Icelandic Salmon reports Q3 loss on high costs, debt rises

Icelandic Salmon AS announced its Q3 2025 results, reporting a weak financial performance with an operational EBIT of -€9.4 million. This was primarily attributed to high costs associated with harvested biomass from the 2023 generation and extraordinary items totaling -€3.2 million. Consequently, the company's net interest-bearing debt, including leasing, increased by €9.7 million to €123.1 million, driven by operational losses and a significant production tax bill from 1H 2025.

Despite the financial challenges, the company highlighted strong operational performance elsewhere in the value chain, including low harvesting costs and robust price achievements. High sea temperatures contributed to strong seawater production, maintaining good control of lice, and achieved an all-time high smolt output for 2025. The company also finalized an extension and amendment to its bank financing in Q3 2025, ensuring financial compliance.

Looking ahead, Icelandic Salmon expects lower costs in Q4 2025 following a generational shift and has started harvesting from its 2024 generation in October. Volume guidance remains unchanged at 13,000 tonnes for 2025 and 21,000 tonnes for 2026. A new aquaculture law is anticipated to be presented in February 2026. CEO Bjørn Hembre and interim CFO Edvin Aspli hosted a Teams webinar to present the results.