Ísfélag (ISF) Q1 2026 earnings summary

Executive summary

• Achieved profitability in Q1 2026, driven by a strong capelin season, robust trawler catches, and high product prices.

• Revenue for Q1 2026 was USD 73.3m, up from USD 37.3m in Q1 2025.

• Net profit for Q1 2026 reached USD 22.8m, compared to a loss of USD 3.6m in Q1 2025.

• The company remains financially strong, with equity ratio at 66.7% as of March 31, 2026.

• High product prices and substantial inventory levels at period end, with sales progressing well.

Financial highlights

• EBITDA for Q1 2026 was USD 31.7m (43.2% margin), up from USD 7.3m (19.7%) year-over-year.

• Operating profit for Q1 2026 was USD 26.9m, compared to USD 3.1m in Q1 2025.

• Gross margin for Q1 2026 was USD 29.4m, up from USD 4.7m in Q1 2025.

• Earnings per share for Q1 2026 were USD 0.028, compared to a loss of USD 0.004 per share in Q1 2025.

• Total assets as of March 31, 2026, were USD 880.8m.

Outlook and guidance

• Product prices expected to remain high.

• Freezing plants to close part of the summer due to reduced mackerel quota and international agreements, with no pelagic fishing until late August.

• Uncertainty around wage agreements, inflation, and energy prices.

• Need for international agreements on blue whiting and Norwegian-Icelandic herring to secure Iceland's interests.

• The company is well positioned for future investments and opportunities due to its strong financial position.