Iceland Seafood International
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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.
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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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Q3 202618 Nov, 2026
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