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Iceland Seafood International
Iceland Seafood International (ICESEA) investor relations material
Iceland Seafood International Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary26 Aug, 2026
Executive summary
1H 2026 sales reached €273.0m, up 16.8% year-over-year, with strong growth in Sales & Distribution and Value Added Northern Europe divisions.
Net profit for 1H 2026 was €2.2m, doubling from €1.1m in 1H 2025, driven by lower interest costs and absence of adverse FX movements.
Strong demand for cod and whitefish, supported by constrained supply and record-high prices.
Operating profitability lagged revenue growth due to less pronounced price increases and intensified competition for raw materials.
A non-recurring €0.5m receivable write-down in French operations negatively impacted earnings.
Financial highlights
EBITDA for 1H 2026 was €8.3m, down from €9.2m in 1H 2025.
Gross profit for 1H 2026 was €36.9m, up from €34.1m in 1H 2025.
EBIT for 1H 2026 was €6.3m, compared to €7.1m in 1H 2025.
Net interest-bearing debt at June 2026 was €105.8m, down €5.7m from year-end 2025.
Equity ratio at end of June was 29.6%.
Outlook and guidance
Full-year 2026 profit before taxes is projected at €11.5–13.5m.
Cod prices expected to remain high due to quota cuts and bans on Russian fish.
Salmon prices are expected to follow 2025 trends, with uncertainty ahead.
The Board expects the impact of the Grimsby property incident to be immaterial to overall operations or financial performance.
All divisions expected to perform in line with budget, but market volatility remains a risk.
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Latest events from Iceland Seafood International
- Sales grew, but normalized PBT fell to €0.7m; 2024 outlook: €5.0–7.0m.ICESEA
Q4 2023 - Q1 2026 sales rose 22.4% and net profit doubled, driven by strong cod and whitefish demand.ICESEAQ1 2026
- 2025 sales up 9% to €484.3m, net profit more than doubled, and refinancing completed.ICESEAQ4 2025
- Sales up 11% to €347.6m, net profit at €2.5m, driven by cod demand and refinancing.ICESEAQ3 2025
- Net profit rebounded to €1.1m on 10.3% sales growth, with refinancing and expansion.ICESEAQ2 2025
- Profitability improved despite lower sales and a significant UK divestment loss.ICESEAQ3 2024
- Sales fell 5% but normalized PBT improved; refinancing is a priority before 2025 maturities.ICESEAQ2 2024
- Q1 sales and profit rose on cod demand; refinancing to cut future interest costs.ICESEAQ1 2025
- Net profit rebounded to €2.8m in 2024, with improved margins and refinancing a 2025 focus.ICESEAQ4 2024
Next Iceland Seafood International earnings date
Q3 202618 Nov, 2026
Iceland Seafood International
Next Iceland Seafood International earnings date
Q3 202618 Nov, 2026
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Frequently asked questions
Iceland Seafood International hf. is an Iceland-based company primarily involved in the food industry. It operates as a supplier of fresh, frozen, and salted fish products. The company offers a variety of seafood products, including ready meals, fresh seafood, coated products, landfrozen products, shellfish, smoked fish, light and wet salted products, frozen-at-sea fish, pelagic fish, dried products, and cephalopods. These products are marketed under various brands such as Islandia and Iceland Gold. Iceland Seafood International hf. operates globally with subsidiaries in multiple countries, including France, Germany, the United Kingdom, Spain, and the United States.The company is headquartered in Reykjavík, Iceland, and its shares are listed on the Nasdaq Iceland.