Icelandic Salmon (ISLAX) Q3 2026 earnings summary

Executive summary

• Q3 harvest was 5,200 tonnes versus 3,800 tonnes in Q3 2025; operational EBIT improved to EUR 1.4m from a EUR 9.4m loss.

• Improved biological performance, lower underlying costs and stronger price achievement supported results.

Financial highlights

• Q3 operating income was EUR 40.1m versus EUR 25.1m; operational EBIT was EUR 1.4m versus a EUR 9.4m loss.

• YTD operating income was EUR 107.0m versus EUR 60.6m; operational EBIT was a EUR 1.9m loss versus a EUR 20.7m loss.

• Q3 EBITDA generated EUR 5.1m of positive cash flow; fair-value adjustments were EUR 0.2m, with limited earnings and equity impact.

• YTD harvest was 14.4k tonnes versus 8.9k tonnes; production tax was EUR 4.4m versus EUR 2.8m.

Outlook and guidance

• 2026 harvest guidance is 20,000 tonnes, with 1,300 tonnes shifted to 2027; 2027 guidance is 18,000 tonnes, affected by biological challenges.

• Q4 costs are projected below Q3, though stable QoQ is the conservative outlook given biological issues at one 2025-generation site.

• 2027 harvest is expected to be backloaded, with 35%–40% in H1; smolt releases are expected to rise by ~800,000 to nearly 6 million.

• Higher feed prices are expected to slightly increase 2027 costs; annual contract share is expected at ~10%.

• Existing licenses could support 26,000 tonnes, but further growth and investment depend on regulatory clarity and an acceptable tax regime.