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Strong order intake and solid performance

• Revenues for Q3 2010 totalled 149.5 mln, an increase of 33.5% compared to revenues from core business in the same period the year before [Q3 2009: 112.0 mln]. The increase is 11.8% compared to the consolidated figures [Q3 2009: 133.7 mln].
• EBITDA was 19.9 mln, or 13.3% of sales [Q3 2009: 18.6 mln from core business; 18.0 mln consolidated].
• Operating profit (EBIT) was 13.8 mln, or 9.2% of sales [Q3 2009:13.1 mln from core business; 11.8 mln consolidated].
• Net result was 2.4 mln for Q3 2010 [Q3 2009: 0.9 mln].
• Operational cash flow remains strong and net interest bearing debt is 271.1 mln at the end of Q3 2010 [Q3 2009: 348.0 mln].
• The order book continues to grow as a result of a strong product pipeline and improved market conditions. The order book stands at 141.2 mln at the end of the quarter [Q3 2009: 86.1 mln].

Q3 2010 was a good quarter for Marel. Revenues totalled 149.5 mln, an increase of 33.5% compared to Q3 2009 and 9.8% compared to the previous quarter, despite the summer holiday period. Marel fully expects to reach its target of 10-12% return on revenues for the year as a whole.

Marel is in formal discussions with a limited number of international banks regarding the financing of the company. A new, stable and cost efficient financing structure will facilitate further integration of the company’s operations.

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For further information, contact:

Jón Ingi Herbertsson, Investor and Public Relations Manager
tel: (+354) 563-8451

Erik Kaman, CFO,
tel: (+354) 563-8072

Sigsteinn Grétarsson, Managing Director of Marel ehf.,
tel: (+354) 563-8072