0QB3 Eimskipafelag Islands Hf

According to management accounts for October and November along with a new forecast for December which is now available, it is estimated that EBITDA from the operations in fourth quarter 2021 will be considerably higher than results for the same quarter last year.

It is estimated that EBITDA for the fourth quarter will be in the range of EUR 26.7 to 29.7 million compared to EUR 14.9 million for the same quarter last year. This translates into EBIT in the range of EUR 12.7 to 15.7 million, given expected depreciation in the fourth quarter, compared to EBIT of EUR 3.2 million for the same period last year.

Main drivers for better results are good performance in the container liner system with increased volume and improved margins. Furthermore, the international forwarding operation has continued to perform well in Q4. A special Holiday payment, amounting to approximately EUR 1 million, was paid out to Eimskip employees globally in December for their excellent contribution in a challenging environment and on account of good financial results for the year 2021.

Should the forecast materialize, the operational results will be considerably higher than same period last year and the full year results can be expected just above the higher end of the updated guidance published 9 November 2021.

Updated guidance for adjusted EBITDA for the full year 2021 is now in the range of EUR 109.5 to 112.5 million compared to EUR 102 to 110 million as previously published. This translates into adjusted EBIT of approximately EUR 58.5 to 61.5 million.

This is based on actual operational results for 9M 2021, management accounts for October and November and a new forecast for December.

The results are subject to change until the fourth quarter is over and work on financial closing is completed and audited.

The Company will publish its fourth quarter 2021 results after market closing on Thursday 17 February 2022.

For further information please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications via phone (+354) 825-3399 or investors@eimskip.is.

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