Ísfélag (ISF) Q2 2026 earnings summary

Executive summary

• Achieved profitability in H1 2026, with revenue rising to $118.6 million from $75.7 million year-over-year, driven by a strong capelin season, robust trawler catches, and high product prices.

• Net profit for H1 2026 was $27.5 million, a turnaround from a $9.7 million loss in H1 2025.

• The company remains financially strong, with an equity ratio of 65.8% and total assets of $873.1 million as of June 30, 2026.

• Major investments in operating assets and vessel sales are expected to enhance future operations.

• Sale of the vessel Jón á Hofi was completed in January 2026, with further vessel sales planned.

Financial highlights

• Operating revenue for Q2 2026 was $45.3 million, up from $38.4 million in Q2 2025; H1 2026 revenue reached $118.6 million, up from $75.7 million year-over-year.

• Net profit for Q2 2026 was $4.7 million, compared to a loss of $6.1 million in Q2 2025; H1 2026 net profit was $27.5 million, versus a loss of $9.7 million in H1 2025.

• EBITDA for H1 2026 was $45.8 million (38.7% margin), up from $17.7 million in H1 2025.

• Gross margin improved to $41.4 million from $9.8 million year-over-year.

• Equity at period end was $574.8 million, up from $567.0 million at year-end 2025.

Outlook and guidance

• Product prices are expected to remain high, with positive expectations for the upcoming capelin season.

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

• Vessel sales and recent investments are expected to improve operational efficiency.

• Mackerel season started late due to quota reductions; international agreements will significantly impact summer fishing activities.