Eimskipafélag Íslands (EIM) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered positive results despite significant external headwinds, with profitability broadly in line with last year and improved sequentially due to business and operational measures initiated in 2025.

• Net earnings for the first six months of 2026 were EUR 0.8 million, with total equity at EUR 295.3 million as of 30 June 2026.

• Estimated annual impact of initiatives is EUR 13m, with EUR 3.2m realized in Q2 and EUR 6.1m year-to-date, contributing EUR 5.1m to EBITDA.

• Revenue in Q2 2026 reached EUR 225.4 million, up EUR 23.1 million year-over-year, driven by higher freight rates and emergency surcharges.

• EBITDA for Q2 2026 was EUR 21.3 million, flat year-over-year, with operational disruptions and cost increases offset by revenue growth.

Financial highlights

• Revenue increased by 11.4% year-over-year to EUR 225.4m, mainly due to higher global freight rates and increased bunker surcharges.

• Expenses rose by 12.7% to EUR 204.1m, driven by higher freight rates, bunker costs, and land transportation expenses.

• EBITDA was EUR 21.3m, up 0.5% year-over-year, despite a EUR 1.0m negative impact from a seafarers' strike and discontinued ferry operations.

• Net earnings for the period were EUR 5.5m, a 19.6% increase year-over-year.

• Basic EPS for Q2 2026: EUR 0.033; YTD 2026: EUR 0.0053.

Outlook and guidance

• Icelandic import volumes expected to remain resilient; exports to stay strong, supported by seafood and salmon shipments.

• Trans-Atlantic volumes projected to be modestly higher than Q2 but below Q3 last year; rates expected to increase both sequentially and year-over-year.

• Forwarding volumes anticipated to remain stable, with elevated rates but constrained growth due to equipment shortages and limited capacity.

• Geopolitical tensions and volatile energy markets are expected to continue impacting costs and freight rates.

• Resumption of Suez Canal transits may increase vessel capacity and pressure global freight rates.