Arctic Fish (AFISH) Q2 2026 earnings summary

Executive summary

• Quarterly harvest volumes surged 177% year-over-year to 5,595 tonnes, with YTD volumes at 11,624 tonnes, driving a 158% increase in revenue to €32.5 million compared to Q2 2025.

• Operational EBIT improved to negative €3.1 million from negative €4.4 million in Q2 2025, reflecting better cost control and economies of scale, though still negative.

• Achieved Global G.A.P. certification, becoming Iceland's first fish farmer to do so and underscoring leadership in sustainable and traceable salmon farming.

Financial highlights

• Revenue reached €32.5 million, up from €12.6 million in Q2 2025, mainly due to higher harvest volumes.

• Operational EBITDA was negative €0.7 million, an improvement from negative €2.1 million in Q2 2025.

• Net loss for the quarter was €10.6 million, with basic EPS at negative €0.24.

• Net interest-bearing debt increased to €143.2 million at quarter end.

• Cash flow from operations was positive at €3.6 million; net capital expenditure was €2.7 million.

Outlook and guidance

• 2026 harvest volume guidance remains at 18,000 tonnes, a 22% increase year-over-year.

• Cost reduction measures are ongoing, with expectations for lower cost levels ahead.