Iceland-based salmon-farming company Icelandic Salmon – the parent company of Arnarlax, which performs all operational activities of the group – posted positive EBIT in Q4 2025 after a string of negative results in the year.
The company posted a Q4 2025 operational EBIT of EUR 2.6 million (USD 3.1 million), which was improved on both the EUR 1.4 million (USD 1.6 million) it posted in Q4 2024 and significantly better than the loss of EUR 9.4 million (USD 11.2 million) it posted in Q3 2025. That result came even as its operating income dropped to EUR 29.4 million (USD 34.9 million), down from the EUR 49.9 million (USD 59.2 million) it posted in the same period of Q4 2025.
The company’s EBIT per kilogram also improved in Q4 2025, reaching EUR 0.70 (USD 0.83), an improvement from the EUR 0.22 (USD 0.26) it posted in Q4 2024. It was also an improvement over the prior quarter, when the company posted a loss of EUR 2.48 (USD 2.94) per each kilogram of salmon sold.
Harvest volume in Q4 2025 stood at 3,800 metric tons (MT), putting its harvest volume for the year at 12,700 MT – slightly behind the firm's 13,000 MT guidance. However, 300 MT of the harvest originally slated for Q4 2025 was pushed to Q1 2026.
At year end, the company had an all-time-high biomass at sea, with 18,000 MT of live weight salmon.
The stronger result in Q4 2025 was partially the result of improved market prices, the company said in its results presentation.
However, the company also said it has lost market share in two important markets – North America and Asia. The share of its sales volume being sent to North America decreased to 15 percent in Q4 2025, down from 21 percent in Q3 2025. The company attributed the decrease to both fewer 6-kilogram and larger fish being available and to tariff barriers.
U.S. President Donald Trump signed an executive order in 2025 that raised tariffs on a range of top seafood sources for the country, including Iceland. The country is currently facing a 15 percent “reciprocal” tariff, as announced during Trump’s “liberation day” in April 2025. While that put Iceland on even footing with Norway, it placed it at a disadvantage to other salmon-producing countries like Chile and the Faroe Islands, which both face a 10 percent tariff rate.
The decrease to Asia, however, was almost entirely due to smaller salmon sizes. Asia made up 16 percent of Icelandic Salmon’s sales volume in Q4 2025, down from 23 percent in Q3.
Looking forward, the company said it continues to see satisfying financial and operational performance, with a winter wound vaccine program performing well and higher sea temperatures helping growth rates. The company said it has stable biology but has begun selective cage harvesting to reduce winter risks.
Its volume guidance for 2026 stands at 21,300 MT, and it predicts a general cost decrease for the year.
