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Icelandic Salmon (ISLAX) investor relations material
Icelandic Salmon Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Accelerated and early harvesting due to a BQD/BKD outbreak in the 2023 generation led to higher-than-expected volumes, increased mortality, and operational challenges, resulting in operational losses.
Operational EBIT was negative, at EUR 8.3 million for Q2 and EUR 11.3 million for H1 2025, driven by high costs, lower market prices, and extraordinary expenses from biological issues.
Organizational restructuring and management changes were implemented, including new interim CFO and COO Biology appointments.
Extraordinary expenses of EUR 2.6 million were recognized due to biological challenges in the 2023 generation.
CapEx investments focused on seawater operations and post-smolt facility expansion, with ongoing financial transformation to improve flexibility and reduce costs.
Financial highlights
Total assets increased by EUR 5 million to EUR 264 million; available liquidity at quarter-end was EUR 63 million, mainly from revolver facilities.
Operating revenue for H1 2025 was EUR 35.5 million, down 5% year-over-year due to lower salmon prices despite higher harvest volumes.
Net interest-bearing debt (excluding leasing) was EUR 98 million; including leasing, NIBD reached EUR 113.4 million, up EUR 15.6 million due to operational loss and new lease agreements.
Equity ratio declined from 55% to 47% (or 47.4% for H1 2025), mainly due to operational loss and negative fair value adjustments.
Net cash flow from operating activities was negative EUR 10.8 million in H1 2025.
Outlook and guidance
Harvest volume guidance for 2025 was reduced from 15,000 to 13,000 tonnes due to biological challenges and accelerated harvesting.
All of the 2023 generation is expected to be harvested in Q3, with the 2024 generation harvest starting early in Q4.
Cost levels are expected to decrease from Q4 onward due to increased volumes and lower cost out of stock from the 2024 generation.
Regulatory uncertainty remains, with new aquaculture legislation expected in H2 2025 and ongoing license reissuance processes.
The plan to reach 26,000 tonnes of harvest in coming years remains unchanged despite revised investments.
What drove the decrease in operating revenue?
Assess the impact of new aquaculture law.
Explain the rationale for revised investment plan.
New law proposal: expected timeline and impact?
Clarify H1 '25 production tax outlook.
Quantify US market volume shift post-tariff.
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Next Icelandic Salmon earnings date
Q3 20256 Nov, 2025
Next Icelandic Salmon earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Icelandic Salmon AS, also known as Arnarlax, is engaged in the production, processing, and sale of farmed salmon. The company operates primarily in Europe, North America, and Asia, focusing on sustainable aquaculture. Icelandic Salmon AS oversees salmon farming activities through its subsidiaries, ensuring a reliable supply chain for high-quality seafood products. It changed its name from Arnarlax AS to Icelandic Salmon AS in 2020 and is a subsidiary of Norwegian company SalMar ASA. The company is headquartered in Bíldudalur, Iceland, and its shares are listed on the Oslo Stock Exchange.
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