Iceland Seafood International hf.
Consolidated Financial Statements
for the year ending 31 December 2025
Iceland Seafood International hf.
TIN 611088-1329
Contents
Page
Statement and Endorsement by the Board of Directors and the CEO ..............................................................
2-6
Independent Auditor's Report of the Consolidated Financial Statements .......................................................
7-10
Consolidated Statement of Profit or Loss ..........................................................................................................
11
Consolidated Statement of Comprehensive Income .........................................................................................
12
Consolidated Statement of Financial Position ...................................................................................................
13
Consolidated Statement of Changes in Equity ..................................................................................................
14
Consolidated Statement of Cash Flows .............................................................................................................
15
Notes to the Consolidated Financial Statements ..............................................................................................
16-44
Appendices (unaudited)
Quarterly Statements .........................................................................................................................................
45
Corporate Governance Statement .....................................................................................................................
46-52
Non-financial information ..................................................................................................................................
53-65
Company Information
Name
Iceland Seafood International hf.
TIN
611088-1329
BOD
Birna Einarsdóttir, Chairman
Bergþór Baldvinsson, Board Member
Halldór Leifsson, Board Member
Ingunn Agnes Kro, Board Member
Jakob Valgeir Flosason, Board Member
CEO
Ægir Páll Friðbertsson
Address
Köllunarklettsvegur 2
104 Reykjavík
Iceland
Web
www.icelandseafood.com
Auditors
Deloitte ehf.
Dalvegur 30
201 Kópavogur
Iceland
www.deloitte.is
Reporting currency
Euro (EUR)
Iceland Seafood International hf.
1
Financial Statements 2025 - Audited
Statement and Endorsement
by the Board of Directors and the CEO
Statement
The Company
Changes in Financial Statement Presentation
Operations for the year
It is the opinion of the Board of Directors and the CEO of Iceland Seafood International hf. (the Company), that these
Consolidated Financial Statements present the necessary information to evaluate the financial position of the
Company at year end, the operating results for the year and financial developments during the year 2025.
The Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union and additional disclosure requirements in the Icelandic Act no. 3/2006 on
Financial Statements.
in Spain, Argentina, Ireland, Iceland, France, Germany and the United Kingdom.
The Group operates across three divisions, Value Added Southern Europe, Value Added Northern Europe and Sales &
Distribution Division which has offices in Iceland, France and Germany. The Value Added Divisions have processing
factories and coldstores in their respective regions with Southern Europe also having a satellite facility and a freezer-
trawler operation in Argentina.
Furthermore, in our opinion the Consolidated Financial Statements and the Statement and Endorsement of the
Board of Directors and the CEO give a fair view of the development and performance of the Group's operations and
its position and describe the principal risks and uncertainties faced by the Group.
Inflation decreased across the EU in 2025 while rising slightly in the UK and the US, and interest rates fell in several
major markets. Together, these shifts have resulted in moderate to positive effects on consumer purchasing power
in 2025. Total sales from continuing operations reached EUR 484.3 million, marking a 9% increase compared to the
previous year. This growth over the year was primarily driven by high cod prices and strong demand for whitefish.
The fourth quarter performed notably well, in line with expected seasonal patterns, with sales increasing by 5.8%
compared to the same quarter in 2024. Christmas-season sales were strong in the Irish and Spanish subsidiaries,
together with a robust performance in frozen and fresh products from the Sales and Distribution Division.
Effective from Q1 2025, we have revised the format of our financial statements to present both current quarter and
year-to-date (YTD) results within each quarterly, bi-annual, and annual report. As part of this change, we have
discontinued the use of separate columns for Normalised results and significant items in the YTD sections of
quarterly reports and for the prior year.
The year was marked by rising prices for cod and related species, as well as for mackerel, while herring prices
remained relatively stable and capelin was scarce due to very low quotas issued for 2025. In contrast, salmon prices
were substantially lower than projected, which contributed to a very strong year across all Company divisions.
Despite the limited capelin availability, reducing volumes compared to previous years, a shift toward a higher
‑
value
product mix supported performance and contributed to an overall sales growth.
Iceland Seafood International hf. 2 Financial Statements 2025 - Audited
Statement and Endorsement
by the Board of Directors and the CEO
Acquisition of Cigalfer792 S.R.L.
The Consolidated Statement of Financial Position at year-end 2025 shows total assets of EUR 279.4 million or EUR
25.5 million increase from the prior year. The increase in total assets is mainly due to higher inventories value,
higher cash position and purchase of freezing trawlers and fishing rights. Net debt at end of December of EUR 111.4
million was EUR 6.8 million higher than at year end 2024 on a like for like basis. Increase in debts is mainly driven by
high inventories at year end and investments in the freezing trawlers in Argentina.
Total equity, including non-controlling interests amounted to EUR 82.4 million compared to EUR 76.2 million at end
of December 2024. The equity ratio was 29.5% at year end compared to 30.0% at end of 2024.
Full time employees in continuing operations on average for the year were 797 (2024: 767), with 802 at year end
(2024: 788).
On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A.,
an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L.
in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near
Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset
acquisition at 2024 year-end, and included in the Group´s financial statement from the beginning of 2025.
Cigalfer792 S.R.L. will enhance the current operation, leading to immediate cost reductions in Achernar operations. It
will also contribute to an overall decrease in storage costs within the IS Iberica Group, improving inventory
management and reducing inventory-related expenses.
The S&D division also performed strongly, driven by solid demand for Icelandic products. Our freezing trawler
operation in Argentina, which commenced in the fall of 2025, shows promising potential, enabling us to expand
further into the value chain and offer premium wild
‑
caught shrimp, thereby broadening our product portfolio.
Normalised
profit
before
tax
reached
EUR
10.6
million,
an
increase
of
EUR
3.2
million
compared
to
the
previous
year.
The profit for 2025 amounted to EUR 7.4 million, a significant improvement from the EUR 2.8 million profit in 2024.
Lower salmon prices benefited our VA N-Europe operations, even as elevated whitefish prices presented challenges.
Ahumados Dominguez in Spain, which relies heavily on salmon, delivered a healthy profit for the second consecutive
year. Additionally, rising sales prices throughout the year supported margin improvements, particularly within the VA
S-Europe division.
In 2025 Iceland Seafood International hf. successfully completed its refinancing process. Credit facilities with an
Icelandic bank were renewed, and both the credit line and loan previously held with a foreign financial institution
were refinanced through the same Icelandic bank. On April 7, the Group completed an unsecured bond issuance,
raising ISK 4,000 million (equivalent to EUR 27.6 million via currency swap) with a 3.5-year maturity. Additionally, the
Company conducted three short-term bill offerings in October and December 2025, raising ISK 2,660 million (EUR
16.8 million via currency swap) with 6 month maturities. This refinancing reduced interest expenses from the June
2025 maturity date and will do so onward. The Group remains focused on further lowering financing costs through
continued financial optimization initiatives. Further information in note nr 21.
Iceland Seafood International hf. 3 Financial Statements 2025 - Audited
Statement and Endorsement
by the Board of Directors and the CEO
Thorpesca S.A.S.
Iceland Seafood Barraclough Ltd.
Market capitalization
Shareholders
31.12.2025
31.12.2024
FISK Seafood ehf .........................................................................................
455
15%
363
12%
Brim hf ........................................................................................................
350
11%
350
11%
Jakob Valgeir ehf .........................................................................................
345
11%
345
11%
Nesfiskur ehf ...............................................................................................
322
11%
322
11%
Birta lífeyrissjóður .......................................................................................
194
6%
178
6%
Lífsverk lífeyrissjóður ..................................................................................
178
6%
164
5%
Stapi lífeyrissjóður ......................................................................................
159
5%
159
5%
Lífeyrissjóður starfsmanna ríkisins A-deild .................................................
106
3%
122
4%
Sjóvá-Almennar tryggingar hf. ....................................................................
93
3%
93
3%
VÍS tryggingar hf. .........................................................................................
87
3%
87
3%
2.289
74%
2.183
71%
Other shareholders (2025: 654 and 2024: 735) ..........................................
775
26%
881
29%
3.064
100%
3.064
100%
Espersen A/S’s subsidiary, Espersen UK, has withdrawn from its operations in Grimsby and confirmed that it will not
exercise its purchase option at the end of the four
‑
year lease period in September 2027. The company has also
approved the early sale of the property.
On July 18th, 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an
agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from
FOOD ARTS S.A. The purchase price amounts to USD 6.0 million. USD 1.2 million for the vessels and USD 4.8 million
for the fishing rights.
The Company is listed on the Nasdaq main market in Iceland (ticker: ICESEA). The latest transaction in 2025 was at
ISK 4.86 per share, giving the Company a market capitalization of EUR 101.5 million (2024: EUR 107.9 million) or 6%
decrease from year end 2024.
The Board of Directors will propose to the Annual General Meeting that no dividend will be paid to shareholders in
2026. For an overview of changes in equity, see the Consolidated Statement of Changes in Equity.
The total number of shareholders at year end was 664 (2024: 745). The ten largest are (shares are in millions):
Stock options are granted to management, based on stock option plan approved by Annual General Meeting in
March 2021. Total granted and unexercised options at year end 2025 were 15.8 million shares (2024: 15.8 million
shares). At end of the year 15.8 million shares are exercisable. All granted options are vested. Further information
on stock options is disclosed in note 20.4.
Iceland Seafood International hf. 4 Financial Statements 2025 - Audited
Statement and Endorsement
by the Board of Directors and the CEO
Corporate Governance
Non-financial information
The Company's policies, material issues and focus areas are disclosed in the Non-Financial Information appendices to
these Consolidated Financial Statements.
Iceland Seafood International hf. is a limited liability company operating under Act No. 2/1995 respecting Public
Limited Companies. The framework for Corporate Governance practices within the Company is defined by the
provisions of law, the Nasdaq Iceland Rules, the principles set forth in the Corporate Governance Guidelines issued
by the Iceland Chamber of Commerce, the Company's Articles of Association and rules of procedures for Board and
sub-committees. The Company is governed by shareholders meetings, the Board of Directors and the Chief
Executive Officer. The Board of Directors shall be composed of three to five members and up to two alternate
members, elected at the Annual General Meeting for a term of one year. Currently the board consist of five members
and one alternate member. Two of five board members are female, the Company therefore complies with
regulation on gender compositon of the board. Furthermore the Senior Executive Management consists of a male
and a female, and the Company´s gender ratio is 51% males, 49% females.
Further information is provided in the Corporate Governance Statement which is an appendix to these Financial
Statements.
The European Union has introduced the European Green Deal which consists of series of major proposals, important
commitments and detailed roadmap with the goal of Europe to become the world's first climate-neutral continent by
2050. One aspect for the financial part of the European Green Deal is the Taxonomy Regulation 2020/852/EU, which
took effect in Iceland in June 2023 with act. no. 25/2023. The Company has gone through a detailed assessment to
understand the extent of the regulation for its operation and has evaluated the eligibility and alignment against the
climate and environmental objectives. The results are reported in detail in the chapter Non-Financial Disclosure.
The Company is defined, under the Icelandic Act no. 3/2006 on Financial Statements, as a parent company of a large
consolidation. According to the Act, such companies are to disclose as an attachment to the Statement and
Endorsement by the Board of Directors and the CEO, relevant and useful information on their policies, main risks and
outcomes relating to environmental, social and employee matters, their human rights policy and how they
counteract corruption and bribery. Also a short description of their business model.
Iceland Seafood International hf. 5 Financial Statements 2025 - Audited
Statement and Endorsement
by the Board of Directors and the CEO
Endorsement
Reykjavík, 26 February 2026
Birna Einarsdóttir
Bergþór Baldvinsson
Chairman of the Board
Board Member
Halldór Leifsson
Ingunn Agnes Kro
Board Member
Board Member
Jakob Valgeir Flosason
Ægir Páll Friðbertsson
Board Member
Chief Executive Officer
The Board of Directors and the CEO of Iceland Seafood International hf. hereby confirm the Consolidated Financial
Statements of the Company for the year 2025 with their signatures.
Iceland Seafood International hf. 6 Financial Statements 2025 - Audited
Independent Auditor's Report
of the Consolidated Financial Statements
To the Board of Directors and shareholders of Iceland Seafood International hf.
Opinion
Basis for opinion
Key audit matters
Valuation of goodwill How our audit addressed the key audit matter
Book value of goodwill at year-end amount
to EUR 56.2 million (2024: 56.2 million).
In order to address this key audit matter, we audited the
assumptions used in the impairment model for goodwill. As part of
our work, we engaged our internal specialists to assist with:
The management consider that each
geographical segment constitutes its own
cash generating unit (‘CGU’). The key
assumptions applied by the managements
in the impairment reviews are: segment
specific discount rates,
We have audited the Consolidated Financial Statements of Iceland Seafood International hf. for the year ended 31
December 2025 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in
Equity, the Consolidated Statement of Cash Flows for the year then ended and the Notes to the Consolidated
Financial Statements, including a summary of significant accounting policies.
In our opinion, the accompanying Consolidated Financial Statements give a true and fair view of the consolidated
financial position of Iceland Seafood International hf. as at 31 December 2025 and its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the EU and additional requirements in the Icelandic Financial Statement
Act.
Our opinion in this report on the Consolidated Financial Statements is consistent with the content of the additional
report that has been submitted to the parent company´s audit committee in accordance with the EU Audit
Regulation 537/2014 Article 11.
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of Iceland Seafood International hf. in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code)
together with the ethical requirements that are relevant to our audit of the consolidated financial statements in
Iceland, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA
Code. This includes that, based on the best of our knowledge and belief, no prohibited services referred to in the EU
Audit Regulation 537/2014 Article 5.1 has been provided to the audited company or, where applicable, its parent
company or its controlled companies within the EU. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
Consolidated Financial Statements of the current period. These matters were addressed in the context of our audit
of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
▪ Critically evaluating whether the model used by management to
calculate the value in use of the individual Cash Generating Units
complies with the requirements of IAS 36 Impairment of Assets.
▪ Validating the assumptions used to calculate the discount rates
and recalculating these rates.
Iceland Seafood International hf. 7 Financial Statements 2025 - Audited
Independent Auditor's Report
of the Consolidated Financial Statements
Other information
Responsibilities of the Board of Directors and the CEO for the Consolidated Financial Statements
future revenue growth and expected future
margins. Determining whether the carrying
value of goodwill is recoverable requires
management to make significant estimates
regarding the future cash flows, discount
rates and long-term growth rates based on
management’s view of future business
prospects.
Due to the relative sensitivity of certain
inputs to the impairment testing process, in
particular the future cash flows of the CGUs
noted above, the valuation of goodwill is
considered a key audit matter.
In accordance with Paragraph 2 article 104 of the Icelandic Financial Statement Act no. 3/2006, we confirm to the
best of our knowledge that the accompanying Statement and Endorsement by the Board of Directors and CEO
includes all information required by the Icelandic Financial Statement Act that is not disclosed elsewhere in the
Consolidated Financial Statements.
The Board of Directors and the CEO are responsible for the preparation and fair presentation of the Consolidated
Financial Statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and
additional requirements in the Icelandic Financial Statement Act, and for such internal control as the Board of
Directors and the CEO determines is necessary to enable the preparation of Consolidated Financial Statements that
are free from material misstatement, whether due to fraud or error.
In preparing the Consolidated Financial Statements, the Board of Directors and the CEO are responsible for assessing
Iceland Seafood International hf.’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors and the CEO either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the
work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
The Board of Directors and the CEO are responsible for the other information. The other information comprises the
Statement and Endorsement by the Board of Directors and the CEO and the unaudited appendices to the
Consolidated Financial Statements.
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express
any form of assurance conclusion thereon, except the confirmation regarding Statement and Endorsement by the
Board of Directors and the CEO as stated below.
▪ Considering the projected future cash flows, understanding
variances between the forecast and actual results for the year
ended 31 December 2025 and comparing the forecast growth
trends to historic trends.
▪ Evaluating the appropriateness of the sensitivity analysis applied
by management to the impairment testing model including
considering whether the scenarios reasonably represent possible
changes in key assumptions.
▪ Performing further sensitivity analysis based on our
understanding of the future prospects to identify whether these
scenarios could give rise to further impairment; and
▪ Analysing the future projected cash flows used in the models to
determine whether they are reasonable and supportable given the
current macroeconomic climate and expected future performance
of the CGU’s).
We also reviewed the disclosures presented in note 11 to the
Consolidated Financial Statements to confirm compliance with the
requirements within IAS 36.
Iceland Seafood International hf. 8 Financial Statements 2025 - Audited
Independent Auditor's Report
of the Consolidated Financial Statements
Auditor’s responsibilities for the audit of the Consolidated Financial Statements
The board of directors and the audit committee shall supervise the preparation and presentation of the Consolidated
financial statements.
We communicate with the Board of Directors and the Audit Committee regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Board of Directors and the Audit Committee with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors and the Audit Committee, we determine those matters
that were of most significance in the audit of the Consolidated Financial Statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
▪ Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
▪ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Iceland
Seafood International hf.'s internal control.
▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
▪ Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated
Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
▪ Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and events in
a manner that achieves fair presentation.
▪ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated and separate financial statements. We are responsible
for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit
opinion.
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
Iceland Seafood International hf. 9 Financial Statements 2025 - Audited
Independent Auditor's Report
of the Consolidated Financial Statements
Report on other legal and regulatory requirements
Report on European single electronic format (ESEF Regulation)
Kópavogur, 26 February 2026
Deloitte ehf.
Heiðar Þór Karlsson
State Authorised Public Accountant
Our responsibility is to obtain reasonable assurance, based on evidence that we have obtained, on whether the
consolidated financial statements is prepared in all material respects, in compliance with the ESEF Regulation, and to
issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the
auditor's judgement, including the assessment of the risks of material departures from the requirement set out in the
ESEF regulation, whether due to fraud or error.
In our opinion, the consolidated financial statements for the year ended 31.12.2025, with the file name
"254900CJS0OI5B8GO668-2025-12-31-0-en.zip", has been prepared, in all material respects, in compliance with the
ESEF Regulation.
Deloitte was appointed auditor of Iceland Seafood International hf. by the Annual General Meeting of shareholders
on 26 March 2025. Deloitte have been elected since the Annual General Meeting 1999.
In addition to our work as the auditors of Iceland Seafood International hf., Deloitte has provided the firm with
permitted additional services such as review of interim financial statements. Deloitte has in place internal procedures
in order to ensure its independence before acceptance of additional services. The audit committee also evaluates the
independence of the company’s auditors on yearly basis in order to ensure their independence and objectivity.
Deloitte has confirmed in writing to the Audit Committee that we are independent of Iceland Seafood International
As part of our audit of the consolidated financial statements of Iceland Seafood International hf. we performed
procedures to be able to issue an opinion on whether the consolidated financial statements of Iceland Seafood
International hf. for the year 2025 with the file name "254900CJS0OI5B8GO668-2025-12-31-0-en.zip" is prepared, in
all material respects, in compliance with laws no. 20/2021 disclosure obligation of issuers of securities and the
obligation to flag relating torequirements regarding European single electronic format regulation EU 2019/815 which
include requirements related to the preparation of the consolidated financial statements in XHTML format and iXBRL
markup.
Management is responsible for preparing the consolidated financial statements in compliance with laws no. 20/2021
disclosure obligation of issuers of securities and the obligation to flag. This responsibility includes preparing the
consolidated financial statements in a XHTML format in accordance to EU regulation 2019/815 on the European
single electronic format (ESEF regulation).
Iceland Seafood International hf. 10 Financial Statements 2025 - Audited
Consolidated Statement of Profit or Loss
for the year ended 31 December 2025
2025
2024
2025
2024
1.10. - 31.12.
1.10. - 31.12.
1.1. - 31.12.
1.1. - 31.12.
Gross profit
Sales of seafood ..................................................................
2
Cost of sales ........................................................................
15
(114.053 )
(107.283 )
(410.948 )
(375.899 )
Operating expenses
Operating expenses ............................................................
(13.832 )
(12.518 )
(50.532 )
(48.565 )
Operating profit before interest and depreciation and
amortisation (EBITDA) ................................................
Change in fair value of investment property ....................
9
(78 )
(87 )
(244 )
Depreciation and amortisation ..........................................
10
(1.056 )
(647 )
(4.056 )
(4.070 )
Operating profit (EBIT) .................................................
Net finance costs ................................................................
5
(1.323 )
(1.522 )
(5.229 )
(6.408 )
Net exchange rate difference ............................................
(15 )
(2.174 )
(2.819 )
(552 )
Profit before exceptional items and taxes .....................
Exceptional items ...............................................................
7
(60 )
(404 )
(633 )
(3.512 )
Profit before taxes .......................................................
Income taxes ......................................................................
6
(1.669 )
(294 )
(2.614 )
(1.153 )
Profit for the period .....................................................
Attributable to
Owners of the Company ....................................................
Non-controlling interests ...................................................
Profit for the period .....................................................
Earnings per share
8
Basic and diluted (EUR cents per share) ............................
Note
Iceland Seafood International hf. 11
Amounts in EUR thousands
Financial Statements 2025 - Audited
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2025
2025
2024
2025
2024
1.10. - 31.12.
1.10. - 31.12.
1.1. - 31.12.
1.1. - 31.12.
Profit for the period .......................................................................
Items that may be reclassified subsequently to profit or loss
Net fair value of cash flow hedges ........................................................
Translation difference ............................................................................
(48 )
(1.141 )
Total comprehensive income .........................................................
Attributable to
Owners of the Company ........................................................................
Non-controlling interests .......................................................................
Total comprehensive income .........................................................
Iceland Seafood International hf. 12
Amounts in EUR thousands
Financial Statements 2025 - Audited
Consolidated Statement of Financial Position
at 31 December 2025
Note
31.12.2025
31.12.2024
Assets
Non-current assets
Property, plant and equipment .................................................................................
10
Investment property ..................................................................................................
9
Leased assets .............................................................................................................
23
Intangible assets ........................................................................................................
11
Finance lease receivables ..........................................................................................
Deferred tax assets ....................................................................................................
6
Other long term assets ..............................................................................................
Total non-current assets
Current assets
Inventories .................................................................................................................
15
Finance lease receivables ..........................................................................................
Trade and other receivables ......................................................................................
16
Other assets ...............................................................................................................
17
Cash and bank balances ............................................................................................
18
Total current assets
Total assets
Equity and liabilities
Capital and reserves
Issued capital and share premium ............................................................................
19
Translation reserve ....................................................................................................
20
(1.120 )
Other reserves ...........................................................................................................
20
Retained earnings and unrealised profit from subsidiaries .....................................
Equity attributable to owners of the Company
Non-controlling interests ..........................................................................................
Total equity
Non-current liabilities
Borrowings .................................................................................................................
21
Lease liabilities ...........................................................................................................
23
Retirement benefit and other obligations ................................................................
Deferred tax liabilities ...............................................................................................
6
Total non-current liabilities
Current liabilities
Borrowings .................................................................................................................
21
Lease liabilities ...........................................................................................................
23
Trade and other payables ..........................................................................................
Other liabilities ..........................................................................................................
22
Total current liabilities
Total liabilities
Total equity and liabilities
Iceland Seafood International hf. 13
Amounts in EUR thousands
Financial Statements 2025 - Audited
Consolidated Statement of Changes in Equity
for the year ended 31 December 2025
Restricted equity
Attributable
Non -
Share
Share
Translation
Hedging
Statutory
Equity
Unrealised profit
Retained
to owners of
controlling
Total
capital
premium
reserve
reserve
reserve
reserve
of subsidiaries
earnings
the Company
interests
equity
Balances at 1 January 2024
(505 )
(641 )
(21.657 )
Profit (loss) for the year ........................................
(6.336 )
Net fair value gain on cash flow hedges ...............
Translation of shares held in foreign currencies ...
Total comprehensive income ................................
(6.336 )
Issue of share capital ............................................
Transfer of cash flow hedge upon derecognition
of financial liabilities ...........................................
(565 )
Dividend declared from subsidiaries to parent .....
(4.500 )
Other adjustments ................................................
(16 )
(236 )
(251 )
(1 )
(252 )
Balances at 31 December 2024
(24.294 )
Profit (loss) for the year ........................................
(3.255 )
Translation of shares held in foreign currencies ...
(1.141 )
(1.141 )
(1.141 )
Total comprehensive income ................................
(1.141 )
(3.255 )
Transfer of share premium to accumulated loss ...
(25.203 )
Dividend declared from subsidiaries to parent .....
(5.500 )
Other adjustments ................................................
(58 )
(58 )
(58 )
Balances at 31 December 2025
(1.120 )
Iceland Seafood International hf. 14
Amounts in EUR thousands
Financial Statements 2025 - Audited
Consolidated Statement of Cash Flows
for the year ended 31 December 2025
Note
2025
2024
Operating activities
Operating profit ................................................................................................
Change in fair value of investment property ....................................................
9
Depreciation and amortisation .........................................................................
10
Gain on disposal of property, plant and equipment .........................................
(42 )
(91 )
Change in obligations and other calculated liabilities ......................................
(668 )
Working capital generated from operations
(Increase) decrease in inventories ....................................................................
(17.604 )
(Increase) decrease in receivables and other assets ........................................
(315 )
(10.733 )
Increase (decrease) in payables and other liabilities ........................................
(9.139 )
Cash generated from operations before interests and taxes
Interest received ...............................................................................................
Interest paid ......................................................................................................
(6.845 )
(9.676 )
Income taxes paid .............................................................................................
(2.604 )
(1.871 )
Net cash generated from operating activities
Investing activities
Payments for investment property ...................................................................
9
(3.627 )
Payments for property, plant and equipment ..................................................
10
(5.563 )
(4.469 )
Payments for intangible assets .........................................................................
11
(4.440 )
(197 )
Proceeds from disposal of non-current assets .................................................
Net cash outflow on acquisition of subsidiaries ...............................................
13
(809 )
(695 )
Net cash used in investing activities
(10.729 )
(8.853 )
Net cash before financing activities
(3.746 )
(6.482 )
Financing activities
Net proceeds from revolving credit facility ......................................................
21
Net proceeds from (repayment of) bills ...........................................................
21
(1.458 )
Net proceeds from borrowings on new term loan ...........................................
21
Net repayment of other borrowings .................................................................
21
(13.884 )
(9.889 )
Proceeds from issue of share capital, net of issue costs ...................................
Net cash generated by financing activities
Net increase (decrease) in cash and bank balances ..........................................
(4.913 )
Cash and bank balances at the beginning of the year ......................................
Effect of exchange rate changes on cash held in foreign currencies ................
(3.535 )
Cash and bank balances at the end of the year
18
Iceland Seafood International hf. 15
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
1. General information
Nasdaq main market in Iceland (ticker: ICESEA).
The address of its registered office and principal place of business are disclosed in the Contents to the Consolidated
Financial Statements. The principal activities of the Company and its subsidiaries (the Group) are described in the
Statement and Endorsement by the Board of Directors and the CEO.
Iceland Seafood International hf. 16
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 17
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 18
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 19
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 20
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 21
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 22
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 23
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
13. Acquisition of subsidiary
1.1.2025
Property, plant and equipment ................................................................................................................ 4.377
Trade and other receivables ..................................................................................................................... 137
Cash and bank balances ............................................................................................................................ 8
Assets acquired 4.522
Deferred tax liabilities ............................................................................................................................... 1.004
Trade and other payables ......................................................................................................................... 168
Liabilities assumed 1.172
Total net identified assets ......................................................................................................................... 3.350
Consideration paid in cash in 2024 ........................................................................................................... 750
Consideration paid in cash in 2025 ........................................................................................................... 920
Deferred payments ................................................................................................................................... 1.680
3.350
Net cash outflow in 2025 in USD relating to acquisition of Cigalfer792 S.R.L.:
2025
Consideration paid in cash during the year 2025 ..................................................................................... 920
Less: cash and cash equivalent balances acquired ................................................................................... (8)
912
On December 20th, 2024, Iceland Seafood Iberica S.A.U. in Spain, a subsidiary of Iceland Seafood, and Achernar S.A.,
an Argentinian subsidiary of Iberica, signed an agreement to purchase all the issued share capital of Cigalfer792 S.R.L.
in Argentina, effective from January 1st, 2025. Cigalfer792 S.R.L. operates a cold storage facility and is located near
Achernar S.A. The consideration for the share capital was USD 3,350,000. Cigalfer792 S.R.L. was treated as asset
acquisition with its balance becoming part of the Group´s financial statement at the beginning of 2025.
In accordance with IFRS 3 Business Combinations, the purchase price of Cigalfer792 SRL was allocated pro-rata to the
acquired assets and liabilities. No goodwill is recognised for asset acquisitions.
The following table in USD summarizes the consideration paid for Cigalfer792 S.R.L. and the recognized amounts of
assets acquired and liabilities assumed at the acquisition date, being the January 1st 2025.
The formal transfer of ownership and operational control of Cigalfer792 S.R.L. took place on January 1st, 2025.
The impact of Cigalfer792 S.R.L. on the Group’s sales in 2025 were USD 0.4 million and it generated profit of USD 0.1
million USD.
Iceland Seafood International hf. 24
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
14. Formation of Thorpesca S.A.S. and subsequent acquisition of vessels and fishing rights
The acquisition is aligned with the Group’s long-term strategic objectives to strengthen operations in Argentina and to
diversify the product offering of Argentinian shrimp. It provides Iceland Seafood Ibérica S.A.U. with direct access to
high-quality sea-frozen shrimp and supports vertical integration within the Group’s value chain.
The acquired assets are expected to enhance raw material access for existing land-based operations and enable
expansion into new premium markets for sea-frozen products.
On July 18th 2025, THORPESCA S.A.S., a new Argentinian subsidiary of Iceland Seafood Ibérica S.A.U., signed an
agreement to acquire two freezer trawlers along with associated fishing licenses and historical fishing rights from
FOOD ARTS S.A. The purchase price amounts to USD 5.8 million. USD 1.2 million for the vessels and USD 4.8 million
for the fishing rights.
The transaction has been accounted for as an asset acquisition, as the assets acquired do not constitute a business
under IFRS 3.
Thorpesca S.A.S. impact on the Group´s sales in 2025 were USD 1.3 million and it generated loss of USD 24 thousand.
The remaining payments related to the acquisition amount to a total of USD 2.0 million, comprising USD 666 thousand
due in 2026, USD 667 thousand due in 2027, and USD 667 thousand due in 2028.
The vessels are recognized as additions to property, plant and equipment and are depreciated on a straight-line basis.
The historical fishing rights have an indefinite lifetime and are therefore not amortized. The recoverable amount is
tested for impairment each year. The results of the impairment test is that there is no indication of impairment.
Iceland Seafood International hf. 25
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 26
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 27
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 28
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 29
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 30
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 31
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 32
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 33
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 34
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 35
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
27. Approval of financial statements
The Consolidated Financial Statements were approved by the Board of Directors and the CEO and authorised for issue
on February 26th 2026.
Iceland Seafood International hf. 36
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 37
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 38
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 39
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 40
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 41
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 42
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 43
Amounts in EUR thousands
Financial Statements 2025 - Audited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Iceland Seafood International hf. 44
Amounts in EUR thousands
Financial Statements 2025 - Audited
Quarterly Statements (unaudited)
for the year ended 31 December 2025
Quarterly Statements
For the year 2025
Q4
Q3
Q2
Q1
Total
Revenue:
Sales of seafood ..........................
152.625
125.908
127.342
132.088
537.963
Eliminations ................................. (15.919) (12.164) (12.772) (12.835) (53.690)
136.706
113.744
114.570
119.253
484.273
Operating results:
Operating profit ...........................
7.885
3.696
2.637
4.432
18.650
(1.338)
(1.945)
(2.635)
(2.130)
(8.048)
Normalised PBT ........................
6.547
1.751
2
2.302
10.602
Exceptional costs .........................
(60)
40
(188)
(425)
(633)
Profit (loss) before taxes ...........
6.487
1.791
(186)
1.877
9.969
Income tax ...................................
(1.669)
(348)
286
(883)
(2.614)
Profit for the period ..................
4.818
1.443
100
994
7.355
Assets ...........................................
279.385
243.697
251.467
256.228
Liabilities ...................................... 197.012 166.122 175.444 179.532
For the year 2024
Q4
Q3
Q2
Q1
Total
Revenue:
Sales of seafood ..........................
142.019
106.884
105.712
127.153
481.768
Eliminations .................................
(12.854)
(4.888)
(7.515)
(13.332)
(38.589)
129.165
101.996
98.197
113.821
443.179
Operating results:
Operating profit ...........................
8.636
2.257
720
2.788
14.401
(3.696)
(895)
(1.443)
(926)
(6.960)
Normalised PBT ........................
4.940
1.362
(723)
1.862
7.441
Exceptional costs ......................... (401) (1.832) (416) (863) (3.512)
Profit (loss) before taxes ...........
4.539
(470)
(1.139)
999
3.929
Income tax ...................................
(294)
(269)
331
(921)
(1.153)
Profit (loss) for the period .........
4.245
(739)
(808)
78
2.776
Assets ...........................................
253.922
239.123
253.324
272.419
Liabilities ...................................... 177.705 167.700 180.848 199.546
The Group´s quarterly statements are not audited. Summary of the Group´s results by quarters is specified as
follows:
Net finance costs and
exchange rate difference ...........
Net finance costs and
exchange rate difference ...........
Iceland Seafood International hf. 45
Amounts in EUR thousands
Financial Statements 2025
Statement of Corporate Governance
About Iceland Seafood International
Corporate Governance structure
Board of Directors
Iceland Seafood International hf (hereafter referred to as “Iceland Seafood“, the “Company“ or “ISI”) is a holding
company for Group of subsidiaries, that are leading suppliers of North Atlantic seafood and one of the largest
exporters of seafood from Iceland. The Group is headquartered in Iceland and has subsidiaries in the Spain, Argentina,
Ireland, Iceland, France, Germany and United Kingdom. The Group operates across three divisions; Value-Added
Southern Europe, Value-Added Northern Europe and our Sales and Distribution Division. The Value-Added Divisions
have processing factories and cold stores in their respective regions with Southern Europe also having a satellite
facility in Argentina.
Iceland Seafood's corporate governance framework is defined by Act No. 2/1995 on Public Limited Companies
(hereafter referred to as the “Act on Public Companies“), the Nasdaq Iceland Rules and is set out in the Company’s
Articles of Association. Under its Articles of Association, the Company is governed by shareholders' meetings, the
Company's Board of Directors (hereafter referred to as the “Board of Directors” or the “Board”) and the Chief
Executive Officer. The Shareholders hold the decision-making powers in the Company through shareholders meetings
that are held at least once a year. The Board of Directors is authorized to allow shareholders to participate in
proceedings at shareholders’ meetings through electronic means without being present at the meeting venue if it
deems that available equipment is sufficiently secure for this purpose. When organising shareholders meetings, the
Board does so in a manner that allows shareholders to exercise their decision powers and express their opinions, i.e.,
by publishing all information and documents on the Company’s website. Between shareholders meetings, the Board
holds supreme authority of the Company. In accordance with Article 70 (5) of the Act on Public Companies the Board
of Directors has set itself formal Rules of Procedure which are supplementary to the Articles. According to the Rules
the Board of Directors may elect committees that operate on behalf of the Board. All Board committees set
themselves specific rules of procedure.
The Company adheres to the principles set forth in the Corporate Governance Guidelines, published by the Iceland
Chamber of Commerce in co-operation with SA Business Iceland and Nasdaq Iceland (hereafter referred to as the
“Guidelines”). As of the date of this statement there are two deviations from full compliance with the Guidelines. The
Company does not have a board nomination committee, the reason being that due to the nature of the Company and
close connection to the seafood sector, it is considered important to have representatives from key seafood suppliers
of the Company on its board. These board members bring both valuable sourcing capabilities and sector knowledge
to the board of Iceland Seafood. At the date of this statement, three of five board members of the Company are
directors and/or owners of key suppliers of Iceland Seafood and are as such not independent from the company.
These board members do not participate in dealings with items connected to their own business or business that is
related to them, except from normal trading of seafood.
The Company's Board of Directors shall be composed of three to five members and up to two alternate members,
elected at the Annual General Meeting for a term of one year. In 2025 the total number of Board meetings were 14
and the Board was competent to make decisions in all meetings. The Board annually evaluates its own work, the work
of the CEO and the Company’s operation. This assessment is based on self-assessment of the board, examination of
whether the Board has operated in accordance with its Rules of Procedures. The Board shall evaluate the work of the
CEO and the Company’s operation in general, the CEO shall not be present for this evaluation. The Chairman of the
Board shall present and discuss the results of the assessment with the CEO. The Board currently consists of five main
members and one alternate member. As of the date of this statement the Board of Directors consists of the following
members:
Iceland Seafood International hf. 46 Financial Statements 2025
Statement of Corporate Governance
Board member
Name:
Bergþór Baldvinsson
First elected: March 2020
Education and experience: Bergþór has been the CEO of Nesfiskur since 1979. Nesfiskur is a
family-owned company that Bergþór and his parents stated in 1975.
Working at Nesfiskur since a teenager, Bergþór has familiarized
himself with every aspect of the industry. The small family company
has grown constantly from the beginning, today Nesfiskur and its
subsidiaries employ around 400 people.
Bergþór has been a board member of various companies and
pension funds for the past two decades.
Chairman of the Board of Directors
Name:
Birna Einarsdóttir
Birna is also chairman of the board Verðbréfamiðstöð Íslands hf
(VBM), and is a board member of Skel, Kjarnafæði Norðlenska ehf,
Thor Landeldi ehf and Míla.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
None
First elected: October 2023
Education and experience: Birna has over 30 years experience in the banking sector, both in
Íslandsbanki and in the Royal Bank of Scotland. Before her banking
career she worked in marketing as the Marketing Director of the
television station Stöð 2, among other roles.
Birna holds a degree in Business Administration, Cand.oecon from
University of Iceland and MBA from University of Edinburgh.
Member of board or management:
Member of board or manangement Bergþór is a board member of FSM hf, Umbúðamiðlun hf, Nesfiskur
ehf and companies within Nesfiskur Group.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Nesfiskur ehf, owned by Bergþór and his family, holds 322,304,386
shares. Nesfiskur is also a large supplier of seafood to the Company.
Iceland Seafood International hf. 47 Financial Statements 2025
Statement of Corporate Governance
Education and experience: Halldór is Marketing and Sales Director at Fisk Seafood ehf. He has
worked in the seafood industry since 1990, in all the key segments
including management of production, fleet, sales, office, finance and
in the role of deputy MD and MD.
Halldor holds a degree in Fishery Technology from the Technical
University of Iceland and has studied Business Management in the
University of Reykjavík and business courses in University of Iceland.
Member of board or manangement Halldór is the main owner and board member of the company Haf-
sjór ráðgjöf slf.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Fisk Seafood, the employer of Halldor, holds 454,841,302 shares.
Fisk Seafood is also a large supplier of seafood to the Company.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
None
Member of board or manangement Ingunn is currently the chairman of RARIK ohf. (the state's electricity
grid company), a board member of Sjóvá Almennar tryggingar hf.
(insurance company), Freyja slhf. (private equity fund), Miklatorg hf.
(IKEA franchisee), Sóltún heilbrigðisþjónusta ehf. (nursing homes)
and the Wetlands Fund (environmental NGO).
First elected: February 2019 as an alternate board member and as a board
member from March 2020
Education and experience: Ingunn is the former general manager of Jarðvarmi slhf., an entity
holding the Icelandic pension funds' investment in HS Orka, energy
producer and provider. Previously Ingunn was a Director of
Administration and Communication at Skeljungur hf., a company
listed on Nasdaq Iceland, heading internal and external
communication, incl. legal matters, marketing, public relations and
human resources, and before that the company´s general counsel,
compliance officer and secretary to the board.
Ingunn holds a B.A. and M.A. degree in law and an MBA from the
University of Iceland, as well as being a certified securities broker.
Board member
Name:
Ingunn Agnes Kro
Board member
Name:
Halldór Leifsson
First elected: March 2020
Iceland Seafood International hf. 48 Financial Statements 2025
Statement of Corporate Governance
Member of board or manangement
GPG Seafood ehf, owned by Gunnlaugur, holds 25,825,754 shares.
GPG Seafood ehf is also a supplier of seafood to the Company.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Gunnlaugur is the chairman of board in GPG Seafood ehf, Þórsnes
ehf, Sólrún ehf, Austmar ehf og Útgerðarfélag Norðurþings ehf. He is
a board member in Safír byggingar ehf og Sæfell ehf in addition to
his alternate board membership with the Company.
Education and experience: Gunnlaugur Karl Hreinsson is the CEO and owner of GPG seafood.
Gunnlaugur has decades of experience within the seafood sector.
Board member
Education and experience: Jakob has an extensive knowledge of the Icelandic fishing industry
from all perspectives, a knowledge that not many people possess.
He has been involved in every aspect of the sector from early age,
working in factories, on fishing boats and building up the family
company to become one of the most technology advanced and
leading company within the Icelandic fishing sector.
Member of board or manangement Jakob is currently a board member of Sigurbjörg ehf., HRock ehf.,
BB29 ehf., Klofningur ehf., Valgeir ehf., B1917 ehf., Sýr ehf., Itsorf
ehf., Salting ehf., Breiðhella ehf., Karlsbali ehf., Gafl ehf.,
Hamarshöfði 4 ehf., B15 ehf., Fiskmarkaður Vestfjarða hf. and EA 30
ehf. in addition to his board membership with the Company.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Alternate Board member
Name:
Gunnlaugur Karl Hreinsson
First elected: March 2020
Jakob Valgeir ehf., owned by Jakob, his wife, and his father, holds
344,961,200 shares. Jakob Valgeir ehf. is also a large supplier of
seafood to the Company.
Name:
Jakob Valgeir Flosason
First elected: February 2019
Iceland Seafood International hf. 49 Financial Statements 2025
Statement of Corporate Governance
Subcommitees
Audit Committee
Remuneration Committee
The Board is responsible for the appointment and activities of the Remuneration Committee and it operates under the
Board's authority. The Remuneration Committee does not reduce the responsibilities of the Board or relieve it of any
responsibility.
The Audit Committee ensures the quality of the financial statements and internal controls. It has oversight of the
external auditors. It also presents proposals for the selection of external auditors and ensures their independence. The
Audit Committee's main responsibilities include monitoring the integrity of the financial statements of the Group,
reviewing the effectiveness of the Group's internal controls and risk management systems and overseeing the
selection, appointment and relationship with the Group's external auditor.
The committee shall operate independently on behalf of the Board of Directors who shall elect the members of the
Audit Committee each year. The Audit Committee operates in accordance with rules of procedure approved by the
Board of Directors and shall be made up of 2-3 members. Committee members shall possess knowledge and
experience which is consistent with the work of the committee, at least one of the audit committee members shall be
a financial expert who has accounting or related financial expertise. The members shall be independent of the auditor
of the Group and the majority should be independent of the Company's management. Members of the Audit
Committee are Ingunn Agnes Kro, Bergþór Baldvinsson and Ágúst Kristinsson.
The committee shall meet at least four times a year, at appropriate times in the reporting and audit cycle and
otherwise as required. Only members of the Audit Committee have the right to attend committee meetings, however,
other individuals such as the chairman of the Board, chief executive, finance director, other directors and
representatives from the finance function may be invited to attend all or part of any meeting as and when
appropriate. Additionally, the external auditors are invited to attend meetings of the committee on a regular basis.
The Board is responsible for the appointment and activities of the Audit Committee and it operates under the Board's
authority. The Audit Committee does not reduce the responsibilities of the Board or relieve it of any responsibility.
The Remuneration Committee is responsible for establishing a remuneration policy for the Company. The
Remuneration Committee shall assist the Board in ensuring that compensation arrangements support the strategic
aims of the Company and enable the recruitment, motivation and retention of senior executives while also complying
with legal and regulatory requirements. The committee's main tasks include preparing and submitting annually a
proposal to the Board of Directors for the Company's remuneration policy, annually reviewing the Company's
compensation programs and monitoring that salary and any incentive schemes are in accordance with law and market
practice.
The Board of Directors appoints the members of the committee and its chairman. Neither the Company's chief
executive officer nor any of the Company's and its subsidiaries' top executives shall be appointed to the Remuneration
Committee. The committee operates in accordance with rules of procedure approved by the Board of Directors and
shall be made up of 2-3 members. It is preferable that the members of the committee have experience and knowledge
on guidelines and common practise regarding decision on executives' terms of employment. If deemed necessary, the
Remuneration Committee may seek the assistance of consultants, such consultants shall be independent of the
Company, its executives and the Board of Directors who are not deemed to be independent. The committee is
responsible for examining the consultant's experience. Members of the Remuneration Committee are Birna
Einarsdóttir, Jakob V Flosason and Halldór Leifsson. The committee shall call meetings as often as necessary at their
own initiative or at the request of the other committee members, however, not less than twice a year.
The Board of Directors has appointed two subcommittees, Audit Committee and Remuneration Committee.
Iceland Seafood International hf. 50 Financial Statements 2025
Statement of Corporate Governance
Executive Management
Member of board or manangement Alda is a board member of several of the Issuer's subsidiaries.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Alda Björk Óskarsdóttir holds 324,675 shares.
Chief Financial Officer
Name:
Alda Björk Jónsdóttir
First employed: February 2024
Education and experience: Alda is a certified accountant with wide experience in financial
management, accounting, and auditing. Alda joins ISI from Treble
Technologies; previously, she served as a financial controller at
Sidekick Health and as an auditor at Grant Thornton and PWC.
Alda holds MSc in international business and master's degree in
accounting and auditing from Reykjavík University, along with a BA
in psychology from the University of Iceland.
Education and experience: Ægir Páll has over 30 years of management experience, in the
finance sector, seafood sector, as well as consulting for various
companies. Before joining the Group he was the COO of Brim hf.
from 2018 to 2023. He was the Managing Director of Útgerðafélag
Reykjavíkur from 2015 - 2017. From 2010 until 2014 he was in
consulting. He was the Managing Director of Ísfélag hf. from 2001-
2009.
Ægir Páll holds a MSc in Finance from the University of Iceland, and
Cand.Oecon. degree from the University of Iceland.
Member of board or manangement Ægir Páll is currently the chairman of the board of Jöklar-Verðbréf
hf. and a board member of Viðskiptaráð (e. Iceland Chamber and
Commerce) and Íslandsstofa (e.Promote Iceland). Ægir Páll is also a
board member of several of the Issuer's subsidiaries.
Shareholdings in the Company as at 31.12.2025
and other interest related to large
shareholders, competitors, customers or
suppliers
Valagil ehf, a company owned by Ægir Páll Friðbertsson holds
1.000.000 shares.
The Executive Management comprises the Company’s CEO and CFO. The CEO has charge of the day-to-day operations
of the Company and represents the Company in all matters concerning normal operations. The CEO shall manage the
accounts of the Company and employ the employees of the Company. The CEO shall grant Board members and
auditors all necessary information on the operations of the Company which they might request and should be granted
according to statutory law. The CEO of the company is Ægir Páll Friðbertsson and the CFO is Alda Björk Óskarsdóttir.
Chief Executive Officer
Name:
Ægir Páll Friðbertsson
First employed: November 2023
Iceland Seafood International hf. 51 Financial Statements 2025
Statement of Corporate Governance
Internal control and risk management
Iceland Seafood’s corporate governance rules
1.
2.
3.
4.
5.
6.
7.
8.
9.
Reykjavík, 26 February 2026.
Board of Directors
Meeting notices, minutes of shareholders’ meetings and documents presented at the meeting. It is not
necessary to publish a list of the shareholders and proxies that have attended meetings.
The Company’s Articles of Association.
The Board’s rules of procedure.
The sub-committee’s rules of procedure.
The Company’s annual accounts and the report of the Board of Directors.
Effective risk management is important to minimise the risk of material misstatement and for the business to
perform. Iceland Seafood activities are exposed to variety of risk factors related to its operations and financials, such
as Currency Risk, Supplier Risk, Credit Risk, Liquidity Risk etc. Risk management within Iceland Seafood is governed by
the Board of Directors, while the Audit Committee is responsible for its review on a regular basis. The Executive
Management is responsible for identifying material risk and developing the risk management strategy.
The Company has specifically reserved a section of its website for corporate governance information on
www.icelandseafood.com/investors. The below information and documents are available on the website:
The Company’s corporate governance statement.
The Company’s remuneration policy.
Summarised information on the Company’s Board of Directors, CEO, auditors and members of sub-
committees.
Information on the Company’s shareholders’ meetings, including time and location, information on
candidates to the Board, and the agenda of the meeting, together with the date of issue of the annual
accounts and interim financial statements.
The Board of Directors and the CEO are responsible for internal control and risk management of the Company.
Internal control and risk management procedures are designed to minimize risk of material misstatements. The
Company does not have an internal audit function, but the Audit Committee reviews the effectiveness of the Group's
internal controls and risk management systems.
An independent auditor or auditing company is elected at the Annual General Meeting for a term of one year. The
auditors shall be provided with any information requested in relation to its auditing services for the Company, they
shall always have full access to the Company’s books and documents. They shall audit the Company’s consolidated
financial statements in accordance with international standards on auditing, including a review of internal controls
and processes. Any significant findings in relation to the audit and review of internal controls are reported to the
Board of Directors through Audit Committee.
Iceland Seafood International hf. 52 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
About the Company
Sustainability
Iceland Seafood International hf ("The Company") is a holding Company for a Group of subsidiaries in Europe and
South America. The Company is a one of the leading suppliers of North-Atlantic seafood, a global value-added seafood
producer, and sales and marketing Company. The Company serves all major seafood markets worldwide, with a depth
of expertise and understanding to meet customers' needs, combined with innovative, flexible solutions and strategic
global distribution.
The Group is headquartered in Iceland and has subsidiaries in Spain, Argentina, France, Germany, Iceland, Ireland and
the United Kingdom. The operation is categorised into three division.
VA S-Europe:
•Iceland Seafood Ibérica offers variety of frozen and salted products from all major fishing grounds in the world and
runs factories in Barcelona and Argentina as well as operating two freezer trawlers, serving markets in Spain, Italy,
Portugal and Greece.
• Ahumados Dominguez produces premium-quality smoked salmon and has a strong brand and consumer recognition
in the Spanish retail market. It actively runs consumer campaigns and has a direct consumer facing through its
speciality stores.
VA N-Europe:
• Oceanpath Limited is the Irish subsidiary. It consists of three companies, Oceanpath, specialising in supplying fresh
fish to the retail sector in Ireland, Dunns of Dublin, best known for its smoked seafood products, and Carr & Sons,
producing smoked salmon and a range of other premium quality seafood products. Oceanpath is the leading supplier
to the retail sector in Ireland in fresh and smoked products.
Sales & Distribution:
• Iceland Seafood Iceland is one of the largest companies in seafood export from Iceland to all main markets
worldwide, providing sourcing expertise, quality control and logistic solutions.
• Iceland Seafood Germany supplies high quality fresh seafood. Fresh fish is mainly flown in from Iceland for
delicatessen stores, food service and retail.
• Iceland Seafood France provides high quality seafood from Iceland and various global sources. The Company supplies
fresh and frozen products to food service, retail, and processors in France.
The Company’s mission is to supply sustainably sourced seafood while continuously improving the environmental and
social aspects linked to its operations and aligning them with business priorities. The Company’s ambition is to
continuously improve the environmental and social impacts, both from own operations, as well as supply-chain
partners' operations.
The financial year 2024 was originally intended to be the last year the Company would report on its ESG aspects
according to the Nasdaq ESG Reporting Guide, as preparations had begun for compliance with the EU Corporate
Sustainability Reporting Directive (CSRD). However, recent EU Omnibus developments and related “Stop‑the‑Clock”
and “quick‑fix” measures have postponed CSRD implementation timelines and significantly reduced the number of
companies required to report. These changes include delayed reporting obligations and higher thresholds that may
exempt many companies from compulsory CSRD reporting. Given these regulatory delays and uncertainties, the
Company will continue reporting according to the Nasdaq ESG Reporting Guide until further clarity is available. As part
of ongoing sustainability work, the Company has implemented a Sustainability Policy guiding Environmental, Social
and Governance (ESG) priorities, with defined objectives and related impacts. ESG responsibilities have now been
transferred under the CFO, who is responsible for presenting the policy, overseeing its implementation, and
monitoring its effectiveness. Each subsidiary reports quantitative values monthly, and the Company’s objectives and
Key Performance Indicators (KPIs) will continue to evolve in line with internal initiatives, emerging legislation, and
stakeholder expectations.
Iceland Seafood International hf. 53 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Objectives and impacts of Key Performance Indicators (KPI's)
a) Environmental aspects
Certified sustainable seafood
The Company is committed to work with the industry on fishery improvements and best practices. There is a deep
understanding of the risks related to each type of supplier and market within the trading part of the Company. The
risks are continuously assessed and monitored during the relationships with suppliers. All production sites are also
subject to inspections for compliance with applicable food laws, including traceability requirements, by local
authorities.
On the road to improving its impact the Company set out certain objectives to achieve. The impacts of those
objectives were then further identified and the KPI’s were set. The following sections will explain in more detail why
the objectives were chosen and how the KPI’s will be reached. Final results and milestones achieved to fulfil targets
will be presented in the Annual Report, published in conjunction with the Annual Meeting on March 24th.
The aim is to build further on improvements already made as well as finding new methods to further strengthen the
environmental profile and reduce overall greenhouse gas (GHG) emissions. The Company depends on the continued
biodiversity and stability of the ocean ecosystem and therefore places reduction of GHG emissions and sustainable
sourcing of seafood high on the agenda.
The Company promotes and practices responsible sourcing of seafood and monitors the level of MSC or ASC certified
products within the value chain. All subsidiaries have a valid chain of custody certification towards the MSC standard,
ensuring traceability of the products. Subsidiaries also have a certification towards ASC chain of custody where
applicable.
* Sustainability Policy
* Group Code of Conduct
* Supplier Code of Conduct
Supporting policies for sustainability objectives and KPI's
Iceland Seafood International hf. 54 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Scope 1 & 2 emissions
Recycled waste
1.
2.
3.
4.
5.
Water
Renewable energy
Circular economy aims to minimize waste and promote a sustainable use of natural resources. In a circular economy,
products are either recycled, remanufactured, or re-used after they have served their initial purpose. As strategies
have been prioritised on how to reduce the amount of waste generated, the circular economy has been kept in mind.
Continued improvements in the processing of seafood.
Purchase wisely other goods.
Awareness training for staff on different streams and what can be recycled.
Seek every opportunity to find recycling streams for the waste that is generated on-site.
Increased co-operation with our service partners in waste-handling.
Most of the non-recycled waste from the operations is organic waste from shrimp processing in Achernar, located in
Argentina. Therefore, special emphasis has been placed on finding ways to reuse the organic waste and upcycle it.
It is important to lower the carbon footprint by eliminating emissions as much as possible. Innovation and investment
are the driving factors enabling the completion to reach this goal.
For scope 1 this can be done by switching to more environmentally friendly cooling systems and phasing out fossil-fuel
use on site by upgrading to electricity generated equipment.
The Company invested 2023 in a wastewater treatment plant in Puerto Madryn, Argentina, supporting the goal of
reclaiming 50% of the water used. Reclaimed wastewater, treated at this wastewater treatment facility, can be reused
in applications such as irrigation and industrial processes.
When upgrading equipment, water efficiency is an important selection criterion. Possible water savings will be
analysed to reduce the water footprint.
To increase the share of renewable energy, investments were made 2023 in solar panels for the sites in Madrid and
Barcelona. The sun already emits more than enough energy to power all energy needs on the planet and as an added
benefit the sun is free, clean, and a sustainable energy source. It can be used to provide heat, and electricity. Given the
abundance of solar energy, its reliability, positive effects on air quality, and its cost-effectiveness, investing in solar
panels for the Spanish subsidiaries was an easy choice.
Ahumados Dominguez in Madrid and Iceland Seafood Ibérica in Barcelona completed the installation of solar panels in
2023. The solar panels are mounted on the roofs of our buildings, utilizing otherwise unused areas, increasing even
more the benefits of them. In Madrid the generation capacity is around 550 kWh and in Barcelona about 440 kWh, in
total around 25-30% of the electricity need of the Spanish subsidiaries.
For scope 2 this can be done by opting out of purchasing electricity not generated from renewable energy sources and
reduce the dependency on the electricity grid by increasing electricity production on site.
Iceland Seafood International hf. 55 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
b) Social aspects of own operations
Employee satisfaction survey
Health and safety
Human resources are the heart of the operation. The Company is convinced that good management, transparency in
communication, safe work conditions, health of employees and appropriate training, increases job satisfaction and
employee engagement, as well as increasing their overall health and well-being.
The Company’s operations are made up of a highly experienced Group of employees, from various countries,
backgrounds, and cultures. Focus is set on the importance of attracting employees with the right skills and ambition to
provide high quality service, exceed customer demands and achieve financial and strategic goals. The objective is to
ensure that the employees feel empowered to deliver to the highest standards by being connected to producers and
customers.
The Company has implemented a robust system of regularly scheduled measurements to monitor employee
engagement. The system is intended to reduce employee turnover, boost employee engagement, improve managerial
skills, increase workforce visibility and human resource metrics, and provide up to date human resource information.
Health and safety of staff is essentially important for the Company. Management in each subsidiary oversees
compliance with all local laws and regulations. Production sites have in place appropriate occupational health and
safety (OHS) and emergency preparedness and response management systems. Employee safety is ensured with
training on tasks and appropriate personal protective equipment (PPE). Metrics on operational health and safety will
be reported in the Company's ESG report.
Iceland Seafood International hf. 56 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
c) Social aspects of the value chain
Corporate Social Responsibility (CSR) mapping of suppliers
Supporting communities
The Company recognises and supports international human right treaties. No human right violations have been
reported in 2025.
As a global value-added seafood producer and sales and marketing Company with a vast global supply chain, the
Company must source, produce, package, transport, and sell products sustainably and responsibly. The objective is to
foster sustainable and responsible corporate behaviour within the supply chain, increase transparency and to know
the collective impact of the entire supply chain. This involves continued co-operation with suppliers and service
providers.
The Company has started to assess its suppliers on their overall sustainability matters. The supply chain mostly
consists of sourced seafood, packaging material and transportation. It has both environmental and social impacts.
Environmental impacts include all the impacts the products and their respective processes have on the environment.
Social impacts include labour practices and human rights, business ethics involved in the production and product
delivery. Often these subjects are intertwined.
The Company has implemented a platform that enables continuous monitoring on its supplier CSR management and
progress while offering tools to drive improvement on the supplier side. Within this platform risks are identified in the
supply chain, corporate adherence to recognized CSR criteria is validated and the scope of the assessment is adjusted
to supplier Company size, industry, and location.
Iceland Seafood International and its subsidiaries have through the years donated resources and money to charitable
organisations in their communities. The amounts and number of donations are evaluated and decided by each
subsidiary. The focus has been on engaging children in various activities and donating to causes where most aid is
needed.
Iceland Seafood International hf. 57 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
d) Governance
Employee training on Group Code of Conduct
Commitment to Supplier Code of Conduct
All suppliers shall read, approve, and conduct their operation according to the code.
Transparency - due diligence
Double Materiality Assessment
Scope 3
Sets the standard for how employees engage with co-workers, suppliers, customers, and other stakeholders. The code
applies to all employees, managers and board members and gives guidance towards conducting business practices
honestly, fairly, and legally. The Company has zero tolerance towards bribery and corruption and expects employees,
suppliers, contractors, and other business partners to act with integrity and without acts of bribery or corruption.
The Company recognises that a Supplier Code of Conduct is an important way to communicate publicly to customers,
consumers of our products, and other stakeholders the practices that are expected for suppliers to follow. The
Supplier Code of Conduct sets expectations for suppliers, gives guidance, and promotes ethical behaviour by
addressing human rights, fair labour practices, legal compliance, and environmental responsibility.
Continuous improvement regarding the Company’s ESG aspects is high on the agenda. Integrating sustainability into
the business culture and supply chain is a key factor in operating a successful and sustainable global business. The
Company will continue to increase the knowledge of employees regarding ethics and human rights as well as continue
to increase the knowledge of its suppliers and service providers sustainability aspects.
A detailed double materiality assessment was completed in 2024. However, the presentation of the results will be
delayed due to the ongoing uncertainty in the ESG regulatory landscape. The Company will publish the assessment
once the regulatory framework becomes clearer.
ESG numbers are collected and reviewed respectively in each subsidiary before they are sent to the ISI hf finance
department, where results of the KPIs are combined for the final report, outcomes calculated, and impacts assessed.
The Company is continuously improving on internal documentation and processes and intends to get external
verification along with CSRD implementation.
Most
of
the
Company’s
identified
GHG
emissions
come
from
upstream
and
downstream
transportation.
The
calculation method is based on Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting
Standard. The Company puts effort into receiving calculated emission factors from its transportation service providers,
when that is not available, the standard emission factors provided in the above mentioned GHG standard are used.
Scope 3 reporting is expected to extend when result of the double materiality assessment are ready.
Iceland Seafood International hf. 58 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Risk management
EU Taxonomy Reporting
The EU Taxonomy Regulation was entered into force in Iceland on June 1st, 2023, through Act no. 25/2023 on
Sustainability Disclosures in Financial Services and the Taxonomy for Sustainable Investments. The regulation is
retroactive to Jan 1st, 2023, the reporting scope is therefore the full financial year of 2023 and valid for 2024 and 2025
as well.
The purpose of the regulation is to define which business activities are considered environmentally sustainable based
on the technical screening criteria set out in the delegated regulation 2021/2139 and is set to promote transparency in
sustainability information. For companies to be considered environmentally sustainable within the meaning of the
regulation, they must meet the criteria for environmentally sustainable economic activity according to Article 3 of the
regulation. Firstly, the economic activity must significantly contribute to one or more of the environmental goals,
while at the same time it must do no significant harm to other goals. It must be carried out in accordance with the
minimum safeguards and finally comply with the technical screening criteria.
The environmental objectives are six, climate mitigation, climate change adaptation, sustainable use and protection of
water and marine resources, transition to a circular economy, pollution prevention and control, and protection and
restoration of biodiversity and ecosystems. The technical screening criteria for climate mitigation and climate change
adaptation have been implemented by delegated regulation EU 2021/2139 and business activities that are listed there
are subject to information obligations in Iceland but delegated regulation EU 2023/2486 on other environmental
objectives and delegated regulation EU 2023/2485 on updated climate objectives entered into force within the EU in
2023 and are awaiting implementation in Iceland.
As previously mentioned, double materiality assessment has been carried out where risks have been systematically
identified and the extent of them evaluated. The major risks that have been identified are related to climate change:
Ocean acidification: Majority of the global carbon cycle is circulated through the ocean which absorbs the greater part
of excess heat from GHG emissions causing acidification. The ocean is the home to a vast variety of marine species and
acidification disrupts the balance of life found in the ocean which can affect seafood supplies.
Extreme weather events: Climate change increases the frequency of extreme weather events. This can affect the
availability of seafood due to dangerous sea conditions as well as delaying transportation of seafood from producer to
the end consumer.
Companies are required to disclose the percentage of revenue, capital expenses and operational expenses for eligible
activities, that is, activities identified under the EU Taxonomy. Similarly, the same criteria must be reported for
activities that meet all the criteria of the regulation and have been identified as aligned activities or environmentally
sustainable.
Iceland Seafood International hf. 59 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Evaluation of eligibility
Evaluation of alignment
The Company began reviewing its operations in accordance with the technical screening criteria, where the activities
were compared to the technical screening criteria of the environmental objectives that have already been
implemented, climate mitigation, and climate change adaptation. The Company's core activity, sale of seafood, does
not currently fall under the technical screening criteria. However, a decision was made to identify revenue, CapEx and
OpEx for the following activities:
For an activity to be considered aligned and thereby meet requirements of the EU Taxonomy of being environmentally
sustainable, it needs to meet the requirements of substantial contribution to at least one environmental objective
while doing no significant harm to any of the other objectives, in addition to complying with minimum safeguards.
Buildings
* 4.1 - "Construction or operation of electricity generation facilities that produce electricity using solar photovoltaic
(PV) technology”.
* 7.2 - "Renovation of existing building”.
* 7.6 - "Installation, maintenance and repair of renewable energy technologies”.
* 7.7 - "Acquisition and ownership of buildings”.
The aim of going through the eligbility assessment was to identify environmental sustainability within the operation
and prepare the Company for further reporting in coming years. Further development of the EU Taxonomy will be
monitored to prepare for when additional activites will be subject to disclosure.
For the renovation of buildings (7.2) to be considered a significant contribution to mitigating climate change, the first
requirement is that they meet current requirements for major renovation or that they lead to a reduction in primary
energy demand by 30%. For the purchase and ownership of buildings (7.7) to be considered a significant contribution,
the buildings in question must be in energy efficiency class A. Energy efficiency is defined by an energy efficiency
certificate, which is defined by EU Directive 2010/30, and primary energy needs are based on the same certificate.
The renovation of an existing building owned by the subsidiary in Barcelona does not meet the requirement of 30%
reduction in primary energy demand. The Company owns various buildings in its locations, however none of them hold
an energy efficiency certificate, stating the energy efficiency of the building to be class A. The Company is therefore
not able to demonstrate that these activities have a significant contribution to mitigating climate change and did not
continue with the assessment.
Renewable energy
The Company generates electricity using photovoltaic cells at its locations in Madrid and Barcelona (4.1/7.6). For the
activity to be considered contributing significantly to mitigating climate change, it is sufficient that electricity is
produced using photovoltaic cell technology. To meet the requirement of not causing significant harm, a climate risk
and vulnerability assessment of the specified activity is required. The Company has carried out the mentioned
assessment on the activity classified as eligible activity and has assessed the main climate-related risks associated with
it. Similarly, the Company has identified which adaptation solutions are available and where improvements are
needed. There are no other requirements for the activity, and it is therefore considered environmentally sustainable
and classified as Taxonomy-aligned.
Iceland Seafood International hf. 60 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Key Performance Indicators
Revenue
CapEx
OpEx
Nuclear and natural gas activities
In addition, Iceland Seafood discloses information on nuclear and natural gas activities in accordance with Article 8
(points 6 and 7) of the same Regulation. Since Iceland Seafood has neither nuclear or natural gas activities, KPI‘s are
not included in accordance with same Annex. See table on page 65.
According to Article 8 of the EU Taxonomy regulation, CapEx consist of the increase in tangible and intangible assets,
before any depreciation, amortisation, revaluation, or write offs, excluding fair value movements. CapEx in the
financial year 2025 amounted to EUR 10.0 million as detailed in notes 10-11 to the Consolidated Financial Statement.
Thereof, 0% are related to eligible activities and 0% related to aligned activities. See table on page 63.
The EU Taxonomy regulation defines OpEx differently from the OpEx of the Consolidated Financial Statement. The EU
Taxonomy excludes depreciation, amortization, general and administrative, and sales and marketing related expenses.
Included are direct non-capitalised costs derived from the day-to-day servicing of assets, consisting of research and
development, short-term leases, and maintenance and repairment and similar essential cost for maintaining efficient
operation of the relevant assets. OpEx in the year 2025 was EUR 2.1 million and were related to maintenance material,
cost of employee repairing a machine, cost of employee cleaning a factory and IT dedicated to maintenance. Thereof
0% are related to eligible activities and 0% are aligned. See table on page 64.
The European Union has published guidance on calculations of key performance indicators (KPI’s) in a delegated
regulation 2021/2178. The proportion of turnover, CapEx and OpEx, is calculated in accordance with Article 8 of the EU
Taxonomy regulation. However, there’s a possibility that criteria or methods for calculations will change in accordance
with any future updates of the regulation, that could influence future Taxonomy calculations of the Company.
Following are explanations of KPI’s of identified eligible activities within the Company.
Turnover as defined in the EU Taxonomy regulation is equal to the consolidated revenues as reported in the
Company’s Consolidated Financial Statement for the year 2025, explained in note 2. The portion of the revenue that is
eligible or aligned with the EU Taxonomy is 0%. See table on page 62.
The Company complies with these requirements and has both implemented Group Code of Conduct and Supplier Code
of Conduct. The Company also performs due diligence on its upstream value chain by mapping and scoring its suppliers
and service providers sustainability aspects in cooperation with EcoVadis, a recognised assessment platform that rates
business sustainability in environmental impact, labour, and human rights standards, ethics, and procurement
practices.
The Company is aware that continuous improvements and reassurances are needed when it comes to minimum
safeguards, such as a detailed due diligence on human rights according to the OECD definition, as well as upcoming
requirements in European legislation regarding the provision of information in the field of human rights and will
continue to emphasize this work in the coming months.
Minimum safeguards
Article 18 of the EU Taxonomy regulation describes Minimum Safeguards considering the guidelines of the
Organization for Economic Cooperation and Development (OECD), the guiding principles of the United Nations on
business and human rights as well as eight fundamental conventions in the declaration of the International Labor
Organization. Platform on Sustainable Finance has defined the core topics based on these requirements to be human
rights, including labour rights, bribery, taxation, and fair competition.
Iceland Seafood International hf. 61 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Key Perfomance Indicators: Revenue
Economic Activities (1)
Code (2)
Absolute turnover (3)
Proportion of Turnover (4)
Climate Change Mitigation (5)*
Climate Change Adaptation (6)
Water
(7)
Pollution
(8)
Circular Economy
(9)
Biodiversity and ecosystems (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water
(13)
Pollution
(14)
Circular Economy
(15)
Biodiversity
(16)
Minimum Safeguards
(17)
Taxonomy
aligned
proportion
of turnover,
year N-1
(19)
Category
(enabling
activity)
(20)
Category
(transitional
activity)
(21)
Millions,
EUR
% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
0%
0,00 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% 0%
Acquisition and ownership of buildings 7.7 0,00 0%
Electricity generation using solar photovoltaic
technology
4.1 0,00 0%
Renovation of existing buildings 7.2 0,00 0%
0,00 0%
0,00 0%
484.273 100%
484.273 100%
Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm')
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
Total (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities
Total (A+B)
Iceland Seafood International hf. 62 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Key Perfomance Indicators: CapEx
Economic Activities (1)
Code (2)
Absolute CapEx (3)
Proportion of CapEx (4)
Climate Change Mitigation (5)*
Climate Change Adaptation (6)
Water
(7)
Pollution
(8)
Circular Economy
(9)
Biodiversity and ecosystems (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water
(13)
Pollution
(14)
Circular Economy
(15)
Biodiversity
(16)
Minimum Safeguards
(17)
Taxonomy
aligned
proportion
of turnover,
year N-1
(19)
Category
(enabling
activity)
(20)
Category
(transitional
activity)
(21)
Millions,
EUR
% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
0%
Electricity
generation
using
solar
photovoltaic
technology (CapEx A)
4.1 0,00 0% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y -
0,00 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% 0% 0%
Acquisition and ownership of buildings (CapEx A) 7.7 0,00 0%
Renovation of existing buildings (CapEx A) 7.2 0,00 0%
0,00 0%
0,00 0%
10,003 100%
10,003 100%
Total (A+B)
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. CapEx of environmentally sustainable activities (Taxonomy-aligned)
CapEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned)
Total (A.1+A.2)
DNSH criteria ('Does Not Significantly Harm')Substantial Contribution Criteria
Iceland Seafood International hf. 63 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
Key Perfomance Indicators: OpEx
Economic Activities (1)
Code (2)
Absolute OpEx (3)
Proportion of OpEx (4)
Climate Change Mitigation (5)*
Climate Change Adaptation (6)
Water
(7)
Pollution
(8)
Circular Economy
(9)
Biodiversity and ecosystems (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water
(13)
Pollution
(14)
Circular Economy
(15)
Biodiversity
(16)
Minimum Safeguards
(17)
Taxonomy
aligned
proportion
of turnover,
year N-1
(19)
Category
(enabling
activity)
(20)
Category
(transitional
activity)
(21)
Millions,
EUR
% % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
0%
0,00 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% 0% 0%
Acquisition and ownership of buildings (OpEx A) 7.7 0,00 0%
Renovation of existing buildings (OpEx A) 7.2 0,00 0%
Electricity
generation
using
solar
photovoltaic
technology (OpEx A)
4.1 0,00 0%
0,00 0%
0,00 0%
2,100 100%
2,100 100%
Total (A+B)
Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm')
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OpEx of Taxonomy-non-eligible activities
OpEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1)
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2)
Total (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Iceland Seafood International hf. 64 Financial Statements 2025
Non-Financial Information (unaudited)
for the year ended 31 December 2025
1 The undertaking carries out, funds or has exposures to research,
development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.
NO
2 The undertaking carries out, funds or has exposures to
construction and safe operation of new nuclear installations to
produce electricity or process heat, including for the purposes of
district heating or industrial processes such as hydrogen
production, as well as their safety upgrades, using best
available technologies.
NO
3 The undertaking carries out, funds or has exposures to safe
operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production
from nuclear energy, as well as their safety upgrades.
NO
4 The undertaking carries out, funds or has exposures to
construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
5 The undertaking carries out, funds or has exposures to
construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous
fuels.
NO
6 The undertaking carries out, funds or has exposures to
construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
Nuclear and fossil gas related activities
Nuclear energy related activities
Fossil gas related activities
Iceland Seafood International hf. 65 Financial Statements 2025