Icelandic Salmon AS reported a 61% narrowing of its second-quarter operating loss as harvest volumes increased and average selling prices improved, though the company maintained its cautious stance on growth amid regulatory uncertainty.
The Oslo-listed aquaculture firm posted an operational EBIT loss of EUR 3.2 million in Q2 2026, down from EUR 8.3 million a year earlier. Year-to-date operating losses totaled EUR 3.3 million, while EBITDA turned slightly positive at approximately EUR 100,000. Operating income rose to EUR 39.9 million from EUR 25.0 million in the same period of 2025, reflecting higher production and pricing.
Harvest volume reached 5,500 tonnes in Q2, a 37.5% increase from 4,000 tonnes in Q2 2025. The weighted average price per kilogram climbed to EUR 8.58, up EUR 0.58 year-over-year. Geographic distribution shifted, with North America’s share rising to 16% from 10% in Q1 2026 and Asia’s share increasing to 19% from 14% in the same period. Total biomass in sea was 19% higher than a year earlier.
Chief Executive Björn Hembre highlighted operational improvements, noting that none of the fish groups in current smolt facilities had tested positive for poxvirus. He added that the company was adapting production to capitalize on stronger U.S. demand following the removal of tariffs on July 24, 2026. However, Hembre emphasized that regulatory uncertainty had forced the company to suspend expansion plans targeting 26,000 tonnes on existing licenses and reduce capital expenditures.
Icelandic Salmon maintained its full-year 2026 harvest guidance at 21,300 tonnes but lowered smolt release guidance to 5.1 million from 5.4 million. The company also put on hold plans to secure a 10,000-tonne license in Isafjordur due to ongoing regulatory delays. Extraordinary biological expenses totaled EUR 2.2 million in Q2 and EUR 3.0 million year-to-date, while a EUR 1.5 million production tax was paid in August.
Financial metrics showed a reduction in net interest-bearing debt to EUR 124 million, down EUR 7 million from the prior quarter. Available liquidity stood at EUR 46 million at quarter-end, with working capital releasing EUR 11.2 million during the period. The equity ratio slipped to 43% from 44% in the prior quarter.
Shares of Icelandic Salmon were up 0.77% at $65.50 following the presentation, 21% above the 52-week low of $54 but still 32.5% below the 52-week high of $97.
