Síldarvinnslann (SVN) Q2 2026 earnings summary

Executive summary

• Strong operational performance in Q2 2026, with successful pelagic fishing and processing, robust sales of capelin products, and high prices for frozen trawler catches.

• Revenue for the first half of 2026 reached €191.9 million, up from €145.9 million year-over-year.

• Net profit for the period was €47.0 million, a significant increase from €11.5 million in the same period last year.

• The company changed its functional currency from USD to EUR as of January 1, 2026, reflecting increased euro-denominated activity.

• Operations continued without disruption despite ongoing seismic activity near Grindavík.

Financial highlights

• Q2 2026 revenue was €78.3m, up from €67.4m in Q2 2025; EBITDA rose to €27.2m (34.7% margin) from €13.9m (20.6%).

• EBITDA for the first half of 2026 was €73.2 million, more than double the €34.9 million reported a year earlier.

• Operating profit (EBIT) reached €65.6 million, up from €26.6 million year-over-year.

• Total assets at June 30, 2026 were €951.7m, up from €945.4m at year-end 2025.

• Equity at period end was €652.8 million, with an equity ratio of 68.6%.

Outlook and guidance

• Expectations for high prices in the upcoming mackerel season despite lower quotas.

• Strong market outlook for fishmeal and oil, with prices at historical highs due to supply disruptions in Peru.

• Continued strong demand for whitefish products in Europe and the UK, though cod and haddock quotas are set to decrease.

• Positive initial advice for capelin quota, with expectations for a good season.

• No operational disruptions are expected from ongoing geological activity, and contingency plans are in place.