Icelandic Salmon (ISLAX) investor relations material

Executive summary

• Q1 2026 EBIT was nearly break-even at -EUR 100,000, a significant improvement from a EUR 3 million loss in Q1 2025.

• Harvested volume rose to 3,700 tons from 1,100 tons year-over-year.

• Biological performance in sea was satisfactory, with good production through winter, but low temperatures and BKD led to higher production costs.

• Profitability was impacted by lower price achievement and high costs due to accelerated harvesting of smaller fish to manage winter risk.

• Cost-saving initiatives and improved value chain utilization positively impacted results.

Financial highlights

• EBITDA reached EUR 3.2 million in Q1 2026.

• Operating income was EUR 26.9 million, up from EUR 10.4 million in Q1 2025.

• Net interest-bearing debt increased by EUR 1.6 million to EUR 131 million.

• Available liquidity at quarter-end was EUR 40 million; equity ratio stood at 44%.

• Net CapEx investment was EUR 500,000, below expectations due to timing, but full-year CapEx guidance remains at EUR 4.8 million.

Outlook and guidance

• 2026 harvest volume guidance maintained at 21,300 tons, with potential to reach 26,000 tons on existing licenses.

• Slight cost increase expected in Q2 2026 due to biological challenges and incident-based increased mortality, with lower costs anticipated from Q3 onward.

• Cost reductions expected from better biological performance and increased volumes.

• Contract share for the year expected at 10%.

• Arnarfjordur aquaculture license of 10,000 tons renewed for 16 years; ongoing work on Isafjordur license.