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Icelandic Salmon (ISLAX) investor relations material
Icelandic Salmon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Reported a challenging Q3 2025 with an operational loss of EUR -9.4 million, driven by high production costs and extraordinary items, including a significant biomass value adjustment.
Achieved nearly 100% utilization of maximum allowed biomass at key sites and all-time high smolt output for 2025, supporting future production.
Harvested 3,800 tonnes in the quarter, up from 1,800 tonnes in the same quarter last year, with strong price realization despite market price pressure.
Fully integrated operations from egg to market, ensuring control over the entire value chain.
Dual-listed on Euronext Growth in Oslo and NASDAQ First North in Reykjavík, with management available for direct inquiries.
Financial highlights
Operating income rose to EUR 25.1 million in Q3 2025 from EUR 14.3 million in Q3 2024; YTD 2025 operating income at EUR 60.6 million.
EBIT for the quarter was EUR -9.4 million, impacted by high production costs and a one-time biomass value adjustment.
Net interest-bearing debt, including leasing, ended at EUR 123 million, up by EUR 9.7 million.
Available liquidity at quarter-end was EUR 52 million.
Equity ratio decreased from 47% to 44% during the quarter.
Outlook and guidance
Volume guidance for 2025 is 13,000 tonnes, with a significant increase to 21,000 tonnes in 2026.
Expecting cost reductions in Q4 2025 and into 2026 due to higher volumes, improved biology, and generational shift.
Anticipate a stronger market in 2026, with normalized prices and improved price achievement.
Contract share expected to remain low at 1% for Q4 and 2% for the full year.
Well positioned for financial recovery in 2026, with good biological conditions ahead of winter.
Why dual-listed in Oslo and Reykjavík?
What are the benefits of full integration?
What are key sustainability initiatives?
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Next Icelandic Salmon earnings date
Q4 202518 Feb, 2026
Next Icelandic Salmon earnings date
Q4 202518 Feb, 2026
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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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