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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.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.
- Q1 2026 sales rose 22.4% and net profit doubled, driven by strong cod and whitefish demand.ICESEA
Q1 2026 - 2025 sales up 9% to €484.3m, net profit more than doubled, and refinancing completed.ICESEA
Q4 2025 - Sales up 11% to €347.6m, net profit at €2.5m, driven by cod demand and refinancing.ICESEA
Q3 2025 - Net profit rebounded to €1.1m on 10.3% sales growth, with refinancing and expansion.ICESEA
Q2 2025 - Profitability improved despite lower sales and a significant UK divestment loss.ICESEA
Q3 2024 - Sales fell 5% but normalized PBT improved; refinancing is a priority before 2025 maturities.ICESEA
Q2 2024 - Q1 sales and profit rose on cod demand; refinancing to cut future interest costs.ICESEA
Q1 2025 - Net profit rebounded to €2.8m in 2024, with improved margins and refinancing a 2025 focus.ICESEA
Q4 2024
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Next Iceland Seafood International earnings date
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