leverage
Eimskipafélag Íslands hf.
Consolidated Financial Statements
for the year ended
31 December 2025 |EUR
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 2
Contents
Endorsement and Statement by the Board of Directors and the CEO ......................................................................... 3
Independent Auditors’ Report ........................................................................................................................................ 8
Consolidated Income Statement for the year 2025 .................................................................................................... 12
Consolidated Statement of Comprehensive Income for the year 2025 ..................................................................... 13
Consolidated Statement of Financial Position as at 31 December 2025 .................................................................... 14
Consolidated Statement of Changes in Equity 1 January to 31 December 2025 ....................................................... 15
Consolidated Statement of Cash Flows for the year 2025 .......................................................................................... 16
Notes .............................................................................................................................................................................. 17
1. Reporting entity .............................................. 17
2.Basis of preparation ......................................... 17
3. Measurement of fair values ........................... 18
4. Changes in significant accounting policies .... 18
5. Segment reporting .......................................... 19
6. Revenue ........................................................... 21
7. Salaries and related expenses ........................ 21
8. Financial income and expenses ...................... 22
9. Income tax ....................................................... 22
10. Earnings per share ........................................ 23
11. Property, vessels and equipment ................ 23
12. Right-of-use assets ........................................ 24
13. Intangible assets ........................................... 26
14. Investment in equity-accounted investees . 28
15. Deferred tax assets and liabilities ................ 30
16. Trade and other receivables ........................ 30
17. Cash and cash equivalents............................ 31
18. Capital and reserves...................................... 31
19. Loans and borrowings ................................... 33
20. Lease liabilities .............................................. 35
21. Trade and other payables ............................. 35
22. Financial risk management ........................... 36
23. Financial instruments.................................... 41
24. Leases ............................................................ 43
25. Related parties .............................................. 43
26. Auditor‘s fees ................................................ 44
27. Group entities ............................................... 45
28. Other matters................................................ 45
29. Subsequent events ....................................... 46
30. Material accounting policies ........................ 46
31. Accounting standards issued but not yet
effective ............................................................... 54
Appendices - unaudited
Quarterly Statements .................................................................................................................................................... 57
Key gures by quarter ................................................................................................................................................... 58
Corporate Governance Statement ................................................................................................................................ 59
Non-Financial Reporting ................................................................................................................................................ 67
ESG Statement 2025 ...................................................................................................................................................... 74
EU Taxonomy .................................................................................................................................................................. 86
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 3 Amounts are in thousands of EUR
Endorsement and Statement by the Board
of Directors and the CEO
Eimskipafélag Íslands hf. and its subsidiaries (together referred to as "Eimskip", "the Group" or "the Company") has
been since 1914 a trusted partner in global logistics with a network spanning 20 countries, 56 offices and 1,700
employees. To ensure reliable door-to-door solutions for our customers, our services include container and reefer
vessel operations in the North-Atlantic, terminal operations, trucking systems, warehouses, cold storages and a
global forwarding network. The Consolidated Financial Statements of the Group includes the financials of the
parent company and its subsidiaries. The Group consists of a total of 60 companies in addition to five foreign
branches. The Company operates branch offices in Norway, Denmark, UK, Netherland and Germany.
The Consolidated Financial Statements for the Group is prepared and presented in accordance with IFRS
accounting standards (IFRS) as adopted by the EU and additional requirements for listed Icelandic companies. The
Financial Statements are presented in thousands of EUR.
Highlights & operations in 2025
Revenue in 2025 amounted to EUR 807.5 million and decreased by 39.6 million from the previous year while
operang expenses decreased by EUR 11.5 million and amounted to EUR 737.8 million. EBITDA for the nancial
year 2025 amounted to EUR 69.7 million compared to EUR 97.8 million in 2024. Net earnings as reported for the
year 2025 are a total of EUR 9.3 million compared to EUR 30.0 million in 2024 according to the Consolidated Income
Statement.
Property, vessels and equipment decreased by EUR 13.5 million in 2025 and amounted to a total of EUR 235.6
million by year-end. Interest-bearing debt increased by EUR 1.0 million in the period and amounted to EUR 140.8
million at the end of the year. Total equity on 31 December 2025 amounted to EUR 298.0 million (2024: EUR 316.9
million) according to the Statement of Financial Posion.
Cash ow from operaons amounted to EUR 56.8 million, a decrease by EUR 10.1 million from 2024, the decrease
can mainly be explained by less net earnings in 2025. The Company’s liquidity posion is strong, with cash and cash
equivalents equal to EUR 25.7 million on 31 December 2025 and available undrawn revolving credit facilies in the
amount of EUR 42.1 million. Capital expenditure in 2025 amounted to EUR 44.4 million, an increase of EUR 6.1
million from the previous year. The main new investments in 2025 were acceleraon of equipment eet renewal
in Domesc Iceland, Sundahöfn Terminal Iceland and new oce in the Netherlands.
The year 2025 was challenging and despite relavely stable volume in both Liner and Forwarding unit prices did
not keep up with rising operaonal expenses, at the same me salary expenses rose mainly due to contractual
wage increases in Iceland. Early in the year, severe North Atlanc weather caused temporary disrupons, including
a short closure of Sundahöfn and delays in ocean freight. Due to the experience and dedicaon of our employees,
services connued with minimal impact. Operaonal challenges among major customers led to producon cuts
and shutdowns, prompng Eimskip to opmize its sailing system by suspending coastal services in Iceland and
reducing the eet by one vessel, a strategic move expected to improve protability in coming months.
Internaonally, U.S. tari policies and proteconist measures created uncertainty, requiring extensive analysis and
advocacy. Changes in global shipping alliances caused equipment shortages, while falling freight rates pressured
margins. Strategic increase in operaons of own trucking eet in Iceland had a posive result on margin as
contractor cost has declined more than salary and investment expense in the year. In the laer half of the year
various streamlining and cost avoidance iniaves were iniated across the group. At year end the iniaves
executed in the group are expected to generate total operaonal eciency of EUR 13.5 million on annual basis.
Liner services include container- and reefer liner services in the North-Atlanc. The transported liner volume in
2025 was 211,400 TEUs and increased slightly from 206,700 TEUs from the previous year, less industrial cargo in
container liner and lower capacity the Reefer liner aected volumes. Revenue in liner services decreased by EUR
1.9 million, or 0,5%, from the prior year, EBITDA amounted to EUR 18.6 million, and EBIT amounted to a loss of
EUR 15.7 million. The performance of the liner segment was challenging in 2025. Two major customers in the
container liner faced operaonal challenges and one of our four reefer vessels was out of service for 5 months.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 4 Amounts are in thousands of EUR
Endorsement and Statement by the Board
of Directors and the CEO
In 2024 the Trans-Atlanc services had high volumes and rates, partly due to imminent strikes in at US east coast
harbors, while 2025 volume and freights were at lower levels.
The global shipping market was extremely dynamic in 2025 with high volality in rates, and sharp decline in global
freight rates during the year, aecng our revenue and customers freight cost. The forwarding business segment
generated EBITDA of EUR 10.6 million in 2025, a decrease from EUR 13.6 million in 2024. As the freight forwarding
business primarily serves as an intermediary between shippers and ocean carriers, managing sea freight and other
services on behalf of customers and selling with a margin, global freight rates exert a substanal impact on the
nancial performance of this segment. Forwarding volume remained at similar level in 2025 as in the preceding
year.
The logisc and agency segment was more stable during the year. The segment generated EBITDA of EUR 40.5
million in 2025, a decrease from EUR 42.9 million in the previous year. The decrease was mainly due to less volume
in cold-stores and less terminal acvity due to lower industrial cargo in Iceland. In early 2025 it was decided to
increase inhouse trucking capacity in Iceland, and reduce the usage of contractors, with the aim to increase
operaonal eciency and customer sasfacon. This change was successful, as margin increased and services
levels were kept high.
Outlook and uncertainties
The outlook for the beginning of the year 2026 is again marked by uncertainty, there is some looming uncertainty
regarding world trade and demand. The Suez Canal, a vital trade corridor between Asia and Europe, had since
December 2023 experienced a major blow by militant attacks on commercial vessels. This effectively closed the
canal for commercial sea traffic, increasing transit times and negatively affecting turnaround times of vessels and
containers. In the beginning of 2026, a gradual reopening through the Red Sea is expected, this could have effect
on international freight rates due to an overcapacity in the world vessel fleet. Eimskip’s specialization in reefer
logistics provides an advantage as essential for temperature-sensitive goods such as seafood, pharmaceuticals and
other high-value products are generally more resistant to economic cycles and volume.
In the liner and logistic segments, Eimskip is strongly positioned as a shipping line mainly servicing wealthy
economies in the North-Atlantic. Eimskip’s home market covers Northern Norway, Faroe Islands, Iceland,
Greenland, Newfoundland, and the New England area in the United States. These regions are rich in natural
resources and heavily reliant on imports and exports. About 50% of Eimskip’s liner cargo is food-related. At the
start of 2026, demand for Eimskip’s shipping services in this region remains at similar level while industrial cargo is
expected to be less, demand for Trans-Atlantic transportation of goods from Europe to North America via Iceland,
is likely to remain on a similar level as the last quarter of last year during the next few months.
Despite a mixed global macroeconomic outlook, Eimskip maintains a strong position in its North Atlantic home
market, with a clear focus on transporting temperature-controlled goods. The Company remains operationally
disciplined and cost-conscious, while continuing to invest in business development to drive sustainable growth
built on strong stakeholder relationships. Although global developments and uncertainties affecting trade and
demand for shipping pose challenges, Eimskip’s solid financial foundation, couple with number of efficiency
initiatives, enables Eimskip to navigate economic cycles with resilience.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 5 Amounts are in thousands of EUR
Endorsement and Statement by the Board
of Directors and the CEO
Corporate Governance
Eimskip's management is of the opinion that practicing good Corporate Governance is vital for Eimskip and is in
the best interests of the shareholders, employees and other stakeholders. The framework for Corporate
Governance practices within Eimskip consists of the provisions of law, the Parent Company's Articles of Association,
Rules of Procedures for the Board of Directors and Board's subcommittee and various company policies, Rules for
Issuers of Financial Instruments listed at Nasdaq Iceland and the 6th edition of Corporate Governance Guidelines
issued by the Iceland Chamber of Commerce, SA – Confederation of Iceland Enterprise and Nasdaq Iceland.
Corporate Governance practices are designed to ensure open and transparent relationship between the
Company's management, its Board of Directors, its shareholders, and other stakeholders. Management has
emphasized and increased level of information shared with investors and other stakeholders in quarterly reporting
as well as communication with customers on current affairs. The Corporate Governance in Eimskip is also designed
to ensure sound and effective control of the Company's affairs and a high level of business ethics. Further
information is provided in the Corporate Governance Statement which is an appendix to these Financial
Statements.
Active risk management plays an important role at Eimskip ensuring stable operations and earnings. The
Company’s Treasury Policy aims to minimize potential negative effects on operations and earnings from financial
activities and to keep risk at acceptable levels. Information on matters related to financial risk management is
disclosed in note 22. Furthermore, the Company has an active risk management program to map and manage the
Company’s main risk exposure, both operational and financial.
The Company complies with Article 63 of Act no. 2/1995 on Limited Liability Companies (Company Act), as the
Company's Board of Directors currently consists of three females and two males. The Executive Management and
the CEO consist of six males and three females. The Company's gender ratio is 68% male and 32% female. Further
information on the number of full-time equivalents is provided in note 7.
Non-Financial reporting and EU Taxonomy
The Company is defined as a large Public Interest Entity according to the Icelandic Financial Statement Act. The Act
states that these companies should disclose, as an attachment to the Endorsement and Statement 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, in addition to a short description of the Company's business model. The Company's policies and the
outcome of these matters are further discussed in the Non-Financial Reporting, which is an appendix to these
Consolidated Financial Statements.
The Company last updated its ESG strategy in 2023, with accelerated targets in Environmental, Social, and
Governance. Eimskip has conducted a Double Materiality Assessment to identify the topics most significant to both
the Company and society. The Sustainability Statement for 2025, however, reflects the ESG guidelines issued by
Nasdaq Iceland and Nasdaq Nordic. Eimskip's Sustainability Statement is presented in an appendix to these
Consolidated Financial Statements, and in more detail in the Annual Report.
Eimskip reports on EU Taxonomy, according to Icelandic laws, 25/2023 on sustainability-related disclosures in the
financial services sector and a classification system for sustainable investments. Companies that fulfill specific
requirements are required to publish non-financial information based on Article 8(1) of the Taxonomy regulation
(EU 2020/852) as from 2023. Eimskip's EU Taxonomy is presented in an appendix to these Consolidated Financial
Statements.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 6 Amounts are in thousands of EUR
Endorsement and Statement by the Board
of Directors and the CEO
Share capital and articles of association
The Company's Board of Directors consists of five Directors and two alternate Directors; all elected at the annual
general meeting in March 2025. Those who intend to run for the Board of Directors shall notify the Board of
Directors of their candidacy at least ten days before a shareholders' meeting. The Company's articles of association
may only be amended by a lawful shareholders' meeting, as long as the proposal for the amendment is described
in the invitation to the meeting. The decision to amend the articles of association will only be valid if it is approved
by 2/3 of the votes and approved by shareholders controlling at least 2/3 of the votes represented at the
shareholders' meeting.
The number of shareholders at year-end 2025 was 996, an increase of 14 from the beginning of the year. The
Company's ten largest shareholders at the year-end are the following:
On 29 September 2025, the Board of Directors initiated a share-buy-back program in accordance with the approval
of Eimskip shareholders' meeting on 27 March 2025. The number of shares acquired under the buyback program
was up to 2,250,000. The main purpose of reducing the company’s share capital and/or to fulfil the Company’s
obligations in accordance with the stock option plan of the company. During the fourth quarter of 2025, Eimskip
purchased 1,914,680 shares with a purchase price of EUR 4.0 million.
The buyback program was completed on 21 January 2026, with a total of 2,249,680 shares bought for a total of
EUR 4.5 million, with an average price of ISK 298 per share.
Prior to the buyback program, Eimskip held 1,725,320 shares or the equivalent of 1.04% of issued shares in the
company. After the program, the company now holds a total of 3,975,000 shares or the equivalent of 2,40% of
issued shares.
Shareholder:
1.
Seley ehf ….................................................................................................
55,589,385 34.30% 55,589,385 33.90%
2.
Gildi - lífeyrissjódur
1)
…................................................................................
23,130,223 14.27% 22,986,223 14.02%
3.
Lífeyrissjódur verzlunarmanna
2)
…...............................................................................................................................
20,872,040 12.88% 21,266,907 12.97%
4.
Birta lífeyrissjódur …........................................................................................
10,229,981 6.31% 8,554,231 5.22%
5.
Lífeyrissjódur starfsmanna ríkisins A-deild and B-deild …............................
8,214,613 5.07% 8,214,613 5.01%
6.
Stapi lífeyrissjódur …....................................................................................
6,336,454 3.91% 7,045,454 4.30%
7.
Vanguard funds
3)
…...............................................................................................................................
4,341,467 2.68% 4,253,133 2.59%
8.
Festa Lífeyrissjóður …..................................................................................................
4,207,762 2.60% 3,213,500 1.96%
9.
Landsbréf
4
)
…...............................................................................................................................
3,321,639 2.05% 3,114,869 1.90%
10.
Lífsverk lífeyrissjóður ….............................................................................
3,107,592 1.92% 3,018,656 1.84%
22,708,844 14.01% 26,717,709 16.29%
162,060,000 100.00% 163,974,680 100.00%
3,640,000 1,725,320
165,700,000 165,700,000
Shares in
%
2025
2024
Number of
shares
Number of
shares
Shares in
%
4)
The shareholders are Landsbréf - Úrvalsbréf, Landsbref - Öndvegisbréf og Landsbréf Hekla.
3)
The shareholders are Vanguard Total International, Vanguard Emerging Market Stock, Vanguard Fiduciary Trust Company, Vanguard FTSE All-World ex-US, Vanguard Total
World Stock, Vanguard Funds PLC, Vanguard Investment Series PLC, Vanguard ESG International
Other shareholders …........................................................................................
1)
Gildi lífeyrissjódur, Gildi lífeyrissjódur/Framtídarsýn 1 and 2
2)
Lífeyrissjódur verzlunarmanna, Lífeyrissjódur verzlunarmanna/Ævileid 1 and 2
Total issued shares ….........................................................................................
Total outstanding shares …................................................................................
Treasury shares …..............................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 7 Amounts are in thousands of EUR
Endorsement and Statement by the Board
of Directors and the CEO
Share capital and articles of association, continued
The Board of Directors proposes a dividend payment to shareholders in 2026 in the amount of ISK 4.22 per share.
The proposed dividend payment is ISK 700 million, or approximately EUR 4.8 million, which represents 52% of net
earnings for the year 2025.
Further information on matters related to share capital is disclosed in note 18. Additional information on
shareholders is provided on the Company's website, www.eimskip.is/investors.
Statement by the Board of Directors and the CEO
According to the best of our knowledge, it is our opinion that these annual Consolidated Financial Statements give
a true and fair view of the consolidated financial performance of Eimskip for the year 2025, its assets, liabilities
and consolidated financial position as at 31 December 2025 and its consolidated cash flows for the year 2025.
Further, in our opinion the Consolidated Financial Statements and the Endorsement by the Board of Directors and
the CEO give a fair view of the development and performance of Eimskip's operations and its position and describe
the principal risks and uncertainties faced by Eimskip.
In our opinion, the Consolidated Financial Statements of Eimskipafélag Íslands hf. for the year 2025 identified as
“549300IUR8Q7Y44KBL02-2025-12-31-1-en.xbri” are prepared in all material respects, in compliance with the
ESEF Regulation.
The Board of Directors and the CEO have today discussed the Consolidated Financial Statements of Eimskipafélag
Íslands hf. for the year 2025 and confirm them by means of their signatures. The Board of Directors and the CEO
recommend that the Consolidated Financial Statements will be approved at the Annual General Meeting of
Eimskipafélag Íslands hf.
Reykjavík, 3 March 2026
Board of Directors:
Margrét Guðmundsdóttir, Vice- Chairman acting as Chairman
Guðrún Ó. Blöndal, Board Member
Lárus L. Blöndal, Board Member
Ólöf Hildur Pálsdóttir, Board Member
Steán Sigurðsson, Alternate of the Borad
CEO:
Vilhelm Már Thorsteinsson
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 8 Amounts are in thousands of EUR
Independent Auditors’ Report
To the Board of Directors and the shareholders of Eimskipafélag Íslands hf.
Opinion
We have audited the accompanying consolidated financial statements of Eimskipafélag Íslands hf. and its
subsidiaries (the group) for the year 2025, excluding the endorsement and statement by the board of directors and
the CEO.
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position
of the group as at December 31, 2025, and of its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with IFRS accounting standards as adopted by the European Union
(EU), and applicable articles in Icelandic law on annual accounts.
Our opinion is consistent with our additional report to the audit committee and the board of directors.
The consolidated financial statements comprise
- Endorsement and statement by the board of directors and the CEO.
- Consolidated income statement for the year 2025.
- Consolidated statement of comprehensive income for the year 2025.
- Consolidated statement of financial position as at 31 December 2025.
- Consolidated statement of changes in equity 1 January to 31 December 2025.
- Consolidated statement of cash flows for the year 2025.
- Notes to the consolidated financial statements, which include material accounting policies and other
explanatory information.
The endorsement and statement by the board of directors and the CEO and appendices to the financial statements
are excluded from the audit, refer to section reporting on other information.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing. 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.
Independence
We are independent of the group in accordance with Icelandic laws on auditors and auditing and the code of ethics
that apply to auditors in Iceland and relate to our audit of the group's consolidated financial statements. We have
fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services that we have provided to the group
and its subsidiaries are in accordance with the applicable law and regulations in Iceland and that we have not
provided non-audit services that are prohibited under Article 5.1. of Regulation (EU) No. 537/2014.
The non-audit services that we have provided to the group and its subsidiaries, in the period from January 1, 2025
to December 31, 2025 are disclosed in note 26 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
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.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 9 Amounts are in thousands of EUR
Independent Auditors’Report
Key Audit Matters Audit procedures
Revenue recognition
Our audit procedures included:
Operating revenue amounted to EUR 807.484
thousand in the year 2025.
- Considering the appropriateness of the revenue
recognition accounting policies and assessing
compliance with applicable accounting
standards.
Recognition of revenue consists of high volume of
transactions and different types of logistic contracts
with individually negotiated terms.
- Obtaining understanding of the revenue and
accounts receivable accounting process.
We focused on this area due to the significance of
amounts involved and because recognition of
revenue involves accounting policy decisions and
judgements made by management.
- Testing the accounting treatment and principles
applied.
- Data analytics on selected revenue streams and
testing journal entries on revenue.
- Substantive procedures over invoicing,
contracts and other supporting documents.
Further, the volume of transactions and extent of
different contracts require various IT setups to
ensure correct revenue recognition.
- Detailed testing on timing to ensure that the
revenue is recognised in the correct financial
year.
Reference is made to notes 5, 6 and 30.k. in the
consolidated financial statements.
- Accounts receivable confirmations.
Relevant notes have been reviewed.
Reporting on other information, including the endorsement and statement by the board of
directors and the CEO
The board of directors and chief executive officer are responsible for other information. The other information
comprises of the endorsement and statement by the board of directors and the CEO and appendices to the
consolidated financial statements, including quarterly statements, key figures by quarter, corporate governance
statement, non-financial reporting, ESG statement and EU taxonomy, which we obtained prior to the date of this
auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information, including the
endorsement and statement by the board of directors and the CEO.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. In addition, in light of the knowledge and understanding of the entity and its environment
obtained in the course of the audit, we are required to report if we have identified material misstatements in other
information that we obtained prior to the date of this auditor’s report. We have nothing to report in this respect.
With respect to the endorsement and statement by the board of directors and the CEO we have, in accordance
with article 104, of the Icelandic law on annual accounts reviewed that to the best of our knowledge, the
endorsement and statement by the board of directors and the CEO accompanying the consolidated financial
statements includes applicable information in accordance with Icelandic law on annual accounts if not presented
elsewhere in the consolidated financial statements.
Responsibilities of the Board of Directors and the Chief Executive Officer
The board of directors and the chief executive officer are responsible for the preparation and fair presentation of
the consolidated financial statements in accordance with IFRS accounting standards as adopted by the EU, and
applicable articles in Icelandic law on annual accounts, and for such internal control as determined necessary to
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 10 Amounts are in thousands of EUR
Independent Auditors’Report
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error. In preparing the consolidated financial statements, management is responsible for assessing the groups'
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the group or to cease operations,
or has no realistic alternative but to do so. The Group's management must provide appropriate explanations
regarding its ability to continue as going concern, if applicable, and why management applies the presumption of
going concern in the preparation and presentation of the consolidated financial statements
Those charged with governance are responsible for overseeing the group's financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
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 International Standards on Auditing 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 International Standards on Auditing, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
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 the group’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 group’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 group 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 financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 11 Amounts are in thousands of EUR
Independent Auditors’Report
We communicate with those charged with governance 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 those charged with governance 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 those charged with governance, 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.
Report on Other Legal and Regulatory Requirements
Report on European single electronic format (ESEF Regulaon)
As part of our audit of the consolidated financial statements of Eimskipafélag Íslands hf. we performed procedures
to be able to issue an opinion on whether the consolidated financial statements of Eimskipafélag Íslands hf. for the
year 2025 with the file name 549300IUR8Q7Y44KBL02-2025-12-31-1-en.xbri is prepared, in all material respects,
in accordance with law no. 20/2021 Act on securities issuer obligations to issue information and self-report relating
to requirements under the European single electronic format regulation EU no. 2019/815, which include
requirements concerning preparation of the consolidated financial statements in XHTML format and iXBRL markup.
The board of directors and chief executive officer are responsible for preparing the consolidated financial
statements in accordance with law no. 20/2021. This responsibility includes preparing the consolidated financial
statements in a XHTML format in accordance to EU regulation no. 2019/815 on the european single electronic
format (ESEF regulation).
Our responsibility is to obtain reasonable assurance, based on evidence that we have obtained, on whether the
consolidated financial statements are prepared in all material respects, in accordance 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 requirements set
out in the ESEF regulation, whether due to fraud or error.
In our opinion, the consolidated financial statements of Eimskipafélag Íslands hf. for the year 2025 with the file
name 549300IUR8Q7Y44KBL02-2025-12-31-1-en.xbri is prepared, in all material respects, in accordance with the
European single electronic format regulation EU no. 2019/815.
Appointment
We were first appointed as auditors at the company's annual general meeting on March 25, 2021. Our appointment
has been renewed at the company's annual general meeting representing a total period of uninterrupted
engagement appointment of five years.
Reykjavík, March 3, 2026.
PricewaterhouseCoopers ehf.
Bryndís Björk Guðjónsdóttir
certified public accountant
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 12 Amounts are in thousands of EUR
Consolidated Income Statement
for the year 2025
Notes 2025 2024
5-6 807,484 847,111
7 163,249 151,407
5 69,701 97,809
11-13 60,527 )( 62,921 )(
8 9,574 )( 13,745 )(
14 12,487 15,706
9 2,738 )( 6,823 )(
10 0.0591 0.1838
10 0.0591 0.1837
The notes on pages 17 to 56 are an integral part of these Consolidated Financial Statements.
Revenue
Expenses
Revenue ...................................................................................................................
Expenses ..................................................................................................................
Salaries and related expenses ................................................................................
Operating profit, EBITDA .................................................................................................
Depreciation, amortization and impairment .........................................................
Results from operating activities, EBIT .....................................................................................
Diluted earnings per share (EUR per share) ...........................................................
Equity holders of the Company ..............................................................................
Earnings per share:
Finance income .......................................................................................................
Income tax ...............................................................................................................
Finance expense ......................................................................................................
Net earnings before income tax ..................................................................................
Net earnings for the year ...............................................................................................
Non-controlling interest ..........................................................................................
Net earnings for the year attributable to:
Share of earnings of equity-accounted investees ..................................................
Net finance expense ................................................................................................
Net foreign currency exchange (loss) gain .............................................................
Basic earnings per share (EUR per share) ..............................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 13 Amounts are in thousands of EUR
Consolidated Statement of Comprehensive Income
for the year 2025
Notes 2025 2024
Items that are or may subsequently be reclassified to the income statement
18 288 )( 988 )(
The notes on pages 17 to 56 are an integral part of these Consolidated Financial Statements.
Total comprehensive income for the year attributable to:
Equity holders of the Company ....................................................................................
Non-controlling interest ................................................................................................
Total comprehensive income for the year ..........................................................................................
Total comprehensive income for the year ..........................................................................................
Net earnings for the year ..........................................................................................................................................
Other comprehensive income:
Foreign currency translation difference of foreign operations ...................................
Effective portion of changes in fair value of cash flow hedges, net of income tax ....
Total other comprehensive income for the year ............................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 14 Amounts are in thousands of EUR
Consolidated Statement of Financial Position
as at 31 December 2025
Notes 2025 2024
Assets:
11 235,601 249,054
12 105,630 107,654
13 62,821 63,707
14 57,829 59,078
15
16,22 137,330 143,237
17
Equity:
18 296,567 313,643
Liabilities:
19 124,681 80,478
20 83,310 86,518
15 6,323 7,848
19 16,147 59,383
20 24,009 26,752
21
The notes on pages 17 to 56 are an integral part of these Consolidated Financial Statements.
Total non-current assets
Property, vessels and equipment .......................................................................
Intangible assets ..................................................................................................
Equity accounted investees ................................................................................
Financial assets ....................................................................................................
Deferred tax assets .............................................................................................
Right-of-use assets ..............................................................................................
Total equity and liabilities
Share premium ....................................................................................................
Reserves ...............................................................................................................
Retained earnings ................................................................................................
Non-controlling interest ......................................................................................
Loans and borrowings .........................................................................................
Loans and borrowings .........................................................................................
Trade and other payables ...................................................................................
Income tax payable .............................................................................................
Total equity
Total non-current liabilities
Deferred tax liability ............................................................................................
Other long-term liabilities ...................................................................................
Lease liabilities .....................................................................................................
Lease liabilities .....................................................................................................
Total liabilities
Total current liabilities
Share capital ........................................................................................................
Total assets
Total current assets
Inventories ...........................................................................................................
Trade and other receivables ..............................................................................
Cash and cash equivalents ..................................................................................
Total equity attributable to equity holders of the parent company
Asset held for sale ...............................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2025 15 Amounts are in thousands of EUR
Consolidated Statement of Changes in Equity
1 January to 31 December 2025
Trans- Un- Non-
Share Share lation Other distributed Retained controlling Total
capital premium reserve reserves* profits earnings Total interest equity
* Other reserves include hedging reserve, share option reserve and reserve for fair value changes of minority put options. Please refer to note 18 for further information.
The notes on pages 17 to 56 are an integral part of these Consolidated Financial Statements.
Minority put option, change ......................................................................
Minority put option, change ......................................................................
Profit of subsidiaries net of dividend received .........................................
Other changes in non-controlling interest ................................................
Changes in share options reserve .............................................................
Reserves
Attributable to equity holders of the Company
Minority put option excercised .................................................................
Changes in Equity 2024:
Equity at 1 January 2024 ...........................................................................
Reserves .....................................................................................................
Equity at 31 December 2024 .....................................................................
Equity at 31 December 2025 .....................................................................
Total comprehensive income for the year ................................................
Purchased treasury shares ........................................................................
Dividend paid (0.1515 EUR per share) .....................................................
Profit of subsidiaries net of dividend received .........................................
Purchased treasury shares ........................................................................
Dividend paid (0.0934 EUR per share) .....................................................
Total comprehensive income for the year ................................................
Equity at 1 January 2025 ...........................................................................
Reserves .....................................................................................................
Changes in Equity 2025:
Purchased shares from non-controlling interests ....................................
Other changes in non-controlling interest ................................................
Changes in share options reserve .............................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 16 Amounts are in thousands of EUR
Consolidated Statement of Cash Flows
for the year 2025
Notes 2025 2024
Cash flows from operating activities:
11-13 60,527 62,921
8 9,574 13,745
14 (12,487 ) 15,706 )(
9,15 (1,745 ) 223 )(
Change in current assets and liabilities 8,101 3,045
(15,680 ) 14,728 )(
(5,536 ) 12,806 )(
Net cash from operating activities 56,796 66,921
Cash flows from investing activities:
11 (28,934 ) 24,416 )(
13 (3,704 ) 4,369 )(
12 (714 ) 702 )(
(4,813 ) 3,404 )(
(2,900 ) 0
Net cash used in investing activities
Cash flows from financing activities:
(3,999 ) 1,291 )(
(15,317 ) 24,844 )(
(240 ) 1,160 )(
19 5,096 1,105
19 8,725 27,213
19 (11,648 ) 11,319 )(
20 (30,757 ) 31,809 )(
Net cash used in financing activities
Investing and financing activities not affecting cash flows:
12 32,947 53,569
20 32,947 )( 53,569 )(
19 17,000 )( 13,696 )(
19 4,883 )( 0
The notes on pages 17 to 56 are an integral part of these Consolidated Financial Statements.
Other Investments ..............................................................................................
Changes in current assets and liabilities:
Adjustments for:
Depreciation, amortization and impairment ..................................................
Net earnings for the year ....................................................................................
Share of earnings of equity-accounted investees ...........................................
Net finance expense .........................................................................................
Change in deferred taxes .................................................................................
Other changes ..................................................................................................
Dividend from equity accounted investee .........................................................
Investment in subsidiaries ..................................................................................
Receivables, change .........................................................................................
Acquisition of intangible assets ..........................................................................
Proceeds from the sale of property, vessels and equipment ...........................
Inventories, change ..........................................................................................
Effects of exchange rate fluctuations on cash held ........................................................................................
Proceeds from non-current loans and borrowings ...........................................
Repayment of non-current loans and borrowings ............................................
Cash and cash equivalents at year-end ..................................................................................
Changes in cash and cash equivalents ......................................................................................................
Cash and cash equivalents at the beginning of the year ............................................................................
Intangible assets - delivery of ETS Units .............................................................
Other payables ....................................................................................................
Investment in Finance asset ...............................................................................
Inventories ...........................................................................................................
Fixed assets ..........................................................................................................
Dividend paid to equity holders of the company ..............................................
Dividend paid to non-controlling interest and other changes ..........................
Proceed from sale of equity accounted investee ..............................................
Changes in finance assets ...................................................................................
Current loans and borrowings ............................................................................
Non-current loans and borrowings ....................................................................
New or renewed leases .......................................................................................
Acquisition of right-of-use assets .......................................................................
Repayment of lease liabilities .............................................................................
Purchased treasury shares ..................................................................................
Proceeds from current loans and borrowings ...................................................
Minority put options exercised ...........................................................................
Aquisition of right-of-use assets .........................................................................
Payables, change ..............................................................................................
Interest paid ......................................................................................................
Interest received ..............................................................................................
Taxes paid .........................................................................................................
Acquisition of property, vessels and equipment ...............................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 17 Amounts are in thousands of EUR
Notes
1. Reporting entity
Consolidated Financial Statements of the Company for the year ended 31 December 2025 comprise the Company
and its subsidiaries (together referred to as "Eimskip” or the "Group"). The Parent Company is an investment
Iceland.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 18 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 19 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 20 Amounts are in thousands of EUR
Notes
5. Segment reporting, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 21 Amounts are in thousands of EUR
Notes
5. Segment reporting, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 22 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 23 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 24 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 25 Amounts are in thousands of EUR
Notes
12. Right-of -use assets, continued
820)
340)
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 26 Amounts are in thousands of EUR
Notes
13. Intangible assets
607)(
( 718)(
53)(
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 27 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 28 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 29 Amounts are in thousands of EUR
Notes
14. Investment in equity-accounted investees, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 30 Amounts are in thousands of EUR
Notes
14. Investment in equity-accounted investees, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 31 Amounts are in thousands of EUR
Notes
16. Trade and other receivables, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 32 Amounts are in thousands of EUR
Notes
18. Capital and reserves, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 33 Amounts are in thousands of EUR
Notes
18. Capital and reserves, continued
368)
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 34 Amounts are in thousands of EUR
Notes
19. Loans and borrowings, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 35 Amounts are in thousands of EUR
Notes
(
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 36 Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 37 Amounts are in thousands of EUR
Notes
22. Financial risk management, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 38 Amounts are in thousands of EUR
Notes
22. Financial risk management, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 39 Amounts are in thousands of EUR
Notes
22. Financial risk management, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 40 Amounts are in thousands of EUR
Notes
22. Financial risk management, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 41 Amounts are in thousands of EUR
Notes
22. Financial risk management, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 42 Amounts are in thousands of EUR
Notes
23. Financial instruments, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 43 Amounts are in thousands of EUR
Notes
23. Financial instruments, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 44 Amounts are in thousands of EUR
Notes
25. Related parties, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 45 Amounts are in thousands of EUR
Notes
At year-end the Company owned directly nine subsidiaries that are all included in the consolidation. The direct
subsidiaries owned 50 subsidiaries at year-end. The Company holds the majority of voting power in all of its
subsidiaries. Assets, liabilities, revenues and expenses in Consolidated Financial Statements that include a non-
controlling interest are immaterial to the Group.
As a result of a purchase price allocation for acquisition in subsidiaries, Eimskip has recognized in the statement of
financial position, a financial liability in the amount of EUR 0.6 million which reflects the estimated exercise price
of put options issued towards non-controlling interests for their shareholding in the subsidiaries acquired. Financial
liability is initially carried at fair value and classified as non-current. The fair value changes of the liability are
recognized through equity. In the event that the options expire unexercised, the liability is derecognized with a
corresponding recognition of a non-controlling interest in equity and to other equity.
*On 13 February 2025, the Company completed the acquisition of the remaining 20% minority interest in Eimskip
Asia B.V., previously held by System Logistics Co. Ltd. As a result of this transaction, the Company now owns 100%
of Eimskip Asia B.V.
Invesgaon of the Icelandic District Prosecutor
No changes occurred in this case during the year. The Company believes that it complied with all laws and
regulations in the sales process and sold the vessels for further trading but not to recycling. In 2020 the
Environment Agency of Iceland reported the Company to the District Prosecutors for alleged violation of the
Icelandic Waste Management Act due to the vessels Godafoss and Laxfoss being recycled in India. On 20 June 2022
the COO of Eimskipafélag Íslands hf. received a status of a defendant from the Icelandic District Prosecutor in the
investigation regarding the sale and went to the District Prosecutor for formal questioning. Eimskip will diligently
provide all the information requested by the Icelandic District Prosecutor. Any elaboration on the potential
outcome of the investigation is premature, and no information is available on potential fines, or if they will
materialize. The investigation has had immaterial effect on the Company’s Financial Statements.
Summons from Samskip hf.
The Company received summons from Samskip hf. in April 2024 where the Chairman of the Board of Directors on
behalf of the Company and the CEO are being summoned for recognition of liability for compensation, without an
amount, for alleged wrongful and negligent actions in connection with the settlement which Eimskip made with
the Icelandic Competition Authority in year 2021. Reykjavík District Court decided to dismiss the case in December
2024 and the appellant referred that decision to Landsréttur. On 29 April 2025 Landsréttur Appeal Court confirmed
the Reykjavík District Court’s decision to dismiss the case against the Company and its CEO, thereby ending the
case.
The Group's direct subsidiaries are as follows:
Ownership Ownership
Interest Interest
2025 2024
100% 100%
100% 100%
100% 100%
100% 100%
100% 100%
100% 80%
100% 100%
51% 51%
100% 100%
Sæferdir ehf. .........................................................................................................
The Netherlands
Faroe Islands
Iceland
England
Iceland
Canada
Eimskip Holding B.V. ..............................................................................................
The Netherlands
Iceland
P/f Skipafélagid Føroyar ........................................................................................
TVG-Zimsen ehf. ....................................................................................................
Eimskip USA, Inc. ...................................................................................................
incorporation
Harbour Grace CS Inc. ...........................................................................................
Eimskip UK Ltd. ......................................................................................................
Eimskip Ísland ehf. .................................................................................................
Eimskip Asia B.V. * .................................................................................................
USA
Country of
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 46 Amounts are in thousands of EUR
Notes
28. Other matters, continued
First summons from Alcoa Fjarðarál sf.
Eimskipafélag Íslands hf. received summons at the end of August 2024 from Alcoa Fjarðaál sf., against Samskip hf.,
Samskip Holding B.V., Eimskip Ísland ehf. as well as Eimskipafélag Íslands hf.
The summons claim is ISK 3,086,000,000, together with penal interests from 24 May 2024, against the companies
in solidum, for Alcoa’s alleged loss, with reference to the subject matter of the Icelandic Competition Authority’s
decision no. 33/2023, which concerned the period 2008-2013.
The financial claim of Alcoa is entirely based on a memorandum by the consulting firm Analytica ehf., which
contains a so-called preliminary assessment, dated February 21, 2024. The consulting firm Hagrannsóknir sf. has
reviewed Analytica’s memorandum and prepared a report on their findings.
Their conclusion is decisive that its shortcomings are so severe that the memorandum is entirely unusable as an
assessment of the alleged loss. The report by Hagrannsóknir was presented at Eimskip’s Q2 2024 investor meeting.
It is the Company‘s assessment that the claim is baseless, and the conditions of tort law are not fulfilled.
Furthermore, the claimant’s alleged loss and therefore its claim is not based on any established documentation,
other than the aforementioned memorandum. The Company thus instructed its counsel to defend against the
claim and a hearing on the Company’s motion to dismiss the case. This case ended on 27 May 2025 when Alcoa
Fjarðaál sf. suspended the case and subsequently Reykjavík District Court ruled Alcoa to pay the Company the
litigation cost.
Second summons from Alcoa Fjarðarál sf.
Eimskipafélag Íslands hf. again received summons from Alcoa Fjarðaál sf. at 17 December 2025, with reference to
the subject matter of the Icelandic Competition Authority’s decision no. 33/2023, which concerned the period
2008-2013. The summons is against Samskip hf., Samskip Holding B.V., Eimskip Ísland ehf. as well as Eimskipafélag
Íslands hf. This time round the companies is being summoned in solidum for recognition of liability for
compensation, without an amount.
In May 2025 Alcoa decided to suspend its case against Eimskip and pay the litigation cost. This new case relates to
the same matter as the case which Alcoa suspended, except that now the summons claim is recognition of liability
for compensation, without any amount.
The financial claim of Alcoa, in the case it suspended in May 2025, was almost entirely based on a memorandum
by the consulting firm Analytica ehf. The consulting firm Hagrannsóknir sf. reviewed Analytica’s memorandum and
prepared a report on their findings. Hagrannsóknir’s conclusion was decisive, that the shortcomings of Analytica’s
memorandum were so severe that the memorandum was entirely unusable as an assessment of the alleged loss.
The report from Hagrannsóknir has not been disputed, but the new summons still refers to Analytica’s
memorandum without mentioning Hagrannsóknir’s report which overturned Analytica’s conclusion.
It was and is Eimskip‘s assessment that the claim is baseless, and the conditions of tort law are not fulfilled.
Furthermore, the claimant’s alleged loss and therefore its claim is not based on any established documentation.
There are no subsequent events to report.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 47 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 48 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 49 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 50 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 51 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 52 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 53 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 54 Amounts are in thousands of EUR
Notes
30. Material accounting policies, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 55 Amounts are in thousands of EUR
Notes
31. Accounting standards issued but not yet effective, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 56 Amounts are in thousands of EUR
Notes
31. Accounting standards issued but not yet effective, continued
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 57 Amounts are in thousands of EUR
Quarterly Statements
Year 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
200,306 201,086 204,728 201,364 807,484
184,971 179,890 184,302 188,620 737,783
15,335 21,196 20,426 12,744 69,701
16,336)( 15,487)( 14,518)( 14,186)( 60,527)(
1,001)( 5,709 5,908 1,442)( 9,174
2,681)( 563)( 3,344)( 2,986)( 9,574)(
2,497 704 3,457 5,829 12,487
1,185)( 5,850 6,021 1,401 12,087
410 1,335)( 395)( 1,418)( 2,738)(
775)( 4,515 5,625 16)( 9,349
Year 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024
193,785 207,138 219,034 227,154 847,111
179,542 183,643 186,091 200,026 749,302
14,243 23,495 32,943 27,128 97,809
15,136)( 14,938)( 14,276)( 18,571)( 62,921)(
893)( 8,557 18,667 8,557 34,888
3,192)( 2,592)( 3,623)( 4,338)( 13,745)(
4,232 3,333 2,673 5,468 15,706
147 9,298 17,717 9,687 36,849
344 1,379)( 3,414)( 2,374)( 6,823)(
491 7,919 14,303 7,313 30,026
Net earnings ..........................................................................................
Income tax ..........................................................................................
Revenue ..................................................................................
Operating profit, EBITDA ..........................................................................................
Depreciation, amortization and impairment ....
Expenses ..........................................................................................
Results from operating activities, EBIT ..........................................................................................
Net finance expense ..........................................................................................
Net earnings before income tax ..........................................................................................
Share of profit of equity accounted investees ..
Income tax ...........................................................
Net earnings ..........................................................................................
Expenses ..........................................................................................
Revenue ..................................................................................
Net earnings before income tax ..........................................................................................
Operating profit, EBITDA ..........................................................................................
Depreciation and amortization ..........................
Results from operating activities, EBIT ..........................................................................................
Share of loss of equity accounted investees .....
Net finance expense .....................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 58 Amounts are in thousands of EUR
Key gures by quarter
OPERATING RESULTS
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Revenue 201,364 204,728 201,086 200,306 227,154 219,034 207,138 193,785
Expenses 188,620 184,302 179,890 184,971 200,026 186,091 183,643 179,542
Salaries and
related expense 41,608 39,306 41,649 40,686 39,238 36,345 37,852 37,480
EBITDA 12,744 20,426 21,196 15,335 27,128 32,943 23,495 14,243
EBIT (1,442) 5,908 5,709 (1,001) 8,557 18,667 8,557 -893
Net earnings for the period (16) 5,626 4,515 (775) 7,313 14,303 7,919 491
EBITDA ratio 6.3% 10.0% 10.5% 7.7% 11.9% 15.00% 11.3% 7.3%
EBIT ratio (0.7%) 2.9% 2.8% (0.5%) 3.8% 8.50% 4.1% (0.5%)
Profit ratio 0.0% 3.0% 2.2% -0.4% 3.2% 6.5% 3.8% 0.3%
Basic earning per
share (in EUR) 0.0006 0.0337 0.0278 (0.0030) 0.0446 0.0881 0.0470 0.0028
Diluted earning per
share (in EUR) 0.0006 0.0337 0.0278 (0.0030) 0.0446 0.0881 0.0471 0.0028
BALANCE SHEET
31.12.2025 30.9.2025 30.6.2025 31.3.2025 31.12.2024 30.9.2024 30.6.2024
Assets 638,912 654,305 675,138 662,943 666,705 655,317 648,082 631,386
Equity 297,953 301,524 296,691 296,940 316,891 306,243 293,468 285,680
Liabilities 340,959 352,781 378,447 366,003 349,814 349,074 354,614 345,706
Interest-bearing debt 248,147 253,604 267,779 249,158 253,131 241,352 248,644 225,025
Loans and borrowings 140,828 143,611 154,048 138,865 139,861 144,059 143,549 127,071
Lease liabilities 107,319 109,993 113,731 110,293 113,270 97,293 105,095 97,954
Net debt 222,494 217,647 237,315 220,609 223,351 215,612 221,287 196,164
Equity ratio 46.6% 46.1% 43.9% 44.8% 47.5% 46.7% 45.3% 45.2%
Leverage ratio 3.19 2.59 2.45 2.23 2.28 2.31 2.33 1.85
Current ratio 1.38 1.48 1.28 0.94 1.06 1.15 1.07 1.09
CASH FLOW
Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Net cash from
operating activities 13,423 5,923 20,101 17,349 27,296 13,227 21,334 5,064
Net cash used in
investing activities (14,441) 16,953 (6,598) (8,113) (7,901) (7,333) (6,413) (7,478)
Net cash used in
financing activities (12,599) (17,387) (8,399) (9,755) (15,847) (7,613) (16,291) (2,354)
Cash and cash equivalents
at the end of the period 25,653 35,527 29,884 27,615 28,681 24,380 25,707 26,990
New investments 3,797 1,646 1,939 1,914 3,014 2,670 4,647 1,036
Maintenance capex 12,502 8,760 8,707 5,097 7,969 6,526 7,045 5,328
Distribution to shareholders 0 0 15,317 0 0 0 24,844 0
Share buy back 3,887 61 0 0 0 0 0 1,291
Q1 2024
31.3.2024
Q1 2024
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 59
Corporate Governance Statement
About Eimskip
The Company is a leading transportation company in the North Atlantic providing container and reefer liner
services with connections to international markets and specializes in worldwide freight forwarding services with
focus on frozen and chilled commodities.
Corporate Governance
With this statement on the Corporate Governance of Eimskip it is declared that the Company is complying with
the accepted practices in the 6th edition of Corporate Governance Guidelines, issued by the Iceland Chamber of
Commerce, SA - Business Iceland and Nasdaq Iceland.
Corporate Governance practices are designed to ensure open and transparent relationship between the
Company's management, its Board of Directors, its shareholders, and other stakeholders. The Corporate
Governance in Eimskip is also designed to ensure sound and effective control of the Company’s affairs and a high
level of business ethics.
The Corporate Governance Statement of Eimskip is accessible on the Company’s website,
www.eimskip.com/investors, and is published in a special chapter in the Company’s Financial Statements.
The Corporate Governance Guidelines are accessible on https://leidbeiningar.is/english/
Laws and regulations
Eimskip is a limited liability company and has its shares listed on Nasdaq Iceland and is therefore governed by Act
no. 2/1995 on Limited Liability Companies (Company Act), Act no. 3/2006 on Annual Accounts, laws and
regulations that apply to listed companies, along with its Articles of Association, Rules of Procedures for the Board
of Directors and Board’s subcommittees and various Company policies. Acts are accessible on the Parliament’s
website, www.althingi.is and rules and policies on the Company’s investor website.
Eimskip's Financial Statements
Eimskip’s financial year is the calendar year. The Company’s Financial Statements are accessible on the Company’s
website, www.eimskip.com.
Shareholder Relations
The supreme authority of the Company is in the hands of the shareholders who attend shareholders’ meetings at
least once a year. Share register is held at the Company’s headquarters where it is available to shareholders.
Company news that are considered to affect Eimskip’s share price are published through the company news release
distribution network of Nasdaq Iceland and on the Company’s IR website, www.eimskip.com/investors. Other news
is published on the Company’s website, www.eimskip.com
Proposals or questions from shareholders to the Board of Directors shall be sent to investors@eimskip.com and
complianceofficer@eimskip.com.
The Board of Directors of Eimskip
The Board of Directors holds supreme authority between shareholders’ meetings. It shall ensure that the
Company’s organization and operations are in good order. It should promote the development and long-term
performance of the Company and supervise its operations. The Board of Directors has a statutory role that it is
responsible for, unless the Board grants permission by law to transfer authority by delegation.
Board meetings are called with one-week notice. A meeting schedule is made for the financial year in advance.
The invitation contains the agenda for the meeting. The CEO and the CFO attend Board meetings and other
members of the Executive Management attend as required. The General Counsel serves as secretary to the Board.
In 2025, the total number of Board meetings was 15, all members attended all meetings, and the Board was competent to
make decisions in all meetings.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 60
Corporate Governance Statement
The Board consists of five Directors and two alternate Directors, and they are all elected annually at the Annual
General Meeting. Those who intend to run for the Board of Directors shall notify the Board of Directors of their candidacy at
least ten days before a shareholders’ meeting. The majority of the Directors of the Board are independent of the Company and
its day-to-day management, and four Directors are independent of the Company’s significant shareholders. The alternate
members of the Board are either independent or not independent of the Company or its significant shareholders. The
Board evaluates whether Directors are independent of the Company and its significant shareholders. Moreover,
the Board evaluates the independence of new Directors before the Company’s Annual General Meeting and makes
available to shareholders the result of its evaluation.
Annually, the Board of Directors conducts an assessment of its work, size, composition and procedures and also
evaluates the work of the Company’s CEO, the Company’s operations and development and whether it is in line
with the Company’s objectives. The assessment entails e.g. evaluation of the strengths and weaknesses of the
Board’s work and practices and takes into consideration the work components the Board believes may be
improved. The evaluation is built on self-assessment, but the assistance of outside parties may be sought as
appropriate. The evaluation includes an examination of whether the Board has operated in accordance with its
Rules of Procedure and how the Board operates in general. Examination must be made whether important matters
relating to the Company have been adequately prepared and if enough time is provided for discussions within the
Board. Additionally, individual Directors must be considered with respect to both attendance and participation in
meetings. The assessment for the financial year 2025 was concluded in January 2026.
Main responsibilities of the Board of Directors
- To hold supreme authority between shareholders’ meetings, promote the development and long-term
performance of the Company and supervise its operations. The Board shall regularly assess the performance
of the Company’s executive directors and how the Company’s policies are implemented.
- To take the initiative, together with the CEO, on formulating policies and setting goals and risk parameters for
the Company, both in the short and long term.
- To establish an active system of internal controls. This means, among other things, that the arrangement of
the internal controls system shall be formalized, documented and its functionality verified regularly.
- To ensure that the Company’s operations are in conformity with existing laws and regulations.
- To handle the recruitment and dismissal of the Company’s CEO.
A simple majority of votes determine results at Board of Directors meetings. If there is an equal number of votes,
the Chairman’s vote decides the outcome.
Rules of Procedure for the Board of Directors
The Board of Directors has established its Rules of Procedure and a copy can be obtained from the Company’s
investor website.
The Board of Directors has appointed three subcommittees, Audit Committee, Remuneration Committee and
Nomination Committee and issued Rules of Procedure for each committee which governs its appointment,
purpose, competence and responsibility.
The principal duties of the Audit Committee are to review all financial information and procedures regarding
information disclosure from day-to-day management and the Company’s independent auditors and to ensure the
independence of the Company’s independent auditors. The role and main responsibilities of the Audit Committee
are set out in its rules of procedure.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 61
Corporate Governance Statement
Members of the Audit Committee are Ólöf Pálsdóttir, Chairman, Guðrún Ó Blöndal, and Guðmundur Kjartansson,
who replaced Alexander G. Edvardsson post the Annual General meeting in 2025. In 2025, the Audit Committee
held a total of seven meetings, all members attended all meetings, and the Committee was competent to make
decisions in all meetings.
The role of the Remuneration Committee includes preparing the Company’s remuneration policy and ensuring its
enforcement and negotiating with the CEO on wages and other employment terms. The role and main
responsibilities of the Remuneration Committee are set out in its rules of procedure.
Members of the Remuneration Committee are, Óskar Magnússon, Chairman, Lárus L. Blöndal and Baldvin
Thorsteinsson. In 2025, the Remuneration Committee held a total of two meetings, all members attended all
meetings and the Committee was competent to make decisions in all meetings.
The Annual General Meeting of Eimskip resolved to appoint a Nomination Committee that should be a Board
Committee with three members of the Company’s Board of Directors. The role of the Nomination Committee is to
assist the Board with the process and oversight of Board succession planning and identification and nomination of
Board candidates as well as members of the Board’s committees. The Board is responsible for the appointment
and activities of the Nomination Committee, and it operates under the Board’s authority. The role and main
responsibilities of the Nomination Committee are set out in its rules of procedure.
Members of the Nomination Committee are Margrét Guðmundsdóttir, Chairman, Lárus L. Blöndal and Óskar
Magnússon. In 2025, the Nomination Committee held several meetings, and all members attended all meetings.
The Board of Directors
Óskar Magnússon, Chairman of the Board
Óskar was born in 1954 and lives in Iceland. He is a well-known writer and has published nine books in
recent years; three collections of short stories and six novels He is a farmer in the south coast of Iceland. Óskar has
been a board member of Samherji hf. since 1998 and is currently the vice-chairman of the board, as well as a board
member of Seley ehf. and board member of other companies within the Samherji group. He has previously
been the chairman of the Icelandic Landowners Association, a vice-chairman of the Icelandic Bar Association and
served on various boards of retail companies. Óskar was Publisher/CEO and a major shareholder of Árvakur hf.
from 2009 to 2015, President/CEO of Tryggingamiðstöðin hf. and TM Life Insurance hf. from 2004 to 2007,
President/CEO of Vodafone Iceland from 2001 to 2004, Executive Chairman of Baugur from 1998 to 1999 and
President/CEO of Hagkaup hf. supermarkets, that later became part of Baugur Corporation, from 1993 to 1998.
Óskar has served on the city council in his community as well as being the parish chairman since 2004. He is a
member of the church parliament in Iceland. Óskar has been a Supreme Court Attorney since 1993. He graduated
with an LL.M. degree in International Business Law from George Washington University Law School in 1986, and
with a Cand.jur. degree from the University of Iceland in 1983. He owns 14,056 shares in the Company, but no
share options. Óskar was a board member in 2019, an alternate member of the Board from 2020 to 2022 and is
currently the Chairman of the Board of Eimskipafélag Íslands, Chairman of the Remuneration Committee and a
member of the Nomination Committee. Óskar is not independent of Seley ehf., which holds, in total, 55.6 million
shares in the Company, at the year-end 2025.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 62
Corporate Governance Statement
Margrét Guðmundsdóttir, Vice-Chairman of the Board
Margrét was born in 1954 and lives in Iceland. She is a member of the board of Eignarhaldsfélagið Lyng ehf,
and Paradís ehf. Margrét was member of the board of Festi and previously N1 from 2011 to 2025 and Hekla and
Hekla Fasteignir from 2014-2024. Margrét was the Chairman of the European Surgical Trade Association from
2011 to 2013 and a member of its Board from 2009 to 2015. She was the Chairman of Félag atvinnurekenda from
2009 to 2013, a member of the Board of Reiknistofa bankanna from 2010 to 2011 and 2016 to 2018, the Board
of Isavia from 2017 to 2018 and the Board of SPRON from 2008 to 2009. Margrét was the CEO of Icepharma hf.,
from 2005 to 2016. Prior to that she was the Retail Manager of Skeljungur from 1995 to 2005, Director of various
business segments of Kuwait Petroleum (Denmark) A/S from 1986 to 1995 and HR Development Manager at Dansk
ESSO (later Statoil) from 1982 to 1986. Margrét was Assistant Secretary General of AIESEC International in Brussels
from 1978 to 1979. Margrét holds a Cand. oecon. degree in economics and business administration from the
University of Iceland, a Cand. merc. degree from Copenhagen Business School and Executive education from
CEDEP/Insead in France. Margrét owns 12,772 shares in the Company but no share options. Margrét has been a
member of the Board since 25 March 2021 and is currently the Vice-Chairman of the Board
of Eimskipafélag Íslands hf. and a Chairman of the Nomination Committee. She has no interest links with
the Company’s main clients, competitors, or major shareholders.
Guðrún Ó.Blöndal
Guðrún was born in 1960 and lives in Iceland. She served as a Board Member of Landsbankinn hf. from 2018 to
2024, initially as an alternate member and later as a full member. During her tenure at Landsbankinn, Guðrún also
contributed as a member of the bank’s Audit Committee, Remuneration Committee, and Sustainability
Committee.From 2013 to 2018, Guðrún was the CEO of Nasdaq CSD Iceland (Nasdaq Central Securities Depository
Iceland). She also served on the boards of various organizations between 2012 and 2013, including The Enterprise
Investment Fund slhf., Reginn hf., Míla ehf., Vörður Insurance Company, and Vörður Life Insurance. Prior to these
roles, from 2002 to 2012, Guðrún was the CEO of Arion Custody Services, a leading provider of fund
services, clearing, settlement and custody services for domestic and international financial institutions. Guðrún's
professional career began at Kaupthing hf., where she held multiple key positions from 1984 to 2002, including
Executive Director, Corporate Director of Human Resources, Director of Marketing, and Director in Asset
Management.Guðrún holds a Cand. Oecon degree from the University of Iceland. She has been an independent
Board member of the Company since September 2018 and is currently a member of the Audit Committee. Guðrún
does not own any shares or share options in the Company, nor does she have any personal or financial interests in
the Company’s main clients, competitors, or major shareholders.
Lárus L. Blöndal
Lárus was born in 1961 and lives in Iceland. He is a Supreme Court Attorney and a Partner at Juris Law Offices.
Lárus was a Partner at Almenna lögfrædistofan from 1990 to 2008. Lárus was a board member of Orkusalan hf.
from 2007 to 2022 and the Chairman of the board of ISFI (Icelandic State Financial Investments) from 2015 to
2023. He has been a member of the Competition Appeals Committee since 2000 and its Vice-Chairman since 2009
and a member of the National Olympics and Sport Association’s executive committee since 2001, becoming its
Vice-President in 2006 and its President from 2013 to 2025. He has previously been a board member of the
Icelandic Bar Association, the University of Iceland’s Human Rights Institute, the University of Iceland’s Research
Centre in Environmental and Natural Resources law, Hótel Borg ehf., Fastus ehf., the Housing Financing Fund,
Chairman of the National Olympic and Sport Association’s legal committee, and a member of various other official
committees and boards. Lárus has been a Supreme Court Attorney since 1998 and a District Court Attorney since
1990. He graduated with a Cand.jur. degree from the University of Iceland in 1987. Lárus has been on the Board of
Directors since 27 March 2014 and is a member of the Nomination Committee and a member of
the Remuneration Committee. He is an independent Board member and owns 2,989 shares in the Company but
no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 63
Corporate Governance Statement
Ólöf Hildur Pálsdóttir
Ólöf was born in 1977 and lives in Iceland. She is Head of Alternative Credit at Summa Rekstrarfélag hf. Prior to
that she worked as an corporate financial advisor from 2018, except from 2019-2021 when she was the CFO
of atNorth ehf., the largest data center in Iceland. Ólöf worked at Arion bank and its predecessors from 1997 to
2017 in various roles e.g. as Head of Credit Structuring and Analysis, Deputy Head of IR,
Investment strategist and Fund manager in Asset Management. Ólöf was also member of the bank’s credit
committees and asset and liability committee (ALCO). She was a Board Member of SIV eignastýring hf. from 2022-
2025, and a board member of Heimar hf. (formerly Reginn hf.) and a board member and alternate board member
of VÍS hf. in 2018-2019. Ólöf holds a Cand. Oecon degree in economics and business administration with emphasis
on finance from the University of Iceland. Ólöf Hildur has been a member of the Board since 25 March 2021 and
is currently a Chairman of the Audit Committee. Ólöf Hildur indirectly owns 29,027 shares in the Company through
her holding company but no share options. She has no interest links with the Company’s main clients, competitors,
or major shareholders.
Baldvin Thorsteinsson, Alternate Member of the Board
Baldvin was born in 1983 and lives in Iceland. Since 2025, Baldvin has held the position of CEO of Samherji hf. He
was previously the Chairman of the Board of Samherji hf. and served as Chairman of the Board of Eimskipafélag
Íslands hf. from 2018 to 2022. Earlier, he was the CEO of Iceland Drilling hf. from 2013 to 2016. Baldvin is currently
the Chairman of the Supervisory Board of Alda Seafood Holding B.V. He earned a BS degree in Industrial Engineering
from the University of Iceland in 2007. Baldvin has been an alternate member of the Board since 17 March 2022
and is currently a member of the Remuneration Committee. Baldvin owns 227,336 shares in the Company but
does not have a share options agreement. He is not independent of Seley ehf., which holds 55.6 million shares in
the Company at the year-end of 2025.
Stefán Sigurðsson
Stefán was born in 1972 and lives in Denmark. Stefán is the Managing Director and owner of Nordic Development
ehf. He is currently board member of Íslandsbanki hf., Fólk Reykjavík ehf., and Chairman of the Board at Isavia ANS
ehf. He has been on the boards of the Iceland's Chamber of Commerce, Island Fund S.A. in Luxembourg and
Chairman at Verðbréfamiðstöð Íslands hf. Previously he was CEO of Sýn hf. (2014-2019), Managing Director of
Wealth Management at Íslandsbanki hf. (2008-2014), Executive Director and later Managing Director of Strategic
Development at Glitnir hf. (2007- 2008), Corporate Finance Associate at Glitnir hf. in Denmark (2006-2007),
Managing Director and cofounder at Bæjarútgerðin (2002-2003), Managing Director and co-founder at Inntak
almannatengsl (2000- 2002), and Senior Trader at Íslandsbanki (1998-2000). Stefán holds a M.Sc. degree in
Economics from the University of Copenhagen, and a B.Sc. degree in Economics from the University of Iceland.
Stefán will be an independent Board member and does neither own shares nor share options in the Company. He
has no interest links with the Company’s main clients, competitors or major shareholders.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 64
Corporate Governance Statement
The Chief Executive Officer and the Executive Management
The Company’s CEO is responsible for the day-to-day operations, in accordance with law, regulations and the
Company’s Articles of Association and follows the policies and instructions laid down by the Board. The CEO must
at all times conduct his work with integrity and take account of the Company’s interests. Day-to-day operations do
not include matters which are unusual or of great significance. The CEO shall make sure that the Company’s
accounts are kept in accordance with law and practice and that the Company’s assets are kept in a secure manner.
The CEO is obligated to abide by all instructions of the Board of Directors and shall give the auditor any information
requested. The CEO does not have the authority to make decisions concerning any matters that are assigned to
others by law or are reserved to the Board under its Rules of Procedure. The CEO shall ensure that Directors of the
Board are regularly provided with accurate information on the Company’s finances, development and operations
to enable them to perform their duties and the information shall be in the form and of the quality determined by
the Board. The information should be available when needed and as up-to-date and accurate as possible. The CEO
is to acquaint the Board with all major issues involving the operations of the Company or its subsidiaries and is to
attend the Board meetings. He participates in the Boards of the subsidiaries within the group.
Vilhelm Már Thorsteinsson, Chief Executive Officer
Vilhelm was born in 1971. He was appointed as CEO in January 2019. For over 20 years, he held various positions
at bank Íslandsbanki. He was Managing Director of Corporate & Investment Banking at Íslandsbanki from 2017 to
2019 and Managing Director of Corporate Banking from 2008 to 2017. He was a member of the board of Chamber
of Commerce in Iceland and a Board Member and/or CEO of various Eimskip Group subsidiaries. Vilhelm earned
an MBA Degree from Pace University in New York; a BSc degree in Business Management, Majoring in Logistics,
from Reykjavík University; and is a licensed Securities broker. Vilhelm owns shares in the Company through his
holding company Sjávarlind ehf., a total of 232,380 shares. Vilhelm holds share options of 262,800 shares in the
company.
The Executive Management of Eimskip consists of the Chief Executive Officer, Chief Financial Officer, Chief
Operating Officer, Chief Information Officer and the Executive Vice Presidents of International Operations, Human
Resources and Communication, Iceland Sales and Business Management, Iceland Domestic Operations and the
General Counsel and Compliance Officer.
The Executive Management team includes Rósa Guðmundsdóttir as Chief Financial Officer, Hilmar Pétur
Valgardsson as Chief Operating Officer, Hilmar Karlsson as Chief Information Officer, Bragi Thór Marinósson as
Executive Vice President of International Operations, Björn Einarsson as Executive Vice President of Sales and
Business Management, Edda Rut Björnsdóttir as Executive Vice President of Iceland Domestic, Harpa Hödd
Sigurðardóttir as Executive Vice President of Human Resource and Communication and Davíð Ingi Jónsson as
General Counsel and Compliance Officer.
Further details about the Executive Management team are available on the company’s Investor Relations website.
Diversity
The Company has issued a diversity policy as part of its Human Resource Policy. This policy applies to the Board of
Directors, Executive Management, and Senior Management. The Nomination Committee is to make sure that the
Company‘s Board is diverse in terms of skills, knowledge, experience, education, gender and independence.
Further details about the policy are available on the Company’s website.
Internal Control and Risk Management
The role of internal control is to facilitate the management of an operation, and it has been defined as a process
which is shaped by a company’s Board of Directors, the management team, and other employees. The purpose of
internal control is to build a foundation for the company to achieve success and efficiency in its operations,
reliability of financial information and consistency with laws and regulations.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 65
Corporate Governance Statement
Risk management is the process of analyzing and assessing the risk factors that could prevent the Company from
achieving its set goals. It also includes that remedial action is taken to minimize the anticipated effects of such risk
factors.
Eimskip’s internal control and risk management procedures regarding financial processes is designed to minimize
the risk of material misstatements. The Company does not have an internal audit function, but it uses internal
control systems that are monitored by the Audit Committee.
An independent auditing firm is elected at the Annual General Meeting each year. The auditors are to review the
Company’s accounting records and material related to the Company’s operations and financial position and they
are always to have access to the Company’s books and documents. They must examine the Company’s
Consolidated Financial Statements in accordance with International Standards on Auditing. Significant findings
regarding accounting and internal control deficiencies are reported to the Board of Directors through the Audit
Committee. Independent auditors are not allowed to own shares in the Company.
The Company goes through a detailed strategic and budgeting process each year and a strategy and budget report
are prepared. The Board of Directors approves the Company’s strategy and budget each year. Deviations from the
strategy and budget are carefully monitored on a monthly basis.
The Company has implemented a holistic Enterprise Risk Management (ERM) framework to systematically identify,
assess, and mitigate risks at the group level. All risks are evaluated using standardized criteria based on their
likelihood of occurrence and potential impact on the business. Each identified risk is assigned to a dedicated risk
owner, ensuring clear accountability and consistent oversight. The ERM framework is specifically designed to
address risks across marketing, operational, and financial activities, with the objective of minimizing disruptions to
operations and safeguarding earnings. By maintaining risks within defined and acceptable thresholds, the ERM
framework ensures the organization’s resilience and long-term sustainability. ERM is managed in alignment with
an Annual Wheel framework, which ensures a structured and systematic approach to risk management activities
throughout the year.
The Board of Directors maintains regular communication with the CEO to identify, assess, and address risks facing
the Company. While the Board oversees risk management, the Audit Committee conducts regular reviews to
ensure its effectiveness. Executive Management is responsible for identifying material risks and developing the
Company’s risk management strategy. The Board discusses the Company’s risk exposure in its meetings, ensuring
a proactive approach to risk management.
Eimskip monitors its financial risk factors, and the Board of Directors has approved a Treasury policy which, among
others, sets acceptable risk limits and stipulates how to identify, measure and manage financial risk exposure. The
Company has in place a financial reporting and internal control manual to which the group reporting entities must
adhere.
Information on violation of rules determined by the applicable authority
Please find information on main legal cases that relate to Eimskip under other matters in the notes to the annual
financial statement.
Sustainability
Eimskip is a registered participant of the UN Global Compact, the United Nation’s initiative for social responsibility
with respect to human rights, labor, environment, and anti-corruption. Through its participation, the Company has
committed to integrating the UN Global Compact and its Ten Principles into its business operations, making them
an integral part of the Company’s strategy, culture, and day-to-day activities.
Eimskip’s Sustainability Policy is based on the Nasdaq ESG Reporting Guide. The policy was reviewed in 2025
Further information on Sustainability at Eimskip can be found in the Non-Financial information in the annual
financial statement and on the Company’s website, https://www.eimskip.com/about-eimskip/sustainability.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 66
Corporate Governance Statement
Code of Conduct
The Board of Directors approved a revision of the Company’s Code of Conduct in March 2025. The Code of Conduct
closely links to the Company’s values: Teamwork, Innovative, Reliability and Respect. The Code is also based on
Eimskip's aim to secure good returns for shareholders through profitable growth, create value for customers
through outstanding solutions and services, be an outstanding workplace for employees with excellent team spirit
and ambition, and show concern for society through social responsibility and a reduced ecological footprint.
The purpose of this Code of Conduct is to support Eimskip's mission and vision. It applies to the Board of Directors
and all employees of Eimskip and its subsidiaries and guides them in conducting the Company's daily activities
honestly, responsibly, and ethically, in line with the Company's values and generally accepted professional
standards of conduct. Suppliers and subcontractors are also required to meet high standards. The Code of Conduct
is accessible on the Company’s website.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 67
Non-Financial Reporting
Eimskipafélag Íslands hf. (Eimskip), is a leading transportation company in the North Atlantic, providing container
and reefer liner services with connections to international markets, and specializing in worldwide freight
forwarding services, with a focus on frozen and chilled commodities.
Sustainability
Eimskip provides reliable transportation and logistics solutions in a sustainable way for customer success, and
sustainable transportation solutions, complemented by exceptional service. At the same time, the Company strives
to deliver robust returns to shareholders while upholding its responsibilities to employees, society, and the
environment. As a global company, Eimskip aims to contribute to a better and safer society wherever it operates.
Responsibility towards society is a core element of the Company's sustainability policy, which is based on the three
key components of sustainability: Environmental, Social, and Governance (ESG). The Company sets ambitious
goals, actively seeks opportunities for improvement, and is transparent about its current position while recognizing
the challenges ahead. The goals are on the Company's website Sustainability - Eimskip. Eimskip is a proud
participant in the UN Global Compact, the United Nations' initiative promoting corporate responsibility in the areas
of human rights, labor, the environment, and anti-corruption. Eimskip is gradually shifting from reporting under
the Nasdaq ESG guidelines to aligning with the European Sustainability Reporting Standards (ESRS). As part of this
transition, the Sustainability Statement continues to be based on Nasdaq ESG. Meanwhile, the Sustainability
Report is partially aligned with the ESRS, helping the Company move toward fulfilling CSRD requirements.
Sustainability Structure
Eimskip's Sustainability Policy guides sustainability efforts. The Company has established a sustainability
governance framework, with the CEO overseeing strategic sustainability initiatives. Sustainability matters are
regularly reported to the Board of Directors, which also actively shapes the strategy.
Sustainability efforts are driven through close collaboration across relevant departments, with designated
Executive Vice Presidents leading specific areas within the framework. Day-to-day implementation and
coordination are managed by the Sustainability Manager, ensuring consistency and progress. The Executive
Management Team, Audit Committee, and Board of Directors are briefed at least quarterly on key sustainability
matters.
The sustainability strategy is embedded in Eimskip's corporate culture through the governance framework, Code
of Conduct, and related policies. This integration reflects the Company's commitment to responsible practices that
create long-term value for customers, communities, and the environment.
Double materiality assessment
Eimskip has long been dedicated to sustainability, and the adoption of double materiality further reinforces this
commitment. The Company focused on developing and implementing a comprehensive double materiality
assessment in accordance with the new European Union sustainability reporting requirements (CSRD).
Stakeholders within and outside the Company were engaged to identify and understand the issues that matter
most to both the Company's operations and society.
Climate change remains a critical focus area for Eimskip, encompassing both environmental impact and financial
implications. Climate-mitigation risks have been integrated into the Company's Enterprise Risk Management
framework for several years. At the same time, physical climate risks are becoming increasingly evident,
underscoring the importance of assessing their potential effects on the Company's assets.
Beyond climate-related risks, Eimskip continues to manage a broader range of environmental factors, including
pollution prevention, biodiversity considerations, and circular-economy practices. Emissions of SO
x
and NO
x
remain
intricately linked to vessel CO₂ emissions, underscoring the Company's double-materiality assessment and the
importance of integrated environmental management. Additional potential impacts are addressed through
established preventive plans and continuous monitoring. Eimskip identifies and evaluates emerging risks on an
ongoing basis while maintaining full alignment with strict environmental regulations.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 68
Non-Financial Reporting
Social factors across Eimskip's workforce and value chain also play a significant role. While many social issues are
material, safety and equal opportunity are particularly relevant in the workforce. Employee engagement and talent
development are key to attracting and retaining top talent. Eimskip remains committed to fostering a safe,
inclusive, and growth-oriented work environment, ensuring continuous development and well-being for all
employees.
Strong corporate governance remains essential to Eimskip's long-term success. The Company's corporate culture
and the responsible management of supplier relationships — including fair, transparent, and timely payment
practices — are key governance factors that influence day-to-day operations and overall performance. Eimskip is
committed to upholding ethical business conduct, integrity, and accountability throughout the organization. The
continued strengthening of governance structures enhances resilience, builds trust, and supports the creation of
sustainable, long-term value for all stakeholders.
Further explanations of these topics are provided in the Company's annual report.
Eimskip values the views of its stakeholders. Effective communication with stakeholders is a critical component of
a successful relationship. Eimskip engages with stakeholders through e.g. meetings, collaboration, and surveys.
Environment
Eimskip recognizes the environmental impact of its operations and the responsibility that comes with being a key
transport and logistics partner. The Company is committed to reducing our ecological footprint through improved
energy efficiency and a steady transition toward cleaner energy solutions. Transparency remains central to this
effort, and we continue to enhance our approach to measuring, reporting, and managing emissions and waste
throughout our value chain
Climate change
Climate change remains a critical focus area for Eimskip, encompassing both environmental impact and financial
implications. Climate mitigation risks have been integrated into the Company's Enterprise Risk Management
framework for several years. At the same time, physical climate risks are becoming increasingly evident,
underscoring the importance of assessing their potential effects on the Company's assets.
Eimskip has set a goal of achieving net-zero emissions by 2040, marking a key step in a journey that began more
than three decades ago. Since 1991, Eimskip has integrated environmental considerations into its decision-making
and supported both global and local initiatives aligned with the ambitions of the Paris Agreement.
Several regulatory developments continue to influence the shipping industry's operating landscape. As part of the
EU's Fit for 55 package, Fuel EU Maritime took effect in January 2025, gradually introducing tighter limits on the
GHG intensity of the energy used by ships calling at EU ports. The EU Emissions Trading System (ETS) also expanded
to maritime transport in 2024, covering emissions from vessels calling at EU ports. In 2025, ETS coverage increased
to 70% as part of the planned phase-in toward full inclusion in 2026. Eimskip has introduced an ETS surcharge and
continues to prioritize operational efficiency and cleaner energy use to reduce the need for allowances,
contributing to the Company's long-term ambition to reach net-zero emissions. On a global scale, the International
Maritime Organization (IMO) continued strengthening its climate framework in 2025. At MEPC 83, the IMO
approved the draft Net Zero Framework, which sets mandatory fuel-intensity requirements and establishes a global
emissions pricing mechanism. Expected to take effect in 2027, this framework builds upon existing measures,
including EEXI, EEDI, and SEEMP.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 69
Non-Financial Reporting
Eimskip transition includes increased energy efficiency and energy transition. By refining operating practices and
updating equipment, the Company aims to reduce energy consumption. One of Eimskip's key improvements has
been optimizing its container sailing system. Hull maintenance for vessels has improved operational efficiency and
performance, e.g., through silicone painting and changes to propellers. The Company has started using a 30%
biofuel blend on selected routes in the vessel system. On land, Eimskip has incorporated electric and methane-
powered vehicles into its transportation fleet and installed solar panels on its facilities in Tromsø. These efforts, in
combination with operational changes in the fleet, have contributed to lower emissions in 2025.
Eimskip has a comprehensive overview of the operation's GHG emissions through its environmental management
system. The data covers the vessel fleet's energy and waste management, trucking fleet, terminal assets,
warehouses, and office facilities in 20 countries. Scope 1 GHG emissions from marine fuels and gas are calculated
in CO2-equivalent (CO2e). Scope 2 covers electricity, heating, and water consumption and is based on actual data
for the most extensive operations but estimated for smaller offices. The Company measures Scope 3, Category 3
emissions, which include fuel- and energy-related activities, Category 5 waste generated in Iceland, and Category
6 business travel. In 2025, Eimskip achieved a 10% reduction in total CO₂ emissions compared to 2024, driven
primarily by improvements in Scope 1 emissions from the vessel fleet. See ESG Statement
Other environmental impact
The Company also plays a role in pollution prevention, biodiversity, and circular economy. Because Eimskip
operates across ocean, coastal, and land-based environments, managing these impacts is essential to safeguarding
ecosystems, preventing pollution, and embedding responsible practices throughout its logistics and maritime
activities.
Pollution prevention is a core priority supported by the ISM Code, the MARPOL, and Eimskip's Environmental Policy.
The Company focuses on minimizing air emissions, operational risks, and waste through preventive controls and
continuous improvement. Eimskip complies with international regulations requiring the sulfur (SO
x
) content of
marine fuels to be below 0.5%. Shore power at the Sundahöfn terminal allows vessels to shut down auxiliary
engines while docked, decreasing local pollution. Land-based initiatives include expanding the fleet of electric and
methane-powered refrigeration trucks, shifting forklifts to lithium batteries, and converting mobile harbor cranes
from diesel to electric power at several terminals. Environmental performance is monitored: in 2025, no major oil
spills occurred, and one empty container was lost at sea.
The Company is committed to complying with all applicable environmental laws. All vessels comply with the IMO
Ballast Water Management Convention, ensuring ballast water is treated before discharge to prevent the
introduction of invasive species, and comply fully with MARPOL Annex VI through the use of scrubbers and
low-sulfur fuel to reduce air pollutants that may harm marine habitats. Eimskip supports ocean research by
deploying monitoring buoys from its vessels.
Circular economy principles guide Eimskip’s approach to resource efficiency. Waste management on board vessels
complies with MARPOL requirements. At Sundahöfn, a dedicated waste facility enables the reuse of materials such
as timber and lashing gear and includes equipment to convert organic waste into compost. Preventive maintenance
extends asset lifetimes, exemplified by the long-term performance of the 40-year-old Jakinn container crane. In
2025, 98% of registered waste in Iceland was recovered.
Social
Eimskip engages with the communities it serves through partnerships and initiatives that reflect the Company's
values and way of working. These efforts connect employees, customers, shareholders, and society, and contribute
to shared success in the communities where the Company operates.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 70
Non-Financial Reporting
Employees
Eimskip employs more than 1,700 people representing 52 nationalities across 20 countries, bringing together
diverse perspectives that strengthen collaboration, innovation, and service delivery. The Company fosters an open
and inclusive working environment where information flows effectively, and development opportunities are
accessible throughout the organization. This approach enhances employee engagement, builds long-term loyalty,
and supports reliable solutions for customers across Eimskip's global operations.
A comprehensive policy framework underpins the Company's commitment to a safe, fair, and respectful workplace.
Key documents include the Employee Code of Conduct, Human Resource Policy, Salary Policy, Diversity, Equity, and
Inclusion Policy, Health Policy, Occupational Safety and Security Policy, and the Policy Against Bullying and
Harassment. Together, these policies reinforce Eimskip's focus on employee rights, well-being, professional
conduct, and equal opportunities.
Eimskip places strong emphasis on creating conditions where employees feel valued, engaged, and supported.
Regular engagement surveys and targeted initiatives help monitor satisfaction, strengthen teamwork, and guide
continuous improvements across departments. Leadership capability is supported through tools, guidance, and
training that enable managers to conduct structured check-ins, communicate clearly, and identify development
needs within their teams.
Retention is further supported through exit interviews and consultations in areas experiencing higher turnover,
allowing the Company to identify underlying trends and implement relevant improvements. Collaboration is
reinforced through cross-functional projects, regular meetings between managers and employees, and
coordinated actions within the global HR network, ensuring consistency in Eimskip’s people strategy.
In 2025, the Company’s engagement, satisfaction, and loyalty score reached 8.0—0.4 above the True Benchmark®
and within the top 25% of comparable international companies. Participation in structured manager check-ins
reached 79%. Overall turnover decreased from 23% in 2023 to 20% in 2025, though challenges remain among
crew and warehouse roles.
Talent development is a strategic priority for Eimskip, supporting both individual capability and long-term
organizational strength. Through Eimskip Academy, employees gain access to blended learning that combines
digital resources with hands-on training. The International Leadership Program remains a cornerstone initiative,
linking strategic direction with practical, experience-based learning. Since its launch, 157 employees from 15
countries have participated, with women representing 51% of graduates. To date, 44% of participants have
advanced in their careers, demonstrating the program's impact on leadership development and internal mobility.
Succession planning forms an important part of the Company's approach to future leadership readiness. During
the year, Eimskip further refined its leadership model to ensure alignment between strategic priorities, leadership
expectations, and the preparation of successors for critical roles.
Eimskip continues to foster a workplace rooted in respect, equal opportunity, and inclusion. The Company aims to
have 40% of leadership positions held by women by 2030. In 2025, women accounted for 34% of senior
management and 32% of the total workforce.
Mandatory DEI training reinforces respectful conduct, while new initiatives support disability inclusion. To enhance
integration for employees of diverse backgrounds, Eimskip partners with BARA TALA to provide online Icelandic
language training, with more than 70 active learners since its launch in late 2024.
Safety
Eimskip upholds a-zero-accident policy, actively working to minimize risks and prevent harm to individuals,
property, and company assets through continuous preventive measures and a strong commitment to safety.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 71
Non-Financial Reporting
Regular training programs form the backbone of Eimskip’s safety culture. Training is delivered both on-site and
through digital platforms, including the Eimskip Academy Learning Platform and the Ocean Learning Platform for
crew members. The Company strengthens safety across all key employee groups by conducting routine training
sessions and drills for vessel crews, terminal employees, and truck drivers. Eimskip has also introduced the Leading
Workplace Safety program, which equips leaders with the mindset and tools needed for a proactive and preventive
approach to safety.
In September, Eimskip held its annual Safety Week, featuring first aid courses, evacuation drills, accident response
sessions, and ADR basic training. These activities are designed to enhance awareness, readiness, and consistency
across the organization.
During the year, the Company expanded its safety resources by fully revising and republishing the Safety Handbook
and launching a new Safety Portal, a central hub for safety and security information.
Eimskip maintains a dedicated First Response Team to ensure swift, effective action during incidents at sea or on
land, with responsibilities that extend to cyber-related events. Continuous improvement remains a priority: the
Loss Prevention Team meets regularly to review losses, damage, and accidents, implement corrective actions,
targeted training, and process enhancements to strengthen safety standards and operational resilience company
wide.
Human Rights
Eimskip is committed to respecting human rights throughout its entire value chain, and human rights have an
impact on every aspect of the Company's activities. Eimskip is a registered participant in the UN Global Compact,
the United Nations initiative for social responsibility for human rights, labor, environment, and anti-corruption.
Through its participation, the Company has committed to integrating the UN Global Compact and its Ten
Principles into its business operations, making them an integral part of the Company's strategy, culture, and day-
to-day activities.
Human rights touch almost every aspect of the Company’s activities, both its own workforce and workers in the
value chain. Several policies support human rights issues. Human resources, human rights, equal opportunities,
bullying and harassment, well-being and safety are covered through the Human Resources Policy, Code of Conduct,
Supplier Code of Conduct, Anti-Money Laundering and Sanction Policy, and Whistleblower procedure.
Eimskip maintains an ongoing focus on strengthening its Human Rights due diligence process. Guided by these
frameworks, the Company has implemented a risk-based due diligence approach to ensure that the most
significant human rights risks are prioritized and addressed effectively. To support this, Eimskip has aligned its
efforts with the OECD Guidelines for Multinational Enterprises (MNEs), applying the six-step due diligence
framework. This structured methodology enables the Company to systematically identify, prevent, and mitigate
human rights risks across its workforce and value chain. Continuous improvement of this framework remains a
priority in the coming years.
To further advance these efforts, Eimskip actively participated in the Business & Human Rights Accelerator, a six-
month program led by the UN Global Compact and Shift. The initiative is designed to help companies move from
commitment to concrete action on human and labor rights.
Customer
Eimskip continues to deliver excellent service to a diverse global customer base, offering tailored solutions through
its worldwide team that combines international standards with strong local expertise. Under the Global Service
Policy, the Company ensures consistent, high-quality support across all units, aligning service standards, goal
setting, and performance metrics.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 72
Non-Financial Reporting
In February 2025, Eimskip strengthened its network by introducing a bi-weekly service to Poland, expanding
connectivity, and providing customers with greater flexibility in scheduling. Later in the year, following the sale of
the vessel Lagarfoss in the third quarter, the Company adjusted its sailing schedules to maintain reliability and
optimize routes across core trade lanes. These changes reflect Eimskip's ongoing commitment to enhancing service
performance and ensuring that customers benefit from a reliable and efficient transportation network.
Digitalization and automation remain at the core of Eimskip's vision for service excellence, driving the
transformation of the Company’s liner business. This transformation is enabled through a modern system,
integrated platforms, and an enhanced customer portal that deliver real-time visibility, streamlined shipment
management, and personalized interactions.
Complemented by AI-powered data accuracy, advanced dashboards, and Office 365 Copilot integrations, these
innovations simplify processes, accelerate decision-making, and ensure a transparent, adaptive experience that
meets the evolving needs of our customers.
Projects for society
Eimskip is committed to fostering safer, stronger communities in every region where it operates. It recognizes social
responsibility as a key pillar of its sustainability policy. The Company actively supports charities, sports programs,
cultural initiatives, innovation projects, and safety measures, ensuring a positive and lasting impact on society.
One of Eimskip's most notable community initiatives is the bicycle helmet project, launched in 2004 in partnership
with Kiwanis. Over the past 21 years, this initiative has provided helmets and safety reflectors to every six-year-old
in Iceland, benefiting more than 90,000 children and promoting road safety from an early age.
Eimskip also plays a vital role in community safety efforts through its collaboration with Landsbjörg, the Icelandic
Association for Search, Rescue, and Injury Prevention. Recognizing the life-saving work of Landsbjörg, Eimskip is
one of its main sponsors, supporting essential rescue and prevention operations at sea and on land.
2025 saw two new projects added to Eimskip‘s sponsorship portfolio. The Company became one of the main
sponsors of the Icelandic Football Association, backing all apects of Icelandic Football, from the youngest athletes
all the way to the adult national teams. The effort was highlighted with a synchronized advertising campaign „HÚN
“, that aired while the women’s national team competed at the European Championships.
The Company also participated in an extensive road safety campaign with the Icelandic Transport Authority named
„Don‘t yawn your life away “. The campaign raised awareness of the dangers of tiredness and falling asleep at the
wheel.
Eimskip's commitment to social responsibility is reflected in its comprehensive approach, engaging with local
communities and supporting diverse projects that make a meaningful impact. Through these efforts, the Company
continues to build a safer, healthier, and more connected society.
Governance
Eimskip is committed to fostering an open and transparent relationship among its management, Board of Directors,
shareholders, and other stakeholders.
Business ethics
Eimskip places strong emphasis on ethics, transparency, and integrity as foundations of trusted relationships with
employees, customers, suppliers, shareholders, and other stakeholders. The Company is committed to preventing
corruption and bribery and to ensuring that all employees and managers act in accordance with applicable laws,
regulations, and Eimskip's internal standards. Clear rules, ethical guidelines, and corporate governance practices
help prevent conflicts of interest, safeguard confidentiality, and support responsible decision-making. Eimskip's
internal control and risk management systems are designed to detect irregularities, including risks related to
corruption or unethical behavior.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 73
Non-Financial Reporting
Business ethics are governed through several key policies. The Company’s Code of Conduct serves as a central
framework, outlining expected behavior and reinforcing Eimskip’s values in daily operations. Additional policies
include the Supplier Code of Conduct, the Anti-Money Laundering and Sanctions Policy, and the Whistleblower
Procedure, all of which strengthen oversight and ethical compliance across the value chain.
In early 2025, Eimskip updated the Code of Conduct to improve clarity, practical relevance, and usability. The
revised version—available in Icelandic, English, and Danish. By the end of 2025, 81% of employees in the target
group have confirmed their acceptance of the reviewed Code of Conduct. The Company promotes a strong Speak
Up culture, offering multiple channels for raising concerns through managers, Human Resources, or formal
grievance procedures. A confidential Whistleblower mechanism is available for serious or unresolved matters,
supporting timely and responsible issue resolution.
Supplier code of conduct
Eimskip manages ESG-related risks across its value chain, ensuring that the Company’s core values guide daily
operations. Long-term supplier relationships are built on trust, responsibility, and shared objectives. The Supplier
Code of Conduct aligns with the UN Guiding Principles on Business and Human Rights, covering Health and Safety,
Human Rights, Labor Standards Business Ethics, and Environmental Protection. Eimskip is developing a due
diligence approach grounded in the OECD Guidelines for Responsible Business Conduct.
During the year, Eimskip further strengthened its due diligent framework in line with the OECD Guidelines. The
updated framework includes tailored assessment forms designed to identify and address the specific risks
associated with different supplier categories and operational contexts. Suppliers are expected to acknowledge the
Supplier Code of Conduct either directly or through their contractual agreements with the Company. Due diligence
training has been integrated into procurement training for the international employees, and the Company will
continue to develop and refine the training program.
Data ethics and responsible AI
Eimskip is committed to processing personal and business data in a lawful, fair, and secure manner, in alignment
with data ethics principles and the latest AI governance standards. The Company strives to comply with the General
Data Protection Regulation (GDPR), the EU AI Act, and other applicable laws, safeguarding the privacy and rights
of customers, employees, business partners, and stakeholders.
The Information Security Policy remains based on the NIST Cybersecurity Framework, which encompasses the
following key components: Govern, Identify, Protect, Detect, Respond, and Recover. In 2025, the policy was
updated to incorporate AI-specific risk management and ethical guidelines. These updates ensure that all AI use
aligns with Eimskip's values, legal obligations, and international standards. The policy now emphasizes ethical AI
practices, transparency when individuals interact with AI systems, and mandatory AI literacy training for employees
before granting access to AI tools.
To enhance data governance and prepare for responsible AI applications, Eimskip has extended its Data Security
Classification Framework to include AI datasets, ensuring transparency and fairness. All data used in AI-driven
processes is anonymized where appropriate and managed ethically to prevent bias or harm. The Company has
established an AI Center of Excellence to oversee compliance, maintain an AI Register for all use cases, and
implement post-market monitoring for AI systems. Furthermore, all AI solutions undergo compliance checks
against internal standards and the EU AI Act.
Eimskip continues to retain personal and business data only for as long as necessary, ensuring secure disposal when
no longer needed. The Company collaborates with third-party suppliers under a structured self-assessment
process to uphold compliance with internal and external standards. Educational materials on AI ethics and
cybersecurity have been added to the Eimskip Learning System, and AI literacy programs have been introduced for
employees.
By embedding data ethics and responsible AI principles into its operations, Eimskip reinforces its commitment to
security, transparency, and regulatory compliance
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 74
ESG Statement 2025
Assessment Statement by Klappir Green Solutions hf.
Klappir Green Solutions hf. (Klappir) has assisted Eimskip with its sustainability statement. The sustainability
statement contains information on the environment, social, and governance of Eimskip.
Eimskip's sustainability statement for 2025 aligns with the ESG guidelines issued by Nasdaq Iceland and Nasdaq
Nordic in 2019. These guidelines are based on recommendations made in 2015 by the United Nations, the
Sustainable Stock Exchange Initiative, and the World Federation of Exchange. Reference is also made to the GRI
Standard (Global Reporting Initiative, GRI100-400) and the Ten Reporting Principles of the UN Global Compact.
Eimskip uses the Klappir Sustainability Platform to ensure traceability, transparency, and efficiency in data
collection, processing, and dissemination of environmental information.
Confirmation by Klappir
We have planned and conducted our work in accordance with the principles of the Greenhouse Gas Protocol
standards: Relevance, Accuracy, Completeness, Consistency, and Transparency.
Klappir hereby confirms that the data provided by Eimskip and its suppliers for Eimskip's sustainability statement
has been reviewed and assessed by Klappir's sustainability specialists. Information relating to social and
governance matters was not reviewed by Klappir.
Klappir is not responsible and bears no liability for any investment decisions made by any party based on the
information presented in this statement.
Klappir Green Solutions hf.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 75
ESG Statement 2025
Operational Parameters
Environmental
Operational Parameters Unit 2025 2024 Notes
Tonne
2,612,084 2,605,996
EUR m 807,484 847,111
FTEs 1,719 1,703
Transported cargo ............................................................................
Total Revenue ...................................................................................
Number of employees (from financial statement) .........................
Number of employee is based on the average of the previous 12
months, the methodology may not be consistent with employee
number by end of 2024.
Environmental Unit 2025 2024
GhG emission intensity
kgCO₂e/MWh
323 327
kgCO₂e/FTEs 181,868 203,177
kgCO₂e/EUR m 387,168 408,459
Nasdaq: E2|UNGC: P7, P8|GRI: 305-4 |SDG: 13|SASB: General Issue / GHG Emissions, Energy
Management
GhG emissions per megawatt-hour consumed ..............................
GhG emissions per full-time equivalent (FTEe) employee ............
GhG emissions per unit of revenue .................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 76
ESG Statement 2025
Energy intensity Unit 2025 2024 Notes
kWh/FTEs 562,472 621,637
kWh/EUR m 1,197,410 1,249,715
Carbon offset
tCO₂e 282 201
tCO₂e 282 201
Greenhouse Gas Emissions
tCO₂e 252,418 280,427
tCO₂e 2,172 2,394
tCO₂e
15,109 17,007
tCO₂e
254,589 282,821
tCO₂e
267,526 297,434
tCO₂e
58,043 63,189
tCO₂e
312,632 346,010
tCO₂e
325,569 360,623
Scope 3 .............................................................................................
Total operational GhG emissions (location-based) ......................
Total operational GhG emissions (market-based) .......................
Nasdaq: E1|UNGC: P7|GRI: 305-1,305-2,305-3|SASB: General Issue / GHG Emissions|TCFD:
Metrics & Targets | EFRAG E1-6
Scope 2 (market-based) ...................................................................
Scope 1 and 2 (location-based) ......................................................
Scope 1 and 2 (market-based) ........................................................
Nasdaq: E4|UNGC: P7, P8|GRI: 302-3|SDG: 12|SASB: General Issue / Energy Management
Total emissions offset ......................................................................
Emissions offset by afforestation ....................................................
Scope 1 .............................................................................................
GHG emissions decreased by 10%, driven by operational efficiency
measures, hull improvements, the use of lower‑emission fuel, fewer
vessels in operation, and a high number of vessels in dock.
Energy per unit of revenue ..............................................................
Scope 2 (location-based) .................................................................
The Environmental Agency of Iceland has decreased the electricity
coefficient, and the hot-water coefficient has increased significantly
(Iceland). https://ust.is/loft/losun-grodurhusalofttegunda
/losunarstudlar/.
Energy per full-time equivalent (FTEe) employee ..........................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 77
ESG Statement 2025
Greenhouse Gas Emissions, continued Unit 2025 2024 Notes
Scope 1 - Details
tCO₂e 252,418 280,427
tCO₂e 250,449 278,811
tCO₂e 1,968 1,617
Scope 2 - Details
tCO₂e 2,172 2,394
tCO₂e 1,932 2,188
tCO₂e 240 206
Scope 3 - Upstream emissions
Category 3: Fuel- and energy related activities
tCO₂e 57,869 63,056
Category 5: Waste generated in operations
tCO₂e 15 17
tCO₂e 15 17
Category 6: Business travel
tCO₂e 159 126
tCO₂e 159 126
Energy consumption
kWh 966,889,462 1,058,647,646
kWh 923,244,151 1,012,156,920
kWh 318,371 277,615
kWh 29,356,020 29,752,095
kWh 13,970,920 16,461,015
kWh 923,562,522 1,012,434,535
kWh 43,326,940 46,213,110
Nasdaq: E3|UNGC: P7, P8|GRI: 302-1, 302-2|SDG: 12|SASB: General Issue / Energy Management | EFRAG E1-5
Heating ............................................................................................
Direct energy consumption .............................................................
Indirect energy consumption ..........................................................
Total emissions ...............................................................................
Air travel ...........................................................................................
Total energy consumption ...............................................................
Fossil fuels ......................................................................................
Bio fuels ..........................................................................................
Electricity ........................................................................................
Heating ..............................................................................................
The Environmental Agency of Iceland has significantly increased the
hot-water coefficient by 24% compared to the previous year
(https://ust.is/loft/losun-grodurhusalofttegunda/losunarstudlar/).
Total emissions .................................................................................
Total emissions ...............................................................................
The recycled waste emission factor has decreased by 27% compared to
the previous year. The emission factor is based on DEFRA. Although
waste has increased in 2025, the emissions are lower than in the
previous year.
Transport, disposal and treatment of waste ..................................
Total emissions .................................................................................
Stationary and mobile fuel combustion ..........................................
Fugitive emission .............................................................................
Total emissions .................................................................................
Electricity ..........................................................................................
The Environmental Agency of Iceland has decreased the electricity
coefficient by 10% compared to the previous year
(https://ust.is/loft/losun-grodurhusalofttegunda/losunarstudlar/).
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 78
ESG Statement 2025
Unit 2025 2024 Notes
Energy mix
Kwh 966,889,462 1,058,647,646
% 97.2% 97.2%
% 1.7% 1.8%
% 0.0% 0.0%
% 1.0% 0.0%
Fuel consumption
kg 79,632,836 87,152,414
kg 23,251 20,396
kg 47,629 76,050
kg 3,658,966 3,525,786
Fugitive emissions
Total fugitive emissions kg 1,288 955
kg 0 0
kg 1,288 955
kg 0 0
Water consumption .................
Total water consumption m³ 258,084 300,459
m³ 36,540 34,598
m³ 221,544 265,861
Waste treatment
kg 1,482,452 1,105,040
kg 353,592 268,137
kg 1,469,598 1,085,349
% 99% 98%
Total waste generation ....................................................................
Unsorted waste ..............................................................................
Recovered waste ............................................................................
Percentage of waste recovered ......................................................
F-gases ............................................................................................
Ammonium ......................................................................................
Cold water ......................................................................................
Hot water ........................................................................................
Nasdaq: E6|GRI: 303-5|SDG: 6|SASB: General Issue / Water &
Wastewater Management
Methane .........................................................................................
Petrol ...............................................................................................
Diesel ..............................................................................................
Carbon dioxide (CO2) .....................................................................
Renewables ......................................................................................
Nuclear ..............................................................................................
Unknown ..........................................................................................
Currently, the energy mix for electricity is missing from opera-tions in
Vietnam, the Faroe Islands, Thailand, Canada, China, and the United
States. The impact is considered non-material.
Nasdaq: E5|GRI: 302-1|SDG: 7|SASB: General Issue / Energy Management
Total fuel consumption ....................................................................
Total fuel consumption ....................................................................
Fossil fuel ..........................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 79
ESG Statement 2025
Environmental management 2025 2024
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
Climate oversight
yes/no Yes Yes
yes/no - -
Climate risk mitigation
EUR m 5,1 4.7
Total annual investment in climate-related infrastructure,
resilience, and product development ........................................
Nasdaq: E10|UNGC: P9|SASB: General Issue / Physical Impacts of Climate Change, Business
Model Resilience|TCFD: Strategy (Disclosure A)
Nasdaq: E7|GRI: 103-2|SASB: General Issue / Waste & Hazardous Materials Management
Does your Senior Management Team oversee and/or manage
climate-related risks? ..................................................................
Does your Board of Directors oversee and/or manage
climate-related risk? ...................................................................
Nasdaq: E8, E9|GRI: 102-19, 102-20, 102-29, 102-30, 102-31|SASB: General Issue / Business
Model Resilience, Systematic Risk Management|TCFD: Governance (Disclosure A/B)
Does your company follow a formal Environmental Policy? .........
Does your company follow specific waste, water, energy,
and/or recycling policies?
Does your company use a recognized energy management
system? ........................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 80
ESG Statement 2025
Social
CEO Pay Ratio Unit 2025 2024 Notes
X:1 5.6 5.4
S1|UNGC: P6|GRI 102-38
Gender Pay Ratio
X:1 - -
%
-
1.0%
Employee Turnover
Full-time Employees
% 20% 20%
Gender
% 24% 21%
% 17% 18%
Men .................................................................................................
Women ...........................................................................................
Median total compensation for men (X) to median total
Compensation for women ..........................................................
Outcome of equal pay certification ............................................
Outcome of equal pay certification will be available in March 2025. This
number will represents the outcome of the equal pay re-certification
for Eimskip Iceland, TVG, Gára and Sæferdir.
S2|UNGC: P6|GRI: 405-2 | SASB: General Issue / Employee Engagement, Diversity & Inclusion
Year-over-year change for full-time employees ...........................
CEO Salary & Bonus (X) to median FTE Salary ................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 81
ESG Statement 2025
Employee Turnover, continued
Age Unit 2025 2024 Notes
% 81% 82%
% 29% 35%
% 22% 18%
% 19% 15%
% 13% 15%
% 21% 16%
% 100% 52%
Gender Diversity
Enterprise Headcount
% 32% 31%
no. 540 535
no. 1,157 1,168
Senior- and Executive-level Positions
% 34% 36%
no. 52 54
no. 99 94
Non-Discrimination
yes/no Yes Yes
Employee Engagement, Diversity & Inclusion
Does your company follow a sexual harrassment and/or
non-discriminatory policy? .........................................................
Employee Engagement, Diversity & Inclusion
Women ...........................................................................................
Men .................................................................................................
In 2025, the number of job categories was reduced. As a result, the
gender balance of management for 2025 is reported based on the
revised classification system. In addition, the figures for 2024 have
been restated to reflect the new job categories. Due to the limited
number of individuals covered, the metric is sensitive to changes in
organizational structure and classification.
Percentage of women in senior- and executive-level
positions .......................................................................................
Women ........................................................................................
Men .............................................................................................
40-49 ...............................................................................................
50-59 ...............................................................................................
60-69 ...............................................................................................
70+ ..................................................................................................
S3|UNGC: P6|GRI: 401-1b|SDG: 12|SASB: General Issue / Labor Practices
Percentage of women in enterprise ..............................................
<20 ..................................................................................................
20-29 ...............................................................................................
30-39 ...............................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 82
ESG Statement 2025
Injury Rate Unit 2025 2024 Notes
% 2.8% 3.2%
Global Health & Safety
yes/no Yes Yes
Child & Forced Labor
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
Human Rights
yes/no Yes Yes
yes/no Yes Yes
Does your Company publish and follow an occupational
workforce .....................................................................................
Total number of injuries and fatalities, relative to the total
S7|GRI: 403-9|SDG: 3|SASB: General Issue / Employee Health & Safety
health & safety policy ..................................................................
S9|GRI: 103-2 (See also: GRI 408: Child Labor 2016, GRI 409: Forced or Compulsory Labor, and
GRI 414: Supplier Social Assessment 2016)|UNGC: P4, P5|SDG: 8|SASB: General Issue / Labor
Practices
S10|GRI: 103-2 (See also: GRI 412: Human Rights Assessment 2016 & GRI 414: Supplier Social
Assessment 2016)|UNGC: P1, P2|SDG: 4, 10, 16| SASB: General Issue / Human Rights &
Community Relations
Does your company follow a child labor policy? ............................
Does your company follow a forced labor policy? .........................
and vendors? ...............................................................................
rights policy? ................................................................................
and vendors? ...............................................................................
Does your company publish and follow a human
If yes, does your human rights policy cover suppliers
If yes, do your child and/or forced labor policy cover suppliers
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 83
ESG Statement 2025
Governance
Board Diversity Unit 2025 2024 Note
% 60% 60%
% 67% 67%
Board Independence
yes/no Yes Yes
% 80% 80%
G2|GRI: 102-23, 102-22
Incentivized Pay
yes/no No No
G3|GRI: 102-35
Collective Bargaining
% 100% 100%
Supplier Code of Conduct
yes/no Yes Yes
% 45% 42%
G5|UNGC: P2, P3, P4, P8|GRI: 102-16, 103-2 (See also: GRI 308: Supplier Environmental
Assessment 2016 & GRI 414: Supplier Social Assessment 2016|SDG: 12|SASB General Issue /
Supply Chain Management (See also: SASB Industry Standards)
G4|UNGC: P3|SDG: 8|GRI: 102-41|SASB: General Issue / Labor Practices (See also: SASB
Industry Standards)
Are your vendors or suppliers required to follow a
Code of Conduct ..........................................................................
If yes, what percentage of your suppliers have formally
certified their compliance with the code ...................................
Suppliers in target group
Total board seats occupied by independents .................................
Are executives formally incentivized to perform
on sustainability ...........................................................................
Total enterprise headcount covered by collective bargaining
Applies to countries where collective bargaining is mandated, including
Spain, the Faroe Islands, Vietnam, Canada, Iceland, Italy, Denmark,
Sweden, and Norway.
agreements (X) to the total employee population ....................
Total board seats occupied by women (as compared to men) .....
Committee chairs occupied by women (as compared to men) ....
G1|GRI 405-1|SDG: 10|SASB: General Issue / Employee Engagement, Diversity & Inclusion
(See also: SASB Industry Standards)
Does the company prohibit CEO from serving as board chair? .....
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 84
ESG Statement 2025
Ethics & Anti-Corruption Unit 2025 2024 Note
yes/no Yes Yes
% 81% 81%
G6|UNGC: P10|SDG: 16|GRI: 102-16, 103-2 (See also: GRI 205: Anti-Corruption 2016)
Data Privacy
yes/no Yes Yes
yes/no Yes Yes
ESG Reporting
yes/no Yes Yes
yes/no Yes Yes
Disclosure Practices
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
G9|UNGC: P8
External Assurance
yes/no Yes Yes
G10|UNGC: P8|GRI: 102-56
Are your sustainability disclosures assured or validated by a
Verifavia validates the energy use of the vessels. Vessels are
responsible for majority of the Eimskip energy use. Validation process
in ongoing until April
third party? ..................................................................................
Does your company provide sustainability data to
sustainability reporting frameworks? ........................................
Does your company focus on specific UN Sustainable
Development Goals (SDGs)? .......................................................
Does your company set targets and report progress
on the UN SDGs? .........................................................................
Does your company follow a Data Privacy policy? .........................
Has your company taken steps to comply with GDPR rules? ........
G7|GRI: 418 Customer Privacy 2016|SASB: General Issue / Customer Privacy, Data Security
(See also: SASB Industry Standards)
Does your organization publish a sustainability report? ...............
Is sustainability data included in your regulatory filings? ..............
G8|UNGC: P8
Does your company follow an Ethics and/or
Anti-Corruption policy? ...............................................................
If yes, what percentage of your workforce has formally
certified its compliance with the policy? ...................................
Because the reviewed Code of Conduct was introduced in Q2
2025, compliance started from 0% earlier in the year and has
been increasing since its implementation.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 85
ESG Statement - Notes
Organizational Boundaries
The “Operational Control” methodology has been chosen to define the organizational scope of Eimskip's emission
accounting. According to the "Operational Control" methodology, companies should account for 100 percent
greenhouse gas emissions from operations under their control. They should not account for greenhouse gas
emissions from operations that have no control over, even though they have a vested interest in their operations.
The following companies are covered in the statement:
Company
Land
Eimskipafélag Íslands hf.
Iceland
Eimskip Ísland ehf.
Iceland
Mareco Integrated Logistics N.V:
Belgium
Mareco South America Ltd
Brazil
Mareco Turkey (office)
Turkey
Eimskip Canada Inc
Canada
Eimskip Logistics (Qingdao) Co. Ltd.
China
Eimskip Denmark A/S
Denmark
Eimskip Transport GmbH
Germany
Eimskip Greenland A/S
Greenland
Eimskip Italy S.r.l.
Italy
Eimskip Netherland B.V.
Netherland
Eimskip Norway AS
Norway
Eimskip Poland Sp. z.o.o.
Poland
Eimskip Logistics Spain SL
Spain
EImskip Logistics AB
Sweden
Eimskip Thailand Ltd.
Thailand
Eimskip UK Ltd.
United Kingdom
Eimskip USA Inc.
United States
Eimskip Vietnam Ltd
Vietnam
P/f Skipafelagið Foroyar
Faroe Island
Operational Boundaries
Scope 1
Mobile fuel consumption
Fully included
Stationary fuel combustion
Fully included
Fugitive emissions
Fully included
Industrial processes
Not applicable
Scope 2
Electricity
Fully included
Heating
Fully included
Cooling
Not applicable
Steam
Not applicable
Scope 3
Category 3: Fuel and energy related activities
Fully included
Category 5: Waste from operations
Partially included
Category 6: Business travel
Partially included
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 86
EU Taxonomy
Introduction
Eimskip reports yearly according to EU Taxonomy, according to Icelandic laws, 25/2023 on sustainability-related
disclosures in the financial services sector and a classification system for sustainable investments, companies that
fulfill specific requirements are required to publish non-financial information based on Article 8(1) of the Taxonomy
regulation (EU 2020/852) as from 2023.
EU Taxonomy has the stated objective of classifying which economic activity is considered environmentally
sustainable, based on the technical screening criteria established in delegated regulations, thereby facilitating
transparency in sustainability reporting. In Iceland, delegated regulation (EU) 2021/2139 on climate change
mitigation and adaptation (Climate Delegated Act) has been implemented, but delegated regulation (EU)
2023/2485 amending the Climate Delegated Act and delegated regulation (EU) 2023/2486 (Environmental
Delegated Act) have not been implemented as they have in the EU. As a classification system, it provides a needed
common denominator for individuals, authorities, and investors, for which economic activity is considered
environmentally sustainable.
For companies to be considered environmentally sustainable they are required to fulfil criteria set in the regulation.
An economic activity must contribute to one or more stated environmental goals while simultaneously it may not
do significant harm to others (DNSH). Furthermore, it must be conducted in compliance with minimum safeguards
as well as fulfilling relevant technical criteria.
The environmental goals are six: climate change 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 criteria for climate change mitigation and
climate change adaptation have been implemented in Iceland.
Companies are required to disclose the ratio of revenue, capital expenditure (CAPEX), and operating expenses
(OPEX) for eligible economic activity, that is, activity covered by the EU Taxonomy regulation for the reporting
period, that is operations that fall under the classification regulation. At the same time, the same KPI’s for
operations that meet all the criteria of the regulation and therefore are aligned operations or environmentally
sustainable should be published. The KPI’s are calculated based on the Group’s Consolidated Financial Statements
that are prepared in accordance with International Financial Reporting Standards.
The EU Taxonomy regulation is maturing and evolving, as such reporting against taxonomy is currently subject to
interpretation. In the subsequent years Eimskip will adapt and expand the reporting according to the developments
in the regulation.
EU Taxonomy Accounting Policies
The EU has put out rules on the calculation of KPI’s in delegated regulation (EU) 2021/2178. Turnover, CAPEX and
OPEX are calculated in accordance with Article 8 of the Taxonomy Regulation.
The taxonomy-eligible KPI's have been calculated as:
- taxonomy-eligible revenue KPI = eligible revenue/ total revenue
- taxonomy-eligible CAPEX KPI (additions) = eligible CAPEX/total CAPEX
- taxonomy-eligible OPEX KPI (repair and maintenance) = eligible OPEX/ total OPEX
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 87
EU Taxonomy
Eimskip's process for determining taxonomy-eligible activities (the nominator of the taxonomy-eligibility KPI’s) was
a three-step approach:
1. Defining the economic activities that Eimskip is engaged in within each of the segments across the Group.
2. Assessing whether said activities are covered by the economic activity descriptions included in the EU
Taxonomy Climate Delegated Act.
3. Allocating revenues, CAPEX (additions) and OPEX (repair and maintenance) according to the Group’s overall
assessment of whether economic activity is eligible or not.
1
Firstly, the determination of the share of economic activities in Eimskip that are taxonomy-eligible is based on profit
centers in the finance and consolidation systems Eimskip utilizes, which also forms the basis for Eimskip’s external
financial reporting. As such, each profit center has been analyzed and segregated into sub-activities where
applicable.
Secondly, based on the descriptions of what is registered on Eimskip’s profit centers an assessment has been
conducted on whether these activities are covered by the activity descriptions that are included in the EU
Taxonomy Climate Delegated Act.
Thirdly, depending on whether the registrations are related to assets or processes associated with taxonomy-
eligible economic activities, the revenues, CAPEX and OPEX registered on these profit centers is assessed to be
eligible or non-eligible and allocated accordingly.
The denominator for the eligibility KPI’s has been defined as:
- Total operating revenue as stated in the Consolidated Income Statement.
- Total CAPEX (additions) as stated in Note 11 Property, vessels and equipment, Note 12 Right of- use assets in
the Consolidated Financial Statements.
- Total OPEX is related to repair and maintenance of eligible and non-eligible assets.
Eimskip's process for determining taxonomy-aligned activities (the nominator of the taxonomy KPI’s) has been
based on screening the identified eligible activities within each of the segments against the technical screening
criteria for climate change mitigation.
Eligibility assessment
Several activities of the Group’s operations are eligible according to the EU Taxonomy classification system. These
classifications and activities are:
- 6.6. Freight Transport service by road – Domestic Land Transport.
- 6.10 Sea and coastal freight water transport, vessels for port operations and auxiliary activities – Vessel
operation.
- 6.11 Sea and coastal passenger water transport – Ferry operation.
- 6.16 Infrastructure and enabling low-carbon water transport – Terminal operation in Iceland and vessel to
shore connection.
These activities can contribute to at least one goal of the EU Taxonomy and were assessed based on the EU
environmental objective “climate change mitigation”. Buildings were excluded this year since Iceland has not
implemented EU (2010/31), that describes energy class of buildings.
1
For the purpose of EU Taxonomy reporting, OPEX has been defined as all repair and maintenance expenses, short-term lease and any other direct expenditure
relating to the day-to-day servicing of assets.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 88
EU Taxonomy
Alignment assessment
Eimskip assessed the eligible activities identified against the climate change mitigation criteria. The two following
activities passed the criteria of substantial contribution.
- 6.6. Freight Transport service by road – Domestic Land Transport
- 6.16. Infrastructure and enabling low-carbon water transport – Terminal operation in Iceland and vessel to
shore connection.
It should be noted that even if the other eligible activities could not be aligned with climate change mitigation,
they passed “Do No Significant Harm” criteria on many accounts.
Summarized results from eligibility and alignment assessment
The following table summarizes the eligibility and alignment assessment:
Please find further segregation in the attached tables to the EU Taxonomy.
6.6. Freight Transport service by road
Activity 6.6. Freight Transport service by road is the operation of inland transport in several countries. Zero-
emission heavy-duty vehicles were estimated in the process. The Company is currently operating 10 trucks running
on green energy (electric and methane). Those trucks meet the substantial contribution criteria on climate change
mitigation. However, the trucks proved unable to meet pollution criteria due to tire specifications.
Eimskip has selected tires based on both wet grip and fuel efficiency but due to EU Taxonomy requirements tires
must rank in two most populated classes for fuel efficiency. This requirement led to most tires currently in use by
Eimskip’s electric vehicles failing the technical requirements for fuel efficiency and the activities under Transport
Services not being considered aligned. It should be noted that in all cases the highest populated class contained
relatively few tire types that were not widely available. Furthermore, tires with high wet grip attributes commonly
score low on road noise class potentially creating additional challenges in aligning Taxonomy goals and road safety.
Eimskip will always adhere to and aim for utmost road safety and prioritize that when selecting vehicle equipment.
6.16 Infrastructure and enabling low-carbon water transport.
Activity 6.16 Infrastructure and enabling low-carbon water transport, is the infrastructure in the terminals in
Reykjavík and Reydarfjördur meets the alignment criteria. This includes the Electric Container Cranes in both
terminals and the Vessel to Shore power connection for container vessels that mainly services Bruarfoss and
Dettifoss.
In 2025 6.16 Infrastructure and enabling low-carbon water transport is aligned. The operation meets the
substantial contribution criteria on climate change mitigation and the eligible activities within the terminals also
fulfill the DNSH criteria and minimum safeguards.
Do No Significant Harm (DNSH)
For the qualifying activities covered by Taxonomy reporting the Company has evaluated and confirmed compliance
to the DNSH criteria for the aligned activity, that is Activity 6.16 Infrastructure and enabling low-carbon water
transport. The following criteria were addressed, 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.
Operating
revenue OPEX CAPEX
1% 3% 4%
51% 63% 74%
48% 34% 22%
100% 100% 100%
Aligned ...............................................................................................................................
Eligible ...............................................................................................................................
Non-eligible .......................................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 89
EU Taxonomy
Minimum Safeguards
Eimskip and its subsidiaries are committed to conducting business in lawful, honest, and ethical manners. The
Company has implemented a Code of Conduct which is mandatory for all employees to read and confirm. Supplier
Code of Conduct applies to all suppliers and larger suppliers undergo supplier assessment.
Human rights
Eimskip has a clear human rights policy that states everyone should enjoy equal rights. Eimskip is a registered
participant of the UN Global Compact, the United Nation’s initiative for social responsibility for human rights, labor,
environment, and anti-corruption. With its participation, the Company has committed to managing its business
operations so that the UN Global Compact and its Ten Principles are a part of the Company’s strategy, culture, and
day-to-day operations
The Company is committed to upholding human rights across various facets of its operations, encompassing both
its internal workforce and those within the broader value chain. The Company’s commitment is reflected in
multiple policies addressing crucial human rights aspects. The Human Resources Policy comprehensively addresses
topics such as human resources, equal opportunities, bullying and harassment, as well as employee wellbeing and
safety.
Additionally, human rights considerations are embedded in the Code of Conduct, Supplier Code of Conduct, Anti-
Money Laundering and Sanction Policy, and Whistleblower procedure, further underscoring the Companies
dedication to ensuring ethical practices and safeguarding human rights throughout the Companies business
activities.
In 2025, the Company focused on strengthening its human rights due diligence processes to meet the Minimum
Safeguards requirements of the EU Taxonomy and to prepare for compliance with the upcoming Corporate
Sustainability Due Diligence Directive (CSDDD). Throughout the year, Eimskip enhanced its due diligence
framework in line with the OECD Guidelines for Multinational Enterprises, introducing tailored assessment tools
designed to identify and address specific risks across different supplier groups and operational contexts.
This updated approach aims to ensure that human rights are consistently respected and protected across the
Company’s operations and value chain. By adopting the OECD’s six-step due diligence framework, the Company
has established a structured and systematic method for identifying, preventing, and mitigating human rights risks
both internally and among its business partners.
Implementing these steps has reinforced the Company’s alignment with international standards and strengthened
its overall human rights due diligence practices. Looking ahead, the Company will continue to refine and improve
its processes, prioritizing ongoing development to meet evolving regulatory expectations and uphold responsible
business conduct.
Corruption
Business ethics including anti-corruption at Eimskip are upheld through several key policies. The Code of Conduct
is one of the Company's core policies. It serves as a guiding framework for employees, ensuring that all business is
conducted with integrity and in line with Eimskip's values. Other policies also address business ethics, including
the Supplier Code of Conduct, Anti-Money Laundering and Sanctions Policy, and the Whistleblower Procedure.
These policies are part of employee regular training. Neither the Company nor any senior managers of any
subsidiary have been convicted of corruption or bribery.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 90
EU Taxonomy
Taxation
Tax is treated as an important topic of oversight, with the company implementing robust tax risk management
processes to ensure compliance and minimize risks. Eimskip has established a Board-approved Tax Policy. The
Finance Division, in collaboration with external tax advisors, is responsible for managing the group’s tax affairs and
ensuring adherence to applicable tax regulations across all jurisdictions in which Eimskip operates. The company
is also aligned with the OECD MNE Guidelines on tax to further enhance transparency and responsible tax practices.
Regular reporting to senior management supports ongoing oversight and alignment with the company’s tax
strategy.
Fair competition
Regular training sessions are conducted to cover the key aspects of competition law. The management team has
not been convicted of breach of competition laws.
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 91 Amounts are in thousands of EUR
Proportion of Revenue from services associated with taxonomy-aligned economic activities 2025
Financial year 2025
Economic Activities
Codes
Absolute Revenue (EUR '000)
Proportion of Revenue
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Minimum Safeguards
Taxonomy
aligned
proportion
of total
turnover
2024
Enabling activity
Transitional activity
Text Currency %
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
Infrastructure and enabling low-carbon water
transport
CCM 6.16
7,798 1% Y N/EL N/El N/EL N/EL 0% Y Y Y Y Y Y Y 1% E
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
7,798 1% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 1%
7,798 1% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 1% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road
CCM 6.6
88,689 11%
EL N/EL N/EL N/EL N/EL N/EL
10%
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM 6.10
314,980 39%
EL N/EL N/EL N/EL N/EL N/EL
38%
Sea and coastal passenger water transport
CCM 6.11
3,151 0%
EL N/EL N/EL N/EL N/EL N/EL
1%
Infrastructure and enabling low-carbon water
transport
CCM 6.16
5,678 1%
EL N/EL N/EL N/EL N/EL N/EL
1%
A.2 Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
412,499 51%
50% 0% 0% 0% 0% 0% 0%
420,297 52%
51% 0% 0% 0% 0% 0% 0%
387,187 48%
807,484 100%
Total (A+B)
2025
Substantial Contribution Criteria
DNSH criteria (Do No Significantly Harm)(h)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
A. Turnover of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Revenue of Taxonomy-non-eligible activities
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 92 Amounts are in thousands of EUR
Proportion of Opex from services associated with taxonomy-aligned economic activities 2025
Financial year 2025
Economic Activities
Codes
Absolute Opex (EUR '000)
Proportion of Opex
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Minimum Safeguards
Taxonomy
aligned
proportion
of total
turnover
2024
Enabling activity
Transitional activity
Text Currency %
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
Infrastructure and enabling low-carbon water
transport
CCM 6.16
2,360 3% Y N/EL N/El N/EL N/EL 0% Y Y Y Y Y Y Y 2% E
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
2,360 3% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 2%
2,360 3% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 2% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road
CCM 6.6
12,070 16%
EL N/EL N/EL N/EL N/EL N/EL
14%
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM 6.10
33,196 44%
EL N/EL N/EL N/EL N/EL N/EL
59%
Sea and coastal passenger water transport
CCM 6.11
862 1%
EL N/EL N/EL N/EL N/EL N/EL
1%
Infrastructure and enabling low-carbon water
transport
CCM 6.16
1,718 2%
EL N/EL N/EL N/EL N/EL N/EL
2%
A.2 Opex of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
47,846 64%
76% 0% 0% 0% 0% 0% 76%
50,206 67%
78% 0% 0% 0% 0% 0% 78%
24,436 33%
74,642 100%
2025
Substantial Contribution Criteria
DNSH criteria (Do No Significantly Harm)(h)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
A.Opex of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
Total (A+B)
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 93 Amounts are in thousands of EUR
Proportion of Capex from services associated with taxonomy-aligned economic activities 2025
Financial year 2025
Economic Activities
Codes
Absolute Capex (EUR '000)
Proportion of Capex
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Climate Change Mitigation
Climate Change Adaptation
Water and marine resources
Pollution
Circular Economy
Biodiversity and ecosystems
Minimum Safeguards
Taxonomy
aligned
proportion
of total
turnover
2024
Enabling activity
Transitional activity
Text Currency %
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N % E T
Infrastructure and enabling low-carbon water
transport
CCM 6.16
2,781 4% Y N/EL N/El N/EL N/EL 0% Y Y Y Y Y Y Y 5% E
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
2,781 4% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 5%
2,781 5% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 5% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road
CCM 6.6
15,427 23%
EL N/EL N/EL N/EL N/EL N/EL
15%
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM 6.10
31,700 48%
EL N/EL N/EL N/EL N/EL N/EL
33%
Sea and coastal passenger water transport
CCM 6.11
25 0%
EL N/EL N/EL N/EL N/EL N/EL
1%
Infrastructure and enabling low-carbon water
transport
CCM 6.16
2,025 3%
EL N/EL N/EL N/EL N/EL N/EL
7%
A.2 Opex of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
49,177 74%
56% 0% 0% 0% 0% 0%
56%
51,958 78%
61% 0% 0% 0% 0% 0%
61%
14,340 22%
66,298 100%
2025
Substantial Contribution Criteria
DNSH criteria (Do No Significantly Harm)(h)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
A.Opex of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
Total (A+B)
Consolidated Financial Statements of Eimskipafélag Íslands hf 2025 94 Amounts are in thousands of EUR
EU Taxonomy
Nuclear energy related activities
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
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
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
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
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
No
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