Icelandic Salmon reported an operating income for the first quarter of 2025 of €10.4 million ($11.8 million), down from €27.5 million in the first quarter of 2024.
Icelandic Salmon is the parent company of Arnarlax and its subsidiaries, which are involved in salmon farming and processing in Iceland.
In the first quarter, Icelandic Salmon said it experienced biological challenges at sea. To protect animal welfare, some volumes were harvested early at low average weights.
"Results were marked by mortality-related costs, low harvest volumes, and a weaker market due to increased global supply and lower prices," said the company.
“We faced biological setbacks this quarter at some sites,” added Björn Hembre, CEO of Icelandic Salmon. "Our team responded early to safeguard animal welfare, which meant harvesting fish at lower weights. Low harvest volumes and tougher global markets impacted our first quarter results. We will continue to build biomass as planned and remain on track for a stronger second half of 2025."
In the quarter, Icelandic Salmon harvested 1,100 tonnes, compared to 2,800 tonnes in the same quarter last year. Mortality-related costs amounted to €1.6 million.
"Smolt operations continued to perform well, and the group remains on track to transfer a record-high number of smolt to sea in 2025," said the company. "Capacity at our harvest plant was carefully aligned to match the planned production, and also reflecting the decision to increase biomass.
"The group continues to work closely with the authorities to reinstate a license for 10,000 tonnes MAB of sterile salmon in Ísafjarðardjúp, which was revoked in 2024.
"Efforts to secure larger sites for better MAB utilisation continue, expansion of sites in Arnarfjörður and a 4,500-tonne application in Arnarfjörður remains under review."
Investments in the quarter totaled €4.4 million, mainly related to preparing biomass build up in sea.
Icelandic Salmon said it continues to see solid demand for its salmon, but the quarter was affected by increased global supply and softer prices, especially for smaller-sized fish.
The group maintains its 2025 harvest volume guidance of 15,000 tonnes. The first half of the year is expected to remain impacted by low volumes and high-cost levels, with improvements expected in the second half of 2025.
