Icelandic Salmon (ISLAX) Q2 2026 earnings summary

Executive summary

• Harvested volume reached 5,500 tonnes in Q2 2026, up from 4,000 tonnes in Q2 2025, with improved operational and biological performance despite extraordinary biological expenses.

• Operating revenue for H1 2026 rose to EUR 66.8 million from EUR 35.5 million in H1 2025, driven by higher harvest volumes and improved price achievement.

• Operational EBIT improved to negative EUR 3.2 million in Q2 2026 from negative EUR 8.3 million in Q2 2025, supported by better prices and lower costs, despite extraordinary biological expenses.

• Net loss for H1 2026 was EUR 9.1 million, a significant improvement from EUR 24.5 million loss in H1 2025.

• Market prices were higher year-over-year, with strong price achievement driven by larger fish sold to North America and Asia.

Financial highlights

• Operating income for Q2 2026 was EUR 39.9 million, up from EUR 25.0 million in Q2 2025.

• Net interest-bearing debt reduced by EUR 7 million to EUR 124 million, aided by working capital release.

• Available liquidity at quarter-end was EUR 46 million.

• Equity ratio decreased to 43% from 47% at year-end 2025.

• CapEx investment year-to-date was EUR 1.6 million, with full-year 2026 CapEx planned at EUR 4.1 million.

Outlook and guidance

• Harvest volume guidance for 2026 is 21,300 tonnes, with potential to reach 26,000 tonnes on existing licenses.

• Cost reductions expected in Q3 due to better biological performance and ongoing cost-saving programs.

• Contract share for the year expected at 10%.

• U.S. tariffs dropped to 0% in July, boosting competitiveness and price achievement in that market.

• Regulatory uncertainty regarding aquaculture legislation in Iceland may impact future investment and growth.