Icelandic Salmon AS

Investor Presentation • Aug 21, 2025

QUARTERLY PRESENTATION Q2 2025

THIS IS ICELANDIC SALMON

Icelandic Salmon AS is listed on the Euronext Growth market in Oslo, and NASDAQ First North in Reykjavik. The company is the sole owner and parent company of Arnarlax ehf.

Four smolt facilities, Current capacity is sufficient for 25-30 thousand tonnes harvested volume

All operational activities of the group are performed in Arnarlax ehf.

Farming in eight sites in three fjords

All production ASC** certified

Total MAB 23,700 tonnes

Sales by internal team Domestic and global markets

Arnarlax – Sustainable Icelandic Salmon is the common brand for all operational activities and products from Icelandic Salmon

Note: *BRCGS = Brand Reputation Compliance Global Standards | **ASC = Aquaculture Stewardship Council

Quarter impacted by accelerated harvest, high cost and soft prices

• Accelerated harvest on 23 generation led to higher-thanexpected volumes
  • Increased mortality and elevated costs due to BKD
  • Full generation expected to be harvested by September
• Difficult market conditions with lower salmon prices compared to recent years
• Promising performance from 2024 generation
  • Good biological development in the quarter
• Organizational restructuring during the quarter
  • Changes in key management roles
  • Financial transformation program progressing

KEY RESULTS (EUR '000)	2Q 2025	2Q 2024	1H 2025	1H 2024
Operating income	25,024	9,727	35,451	37,235
Operational EBIT	-8,278	-3,768	-11,328	-4,316
Harvest volume ('000 tgw)	4.0	0.7	5.1	3.5
Operational EBIT/kg (EUR)	-2.09	-5.37	-2.23	-1.24
Production tax (mEUR)	1.4	0.2	1.7	0.9

Group balance

• Total assets increased by EUR 5m to EUR 264m
• Equity ratio decreased from 55% to 47% in Q2, where largest contributors are
  • Operating loss in the quarter
  • Negative fair value adjustments of EUR 9.5m
  • EUR 13m drawn from credit facilities to support biomass and continued investment in value chain
• Net interest bearing debt was 98 EURm
• Available liquidity as of Q2 2025 is 63 EURm

Net interest bearing debt

• NIBD incl. leasing increased by EUR 15.6m
• New EUR 6.0m lease agreement for lasers and the operational loss of EUR 4.8m are the main drivers of the NIBD increase
• Increase in working capital of EUR 1.5 million, driven by continued biomass growth
• EUR 1.2 million invested in seawater and post-smolt capacity expansion at Laxabraut

License status update

LICENSES

• The license for 10,000 tonnes MAB of sterile salmon in Ísafjarðardjúp was revoked in Q3-24
• We are continuously working with authorities towards solving the reasons for the revocation of the license in Ísafjarðardjúp

APPLICATIONS IN PROCESS

• Applying for expansion of our sites in Arnarfjörður for better MAB utilization
• 4,500 tonnes MAB in Arnarfjörður

NEW LAW PROPOSAL

• The new law proposal is planned for introduction in Alþingi in second half 2025, in an updated form
• The industry continues to operate under current legislation until a new law proposal is approved by the parliament

Arnarlax now holds licenses of 23,700 tonnes MAB in sea in the Icelandic Westfjords (Arnarfjörður, Patreksfjörður, and Tálknafjörður)

Sales and market update

• Higher global supply is putting pressure on market prices
  • First-half price for SISALMON 3–6kg was EUR 2.55/kg lower than same period last year
• Contract share for Q2 was <1%

7

US market impact remains a concern

89%

• No obvious effects from tariffs so far, but uncertainty remains with the rate set at 15%
• 12% of Q2 volume was sold to North America and 9% of the volume to Asia

Outlook

• Higher mortality and accelerated harvesting of the 2023 generation have reduced volume potential for 2025
  • Volume guidance 2025 lowered from 15,000 tonnes to 13,000 tonnes
• Q3 2025 will reflect continued high cost levels due to remaining harvest from the 2023 generation
  • First harvest of 2024 generation expected in October
• Biomass building continues, expected to be considerably higher than last year by the year-end
• Contract share expected at 1% in Q3 and around 5% for full-year 2025
• Salmon market remains uncertain on short-medium term with increased global supply pressure and from tariff implications to US

Thank you for your attention

Please "Raise hand" in Teams to ask questions for the Q&A session For more information, please visit www.arnarlax.is

SUSTAINABILITY – IT'S IN OUR NATURE 9