Icelandic Salmon reported a weak financial performance for the third quarter of 2025, posting an operational EBIT of €-9.4 million. This is a significant increase from the €-3.0 million operational loss recorded in the same quarter last year.
The loss came despite harvesting 3,800 tonnes (GWT) in the quarter, a large increase from the 1,800 tonnes harvested in Q3 2024. Operating income (revenue) for the quarter rose to €25.1 million from €14.3 million in the prior-year period.
The company attributed the operational loss to the high cost of the harvested biomass, as all volume in the quarter came from its 2023 generation.
The result also included extraordinary items amounting to €-3.2 million. The company noted that this loss was partially offset by strong price achievements, low harvesting costs in the quarter, and strong seawater production.
For the first nine months of 2025, the company harvested 8,900 tonnes, resulting in an operational EBIT loss of €-20.7 million on revenues of €60.6 million.
Looking ahead, Icelandic Salmon expects lower costs in the fourth quarter of 2025, as it began harvesting its 2024 generation in October. The company's harvest guidance for the full year 2025 remains unchanged at 13,000 tonnes, and it has issued a volume guidance of 21,000 tonnes for 2026.
The company also finalised an extension and amendment to its bank financing during the quarter and remains in compliance with the new terms, with €52 million in available liquidity.
