Icelandic Salmon (ISLAX) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw positive biological and financial development, with operational EBIT of EUR 2.6 million and a full-year EBIT of EUR -18.1 million, reflecting a strong finish to a challenging year.

• 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.

• Positive non-operational effects included 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, down from EUR 101.5 million in 2024.

• 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%, with net interest-bearing debt (including leasing) at EUR 129 million.

• Available liquidity at quarter-end was EUR 43 million.

• Net debt increased by EUR 7.5 million in Q4, mainly due to higher working capital from strong production and record biomass.

Outlook and guidance

• Continued positive operational and financial trends are expected, supported by high sea temperatures and improved biological performance.

• 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 expected to rise to 10% in 2026, with a backloaded harvest profile.

• CapEx for 2026 projected at EUR 4.77 million, mainly for maintenance.

• Market prices expected to strengthen in Q2 2026; contract prices for 2026 anticipated to be higher than 2025.