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Iceland Seafood International (ICESEA) investor relations material
Iceland Seafood International Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group sales reached €146.0m in Q1 2026, up 22.4% year-over-year, marking an all-time sales record for March, with strong growth in all divisions.
Net profit increased to €2.1m from €1.0m in Q1 2025, with EBITDA rising to €5.74m from €5.43m.
Growth was driven by strong cod demand, high whitefish prices, and lower salmon prices, though profitability was tempered by intensified competition and higher logistics costs.
Financial highlights
Gross profit rose to €19.99m from €17.69m year-over-year.
EBITDA for the trailing 12 months rose to €22.8m from €20.0m at the end of 2025.
Profit before taxes for Q1 2026 was €3.3m, up from €1.88m in Q1 2025.
Total assets increased to €292.8m at March 31, 2026, from €279.4m at year-end 2025.
Net interest-bearing debt rose to €118.8m, up €7.3m from year-end 2025.
Outlook and guidance
Profit before taxes for 2026 is projected at €11.5–13.5m.
Cod prices are expected to remain high due to quota cuts and geopolitical factors; salmon prices are forecasted to follow 2025 trends.
Market conditions remain favorable for whitefish, but competition for raw materials and geopolitical tensions may impact costs.
Continued demand growth is expected, but risks from logistics and raw material pricing persist.
All divisions are expected to meet budget targets, but results will depend on cod and salmon market developments.
- 2025 sales up 9% to €484.3m, net profit more than doubled, and refinancing completed.ICESEA
Q4 202521 May 2026 - Sales fell 5% but profitability improved; refinancing is a priority before 2025 maturities.ICESEA
Q2 202423 Jan 2026 - Sales up 11% to €347.6m, net profit at €2.5m, driven by cod demand and refinancing.ICESEA
Q3 202513 Nov 2025 - Net profit rebounded to €1.1m on 10.3% sales growth, with refinancing and expansion.ICESEA
Q2 202527 Aug 2025 - Profitability improved despite lower sales and a significant UK divestment loss.ICESEA
Q3 202413 Jun 2025 - Q1 sales and profit rose on cod demand; refinancing to cut future interest costs.ICESEA
Q1 20256 Jun 2025 - Net profit rebounded to €2.8m in 2024, with improved margins and refinancing a 2025 focus.ICESEA
Q4 20245 Jun 2025
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