QUARTERLY PRESENTATION Q3 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

Harvesting plant in Bíldudalur BRCGS* certified 30,000 tonnes per year capacity

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

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

Farming in eight sites in three fjords

All production ASC** certified

Total MAB 23,700 tonnes

Sales by internal team Domestic and global markets

Third quarter operational highlights

Weak financial performance in the quarter of EUR -9.4m
High cost on harvested biomass
All volume from 2023 generation with high cost
Extraordinary items of EUR -3.2m
The loss is offset by solid financial and operational performance across other parts of the value chain
Low harvesting cost in the quarter
Strong price achievements
High sea temperatures contributed to strong seawater production while maintaining good control of the lice
All time high smolt output for 2025, with satisfying performace
Finalized an extension and amendment to our bank financing and are financially compliant under new terms in 3Q 2025

KEY RESULTS (EURm)	3Q 2025	3Q 2024	YTD 2025	YTD 2024
Operating income	25.1	14.3	60.6	51.6
Operational EBIT	-9.4	-3.0	-20.7	-7.3

Harvest volume ('000 tgw)	3.8	1.8	8.9	5.2
Operational EBIT/kg (EUR)	-2.48	-1.71	-2.33	-1.40
Production tax	-1.1	-0.5	-2.8	-1.4

Finalized an extension and amendment to our bank financing in 3Q 2025, remaining in compliance under the new terms
Interest ratio and Leverage waiver extended to 4Q 2026
New minimum liquidity covenant
Facilities extended 1 year to November 2028
Total assets increased by EUR 4m to EUR 268m
Equity ratio decreased from 47% to 44%
Fair value adjustments of EUR +2.7m
Net interest-bearing debt inc. leasing was EUR 123m
Available liquidity was EUR 52m

NIBD inc. leasing increased by EUR 9.7m
NIBD increased by EUR 10.8m
Leasing decreased by EUR 1.1m
The increase mainly reflects operational losses, a large production tax bill from 1H 2025, and interest costs

Higher global supply pressurized market prices in July/August
SISALMON 3Q 2025 was EUR 0.87/kg lower than same quarter last year
89% High share of 6+ kg fish to Asia and North America and harvesting late in the quarter resulted in a strong price achievement
Including 21% of volume sold to North Atlantic market
Contract share was <1% for Q3 and 2% for 2025 YTD

Good biology ahead of the winter period, and the company is well positioned for a financial recovery in 2026
Expect lower cost in Q4 2025 after the generational shift
Started harvesting on 2024 generation in October
Volume guidance 2025 unchanged at 13,000 tonnes
Volume guidance 2026 at 21,000 tonnes
Contract share expected at 1% in Q4 2025 and around 2% for FY 2025
New Aquaculture law expected to be presented for Allþingi in Feb 2026

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