Eimskipafélag Íslands (EIM) investor relations material

Executive summary

• Revenue declined 4.8% year-over-year to EUR 191.7m, mainly due to lower global freight rates, with net loss of EUR 4.7m compared to EUR 0.8m loss in Q1 2025.

• EBITDA dropped 39.2% to EUR 9.3m, impacted by lower Liner volumes and a sharp decline in Forwarding margins.

• Streamlining and cost mitigation initiatives yielded EUR 3.2m in savings in Q1, with a EUR 2.7m EBITDA impact.

• Total equity at March 31, 2026 was EUR 289.7m.

Financial highlights

• Expenses decreased by 1.9% year-over-year, driven by lower third-party logistics costs and bunker consumption.

• Depreciation was EUR 2.2m lower due to fewer vessels in operation.

• Affiliates contributed EUR 3.3m, up EUR 0.8m from last year.

• Cash and cash equivalents at quarter-end were EUR 24.1m.

• EBIT was EUR -4.8m, compared to EUR -1.0m in Q1 2025.

Outlook and guidance

• Import into Iceland expected to remain stable, with strong seafood exports and ramp-up at Nordurál supporting gradual volume increases.

• Trans-Atlantic volumes anticipated to be lower than last year due to geopolitical uncertainty and Suez Canal disruptions.

• Forwarding volumes presumed higher year-over-year, but global freight rate volatility remains.

• Production at Norðurál's Grundartangi plant resumed in April and is expected to return to full capacity by July.

• Ongoing labor negotiations in Iceland and geopolitical tensions may impact operations.