Icelandic Salmon AS narrowed its second-quarter 2026 loss as operational costs eased and harvest volumes increased, according to results released alongside an earnings call transcript.
The Oslo- and Reykjavik-listed salmon producer reported EBIT of negative EUR 3.2 million, a 61.4% improvement from a loss of EUR 8.3 million in the same period a year earlier. EBITDA turned positive to approximately EUR 100,000, reversing a loss in Q2 2025. Net interest-bearing debt declined by EUR 7 million to EUR 124 million at the end of June, while working capital was released by EUR 11.2 million during the quarter.
Harvest volumes rose 37.5% to 5,500 tonnes, with the average weight of fish at 6.2 kg head-on gutted. The average price achieved increased to EUR 8.58 per kg, up EUR 0.58 from Q2 2025. Total assets decreased by EUR 3 million quarter-over-quarter to around EUR 270 million, primarily driven by changes in current assets. Available liquidity stood at EUR 46 million at quarter-end.
The company maintained its 2026 harvest guidance at 21,300 tonnes, with potential to reach 26,000 tonnes if licensing conditions allow. Smolt release guidance was reduced to 5.1 million from 5.4 million due to adjustments in production. Icelandic Salmon operates under a maximum allowed biomass of 23,700 tonnes across three fjords in the Westfjords, with a recently renewed 10,000-tonne license valid for 16 years.
Chief Executive Björn Hembre highlighted efforts to align production with stronger U.S. demand following the removal of a 15% U.S. tariff on July 24. The company also expects direct flights from Iceland to China to commence in October, supporting expansion into Asian markets. However, Hembre noted regulatory uncertainty as a barrier to further growth and capital expenditure commitments.
Chief Financial Officer Róbert Róbertsson reported net interest-bearing debt fell to EUR 124 million from EUR 131 million, while total planned CAPEX for 2026 remains at approximately EUR 4.1 million. The company incurred an extraordinary expense of EUR 2.2 million due to biological challenges in the spring 2024 generation during low winter temperatures.
