Arctic Fish (AFISH) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly harvest volume of 6,029 tonnes, up 92% year-over-year from Q1 2025.

• Revenue rose to €38.6 million, driven by higher volumes, with operational EBIT at €2.0 million.

• Operational EBIT per kg improved to €0.33 from €0.16 in Q1 2025, despite lower price achievement.

• Standing biomass at quarter-end was 13,716 tonnes, up 21% year-over-year.

• Guidance for 2026 harvest volumes increased to 18,000 tonnes, a 22% year-over-year rise.

Financial highlights

• Revenue for Q1 2026 was €38.6 million, up from €22.1 million in Q1 2025, attributed to volume growth.

• Operational EBIT reached €2.0 million, up from €0.5 million in Q1 2025.

• Operational EBIT per kg increased 106% year-over-year to €0.33.

• Negative fair value adjustment on biomass was €7.7 million, lower than €13.4 million in Q1 2025.

• Net loss for the period was €7.7 million, improved from a €15.0 million loss in Q1 2025.

Outlook and guidance

• 2026 harvest volume guidance raised to 18,000 tonnes, a 22% increase year-over-year.

• Cost reduction measures remain a high priority, with expectations for lower cost levels.

• Positive biological performance and higher seawater temperatures support improved outlook.