Icelandic Salmon (ISLAX) Q3 2025 earnings summary

Executive summary

• Reported a challenging quarter with an operational loss of EUR -9.4 million, driven by high production costs and extraordinary items, including a EUR -3.2 million biomass value adjustment.

• Achieved nearly 100% utilization of maximum allowed biomass at key sites and all-time high smolt output for 2025, supporting future production.

• Harvested 3,800 tonnes in the quarter, up from 1,800 tonnes in the same quarter last year.

• Positive developments in harvesting costs, price achievement, and fish size compared to the market, with strong price realization in North America and Asia.

Financial highlights

• Operating income rose to EUR 25.1 million in Q3 2025 from EUR 14.3 million in Q3 2024; YTD 2025 operating income at EUR 60.6 million.

• EBIT for the quarter was EUR -9.4 million, impacted by high production costs and a one-time biomass value adjustment.

• Net interest-bearing debt, including leasing, ended at EUR 123 million, up EUR 9.7 million from the previous quarter.

• Available liquidity at quarter-end was EUR 52 million.

• Equity ratio decreased from 47% to 44% during the quarter.

Outlook and guidance

• Volume guidance for 2025 is 13,000 tonnes, with a significant increase to 21,000 tonnes in 2026.

• Expecting cost reductions in Q4 2025 and into 2026 due to higher volumes, improved biology, and generational shift.

• Anticipate a stronger market in 2026, with normalized prices and improved price achievement.

• Contract share expected to remain low at 1% for Q4 and 2% for the full year.