Pelagia Holding AS – Financial Report Q1 2026

12 May 2026 07:00 CEST

Revenues for Q1 2026 were 3.108 MNOK (Q1 2025: 3.793 MNOK). EBITDA was 319 MNOK
in Q1 2026 (Q1 2025: 326 MNOK). Profit before tax was 109 MNOK in Q1 2026 (Q1
2025: 120 MNOK).

Pelagia changed the accounting principle related to cash flow hedges in Q3 2025;
comparative figures have been changed accordingly for Q1 2025.

As reported in previous quarters, earnings were weaker in 2025 compared to 2024
due to a significant drop in fish oil prices. This impacted also salmon oil
prices which had a similar reduction. Fish oil prices have improved going into
2026 due to the lower than expected, anchovy catches in Peru the last season and
for the current season. Also, to the extent possible, following the drop in both
salmon oil and salmon protein prices the purchase prices for salmon trimmings
have been renegotiated. This will improve salmon-based margins going forward if
market prices stabilize.

For the FOOD division we see that the reduced Mackerel quota in 2025 increased
the purchase price significantly. This significant increase could be difficult
to pass over to the market, and some markets will drop out. Even more
challenging are the advised quotas from ICES for 2026. The advice for the
Mackerel quota was down 70% but was finally reduced by about 50%, the North-Sea
Herring quota is down 25% and the Blue Whiting quota down 41%. The latter mainly
impacting the FEED division. The NVG quota advice is up 33%. In summary, this
proposed decrease in raw material will be a challenge for the FOOD division and
the industry as a whole.

In Q1 2026 Pelagia had an increase in raw material volume in the FOOD division
compared to Q1 2025. The main explanation for the increase was both the higher
quota of NVG compared to 2025 and a higher market share on auction. As explained
above, in total there will be a reduced quota this year. The overall reduction
in quota will be a challenge for the FOOD for the remainder of 2026.

Pelagia generates revenue worldwide and, for the FOOD division in particular,
Eastern Europe remains an important market. The current war in Ukraine increases
the risk related to the operations in the FOOD division somewhat. As per today
Pelagia has no material assets related to Ukraine recorded in the balance sheet.
In relation to US trade tariffs the effect seems to be limited. Following the
landing obligations introduced in UK/Scotland a part of the raw material
historically landed in Norway by UK/Scottish vessels now partly must be landed
in Scotland. In 2025, the obligation to deliver in Scotland increased from 40 to
55%. It has been decided from the Scottish Government that this landing
obligation will increase to 70% for 2026. This increases the competition between
the Norwegian bidders for raw material. Pelagia is present with factories in
both markets, so it is probably more challenging for companies located only in
Norway.

The FEED division has a decrease in raw material volume in Q1 2026 vs Q1 2025.
This is explained by a reduction of Blue Whiting. As for 2025 the Capelin quota
is zero. Due to an increased production of oil in Peru in 2024/25 the market
price for fish oil weakened significantly in 2H 24 and through 2025. With lower
quotas in the North Atlantic and some reduction in Peruvian catches we expect
higher prices for fish meal and fish oil through 2026. Despite lower volume
better market conditions should improve margins for the FEED division as a total
for 2026.

The market demand for the HEALTH division products has remained sound also into
2026. With the increased catch in 24/25 in Peru, we saw lower raw material
prices for oil to the Omega-3 market. With the reduction in raw material prices,
we expect margins to normalise, and we expect sound margins for the HEALTH
division in 2026. A possible emerging El Niño could increase raw material prices
going forward.

The Group's ability to utilise its production capacities depends on the supply
of raw materials in the North Atlantic and thus the size of the global quotas
that are distributed between the countries which have a share of these fish
resources. The prospects for the fisheries on which the group bases its
operations in total remain stable long-term. Still, short-term there can be
variations in quotas and the available raw material due to fluctuations in
nature. This will be situation in 2026, where quotas will be reduced. The
long-term goal of Pelagia is to favour the sustainable management of the main
fish stocks. At the moment, Pelagia does not see a significant climate risk that
should affect the fisheries and the related value of its assets. Still,
long-term it could be a risk that the fisheries in the North Atlantic are
impacted by climate changes.

In common with many other companies, Pelagia can also be impacted by changes in
trade tariffs and other trading obstacles following the more uncertain economic
and geopolitical environment developing into 2026. The effect of the 15% US
trade tariff has been limited.

Pelagia has decided not to pay any dividend based on the Annual Report for 2025.

No other events have occurred after the balance sheet date that have had a
material impact on the presented quarterly report.

For further information see attached the Q1 2026 Financial Report.

For any questions, please contact:

CEO Egil Magne Haugstad emh@pelagia.com
CFO Rolf Andersen ran@pelagia.com

See www.pelagia.com for further information about the company.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act

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673072_Financial Report Pelagia Q1 2026.pdf