Arctic Fish recorded an all-time high quarterly harvest of 6,029 tonnes during the first quarter of 2026, which represents a 92 per cent increase from the 3,140 tonnes reported in the previous year. Revenue for the period rose to €38.6 million ($41.5 million) from €22.1 million, a growth the company described as being purely volume driven.
The Iceland-based salmon farmer generated an operational profit of €2 million, compared with €0.5 million in the first quarter of 2025. While price achievement was lower year over year, the company noted that cost level improvements helped drive the increase in earnings.
Higher seawater temperatures contributed to biological performance that was above expectations during the quarter. Standing biomass reached 13,716 tonnes by May 13, 2026, marking a 21 per cent rise over the same date in the prior year.
Arctic Fish stated it is focused on cost reduction measures and anticipates that lower cost levels will remain a high priority moving forward. Although record output in 2025 is providing some benefit this year, the company expects the impact to be more significant in 2027.
Following positive biological development throughout the start of the year, management increased the 2026 harvest guidance to 18,000 tonnes. This revised target would represent an all-time high for the group and a 22 per cent increase compared to 2025.
Total assets decreased by €23.2 million from the end of 2025 to €252.2 million, largely due to a reduction in biological assets. Substantial harvesting activity resulted in a temporarily deflated balance sheet, though the equity ratio rose slightly to 35.9 per cent.
Net interest-bearing debt reached €141.6 million by the end of March, up from €140.1 million at the end of the fourth quarter.
Capital expenditures for the first three months of the year totalled €4 million, with a focus on site build-up to prepare for seawater operations. Arctic Fish estimated that full-year capital expenditure will reach €13 million as it continues to invest in seawater pillars.
The company currently holds licenses for 29,800 tonnes of maximum allowed biomass across 10 farming areas in five different fjords in the Westfjords.
