Slides
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1 Q3 2025 Results Vilhelm Már Thorsteinsson, CEO Rósa Guðmundsdóttir, CFO 11 November 2025
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2 Q3 2025 highlights The overall performance is below expectations. Revenue declined by 6.5%, while costs decreased by only 1.0%. Results of the Liner segment were well below expectations and affected by lower unit prices, which offset the solid volume in the system, and a significant increase in salaries during the period. EBITDA comparison YoY is impacted by two non- recurring items, a positive EUR 2.2m in Q3 2024 and a negative EUR 2.9m in Q3 2025 related to the sale of Lagarfoss, a EUR 5.1m difference. Substantial drop in global freight rates impacted the performance of the Forwarding segment which nevertheless had a reasonable result. The Logistics segment delivered strong results where we successfully managed to mitigate lower revenue in the quarter with even lower operating cost. The cash position is strong at the end of the quarter at EUR 35.5m, as result of net proceeds from the sale of Lagarfoss and a dividend payment from affiliates. Uppfæra mynd þegar ný forsíðumynd er komin
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3 Operational matters
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4 Proactively addressing operational headwinds Liner services operated at an EBIT loss for the first 9 months of the year . Pressure has been on unit prices and cost driven by third party and salary expenses. Substantial measures have been taken in the last few months to address current operational headwinds, such as reducing the vessel fleet through the sale of Lagarfoss, closing of two operating locations in Iceland, reducing square meters by 2.600 m2 and managed reduction in FTEs by 46. Two valued customers, PCC Bakki and Nordurál, are experiencing severe operational challenges. • Volume effect is appr . 4.300 teus per quarter which is appr . 8.0% of the total Liner volume in Q3 2025. Estimated impact of already planned mitigating measures is EUR 12-14m on an annual basis. • Measures amounting to approximately EUR 8.0m on an annual basis have already been executed. Several initiatives are furthermore being analyzed and prepared with impact yet to be quantified. Substantial measures and various initiatives to mitigate impact. → 5.3% Volume Revenues Expenses 2.5% 5.2% → → Liner 9M 2025 compared to 9M 2024 EBIT EUR 12.1m → EUR 12-14m → Total impact of initiatives Thereof impact of executed initiatives EUR 8m→ Estimated annual impact Estimated annual impact Liner EBIT 9M 2025 reduction Mitigating initiatives in Q3 and Q4 across the group
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5 Competitiveness of dedicated coastal shipping under pressure Substantial cost increases by the government and municipalities plus regulatory burdens Development of carbon taxes per dedicated coastal voyage ISK’000 Port cost per voyage in dedicated coastal ports ISK’000 Coastal shipping has played a vital role in Iceland’s domestic supply chain for many years, with frequent departures supporting inventory management and product delivery across the country. Rising port fees, cargo dues, and carbon taxes, including double taxation from both carbon tax in Iceland and ETS allowances have significantly increased the cost of coastal shipping. Reducing operational costs and eliminating double taxation on carbon emissions are essential to support the future growth of coastal shipping. 1,879 2,151 2,266 2,669 2,963 3,064 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2019 2020 2021 2022 2023 2024 Port cost per voyage 889 920 1,464 1,830 627 1,181 1,880 889 1,547 2,645 3,710 2023 2024 2025 2026 E Carbon tax ETS Cost increase: 63.1% CPI increase: 37.9% Cost increase: 317% Cost increase excl. ETS: 106% Cost increase: 197% Cost increase excl. ETS: 64.6%
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6 Service segments
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7 The only Pan-Arctic ocean carrier Strong connections to international markets via global network A leading fresh by sea service provider in the North-Atlantic
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8 Note: Reefer liner volume in Norway converted from tons to teus Strong volume in container liner with pressure on margins and a loss in the quarter 53.2 53.6 52.1 55.1 53.9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 + 1.5% 53.2 53.90.8 0.5 0.2 -0.3 -0.1 -0.2 -0.2 Q3 2024 IMP IS EXP IS IMP FO EXP FO TA NO North NO South Q3 2025 Volume development by quarter Teus ‘000 Change by trade lines Teus ‘000 Liner results EURm Q3 25 Q2 25 QoQ % Q3 24 YoY % Revenue 104.7 107.0 -2.1% 108.6 -3.5% Expenses 101.9 97.3 4.8% 93.5 9.0% Thereof salaries 11.0 11.1 -1.1% 10.2 8.3% EBITDA 2.8 9.7 -71.1% 15.0 -81.3% EBITDA margin 2.7% 9.1% 13.9% EBIT -5.4 0.5 7.1 EBIT margin -5.1% 0.5% 6.6% Liner segment Note:. Q3 2024 included a positive non-recurring item of EUR 2.2m Q3 2025 included a negative EUR 2.9m due to the sale of Lagarfoss.
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9 Trans-Atlantic Similar volume at stable freight rates despite decline in global freight rates. Strong Eastbound volume resulting in improved utilization and balance. 3.8 4.9 4.2 4.2 3.7 3.0 3.0 2.6 3.8 3.3 0.9 0.4 0.3 0.2 0.5 7.7 8.4 7.1 8.2 7.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 TA Westbound TA Eastbound Shortsea Volume development by quarter Teus ‘000 Drewry World Container Index development $US/40ft container - 1.9% Note: Q4 to date 6 November 0 2,000 4,000 6,000 8,000 10,000 12,000 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 2020 2021 2022 2023 2024 2025 World Index RTM-NY NY-RTM
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10 Freight forwarding with global reach 30 locations in 20 countries across four continents Specialized in frozen and chilled commodities
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11 Increased volume and adequate results affected by significantly lower global freight rates + 7.7% Volume development by quarter Teus ‘000 Volume bridge and split by geography Teus ‘000 Forwarding results EURm Q3 25 Q2 25 QoQ % Q3 24 YoY % Revenue 75.8 70.5 7.6% 87.7 -13.6% Expenses 72.4 68.5 5.7% 82.6 -12.3% Thereof salaries 6.7 6.7 -0.9% 6.0 11.1% EBITDA 3.4 2.0 73.9% 5.1 -33.2% EBITDA margin 4.5% 2.8% 5.8% EBIT 2.2 0.7 210.2% 3.5 -37.6% EBIT margin 2.8% 1.0% 3.9% 25.4 30.9 24.2 26.3 28.7 12.2 11.3 10.8 11.3 11.9 37.6 42.3 35.0 37.6 40.5 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Reefer Dry 18.4 20.2 13.9 15.0 3.5 3.5 37.6 1.8 1.1 0.0 0.0 40.5 Q3 2024 Europe Asia Scandinavia N-America Q3 2025 Europe Asia Scandinavia N-America Note: Historical volume data has been restated with a standardized platform Forwarding segment
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12 Forwarding volume split YTD Asia - Africa 4% Asia - N-America 9% Intra - Europe 4% Europe - Africa 11% Intra - Africa 2% Europe - Asia 19% Asia - Europe 25% Other trades 12% Intra - Asia 9% Europe - N-America 5%
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13 Logistics and agency services Providing holistic door-to-door solutions in the North-Atlantic Leveraging valuable local expertise and Eimskip’s strong infrastructure Trucking Terminal operations Warehouses Chilled and cold storages Agency Operations
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14 Logistics and agency Strong performance across the segment. Strategic expansion of own trucking fleet in Iceland delivered margin improvements. Seasonal agency activity contributed well to the overall performance. Percentage split of revenue Logistics and agency results EURm 47% 47% 48% 48% 48% 23% 22% 23% 24% 22% 20% 24% 23% 21% 22% 7% 3% 2% 3% 7%4% 4% 5% 4% 2% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Trucking Warehouse &CS Terminal Agency Other Q3 25 Q2 25 QoQ % Q3 24 YoY % Revenue 72.8 69.1 5.4% 73.7 -1.2% Expenses 58.6 59.5 -1.6% 60.9 -3.8% Thereof salaries 21.7 23.8 -9.1% 20.3 6.7% EBITDA 14.2 9.5 49.1% 12.8 11.1% EBITDA margin 19.5% 13.8% 17.3% EBIT 9.1 4.5 102.8% 8.1 13.4% EBIT margin 12.6% 6.5% 11.0%
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15 Note: Absolute values reflect the Group´s totals. Numbers have been adjusted where needed, for comparison between countries. Logistics volume QoQ Generally good activity across Logistics supporting strong results of this segment in the quarter. 576.000 tons transported 168.000 pallets out86.000 average # of pallets On par with Q2Up by 2.000 pallets 53.000 container lifts Up by 2.000 lifts 70.000 pallets out49.000 average # of pallets Down by 3.000 pallets Up by 19.000 pallets Down by 8.000 tons Terminals Trucking Warehouses Coldstores
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16 Financial results
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17 Income statement Q3 2025 Revenue decreased by 6.5% while expenses decreased by a mere 1.0%. Expenses include a EUR 2.9m loss of sale of Lagarfoss. Salaries increased by 8.1% however, excluding salaries and effect of the Lagarfoss sale, expenses reduced by 5.1%. Salary increase can primarily be attributed to substantial collective wage agreements and currency differences. Two one-offs affect the EBITDA comparison between years. Q3 2024 included a positive non-recurring item of EUR 2.2m while Q3 2025 included a negative EUR 2.9m due to the sale of Lagarfoss. Net finance expenses decreased by EUR 0.3m mainly due to lower net interest and net favorable currency differences in the quarter . Affiliates are performing well and contributed EUR 0.8m higher than last year . Overall results below expectations despite strong liner and forwarding volume and good performance of the Logistic and agency segment. EURm Q3 2025 Q3 2024 Change % Revenue 204.7 219.0 -14.3 -6.5% Expenses 184.3 186.1 -1.8 -1.0% Thereof salary and related expenses 39.3 36.3 3.0 8.1% EBITDA 20.4 32.9 -12.5 -38.0% Depreciation and amortization 14.5 14.3 0.2 1.7% EBIT 5.9 18.7 -12.8 -68.3% Net finance expense -3.3 -3.6 0.3 -7.7% Share of profit of affiliates 3.5 2.7 0.8 29.3% Net earnings before income tax 6.0 17.7 -11.7 -66.0% Income tax -0.4 -3.4 3.0 -88.4% Net earnings for the period 5.6 14.3 -8.7 -60.7% EBITDA ratio 10.0% 15.0% EBIT ratio 2.9% 8.5% Profit margin 2.7% 6.5%
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18 Income statement 9M 2025 Finna aðra mynd Hún er líka á glæru 14 EURm 9M 2025 9M 2024 Change % Revenue 606.1 620.0 -13.8 -2.2% Expenses 549.2 549.3 -0.1 0.0% Thereof salary and related expenses 121.6 111.7 10.0 8.9% EBITDA 57.0 70.7 -13.7 -19.4% Depreciation and amortization 46.3 44.4 2.0 4.5% EBIT 10.6 26.3 -15.7 -59.7% Net finance expense -6.6 -9.4 2.8 -30.0% Share of profit of affiliates 6.7 10.2 -3.6 -35.0% Net earnings before income tax 10.7 27.2 -16.5 -60.7% Income tax -1.3 -4.4 3.1 -70.3% Net earnings for the period 9.4 22.7 -13.3 -58.8% EBITDA ratio 9.4% 11.4% EBIT ratio 1.8% 4.2% Profit margin 1.5% 3.7%
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19 97.7 99.9 95.5 96.7 94.9 75.6 87.3 67.4 63.0 68.3 45.7 40.0 37.4 41.3 41.6 219.0 227.2 200.3 201.1 204.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Liner Forwarding Logistics & Agency Revenue analysis Total revenue decreased by EUR 14.3m or 6.5% YoY . Liner revenue decreased by EUR 2.8m or 2.9% while volume grew by a modest 1.5%. • Revenue decreased in both Iceland and Faroe Island due to lower unit prices. • Trans-Atlantic, excluding shortsea, performed well in the quarter as revenue increased in line with volume. • Reefer liner revenue was hit with lower capacity affecting revenue and volume as one of four vessels was out of service from middle of August. Forwarding revenue decreased by EUR 7.3m or 9.7% while volume grew by 7.7%. Revenue was impacted by substantially lower global freight rates where Drewry world container index dropped by 55%. Additionally, fewer large special projects compared to previous year . Despite good contribution to the result in the quarter with seasonal agency activity contributing to overall performance, Logistics and agency revenue decreased by EUR 4.1m. while cost decreased by EUR 5.5m. • Approximately one-third of the revenue decrease was attributable to the suspension of ferry service. Modest growth in Container liner while freight forwarding affected by reduction in global freight rates Total revenue development EURm Geographical split of revenue - 6.5% 53.1% 51.8% 54.8% 55.5% 56.6% 5.8% 9.0% 6.6% 7.0% 6.6%3.7% 3.2% 4.5% 5.1% 3.9% 22.1% 20.4% 22.1% 21.9% 21.8% 11.0% 11.8% 8.3% 7.0% 7.6% 4.2% 3.7% 3.6% 3.4% 3.5% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Iceland Faroe Islands Norway Europe Asia N-America
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20 -0.5 -7.2 -1.7 -1.0 -0.7 0.9 -1.5 -0.5 219.0 -2.2 204.7 Q3 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q3 2025 Revenue bridge Lower unit prices in Liner and substantial drop in global freight rates in Forwarding impacted revenue and overall results. Even though revenue in Logistics is lower, the segment delivered improved results. Revenue bridge by business activity EURm
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21 -7.2 -2.3 0.7 0.2 3.0 3.7 186.1 184.3 Q3 2024 3rd party Bunker ETS Liner & equipm. Salaries Other Q3 2025 104.1 115.8 96.2 92.9 97.0 14.1 14.3 15.1 12.4 12.5 19.1 18.8 20.8 20.5 19.4 36.3 39.2 40.7 41.6 39.3 12.4 11.9 12.2 12.5 16.1 186.1 200.0 185.0 179.9 184.3 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 3rd p logistics serv. Bunker & ETS Liner & equipm. Salaries Other Expense analysis Expenses decreased by EUR 1.8m or 1% YoY , considering salaries and effect EUR 2.9m loss of the Lagarfoss sale, expenses reduced by 5.1%. This was mainly driven by a reduction in third-party logistics services and lower bunker cost, offset by salary increases. Lower third-party expenses can mostly be attributed to a reduction in freight cost, as global freight rates continue to decrease in the quarter . Bunker cost decreased by EUR 2.3m due to lower bunker prices and lower consumption, at the same time ETS cost increased by EUR 0.7m. Total ETS cost YTD is EUR 4.9 m, compared to EUR 2.6m for the same period last year . Salaries increased by EUR 3m, or 8.1%, where of EUR 0.8m was due to negative currency fluctuations. Other cost increased by EUR 3.7m, of which EUR 2.9m is due to a loss of sale attributed by selling of Lagarfoss. Total expenses decreased despite unsustainable increase in salary expenses Total expenses development EURm Expense bridge EURm - 1.0%
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22 Salary analysis Collective wage agreements in Iceland account for 1.3m of the total 3m. • Due to the combination of Eimskip’s workforce the increase due to the agreements is 6.3%, instead of the general negotiated increase of 3.5%. • On top of this, wage drift in Iceland was EUR 0.3m or 1.6%, as pressure has increased following the setup of the collective wage agreements and the inadequate labor market model. Expansion of business in Iceland and our own trucking fleet accounted for EUR 0.6m of the total increase. Salaries related to International operations increased by EUR 0.5m or 3.6%. The salary cost in Q3 is below both Q1 and Q2, partly as a result of managed FTE reduction. Unsustainable salary development in Iceland or 7.9% increase YoY* Salaries increased by EUR 3.0m, or 8.1% YoY , mainly driven by collective wage agreements in Iceland. Around 63% of the group’s salary expenses were incurred in Iceland, however accounting for 83% of the increase. 1.3 0.3 0.6 -0.9 0.3 0.5 0.8 36.3 39.3 Q3 2024 Coll. Wage agreem. IS Wage drift IS New business IS Ferry IS FTE change INT change FX difference Q3 2025 Salary bridge EURm *Excluding FX difference and Ferry operations, in 2025 Eimskip ceased operating the ferry Baldur in Iceland
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23 0.4 -5.7 -2.4 -1.7 -1.5 1.4 -1.8 3.7 186.1 5.8 184.3 Q3 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q3 2025 Expense bridge In addition to global freight rate related cost decrease in Forwarding, expenses in the Logistics segment decreased more than the segment’s reduction in revenue. Expense bridge by business activity EURm
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24 32.9 27.1 15.3 21.2 20.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA development by quarter EURm EBITDA - 38% EBITDA bridge by business activity EURm EBITDA between years colored by challenges in the Liner segment, partly affected by one-offs -0.9 -1.6 0.7 0.6 0.8 -0.4 0.4 -4.2 32.9 -7.9 20.4 Q3 2024 Cont. Liner Reefer Liner Forwarding Trucking WH & CS Terminal Agency Logistics Other Other Q3 2025
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25 29.9 20.4 -9.4 -8.6 -12.2 -2.2 19.3 35.5 -1.7 Cash position 30.06.2025 EBITDA Paid taxes Working capital change Maint. CAPEX Financing activities Other inv. Dividend & Lagarfoss sale Cash position 30.09.2025 Cash flow and leverage Strong cash position at the end of the period despite lower cash from operations 216 223 221 237 217 85 105 110 114 110 2.31 2.28 2.23 2.45 2.42 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net debt Whereof operational leases Leverage ratio Cash flow bridge EURm Net interest-bearing debt and leverage ratio by quarter EURm Cash flow from operations development by quarter EURm 12.3 18.4 15.9 15.1 0.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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26 Maintenance and investment capex New investment capex amounted to EUR 1.6m in Q3 and totals EUR 5.5m YTD. Investments include washing facility in Sundahöfn terminal, increased investments in own trucking fleet and a refurbishment of old headquarters in Iceland for use of TVG and Gára. The forecast for the year is lower than plan as new investments have been deferred as mitigation to operational headwinds. Maintenance capex amounted to EUR 8.6m in Q3 and totals EUR 22.6m YTD. The most significant maintenance capex items this year include vessel dockings (Brúarfoss, Dettifoss, Holmfoss and Svartfoss), IT system maintenance and various equipment renewals. Acceleration of equipment fleet renewal in Domestic Iceland explains the variance from plan. Maintenance Capex EURm New Investment Capex EURm 11.4 8.4 5.5 9.0 15-18 2024 9M 2024 9M 2025 2025 FC 2025 Plan 26.9 18.9 22.6 33.8 29-32 2024 9M 2024 9M 2025 2025 FC 2025 Plan
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27 Outlook
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28 Outlook Volume in Liner will be impacted by less production at Nordurál and PCC • Import to Iceland anticipated to be on a slighty reduced level due to less industrial volumes and export Iceland will also be hit by lower industrial volumes somewhat offset by an increase in salmon harvesting, good export of pelagic and white fish. • Volume in Trans-Atlantic to be on similar levels as Q3 but lower than Q4 2024 which was unusually strong due to then imminent strikes at US east coast harbors. Expecting freight rates to be on similar levels as in Q3. • Import to Faroes expected to be on similar levels as last year . We expect good pelagic and fresh fish volume in export from Faroes but volume slightly below a strong quarter last year . • Reefer liner will continue to be affected by lower white fish quota and less capacity. Industrial cargo volume will reduce while estimated cost mitigation impact will be minimal in Q4. Expecting traditional seasonality in Q4 from Q3. Global freight rates have risen 17% from the start of Q4 according to Drewry WCI but are 42% lower than average Q4 rates in 2024. Forwarding volume is expected to be just above the Q3 levels. Anticipating Logistics and agency segment to perform well in Q4 on back of the operational efficiency gain throughout the year . Historically, margins have been on the lower end in Q4 due to increased cost due to the holiday season. Substantial measures have been taken in the last few months to address current operational headwinds, which will gradually realize in 2026. The estimated impact in Q4 will be minimal due to one-off and redundancy costs. Several initiatives are furthermore being analyzed and prepared with impact yet to be quantified. Note: Drewry World Container Index 06 November.
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29 Thank you Supporting Christmas in a shoebox in Iceland since 2004 and in the Faroe Islands since 2015
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30 Appendix
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31 This is Eimskip Eimskip is a leading transportation company in the North-Atlantic providing container and reefer liner services with connections tointernational markets and is specialized in worldwide freight forwarding services with a focus on frozen and chilled commodities. 176 Own trucks 55 Offices Greenhouse gas emissions* -4% 20 Countries 13 Vessels 9 Container vessels 4 Reefer vessels Container fleet Reefer 8.208 teus Dry 23.204 teus Board of Directors 60% Female 40% Male 50 Nationalities 30 Warehouses 11 Cold storages Senior management 35% Female 65% Male Established in 1914 1716 FTEs 31% Female 69% Male *Greenhouse gas emission LTM Q3 2025 compared to LTM Q3 2024
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32 Service segment split Logistics and agency services represents trucking and distribution, warehousing, coldstores, own terminal operations and agency. Various services offered across 29 locations in 11 countries. Liner services includes container- and reefer liner services in the North-Atlantic. This includes import and export from Iceland and the Faroe Islands, west- and eastbound Trans-Atlantic and reefer liner in Norway. Included in this segment is all liner related pre- and on-carriages. A total of 19 liner offices across 14 countries. Forwarding services represents sale and services of transportation solutions outside of Eimskip's own operating system, particularly in sea-, air-, and land transportation. A total of 30 forwarding offices across 20 countries and four continents. Liner services Forwarding services Logistics and agency Segment split
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33 Income statement by segments Q3 2025 vs Q3 2024 EURm Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 YoY % Q3 2025 Q3 2024 Q3 2025 Q3 2024 YoY % Revenue 104.7 108.6 -3.5% 75.8 87.7 -13.6% 72.8 73.7 -1.2% -48.6 -50.9 204.7 219.0 -6.5% Expenses 101.9 93.5 9.0% 72.4 82.6 -12.3% 58.6 60.9 -3.8% -48.6 -50.9 184.3 186.1 -1.0% There of salaries 11.0 10.2 8.3% 6.7 6.0 11.1% 21.7 20.3 6.7% 39.3 36.4 7.9% EBITDA 2.8 15.0 -81.3% 3.4 5.1 -33.2% 14.2 12.8 11.1% 20.4 32.9 -38.0% Depreciation 8.2 7.9 3.8% 1.3 1.7 -24.2% 5.1 4.7 7.4% 14.5 14.3 1.7% EBIT -5.4 7.1 -175.5% 2.2 3.5 -37.6% 9.1 8.1 13.4% 5.9 18.7 -68.3% Net financial income -1.6 -1.7 -8.2% -0.5 -0.5 -8.0% -1.3 -1.4 -6.9% -3.3 -3.6 -7.7% Share of earnings 3.4 2.7 29.7% 0.0 0.0 3.5 2.7 29.3% EBT -3.5 8.1 -143.6% 1.7 2.9 -43.1% 7.9 6.7 17.4% 6.0 17.7 -66.0% Taxes -0.1 -1.6 -96.5% -0.1 -0.5 -87.6% -0.3 -1.3 -79.3% -0.4 -3.4 -88.4% Net Profit -3.6 6.5 -154.9% 1.6 2.4 -33.3% 7.6 5.4 41.2% 5.6 14.3 -60.7% A management distribution rule was applied for illustration purposes on net financial income and taxes to each segment Volume (teus '000) 53.9 53.1 1.5% 40.5 37.6 7.7% Jobs 26,626 24,727 7.7% Revenue per teus (EUR) 1,944 2,044 -4.9% 1,871 2,330 -19.7% Cost per teus (EUR) 1,892 1,761 7.4% 1,786 2,194 -18.6% EBITDA per teus (EUR) 52.1 283.2 -81.6% 84.5 136.3 -38.0% Sailed miles Q2 190,765 190,400 Uitilization (headhaul) - cont. Liner 81% 80% EliminationLogistics and AgencyForwardingLiner Total
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34 Income statement by segments 9M 2025 vs 9M 2024 EURm 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 YoY % 9M 2025 9M 2024 9M 2025 9M 2024 YoY % Revenue 315.7 309.4 2.1% 222.8 238.3 -6.5% 206.7 208.8 -1.0% -139.2 -136.6 606.1 620.0 -2.2% Expenses 297.4 280.5 6.0% 214.8 227.5 -5.6% 176.2 177.8 -0.9% -139.2 -136.6 549.2 549.3 0.0% There of salaries 33.7 31.6 6.6% 20.2 18.2 11.2% 67.7 62.0 9.3% 121.6 111.8 8.8% EBITDA 18.3 28.8 -36.4% 8.1 10.8 -25.7% 30.6 31.0 -1.4% 57.0 70.7 -19.4% Depreciation 27.4 25.7 6.4% 3.8 4.9 -22.5% 15.1 13.7 10.6% 46.3 44.4 4.5% EBIT -9.0 3.1 -390.5% 4.2 5.9 -28.4% 15.4 17.3 -10.9% 10.6 26.3 -59.7% Net financial income -3.1 -4.5 -30.2% -1.0 -1.4 -30.3% -2.5 -3.5 -29.6% -6.6 -9.4 -30.0% Share of earnings 6.6 10.2 -35.0% 0.0 0.0 6.7 10.2 -35.0% EBT -5.5 8.8 3.3 4.5 -27.8% 13.0 13.8 -6.1% 10.7 27.2 -60.7% Taxes -0.5 -2.0 -74.8% -0.1 -0.7 -82.9% -0.7 -1.7 -60.1% -1.3 -4.4 -70.3% Net Profit -6.0 6.8 3.1 3.8 -17.8% 12.3 12.1 1.6% 9.4 22.7 -58.8% A management distribution rule was applied for illustration purposes on net financial income and taxes to each segment Volume (teus '000) 161.1 153.0 5.3% 113.1 115.7 -2.2% Jobs 75,197 73,520 2.3% Revenue per teus (EUR) 1,960 2,022 -3.1% 1,970 2,060 -4.4% Cost per teus (EUR) 1,846 1,834 0.7% 1,899 1,967 -3.5% EBITDA per teus (EUR) 113.9 188.5 -39.6% 71.2 93.8 -24.1% Sailed miles YTD 571,425 573,242 Uitilization (headhaul) - cont. Liner 83% 79% Liner Forwarding Logistics and Agency Elimination Total 315.309.
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Container liner analysis Good utilization on back of strong volume 72.2 72.4 71.6 71.4 71.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 770 765 759 763 763 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 TTM bunker consumption development Metric ton per sailed mile TTM sailed miles development Thousand Miles (‘000) 80% 82% 84% 85% 81% 58% 60% 62% 65% 60% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Headhaul Full units Roundtrip Vessel utilization
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36 Balance sheet and cash flow EURm 30.09.25 31.12.24 Change % Non-current assets 457.9 482.5 -24.6 -5.1% Fixed assets 296.8 312.2 -15.4 -4.9% Right-of-use assets 105.7 107.7 -1.9 -1.8% Other non-current assets 55.4 62.7 -7.3 -11.6% Current assets 196.4 184.2 12.2 6.6% Trade and other receivables 151.6 143.2 8.4 5.8% Other current assets 9.3 12.2 -3.0 -24.2% Cash and cash equivalents 35.5 28.7 6.8 23.9% Assets 654.3 666.7 -12.4 -1.9% Equity 301.5 316.9 -15.4 -4.8% Non-current liabilities 220.2 175.5 44.8 25.5% Loans and borrowings 125.9 80.5 45.4 56.5% Lease liabilitites 88.5 86.5 1.9 2.2% Other non-current liabilitites 5.9 8.5 -2.6 -30.8% Current liabilities 132.6 174.3 -41.8 -24.0% Loans and borrowings 17.7 59.4 -41.7 -70.2% Lease liabilities 21.5 26.8 -5.2 -19.5% Trade and other payables 92.4 86.9 5.6 6.4% Income tax payable 0.9 1.3 -0.5 -34.5% Liabilities 352.8 349.8 3.0 0.8% Equity and liabilitites 654.3 666.7 -12.4 -1.9% EURm Q3 2025 Q3 2024 Change EBITDA 20.4 32.9 -12.5 Working Capital changes and other adjustments -9.4 -12.6 3.2 Paid taxes -1.7 -2.0 0.3 Maintenance Capex -8.6 -6.5 -2.1 Cash Flow from operations 0.7 11.8 -11.1 Debt repayments -6.4 -5.2 -1.2 Repayment of lease liabilities -5.9 -8.3 2.4 Cash Flow after debt and lease service -11.5 -1.7 -9.8 Net investments 24.0 -2.5 26.5 Change in loan facilities -6.9 2.5 -9.4 Free cash flow to equity 5.6 -1.7 7.3 Dividend to minority -0.1 0.0 -0.1 Dividend paid to equity holders of the Company 0.0 0.0 0.0 Share buy-back -0.1 0.0 -0.1 Change in Cash 5.5 -1.7 7.2 Effects of exchange rate fluctuations on cash held 0.2 0.4 -0.2 Cash position at end of period 35.5 24.4 11.1
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Key figures by quarter Financial numbers are in EURm Operating results Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Revenue 204.7 201.1 200.3 847.1 227.2 219.0 207.1 193.8 817.9 199.1 199.8 206.8 212.1 Expenses 184.3 179.9 185.0 749.3 200.0 186.1 183.6 179.5 694.6 176.4 165.3 172.5 180.3 Salaries and related expense 39.3 41.6 40.7 150.4 39.2 36.3 37.9 37.5 143.8 36.9 35.1 36.8 35.0 EBITDA 20.4 21.2 15.3 97.8 27.1 32.9 23.5 14.2 123.4 22.7 34.5 34.3 31.8 EBIT 5.9 5.7 -1.0 34.9 8.6 18.7 8.6 -0.9 61.0 6.9 18.9 19.4 15.8 Net earnings for the period 5.6 4.5 -0.8 30.0 7.3 14.3 7.9 0.5 54.5 8.4 16.6 17.0 12.5 EBITDA ratio 10.0% 10.5% 7.7% 11.5% 11.9% 15.0% 11.3% 7.3% 15.1% 11.4% 17.3% 16.6% 15.0% EBIT ratio 2.9% 2.8% -0.5% 4.1% 3.8% 8.5% 4.1% -0.5% 7.5% 3.5% 9.4% 9.4% 7.4% Profit ratio 2.7% 2.2% -0.4% 3.5% 3.2% 6.5% 3.8% 0.3% 6.7% 4.2% 8.3% 8.2% 5.9% Earnings per share (in EUR) 0.034 0.028 -0.003 0.184 0.045 0.088 0.047 0.003 0.325 0.051 0.100 0.101 0.073 Balance sheet 30.09.25 30.06.25 31.03.25 31.12.2024 31.12.24 30.09.24 30.06.24 31.03.24 31.12.23 31.12.23 30.09.23 30.06.23 31.03.23 Assets 654.3 675.1 662.9 666.7 666.7 655.4 648.1 0.0 618.8 618.8 651.4 638.5 668.4 Equity 301.5 296.7 296.9 316.9 316.9 306.2 293.5 0.0 312.1 312.1 314.6 297.9 282.5 Liabilities 352.8 378.4 366.0 349.8 349.8 349.1 354.6 0.0 306.7 306.7 336.8 340.6 386.0 Interest-bearing debt 253.6 267.8 249.2 253.1 253.1 241.4 248.6 0.0 211.2 211.2 222.3 228.3 229.3 Loans and borrowings 143.6 154.0 138.9 139.9 139.9 144.1 143.5 0.0 119.2 119.2 122.8 124.9 131.2 Lease liabilities 110.0 113.7 110.3 113.3 113.3 97.3 105.1 0.0 92.0 92.0 99.5 103.4 98.1 Net debt 217.6 237.3 220.6 223.2 223.2 215.6 221.3 196.2 176.6 176.6 172.8 179.4 139.8 Equity ratio 46.1% 43.9% 44.8% 47.5% 47.5% 46.7% 45.3% 0.0% 50.4% 50.4% 48.3% 46.7% 42.3% LTM return on equity 5.5% 8.6% 19.4% 9.5% 9.5% 10.0% 11.3% 15.0% 17.5% 17.5% 22.2% 28.0% 32.7% Leverage ratio 2.59 2.46 2.23 2.28 2.28 2.31 2.33 1.85 1.43 1.43 1.24 1.16 0.85 Cash flow Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Net cash from operating activities 5.9 20.1 17.3 63.7 24.1 13.2 21.3 5.1 98.5 12.1 29.3 22.2 34.3 Cash and cash equivalents at the end of the period 35.5 29.9 27.6 28.7 28.7 24.4 25.7 27.0 32.5 32.5 47.1 46.3 86.8 New investments 1.6 1.8 2.1 11.4 3.0 2.7 4.6 1.0 17.8 5.5 6.0 5.1 1.1 Maintenance capex 8.6 8.7 5.2 26.9 8.0 6.5 7.0 5.3 25.4 3.6 10.9 4.8 6.1 Distribution to shareholders - 15.3 - 24.8 - - 24.8 - 35.4 - - 35.4 - Share buy back 0.1 - - 1,291 - - - 1,291 5,363 5,363 - - -
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We simply deliver
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39 Disclaimer Information contained in this presentation is based on sources that Eimskipafélag Íslands hf. (“Eimskip“ or the ”Company“) considers reliable at each time. Its accuracy or completeness can however not be guaranteed. Copyright of information contained in this presentation is owned by Eimskip. This presentation, including information contained therein, may not be copied, reproduced or distributed in any manner, neither wholly nor partly. This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation. Eimskip is not obliged to provide recipients of this presentation any further information on the Company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change. Statements contained in this presentation that refer to the Company’s estimated or anticipated future results or future activities are forward-looking statements which reflect the Company’s current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. By the receipt of this presentation the recipient acknowledges and accepts the aforesaid disclaimer and restrictions.