Eimskipafélag Íslands (EIM) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 19.4% YoY to €245.2m and EBITDA increased 43.6% to €29.3m, supported by stronger volumes and operational efficiencies.

• Performance improved across all three segments; higher activity increased working capital and weighed on cash flow.

Financial highlights

• Q3 expenses rose 16.7% to €215.9m; EBIT was €13.7m versus €5.9m and net earnings were €15.5m versus €5.6m.

• 9M revenue increased 8.8% to €662.3m, EBITDA rose 5.0% to €59.8m and net earnings reached €16.3m versus €9.4m.

• 9M operating cash flow was €17.6m versus €43.4m; Q3 operating cash flow was negative €6.4m.

• Salaries increased 4.6% YoY to €41.1m, or 2.0% excluding €1.0m of FX impact; average FTEs declined by 42.

Outlook and guidance

• Q4 activity is expected to be solid across all segments with normal seasonality; Iceland imports are forecast higher YoY and exports strong, with a late-quarter slowdown.

• Trans-Atlantic volumes are expected to remain at Q3 levels and above Q4 2025, with higher average rates; Norway volumes are forecast higher YoY despite reduced quotas.

• Forwarding volumes are expected to exceed last year with broadly stable rates, though Asia-Europe capacity constraints may limit growth; trucking may soften seasonally.

• Warehousing outlook is positive toward year-end, while cold storage in Norway and the Faroe Islands remains challenged by lower stocks; strong affiliate performance is expected.

• Two Elbfeeder vessel sales are expected to contribute approximately €12m across Q3 and Q4 2026.