Arctic Fish reports continued operating losses despite higher sales volume in Q2 2025
Icelandic salmon harvesting company Arctic Fish has published its financial results for the second quarter of 2025.
Although the company posted operational revenues of €12.599 million (US$14.67 million) during Q2 2025, it incurred operating losses of €4.417 million (US$5.14 million) compared to an operating profit of €2.324 million (US$2.71 million) during the same period last year.
The company's sold volume of head-on gutted fish was 2,020 tonnes in the quarter, compared to 1,275 tonnes harvested in the same period last year, which is an increase of 58 per cent year over year.
The group recognised a negative fair value adjustment of €1.9 million (US$2.2 million) (negative €4.4 million/US$5.1 million in Q2 2024) on the biomass in sea. The lower fair value adjustment in the quarter can largely be attributed to low forward prices and price seasonality.
Net financial losses were €2.8 million (US$3.26 million) in Q2 2025 compared to losses of €2.4 million (US$2.8 million) in Q2 2024. Net interest payments in the quarter amounted to €2.6 million (US$3.0 million) in the period, whilst other financial items resulted in losses of €2.0 million (US$2.3 million).
At the end of Q2 2025, total assets amounted to €246.5 million (US$287.1 million), which is an increase of €18.7 million (US$21.8 million) from Q1 2025). Arctic Fish said this is mainly due to an increase of biological assets, inventories and capital expenditures.
At the end of the reporting period, the group’s equity totalled €64.0 million (US$75 million), a decrease of €9.4 million (US$11 million) from the end of the previous quarter. The equity ratio at the end of the quarter amounted to 26 per cent, which is a decrease of 6.2 per cent from the previous quarter.
Arctic Fish said the biological performance of its seawater segment was strong with steady growth and good lice control. The smolt production segment's biological performance in the quarter was fundamentally solid, with closing average weight increasing compared to the same period last year.
The company expects harvesting volumes in 2025 to amount to 14,000 tonnes, which is 31 per cent more than what was realised in 2024, and will be the company’s biggest year so far from a volume perspective.
