Ísfélag hf. (the “Company”), which holds a 29.3% stake in Austur Holding AS (“Austur”), hereby announces its participation in the financing of Austur in relation to Austur’s subscription in a share capital increase of Kaldvik AS, following the approval of an extraordinary general meeting of Kaldvik AS on 19 June 2025.

Kaldvik AS, listed on Nasdaq First North Growth Market and Euronext Growth in Oslo, announced on 5 June 2025 the results of a private placement of 38,011,500 new shares for a total subscription amount of NOK 532 million, equivalent to approximately EUR 46.2 million. Austur was allocated 27,045,027 shares, representing approximately 71.2% of the total allocation, for a total subscription amount of NOK 378.6 million, or approximately EUR 33 million. The allocation of new shares was i.a. subject to approval by the extraordinary general meeting of Kaldvik AS. Furthermore, following the private placement, the purchase by Austur of an additional 860,000 shares in Kaldvik AS was announced on 10 June 2025.

Following shareholder approval of the share capital increase in Kaldvik AS on 19 June 2025, Austur is obliged to settle its allocated portion of the new shares pursuant to the private placement. In accordance with a financing agreement between Austur and its shareholders, Ísfélag will provide financing in connection with the aforementioned transactions in the amount of NOK 341 million (approximately EUR 29.7 million), comprising an equity contribution and in the form of convertible shareholder loans. Following these transactions Austur shareholding in Kaldvik AS will be a 57.35% but was previously 54,06%.

The investment forms part of the Company’s strategy to diversify its revenue streams and to support the continued development of Kaldvik AS.