THIS VALUATION UPDATE WAS SHARED WITH PAYING SUBSCRIBERS ON 29/06/2026 AND IS NOW MADE PUBLIC

Reference is made to a recently published ratings framework by AKKUR that can be found here: https://akkur.beehiiv.com/ratings

See below the full valuation update deck for Icelandair Group. Result preview for the Q2 earnings will be shared closer to the earnings release on July 21.

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