Icelandic Salmon AS (OTCMKTS: ISLAX) reported a narrowed operational EBIT loss of EUR 3.2 million in the second quarter of 2026, a 61.4% improvement from a EUR 8.3 million loss in the same period last year. The company attributed the progress to a 37.5% increase in harvest volumes to 5,500 tonnes and higher market prices, which averaged EUR 0.58 per kilogram above Q2 2025 levels.
Operating income rose to EUR 39.9 million from EUR 25.0 million a year earlier, while operational EBIT per kilogram improved to negative EUR 0.59 from negative EUR 2.09. EBITDA turned positive at approximately EUR 100,000 for the quarter, marking a shift from the prior-year period. Extraordinary expenses totaled EUR 2.2 million due to biological issues at one production site, bringing year-to-date costs to EUR 3.0 million.
The company’s share price rose 0.77% to $65.50, extending its 52-week range between $54 and $97. Total assets declined by EUR 3 million to EUR 270 million as of June 30, while net interest-bearing debt fell by EUR 7 million to EUR 124 million, supported by an EUR 11.2 million working capital release. Available liquidity stood at EUR 46 million at quarter-end.
Geographic sales distribution showed notable shifts, with North America’s volume share increasing to 16% from 10% in Q1 2026, aided by higher availability of fish over 6 kilograms and the removal of U.S. tariffs to 0% in late July. Asia’s volume share rose to 19% from 14% in the same period, with direct flights from Iceland to China scheduled to begin in October.
Icelandic Salmon operates four smolt facilities with a combined capacity of 25,000 to 30,000 tonnes and maintains a harvesting plant in Bíldudalur with an annual capacity of 30,000 tonnes. The company’s maximum allowable biomass (MAB) totals 23,700 tonnes, with the Arnarfjordur license renewed for 10,000 tonnes and a 10,000-tonne license in Isafjordur under development. Full-year 2026 harvest guidance remains unchanged at 21,300 tonnes, though growth plans to 26,000 tonnes are currently on hold.
Chief Executive Björn Hembre highlighted regulatory uncertainty as a barrier to further expansion, stating during the earnings call that the lack of clarity is making it "irresponsible and impossible" to commit to additional capital expenditure at this time.
