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Q2 2020 Results Presentation to Investors and Analysts

Q2 2020 Results Presentation to Investors and Analysts We are Iceland Seafood

Iceland Seafood International is proud of its strong heritage and history and Q2 2020 Results Presentation to Investors continues to build on that foundation, and Analysts to become a respected industry leader The Union of Icelandic The Herring Board Samband of Iceland Armengol Merger : SÍF and SÍF Plc founds Iceland Tros IS Barraclough Fish Producers (SÍF) Founded in 1935 for establishes a seafood Spanish Iceland Seafood Plc. Seafood International The first company in Acquired in 2010 and Founded in 1932 for the export of salted division for export of company purchased Including the Herring in order to take over exporting fresh fish marks the beginning of export of salted fish herring from Iceland frozen seafood in 1999 Board, under the name all export and sales of from Iceland became a value added products SIF Plc. marine products part of Iceland operations in the UK Seafood. 1932 1932 1957 1999 1999 2004 2008 2010 2012 2016 2018 2018 2019 2020 2020 Havelok First North listing Oceanpath Solo Seafood Main Market listing Elba Seafood Iceland Seafood UK Founded as a joint Iceland Seafood listed Purchased in Purchased in 2018, Iceland Seafood Purchased in 2020, Merge of the two venture, Havelok today on the First North 2018, Oceanpath is the creating a strong International Elba is a great addition Iceland Seafood's UK is a leading seafood Iceland market largest seafood integrated company in lists its shares on to well positioned S- based companies supplier to UK provider in the Irish the Southern the Nasdaq Iceland European operation Havelok Ltd and Iceland foodservice retail market European market Main Market Seafood Barraclough Ltd. in one 3

Iceland Seafood in numbers Q2 2020 Results Presentation to Investors and Analysts +448m 11.3m 38.3% € Annual revenues in 2019 Normalised PBT 2019, Equity ratio 38.3% at year end 2019 up from €10.8 proforma in 2018 up from 30.6% in 2018 Global value added Seafood producer and 12 3000+ 1.1m sales and marketing Businesses in 8 countries Customers across 45 countries Meals sold every day company 7 +630 100.000 value added factories employees MT of products sold annually 4

Sales growth in excess of GBP 18m secured to UK retail. Better balance beeing created Q2 2020 Results Presentation to Investors between Group retail and foodservice sales and Analysts Merger Project in UK New listings of LOI signed to acquire on track despite GBP18m sales per Carrs & Sons in Ireland external challenges annum secured with • A company producing from UK retail customers 1000MT of raw material • Coldstore with 2.000MT capacity up predominantly salmon for Irish and running from June 2020, • Commercial agreements with key UK retail. Generated PBT of €0.9m in generating annual savings of €0.5m retail customers resulting in expected 2019, based on current volume, revenue growth in excess of GBP 18m Opportunity to further • Refurbishment of production facility • for 2021. strengthen Iceland Seafood’s on track, with production starting in Product range will reflect current • position when comes to servicing Q4 2020, offerings on a larger scale Irish retail customers, • Will create a significant player, • Would improve brand recognition Production being moved from • servicing UK retail, with strong buying, with accessing the Nolan Bradford to Grimsby in Q4 2020. Sale production and marketing power, Seafood brand, of property in Bradford expected to • Improved balance between retail and • Significant synergy opportunities be concluded in Q4 2020, foodservice. Expected that c.a. 50% of when comes to processing, • Merger under the name of Iceland Group future profit generation will sourcing and logistics, Seafood UK completed during this come from retail compared to c.a. • Positive impact from synergy year, under one leadership team and 33% in 2019. creation and revenue growth in a single location, estimated to come through from • Considerable cost synergies being 2021. created on top of a significant sales growth into retail. 5

IS Iberica in strong position to manage operation through the Covid19 situation Q2 2020 Results Presentation to Investors and Analysts Benefits of merger in Significant steps taken Investment in Spain evident during to integrate Elba increased efficiency of Covid19 pandemic operation with IS Achernar being Iberica completed • All production of IS Iberica in a single location from February 2020, • Investment in increased capacity • Joint management team with IS finalized before year end 2019. Optimisation of distribution and • Iberica management taking over Coldstore capacity of 800MT up logistics on track, operational and financial and running in Q3 2020. This will management, Ecomsa in Malaga focused on local • improve margins and reduce distribution in Andalusia after Purchasing, sales and logistics being • costs both for shrimp and squid, restructuring in Q1, integrated with IS Iberica operation. • Price reduction of Argentinian Headcount of IS Iberica (excluding • • Production capabilities of Elba shrimp has had significant production staff) reduced by 17 from effectively managed during period of impact on margins in 1H 2020 March 2019 or by 20%, Covid19, • JV project of squid went well The merged entity in a good position to • • Further opportunities being actioned with three landings in 1H 2020, manage operation through the Covid19 to leverage production and marketing which generated good margins, situation and create value post capabilities in the near future. • Outlook for coming Rawson pandemic, season, starting in Q4 is good. • Significant cost synergies have been Raw material prices for shrimp created, but disruption due to Covid19, have come down and benefits such as higher stock and lower from the investment will reduce production, have had delaying effect. costs and improve efficiency. 6

Covid19 causing a temporary shift in seafood Q2 2020 Results consumption from foodservice to retail Presentation to Investors and Analysts VA S-Europe VA N-Europe Sales & Distribution • Over 80% of the divisional sales is to the retail • Lion‘s share of sales to the HORECA sector which • After significant reduction in sales during April and sector, which saw a significant growth during the was significantly impacted by restrictions May, the division has seen a strong recovery in the pandemic. 20% of sales are to the foodservice implemented in March to May, last three months, sector which reduced considerably in the period, • Strong recovery with easing of restrictions in June, • Fresh fish sales to continental Europe and US • Production for retail up and running during both in Italy and Spain. July sales 96% of sales have remained strong during the period, restrictions with food production defined as same time last year and August sales close to par • Frozen at Sea sales declined significantly in April essential. Reduction in raw material prices have with prior year, and May with restrictions implemented in key helped the divisional profitability, • Margins from stock purchased prior to the markets such as UK, • Foodservice sales in UK recovering with schools pandemic affected by price reduction. This • Divisional profits helped by 14% devaluation of ISK starting and canteens and cafe's opening, especially applied to Argentinean shrimp and against EUR from year beginning to end of June, • Strong outlook for 2H of the year, with new other shellfish species, • Outlook for 2H of the year relatively strong, with listings into UK retail starting and foodservice • Outlook remains uncertain, but gradual recovery new quota year starting in Iceland and Q4 being a sales recovering. and current trend give positive sign. key sales period for Groundfish and Pelagic. 7

Q2 2020 Results Presentation to Investors and Analysts Q2 2020 Results Financial performance

Unique combination of sourcing expertise and well positioned value added activities Q2 2020 Results Presentation to Investors and Analysts Iceland Seafood International Turnover 2019 Executive management Value Added Value Added Sales & Distribution VA S-Europe N-Europe S-Europe 38% 40% VA N-Europe IS Iceland and IS Barracl aclough gh IS Ibérica 22% Sales & Distribution IS France ce Havelok Elba IS Germany any Oceanp npat ath h Ecomsa msa Profit before tax 2019 IS USA Dunn‘s of Dublin Achern ernar ar 15% VA S-Europe Employees 53% VA N-Europe 34 (5%) 241 (38%) 354 (56%) 32% Sales & Distribution 3 (0.5%) Executive management & Group reporting: 9