The annual general meeting of Kaldalón hf. (“Kaldalón” or the “Company”), held on 26 March 2026, approved an authorisation for the Board of Directors to acquire shares in the Company so that, subject to applicable legal requirements, the Company may hold up to 10% of its share capital. The purpose of the authorisation is to support market making in the Company’s shares and/or to establish a formal share buyback programme in accordance with Article 5 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse, as well as Commission Delegated Regulation (EU) 2016/1052, cf. Act No. 60/2021 on Measures Against Market Abuse. The authorisation granted by the annual general meeting is valid until 30 June 2027.

On the basis of the above resolution of the annual general meeting, the Board of Directors of Kaldalón has decided to utilise part of the authorisation and establish a share buyback programme for the repurchase of shares for the purpose of reducing the Company’s issued share capital. It is envisaged that up to 10,000,000 shares will be repurchased, corresponding to 0.92% of the Company’s issued shares, provided, however, that the total amount of the repurchases will not exceed ISK 250,000,000. The programme will commence on Tuesday, 31 March 2026, and will remain in effect until either of the above thresholds relating to volume or amount has been reached, but no later than 30 June 2026.

As of today, Kaldalón holds 24,291,818 treasury shares, corresponding to 2.24% of the Company’s issued shares. At the Company’s annual general meeting held on 26 March 2026, it was further resolved to reduce the Company’s share capital by cancelling the aforementioned treasury shares, and such share capital reduction has now been implemented.

Íslandsbanki hf. will manage the implementation of the share buyback programme and will make all trading decisions relating to the purchase of shares, including the timing of such purchases, independently of the Company. Kaldalón reserves the right to reduce the aggregate purchase amount to be executed by Íslandsbanki or to suspend the share buyback programme at any time during the programme period.

The purchase price per share shall not exceed the higher of the price of the last independent trade and the highest current independent bid on Nasdaq Iceland’s trading system. The repurchases will be carried out in tranches, provided that purchases on any trading day shall not exceed 25% of the average daily trading volume in Kaldalón shares on the exchange during the 20 trading days preceding the purchase date, cf. Article 3(3) of Commission Delegated Regulation (EU) 2016/1052. Íslandsbanki hf. will calculate the average daily trading volume and will be responsible for ensuring that execution of the repurchases does not exceed the permitted maximum.

The share buyback programme will be carried out in accordance with applicable Icelandic law and regulations, including Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse (“MAR”), Commission Delegated Regulation (EU) 2016/1052, the Icelandic Public Limited Companies Act No. 2/1995, Act No. 60/2021 on Measures Against Market Abuse, and Rules No. 1290/2025 on the same subject.

Transactions undertaken by the Company in its own shares pursuant to the share buyback programme will be disclosed in accordance with applicable law and regulations.

Further information is available from:
Jón Þór Gunnarsson, CEO
[email protected]