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Icelandic Salmon (ISLAX) investor relations material
Icelandic Salmon Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 saw improved profitability and positive biological development, with operational EBIT of EUR 2.6 million and a full-year EBIT of minus EUR 18.1 million.
Harvested volume for Q4 was 3,800 tonnes, with full-year volume at 12,700 tonnes, slightly below guidance due to volume shifts into Q1 2026.
Stable biological conditions and record-high biomass at year-end supported operational performance.
Benefited from a EUR 2.5 million tax refund and a EUR 0.6 million reversal of a previous biomass write-down.
Financial highlights
Operating income for Q4 2025 was EUR 29.4 million, with full-year income at EUR 90.0 million.
Total assets increased by EUR 10 million to EUR 278 million in Q4, mainly due to a stronger equity position and a EUR 7.5 million fair value adjustment.
Equity ratio improved to 45%.
Net interest-bearing debt, including leasing, ended at EUR 129 million.
Available liquidity at year-end was EUR 43 million.
Outlook and guidance
Continued positive operational and financial trends are expected, supported by high sea temperatures and effective vaccination strategies.
CapEx for 2026 projected at EUR 4.77 million, mainly for maintenance.
Volume guidance for 2026 is 21,300 tonnes, a 67% increase from 2025, with potential to reach 26,000 tonnes on existing licenses.
Contract share for Q1 and full year 2026 expected at 10%.
Market prices anticipated to strengthen in Q2 2026.
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