Síldarvinnslann (SVN) investor relations material

Executive summary

• Revenue for Q1 2026 reached €113.6 million, with net profit at €35.1 million, reflecting strong operational performance and a robust pelagic season.

• Segment performance was robust, especially in pelagic and groundfish, with strong market demand.

• The group remains one of Iceland's largest fishing and fish processing companies, with diversified operations and subsidiaries.

• Ongoing operational challenges in the Arctic Fish associate.

• Operations were unaffected by ongoing volcanic activity near Grindavík.

Financial highlights

• Revenue for Q1 2026 was €113.6m, up from €78.6m year-over-year.

• EBITDA reached €46.1m (40.1% margin), compared to €21.1m (26.8%) last year.

• Net profit was €35.1m, a significant increase from €6.9m year-over-year.

• Catch volumes rose to 51.2k tons (from 36.1k), and product output to 34.7k tons (from 19.6k).

• Total assets at March 31, 2026, were €966.6m, with equity of €641.3m and equity ratio at 66.3%.

Outlook and guidance

• EBITDA for 2026 is projected between €105–115m, assuming stable quotas and product prices.

• Expecting strong fishmeal and oil markets, with stable product prices.

• Potential quota increases for blue whiting next year; mackerel season preparation underway but with limited quota.

• Cod quota may decrease due to scientific survey concerns.

• Management confirms the group’s financial statements provide a clear view of performance and risks.