Iceland Seafood International (ICESEA) Q1 2026 earnings summary

Executive summary

• Group sales reached €146.0m in Q1 2026, up 22.4% year-over-year, marking an all-time sales record for March, with strong growth in all divisions.

• Net profit increased to €2.1m from €1.0m in Q1 2025, with EBITDA rising to €5.74m from €5.43m.

• Growth was driven by strong cod demand, high whitefish prices, and lower salmon prices, though profitability was tempered by intensified competition and higher logistics costs.

Financial highlights

• Gross profit rose to €19.99m from €17.69m year-over-year.

• EBITDA for the trailing 12 months rose to €22.8m from €20.0m at the end of 2025.

• Profit before taxes for Q1 2026 was €3.3m, up from €1.88m in Q1 2025.

• Total assets increased to €292.8m at March 31, 2026, from €279.4m at year-end 2025.

• Net interest-bearing debt rose to €118.8m, up €7.3m from year-end 2025.

Outlook and guidance

• Profit before taxes for 2026 is projected at €11.5–13.5m.

• Cod prices are expected to remain high due to quota cuts and geopolitical factors; salmon prices are forecasted to follow 2025 trends.

• Market conditions remain favorable for whitefish, but competition for raw materials and geopolitical tensions may impact costs.

• Continued demand growth is expected, but risks from logistics and raw material pricing persist.

• All divisions are expected to meet budget targets, but results will depend on cod and salmon market developments.