Iceland Seafood International (ICESEA) Q2 2026 earnings summary

Executive summary

• 1H 2026 sales reached €273.0m, up 16.8% year-over-year, with strong growth in Sales & Distribution and Value Added Northern Europe divisions.

• Net profit for 1H 2026 was €2.2m, doubling from €1.1m in 1H 2025, driven by lower interest costs and absence of adverse FX movements.

• Strong demand for cod and whitefish, supported by constrained supply and record-high prices.

• Operating profitability lagged revenue growth due to less pronounced price increases and intensified competition for raw materials.

• A non-recurring €0.5m receivable write-down in French operations negatively impacted earnings.

Financial highlights

• EBITDA for 1H 2026 was €8.3m, down from €9.2m in 1H 2025.

• Gross profit for 1H 2026 was €36.9m, up from €34.1m in 1H 2025.

• EBIT for 1H 2026 was €6.3m, compared to €7.1m in 1H 2025.

• Net interest-bearing debt at June 2026 was €105.8m, down €5.7m from year-end 2025.

• Equity ratio at end of June was 29.6%.

Outlook and guidance

• Full-year 2026 profit before taxes is projected at €11.5–13.5m.

• Cod prices expected to remain high due to quota cuts and bans on Russian fish.

• Salmon prices are expected to follow 2025 trends, with uncertainty ahead.

• The Board expects the impact of the Grimsby property incident to be immaterial to overall operations or financial performance.

• All divisions expected to perform in line with budget, but market volatility remains a risk.