Iceland Seafood International (ISI) reported an increase in its net profit for the first quarter of 2026, as solid cod prices, robust capelin and herring sales, and growth across all divisions helped offset ongoing supply constraints in key whitefish markets.
The Reykjavik, Iceland-headquartered group achieved net profits of EUR 2.1 million (USD 2.4 million) in Q1 2026, up from EUR 1 million (USD 1.2 million) in the same period last year, while its normalized profit before tax increased to EUR 3.3 million (USD 3.8 million) from EUR 2.3 million (USD 2.7 million).
The firm’s EBITDA increased to EUR 5.7 million (USD 6.6 million) from EUR 5.4 million (USD 6.3 million).
Within the group’s divisions, the Value-Added Southern Europe (VA S-Europe) segment reported sales of EUR 61.1 million (USD 71.1 million) in the period – up 7 percent year over year, with normalized profit before tax (PBT) increasing by EUR 700,000 (USD 814,638) to EUR 3 million (USD 3.5 million).
The Value-Added Northern Europe (VA N-Europe) division generated sales of EUR 16.1 million (USD 18.7 million) – a 12 percent increase on Q1 2025.
The division’s Irish operations delivered a normalized PBT of EUR 107,000 (USD 124,527), compared with EUR 74,000 (USD 86,121) a year earlier.
Meanwhile, the Sales & Distribution (S&D) division recorded the strongest growth, with sales rising 41 percent year over year to EUR 72.2 million (USD 84 million).
In a statement accompanying the results, ISI CEO Ægir Páll Friðbertsson described the quarter as “highly satisfactory,” highlighting the company’s ability to navigate “a challenging operating environment, marked by historically low cod supply.
“All divisions of the company increased sales compared to the same period in 2025, further strengthening our position for the remainder of the year. A strong capelin season also had a positive impact on the quarter, as did solid herring sales,” he said.
ISI said it believes continuing supply constraints are expected to keep cod prices elevated throughout 2026, while updated forecasts suggest salmon prices will remain broadly in line with 2025 levels despite ongoing market sensitivity.
Therefore, the company has maintained its full-year normalized profit before tax guidance at EUR 11.5 to EUR 13.5 million (USD 13.4 to USD 15.7 million).
Aiding in this maintained guidance is the company’s investment in Argentine shrimp fishing operations last year, with Friðbertsson saying the benefits are expected to “materialize in the second half of the year.”
He added that ISI’s refinancing program completed last year had strengthened the company’s flexibility to improve its capital structure, reduce financing costs, and continue executing its long-term strategy.
Elsewhere in the firm, the company also confirmed that the sale of its Grimsby, U.K., property remains ongoing following the disposal of its U.K. operating business in 2023.
