0 53.2 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 4.9%

• Trans-Atlantic showed good volume growth YoY in both directions with rates still lower than same period last year but increasing

• Reefer liner volume in Norway increased in both directions compared to last year, especially northbound which however is generally lower paying cargo

CHANGE BY TRADE LANES

Good volume in Liner in the quarter which was the highest since third quarter 2022

LINER VOLUME

Good growth QoQ with rates increasing although still lower than last year

TRANS-ATLANTIC

6

Focus on frozen and chilled commodities

58 locations in 20 countries across four continents SPECIALIZED IN WORLDWIDE FREIGHT FORWARDING SERVICES

Good result in the Forwarding segment with higher global freight rates despite marginal decrease in volume

FORWARDING VOLUME

7

Good result in the Forwarding segment with higher global freight rates despite marginal decrease in volume

FORWARDING VOLUME

SPLIT OF FORWARDING VOLUME YTD VOLUME SPLIT BY GEOGRAPHY

Global freight rates surged during the first half of the year but have been coming down since beginning of Q3

GLOBAL SHIPPING MARKET

	DREWRY WORLD CONTAINER INDEX	\$US/40ft container 12,000
•	The global shipping market is characterized by significantly higher volatility than Eimskip's home market in the North Atlantic	10,000
•	The Drewry World Container Index, which tracks changes in container spot rates across eight major trade lanes, has fluctuated tremendously in the last two years driven by increased	8,000
	global trade and capacity constraints due to issues like the Red-Sea situation and growing	6,000
	geopolitical tensions	4,000
		2,000
		0
	CASE STUDY – COST OF 40 FEET CONTAINER FROM SHANGHAI TO REYKJAVIK
•	Eimskip as a large buyer of ocean freight is impacted by changes in global freight rates, affecting both its revenue and the cost of third-party transportation services		2022
•	In the case study Eimskip handled the transportation for a specific customer from Shanghai China to Reykjavík
	• The transport from Shanghai to Rotterdam was carried out by a third party deep sea carrier while the transport from Rotterdam to Reykjavík was transported by Eimskip's container liner
•	The graph on the right shows the cost development for this customer from October 2022 to October 2024 of transporting a 40 feet dry container from Shanghai to Reykjavik
•	While the total transportation cost from Rotterdam to Reykjavik by Eimskip's container liner
	has changed marginally, the rate from Shanghai to Rotterdam with a major deep sea carrier has at the same time fluctuated significantly and changed in line with global freight rates as can be seen on the Drewry WCI

Eimskip is a proud supporter of youth and sport activities in our communities

INCOME STATEMENT Q3 AND 9M 2024

Good results in Q3 with seasonal high activity across the group and continued rebound from slow start at the beginning of the year

EUR thousand	Q3 2024	Q3 2023	Change	%	9M 2024	9M 2023	Change	%
Revenue	220,596	201,967	18,629	9.2%	626,100	626,052	48	0.0%
Expenses	187,653	167,469	20,184	12.1%	555,419	525,391	30,028	5.7%
Salary and related expenses	35,852	35,118	734	2.1%	111,183	106,922	4,261	4.0%
EBITDA	32,943	34,498	(1,555)	(4.5%)	70,681	100,661	(29,980)	(29.8%)
Depreciation and amortization	(14,276)	(15,626)	1,350	(8.6%)	(44,350)	(46,593)	2,243	(4.8%)
EBIT	18,667	18,872	(205)	(1.1%)	26,331	54,068	(27,737)	(51.3%)
Net finance expense	(3,623)	(2,186)	(1,437)	65.7%	(9,407)	(5,936)	(3,471)	58.5%
Share of profit of affiliates	2,673	4,383	(1,710)	(39.0%)	10,238	10,070	168	1.7%
Net earnings before income tax	17,717	21,069	(3,352)	(15.9%)	27,162	58,202	(31,040)	(53.3%)
Income tax	(3,414)	(4,463)	1,049	(23.5%)	(4,449)	(12,138)	7,689	(63.3%)
Net earnings for the period	14,303	16,606	(2,303)	(13.9%)	22,713	46,064	(23,351)	(50.7%)
Key ratios
EBITDA ratio	14.9%	17.1%			11.3%	16.1%
EBIT ratio	8.5%	9.3%			4.2%	8.6%
Profit margin	6.5%	8.2%			3.6%	7.4%

Good revenue growth resulting in the best quarter this year

REVENUE ANALYSIS

• Revenue increased by 9.2% from last year and amounted to EUR 220.6m in the

quarter

• Liner revenues in the quarter were the strongest this year albeit a marginal decrease of EUR 2.7m YoY

• Good growth in export from Iceland and high activity in Domestic Iceland which performed well in the quarter

• Increased volume in Trans-Atlantic combined with higher rates

• Strong growth in forwarding revenue which increased by EUR 21.3m or 36.7% driven by higher global freight rates, especially in Asia connected trade lanes, although volume decreased slightly

Increase in expenses driven by cost of 3rd party services due to increase in global freight rates

EXPENSE ANALYSIS

*3rd party expenses mainly consist of services that Eimskip purchases on behalf of its customers and sells with a margin

EBITDA on a good level and continued rebound from beginning of the year

EBITDA ANALYSIS

EBIT on a good level and continued rebound from beginning of the year

EBIT ANALYSIS

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

100

200

Seasonality with increased activity affecting cash flow from operations

CASH FLOW AND BALANCE SHEET

• Cash flow from operations amounted to EUR 11.8m in the quarter, a decrease of EUR 10.9m QoQ, mainly attributable to changes in net working capital due to

300 NET INTEREST-BEARING DEBT AND LEVERAGE RATIO BY QUARTER

• Net interest paid EUR 3.5m, up by EUR 0.8m from previous year due to increased debt, higher interest rates on loans and lease liabilities and lower finance income • Contractual installments amounted to EUR 10.2m which is similar between years • Net earnings in the quarter amounted to EUR 14.3m, EUR 2.3m down from

- seasonality

• previous year

• Healthy cash position of EUR 24.4m at the end of the quarter

• Equity ratio at 46.7% and up from 45.3% at the end of Q2

CASH FLOW FROM OPERATIONS DEVELOPMENT BY QUARTER

HIGHLIGHTS

CASH FLOW BRIDGE Q3

Maintenance CAPEX in line with plan while new investment expected to be at the lower end of the full year plan

DEVELOPMENT IN MAINTENANCE & INVESTMENT CAPEX

• Maintenance CAPEX amounted to EUR 6.5m in Q3, stands at EUR 18.9m after first nine months, and is on track with the published full year plan 2024 of EUR

• The single largest maintenance cost in the third quarter was a vessel docking of

• 26-29m
  • Lagarfoss
• -

• New investment amounted to EUR 2.7m in Q3, stands at EUR 8.4m after first nine months, and will be in the lower end of the investment plan which is in the range of EUR 12-15m for the full year 2024

• Investment in the new warehouse and headquarters in the Faroe Islands, which was finalized in Q3, amounted to EUR 1.5m in quarter. The total net investment amounted to EUR 12.7m over the course three years

INVESTMENT CAPEX

operating activities OPERATING ACTIVITIES

Eimskip places great emphasizes on safety and preventions and is one of the main sponsors of the Icelandic search and Rescue association (ICE-SAR)

3

AROUND ICELAND

7 HARBORS COASTAL SERVICE

Weekly service

MAIN CATEGORIES

Industrial cargo Frozen seafood Building materials

43% OF TOTAL EIMSKIP'S VOLUME WITHIN ICELAND IS VIA COASTAL SAILINGS

43% of total volume by sea transport

Cruise agency

CRUISE AGENCY

4

22

WORLDWIDE CRUISE PASSENGER NUMBER

Iceland's cruise sector is growing due to its unique natural attractions which appeal to adventure and nature-seeking travelers

IMPACT ON THE ICELANDIC ECONOMY

The cruise vessels call 31 ports in Iceland, helping to spread tourists evenly across the country with each cruise vessel visiting 2-7 destinations during each voyage

The Reykjavik Economics report for Faxaflóahafnir highlights that cruise vessels contributed around EUR 250m to the Icelandic economy in 2023. The economic impact spans various sectors, including port charges, public treasury revenues, accommodation, domestic travel, shipping, fuel supply, and waste management

The total spending by cruise passengers was estimated between EUR 150-200m where each passenger spends around EUR 480-650 during their visit

60-70% of all cruise calls in Reykjavik involve passenger turnaround Passenger spends 1-2 extra days when embarking and disembarking in Iceland

GLOBAL CRUISE SECTOR ICELANDIC CRUISE SECTOR GÁRA CRUISE AGENCY

Gára offers a comprehensive agency service to ship owners and operators. The company provides value-added services including passenger and crew turnarounds, selling food and non-food items to vessels, and marine logistics

In 2023, Gára achieved an EBITDA of EUR 2.8 million. The company operates with 10 fulltime employees (FTEs) and grows to 40 employees during the cruise season

1250 NUMBER OF PORT CALLS THIS YEAR

CRUISE AGENCY AT THE FOREFRONT

# 315,OOO PASSENGERS IN REYKJAVIK

10% INCREASE FROM PREVIOUS YEAR

The cruise industry has been one of the fastest-growing sectors in global tourism. Worldwide cruise passenger numbers increasing at an average annual rate of 5.9% between 1990 and 2024

TVG-Zimsen supports the Icelandic Cancer Society by means of transportation and distribution of the Pink Ribbon

LINER	Expecting good volume in all major commodity groups other than vehicles in imports to Iceland
SERVICES	Export from Iceland is expected to be on a robust level on back of strong volume in salmon combined with higher demand in US and Canada. Continued stable exports of industrial and recycling products
	Generally positive outlook for Faroe Islands in both import and export due to good higher volumes of project cargo in imports and export of pelagic products although some signs lower volume of fresh seafood
	Stable outlook in reefer liner services and cold storages in Norway with expectations of good export of pelagic products and shrimp. This year's whitefish quota is less than previous year which will affect the reefer volumes during the quota year ending in August 2025
	Continued increase in Trans-Atlantic volume especially west-bound with higher prices than same time last year
INTERNATIONAL FORWARDING	Expecting volume to be in line with the third quarter but lower than fourth quarter last year which was an unusually strong quarter volume wise
	Global freight rates have been coming down since start of third quarter however still at an elevated level compared to the same period last year
OTHER	Outlook for domestic Iceland is sound with overall good volume especially in transportation of salmon combined with new quota year and upcoming holiday season while uncertainty regarding the imminent parliament election in Iceland might negatively impact activity temporarily

OUTLOOK

Promising outlook for the remainder of the year considering traditional seasonality

Eimskip has supported the Christmas in a Shoebox program for children in Ukraine for 20 years by means of transportation

Thank you

THANK YOU

2

APPENDIX

APPENDIX

7

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

EQUITY: EUR 306m

TOTAL ASSETS: EUR 655m

REVENUES LTM: EUR 828m

EBITDA LTM: EUR 93m

GEOGRAPHICAL SPLIT OF REVENUE LTM

KEY FIGURES 30 September 2024

On track in reducing bunker consumption with fewer sailed miles and increased slow steaming following strategic sailing system changes

CONTAINER LINER ANALYSIS

• Headhaul utilization decreased YoY primarily due to lower import to Iceland

• Full units roundtrip utilization remains on a same level QoQ and higher than at the end of last year driven by good export Iceland volume and Trans-Atlantic volume along with improved balance in the system

HIGHLIGHTS

-

TTM BUNKER CONSUMPTION DEVELOPMENT

Headhaul is defined as the dominant direction on each line. Trans-Atlantic volume is transshipped in Reykjavík and therefore has "double impact" in utilization calculations compared to other volume. 28

CASH FLOW Q3 AND 9M 2024

EUR million	Q3 2024	Q3 2023	Change	9M 2024	9M 2023	Change
EBITDA	32.9	34.5	1.6	70.7	100.7	(30.0)
Working capital changes & other adjustments	(12.6)	(1.2)	(11.4)	(4.9)	(5.7)	0.8
Paid taxes	(2.0)	(1.3)	(0.7)	(8.6)	(2.3)	(6.3)
Maintenance CAPEX	(6.5)	(10.9)	4.4	(18.9)	(21.8)	2.9
Cash flow from operations	11.8	21.1	(9.3)	38.3	70.9	(32.6)
Debt repayment and interests	(5.2)	(4.9)	(0.3)	(17.2)	(17.8)	0.5
Repayment of lease liabilities	(8.3)	(8.1)	(0.2)	(24.2)	(25.4)	1.2
Cash flow after debt and lease service	(1.7)	8.1	(9.8)	(3.1)	27.8	(30.9)
Net investments	(2.5)	(5.8)	3.3	(10.2)	(12.4)	2.2
Change in loan facilities	2.5	0.0		32.5	0.0	32.5
Free cash flow to equity	(1.7)	2.3	(4.0)	19.2	15.4	3.8
Dividend to minority	0.0	(1.0)	1.0	(0.9)	(2.6)	1.7
Share buy-back	0.0	0.0	0.0	(1.3)	0.0	(1.3)
Distribution to shareholders	0.0	0.0	0.0	(24.8)	(35.4)	10.6
Change in Cash	(1.7)	1.3	(3.0)	(7.9)	(22.6)	14.7
Effects of exchange rate fluctuations on cash held	0.4	(0.5)	0.9	(0.3)	(0.2)	(0.0)
Cash position at end of period	24.4	47.1	(22.7)	24.4	47.1	(22.7)

BALANCE SHEET

EUR thousand	30.9.2024	31.12.2023	Change	%
Non-current assets	459,696	445,030	14,667	3.3%
Fixed assets	306,536	308,326	(1,790)	(0.6%)
Right-of-use assets	96,228	89,373	6,855	7.7%
Other non-current assets	56,932	47,331	9,602	20.3%
Current assets	195,621	173,809	21,812	12.5%
Trade and other receivables	159,871	129,906	29,965	23.1%
Other current assets	11,370	11,401	(31)	(0.3%)
Cash and cash equivalents	24,380	32,502	(8,123)	(25.0%)
Assets	655,317	618,839	36,478	5.9%
Equity Other non-current liabilities	306,243 48,063	312,072 74,272	(26,209) (5,829)	(35.3%) (1.9%)
Non-current liabilities	178,923	182,080	(3,157)	(1.7%)
Loans and borrowings	99,889	107,551	(7,662)	(7.1%)
Lease liabilities	71,374	64,636	6,738	10.4%
Other non-current liabilities	7,661	9,892	(2,232)	(22.6%)
Current liabilities	170,151	124,687	45,464	36.5%
Loans and borrowings	41,707	11,613	30,094	259.1%
Lease liabilities	25,919	27,372	(1,453)	(5.3%)
Trade and other payables	99,642	78,474	21,169	27.0%
Income tax payable	2,883	7,228	(4,345)	(60.1%)
Liabilities	349,074	306,767	42,307	13.8%
Equity and liabilities	655,317	618,839	36,478	5.9%

Good improvements in Liner results although affected by lower TA rates compared to previous year and softened demand in Iceland

LINER SEGMENT

LINER EBITDA DEVELOPMENT BY QUARTER

Revenue and Expenses include inter-segment transactions

EUR thousand	Q3 2024	Q3 2023	Change	%	9M 2024	9M 2023	Change	%	EURm
										17.0%
Revenue	144.353	147.027	(2.674)	(1,8%)	420.708	455.216	(34.508)	(7,6%)
Expenses	121.449	121.980	(531)	(0,4%)	374.383	379.920	(5.537)	(1,5%)		25.0	11.2%
Salary and related	25.981	25.514	467	1,8%	81.467	78.989	2.478	3,1%
EBITDA	22.904	25.047	(2.143)	(8,6%)	46.326	75.296	(28.970)	(38,5%)			16.0
EBIT	10.689	11.273	(584)	(5,2%)	8.049	34.069	(26.020)	(76,4%)
Net earnings	9.228	10.838	(1.610)	(14,9%)	10.365	30.658	(20.293)	(66,2%)
Key ratios
EBITDA ratio	15,9%	17,0%			11,0%	16,5%
EBIT ratio	7,4%	7,7%			1,9%	7,5%
Revenue per teus	2.716	2.897	(181)	(6,2%)	2.749	2.976	(227)	(7,6%)		LINER EBIT DEVELOPMENT BY QUARTER
EBITDA per teus	431	493	(62)	(12,6%)	303	492	(189)	(38,5%)	EURm

-1% 1% 3% 5% 7% 9% 11% 13% 15%

Good performance of International Forwarding with improved margins QoQ

FORWARDING SEGMENT

Revenue and Expenses include inter-segment transactions

Text EUR thousand	Q3 2024	Q3 2023	Change	%	9M 2024	9M 2023	Change	%	EURm
Revenue	88.396	66.557	21.839	32,8%	243.995	206.990	37.005	17,9%
Expenses	78.357	57.106	21.251	37,2%	219.640	181.625	38.015	20,9%	10 8.4
Salary and related	9.870	9.603	267	2,8%	29.716	27.932	1.784	6,4%	8 12.4%
EBITDA	10.039	9.451	588	6,2%	24.355	25.365	(1.010)	(4,0%)	6
EBIT	7.977	7.599	378	5,0%	18.282	19.999	(1.717)	(8,6%)	4
Net earnings	5.075	5.768	(693)	(12,0%)	12.348	15.406	(3.058)	(19,8%)	2
Key ratios									0
EBITDA ratio	11,4%	14,2%			10,0%	12,3%
EBIT ratio	9,0%	11,4%			7,5%	9,7%
Revenue per teus	2.143	1.571	572	36,4%	1.940	1.683	257	15,2%
EBITDA per teus	243	223	20	9,1%	194	206	(12)	(6,0%)	EURm

0% 2% 4% 6% 8% 10% 12% 14% 16%

QUARTERLY KEY FIGURES

OPERATING RESULTS ('000 EUR)	9M 2024	Q3 2024	Q2 2024	Q1 2024	2023	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2022	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue	626,100	220,596	209,607	195,897	827,531	201,479	201,967	209,516	214,569	1,070,626	255,654	292,173	283,115	239,684
Expenses	555,419	187,653	186,112	181,654	704,170	178,779	167,469	175,191	182,731	907,540	217,285	242,595	238,362	209,298
Salaries and related expense	111,183	35,852	37,851	37,480	143,772	36,850	35,118	36,801	35,003	135,970	35,296	33,425	34,943	32,306
EBITDA	70,681	32,943	23,495	14,243	123,361	22,700	34,498	34,325	31,838	163,086	38,369	49,578	44,753	30,386
EBIT	26,331	18,667	8,557	(893)	60,995	6,927	18,872	19,411	15,785	101,468	22,478	34,077	29,825	15,088
Net earnings for the period	22,713	14,303	7,919	491	54,506	8,442	16,606	16,977	12,481	85,295	21,799	28,137	24,904	10,455
EBITDA ratio	11.3%	14.9%	11.2%	7.3%	14.9%	11.3%	17.1%	16.4%	14.8%	15.2%	15.0%	17.0%	15.8%	12.7%
EBIT ratio	4.2%	8.5%	4.1%	(0.5%)	7.4%	3.4%	9.3%	9.3%	7.4%	9.5%	8.8%	11.7%	10.5%	6.3%
Profit ratio	3.6%	6.5%	3.8%	0.3%	6.6%	4.2%	8.2%	8.1%	5.8%	8.0%	8.5%	9.6%	8.8%	4.4%
Earnings per share (in EUR)	0.1391	0.0881	0.0470	0.0028	0.3249	0.0510	0.0999	0.1006	0.0731	0.4846	0.1275	0.1622	0.1395	0.0567
Average FTE's	1,709	1,698	1,708	1,720	1,727	1,719	1,709	1,732	1,719	1,678	1,717	1,681	1,660	1,634
BALANCE SHEET	30.09.2024	30.09.2024	30.06.2024	31.03.2024	31.12.2023	31.12.2023	30.09.2023	30.06.2023	31.03.2023	31.12.2022	31.12.2022	30.09.2022	30.06.2022	31.03.2022
Assets	655,317	655,317	648,082	631,386	618,839	618,839	651,390	638,496	668,436	666,659	666,659	677,125	663,618	655,891
Equity	306,243	306,243	293,468	285,680	312,072	312,072	314,569	297,942	282,485	309,165	309,165	296,189	270,090	251,032
Liabilities	349,074	349,074	354,614	345,706	306,767	306,767	336,821	340,554	385,951	357,494	357,494	380,936	393,528	404,859
Interest-bearing debt	241,352	241,352	248,644	225,025	211,172	211,172	222,285	228,265	229,329	237,903	237,903	243,932	252,790	260,767
Loans and borrowings	144,059	144,059	143,549	127,071	119,164	119,164	122,814	124,893	131,236	133,741	133,741	138,164	140,608	144,061
Lease liabilities	97,293	97,293	105,095	97,954	92,008	92,008	99,471	103,372	98,092	104,162	104,162	105,768	112,182	116,706
Net debt	215,612	215,612	221,287	196,164	176,610	176,610	172,801	179,385	139,768	164,900	164,900	192,436	212,325	205,891
Equity ratio	46.7%	46.7%	45.3%	45.2%	50.4%	50.4%	48.3%	46.7%	42.3%	46.4%	46.4%	43.7%	40.7%	38.3%
LTM Return on Equity	10.0%	10.0%	11.3%	15.0%	17.5%	17.5%	22.2%	28.0%	32.7%	29.9%	29.9%	28.4%	28.2%	20.3%
Leverage ratio	2.31	2.31	2.33	1.85	1.43	1.43	1.24	1.16	0.85	1.01	1.01	1.23	1.48	1.60
Current ratio	1.15	1.15	1.07	1.09	1.39	1.39	1.40	1.39	1.32	1.53	1.53	1.48	1.38	1.27
CASH FLOW	9M 2024	Q3 2024	Q2 2024	Q1 2024	2023	Q4 2023	Q3 2023	Q2 2023	Q1 2023	2022	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Net cash from operating activities	39,625	13,227	21,334	5,064	97,897	12,090	29,330	22,199	34,278	148,455	51,174	37,204	31,298	28,779
Net cash (used in) provided by investing activities	(21,224)	(7,333)	(6,413)	(7,478)	(43,105)	(8,948)	(16,711)	(12,109)	(5,337)	(30,657)	(11,873)	(10,996)	(4,528)	(3,260)
Net cash (used in) provided by financing activities	(26,258)	(7,613)	(16,291)	(2,354)	(92,065)	(17,816)	(11,388)	(50,095)	(12,766)	(84,568)	(14,412)	(17,432)	(41,570)	(11,154)
Cash and cash equivalents at the end of the period	24,380	24,380	25,707	26,990	32,502	32,502	47,096	46,336	86,767	69,937	69,937	46,554	36,852	51,234
New investments	8,353	2,670	4,647	1,036	17,806	5,547	6,021	5,131	1,107	9,729	2,873	6,103	498	255
Maintenance capex	18,899	6,526	7,045	5,328	25,390	3,609	10,916	4,777	6,088	24,197	10,465	5,016	4,616	4,100
Distribution to shareholders	24,844	0	24,844	0	35,393	0	0	35,393	0	25,068	0	0	25,068	0
Share buy back	1,291	0	0	1,291	5,363	5,363	0	0	0	12,639	1,417	5,674	5,548	0

SHAREHOLDER INFORMATION

PAYMENTS TO SHAREHOLDERS*

*Payments to shareholders YTD 30 September 2024 ** The OMXI Index was expanded from OMXI10 to OMXI15 on January 2, 2024

SHAREHOLDERS 23. OCTOBER 2024

	Shareholder	Shares	%
1	Seley ehf.	55,589,385	33.5%
2	Gildi - lífeyrissjóður	22,026,722	13.3%
3	Lífeyrissjóður verzlunarmanna	21,122,040	12.7%
4	Birta lífeyrissjóður	8,604,231	5.2%
5	Stapi lífeyrissjóður	7,356,073	4.4%
6	Lífeyrissj.starfsm.rík. A-deild	6,777,088	4.1%
7	Lífsverk lífeyrissjóður	3,068,656	1.9%
8	Festa - lífeyrissjóður	2,800,000	1.7%
9	Sjóvá-Almennar tryggingar hf.	2,625,037	1.6%
10	Stefnir - Innlend hlutabréf hs.	2,593,513	1.6%
11	Almenni lífeyrissjóðurinn	2,489,609	1.5%
12	Landsbréf - Úrvalsbréf hs.	2,232,733	1.3%
13	Söfnunarsjóður lífeyrisréttinda	2,192,764	1.3%
14	Eimskipafélag Íslands hf.	1,725,320	1.0%
15	Vanguard Emerging Markets Stock	1,439,164	0.9%
16	Lífeyrissj.starfsm.rík. B-deild	1,437,525	0.9%
17	Íslandsbanki hf.	1,275,467	0.8%
18	Landsbréf - Öndvegisbréf hs.	938,359	0.6%
19	Stefnir - ÍS 5 hs.	880,986	0.5%
20	Arion banki hf.	844,073	0.5%
	Top 20 shareholders	147,827,082	89.2%
	Other 953 shareholders	16,147,598	9.7%
	Total outstanding shares	163,974,680	99.0%
	Treasury shares	1,725,320	1.0%
	Total shares	165,700,000	100.0%

DISCLAIMER

Information contained in this presentation is based on sources that Eimskipafélag Íslands hf. "Eimskip" or the " ompany" considers reliable at each time. Its accuracy or completeness can however not be guaranteed.

Copyright of information contained in this presentation is owned by Eimskip. This presentation, including information contained therein, may not be copied, reproduced, or distributed in any manner, neither wholly nor partly. Eimskip is not responsible for the quality, accuracy or reliability of information in this presentation and Eimskip will not be held liable for damages that can be attributable to the fact that the information turns out to be inaccurate, unreliable or insufficient.

This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation. Eimskip is not obliged to provide recipients of this presentation any further information on the Company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change.

Statements contained in this presentation that refer to the ompany's estimated or anticipated future results or future activities are forwardlooking statements which reflect the ompany's current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement.

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