Q1 2026 RESULTS
PRESENTATION TO INVESTORS AND ANALYSTS
Iceland Seafood International
27.05.2026
Iceland Seafood International Key numbers
IS Iceland
€484,3 mRevenues in 2025
10Businesses
10
Businesses
6Value-added factories
45Countries we trade in
Oceanpath
IS Germany
1.0+ mMeals sold every day
66.125 MTOf products sold
IS France
5000+Customers
7G4+
Employees 2025
IS Ibérica
Achernar
Thorpesca
Ahumados Domínguez
Cod prices remained at historically high levels in Q1 202C while salmon prices were lower than forecasted
Cod prices have been historically high due to quota cuts in the Barents Sea and the Atlantic Ocean, and political turmoil. This is expected to have a long-term impact.
Salmon prices were lower than forecast in 2025 and remained soft in Q1 2026. While price developments for 2026 are uncertain, prices are expected to
follow similar pattern as 2025.
Ongoing economic and political challenges continue to impact demand.
Salmon prices lower than expected in Q1 2026
Atlantic Cod supply 2005-2026 HG frozen cod prices are still at an all-time high and increasing
1750
1400
1050
700
350
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Feb
Jan
9,40
8,40
7,40
6,40
5,40
4,40
3,40
2026
2025
2024
2023
2022
Dec
2021
March
April
May
June
July
Agu
Sept
Okt
Nov
March
Dec
Nov
Okt
Sept
Agu
July
June
May
April
12
11
10
9
8
7
6
5
4
3
Feb
Jan
2026 - Forward prices
2026
2025
2024
2023
2021
Food inflation is slightly up in the US, down in the UK and stable in the EU, while interest rates are under pressure after being stable for a whileEurozone 2.15% Federal Reserve 3.75%
Food inflation is slightly up in the US, down in the UK and stable in the EU compared to the last few months. Inflation, on the other hand, is increasing in the EU and the USA, while stable in the UK.
Compared with the prior year, interest rates across the EU, UK and US were materially lower in the first months of 2026, reflecting earlier easing cycles. However, central banks largely paused further rate cuts in 2026 amid renewed inflationary and geopolitical uncertainty.
Financial performance
Q1 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS
-
VA S-Europe
Increased sales and an improved NPBT compared with the prior year
Sales in Q1, 7% up vs Q1 25
€m's
Q1 2026
Sales
61.1
Net margin
8.7
EBITDA
4.0
Normalised PBT
3.0
Ibérica Group sales increased by 6% in value while volume decreased by 0,6% compared to Q1 25.
The production volume of Argentinean shrimp was 2% higher than Q1 25 and sales 43% higher.
Ahumados Domínguez sales increased by 5% in
value and 15% in volume compared to Q1 25.
Normalized PBT of €3.0m, up €0.7m on 3M 2025IS Ibérica Spain had a solid PBT of €2.4m compared to €1.9m in Q1 25.
Achernardelivered a PBT of €0.9m compared to
€0.4m inQ1 25.
Ahumados Domínguez posted a loss before tax
of (€73k) vs loss of (€47k) in Q1 25.
Thorpesca had a loss before tax of (€0.2m)
Sales in MT
Q1 2026
Q1 2025Normalised PBT Bridge Q1 25 - Q1 26 K´EUR
7.000
6.000
4.106
-107
5.000
4.000
3.000
2.000
2.288
-3.239
-595 -37
581 2.997
1.000
-
NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26
3500
3000
2500
2000
1500
1000
500
0
Salmon
Cephalopod Other varios Other Iceland
Shellfish
Cod
-
VA N-Europe
Good start of the year with an increase in value and volume
Sales in 2026 are 12% up from last year
€m's
Q1 2026
Sales
16.1
Net margin
1.8
EBITDA
0.4
Normalised PBT
0.1
Sales in Ireland were 12% ahead of the same period last year and 5% higher in volume.
Salmon prices lower than forecasted and high whitefish prices had opposing impacts on divisional results.
Normalised PBT €0.4m more or less on par with 3M 2025The Irish operation posted an NPBT of
€0.4m, increasing €38k from last year.
In spite of higher sales both in value and
volume, profitability was in line with Q1 2025
Sales in MT
Q1 2026
Q1 2025Normalised PBT Bridge Q1 25 - Q1 26 K´EUR
2.000
1.800
1.600
733
VA N - Europe
1.400
1.200
1.000
800
600
1.041
400
200
75
-
-1.496
1
-239
107
-8
NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26
Trout
Hake Mackerel Pollock Haddock Mussels Sea Bass Breaded
Cod Prawns Other Salmon
0,00
200,00
400,00
600,00
-
Sales G distribution
Q1 performance supported by high white fish prices and strong sales in capelin and herring
Sales in 2026 are 41% ahead of last year
€m's
Q1 2026
Sales
72.2
Net margin
2.5
EBITDA
1.1
Normalised PBT
1.1
Strong sales performance this quarter driven by continued high white fish prices, combined with good capelin and herring sales.
Sales volumes increased, driven by pelagic species, with a significantly higher capelin quota in 2026, positively impacting volumes and total sales compared to Q1 2025.
Solid operational results, supported by strong demand and higher whitefish prices.
Operations costs were in line with the prior year, resulting in a normalized PBT of €1.1m. NPBT was €0.1m lower than Q1 2025, reflecting increased competitive pressure and stabilization of prices, particularly in cod following a period of steep price increases during 2025.
Sales in MT Normalised PBT Bridge Q1 25 - Q1 26 K´EUR
Q1 2026 Q1 202525.000
22.710
20.000
15.000
10.000
5.000
-
1.188
-1.598
-20.072
-1.076
1
-72
1.081
-5.000
NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26
Plaice
Sea Urchins Silver Smelt Mussels Catfish Mackerel
Saithe Redfish Haddock Capelin
Cod
Herring
0
500
1.000
1.500
2.000
2.500
3.000
3.500
Continued financial and operational progress in Q1 202C
€m's
Q1 2026
Sales
146.0
Net margin
13.1
EBITDA
5.7
Normalised PBT
3.3
Net Profit
2.1
Monthly sales (€'m)
Group sales in 2026 up 22% on 2025 - March an all-time sales record for the groupContinued strong Cod demand due to lower supply has pushed Cod and white fish prices to a record high.
Overall, a strong performance across the group.
NPBT vs Net Profit
Normalised PBT of €3.3m was up €1.0m from 2025EBITDA has improved by €0.3m and Net profit is
€1.1 up from last year.
EBITDA for the trailing 12 months rose to
€22.8m, compared to €20.0m as of 2025.
Lower salmon prices continue to have positive impact on our operation in Ireland and Madrid.
2023 2025 202C
60
55
50
45
40
35
30
25
20
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
35.000
30.000
25.000
20.000
15.000
10.000
5.000
-
2.302
-1.627
28.389
-24.678
-1.769 -11
693 3.299
NPBT Q1 25 Price change Vol. change COGS Op. cost Depreciation Net fin. cost NPBT Q1 26
Condensed consolidated statement of financial positionat 31 March 202C
€m's
31.03.26
Fixed assets / Inv. property
38.9
Leased assets
2.2
Intangible assets
61.5
Fin. Lease rec./Def. tax/other
2.3
Non-Current Assets
104.G
Inventory
81.7
Trade and other receivables
84.6
Other assets
14.9
Bank deposits
6.7
Current Assets
187.G
Total Assets
2G2.8
€m's
31.03.26
Total Equity
84.8
Thereof minority interest
2.5
Long-term borrowings
35.3
Lease liabilities
1.9
Obligations/deferred tax
4.3
Non-Current liabilities
41.5
Short term borrowings
90.2
Trade and other payables
65.7
Other current liabilities
10.6
Current liabilities
166.5
Total Equity and Liabilities
2G2.8
Total assets reached €292.8m, up €13.4m
from the start of the year.
Receivables rose by €16.0m, with the S&D
division up €12.5m.
77% of Group receivables are insured.
Overall collections remained strong, and receivable write-offs were insignificant at Group level.
Debt to EBITDA Ratios
NIBD/ EBITDA (12M) 2026 5.2 vs 2025 5.0
Total equity was €84.8m with a 29.0% equity ratio at the end of March, compared to 29.5% at the end of 2025.
At 31.03.2026 ISK 2.660m (€16.8m) in 6-month bills were outstanding, with EUR hedging.
Net interest-bearing debt at the end of March of
€118.8m was €7.3m higher than at year-end 2025.
At 31.03.2026, an ISK 4.000m bond issued
in April 2025 and fixed through a currency swap
at €27.6m was outstanding. The bond is due
in October 2028.
Outlook
Q1 2026 RESULTS PRESENTATION TO INVESTORS AND ANALYSTS
The outlook for 202C is Profit before taxes €11.5-13.5 million.Cod prices are expected to remain
and interest rates are expected to
Group results are influenced by various external factors such as:
elevated due to quota reductions and the U.S. ban on Russian fish, which is impacting global cod pricing. These factors are likely to have a long-term impact on cod markets.
Salmon prices were lower throughout 2025 than forecasted. The price evolution for 2026 is uncertain but expected to follow a similar pattern to 2025.
Food inflation has increased slightly in the US, is down in the UK and stable in the Euro Area.
remain broadly unchanged, with a potential risk of increases in 2026.
All divisions are expected to perform in line with budget targets. However, performance will be influenced by developments in the cod and salmon market over the coming months. We are actively monitoring the situation and will continue to provide updates in our quarterly reports.
Key risk factors include changes in fishing conditions, quotas, price developments, and the ability
to pass on costs through the
value chain.
Global economic shifts, currency fluctuations, import duties, labor
Full year Normalised PBT* (m's)
25
20
15
access and cost, competition, and consumer behavior also play a role.
Political uncertainty, ongoing conflicts, and potential new sanctions or tariffs add further risk.
Interest rates declined across the US, UK and EU during 2025 and stabilized in Q1 2026. Given ongoing inflationary pressures and heightened geopolitical uncertainty, further rate cuts are not currently anticipated,
11,5
13,5
9,9
10,6
12,4
19,5
10
5,9
7,4
7,5
5
0,7
2
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
NPBT NPBT upper outlook
Forward looking statements
Disclaimer
This presentation is furnished and intended for European market participants and should be viewed in that manner.
Any potential forward looking statements contained in this presentation
are reflective of management's current views on future events and performance.
Whilst the views are based on positions that management believes
are reasonable there are no assurances that these events and views will be achieved.
Forward looking views naturally involve uncertainties and risks and consequently, actual results may differ to the statements or views expressed.
https://www.icelandseafood.com