Reykjavik, Iceland-headquartered Iceland Seafood International (ISI) recorded a strong performance in the first half of 2026, with net profits doubling year over year to EUR 2.2 million (USD 2.6 million).
For the six months ended 30 June, ISI’s normalized profit before tax (PBT) climbed more than 26 percent, or EUR 600,000 (USD 699,148), year over year to EUR 2.9 million (USD 3.4 million).
In its H1 2026 report, ISI reported that it accrued group sales of EUR 273 million (USD 318.1 million) in the six-month period, representing an increase of 16.7 percent year over year. However, its EBITDA slipped from EUR 9.2 million (USD 10.7 million) to EUR 8.3 million (USD 9.7 million).
By division, Value Added Southern Europe recorded H1 sales of EUR 114.1 million (USD 132.9 million), marking an increase of 3.8 percent on the corresponding period of 2025. Its normalized PBT increased EUR 700,000 (USD 815,595) to EUR 2.9 million, with the report noting its sales increased despite lower volumes and advising that this reflected higher pricing in key product categories.
Within the business segment, the production of Argentinian shrimp was 21 percent higher than in H1 2025, while sales decreased 11.4 percent due to an “unfavorable production mix.”
CEO Ægir Páll Friðbertsson pointed out that to strengthen ISI’s control of its Argentine shrimp supply chain, the company last year invested in fishing operations in the country.
“The fishing season commenced in June 2026, when the Argentinean vessels began fishing. The impact of the investment will be reflected in the group's Q3 2026 results,” he said.
Meanwhile, ISI’s Value Added Northern Europe division has gotten off to a good start to the year, achieving a 13.8 percent increase in sales to EUR 32.6 million (USD 38 million). Its PBT for the period was EUR 500,000 (USD 582,604) – on par with H1 2025.
Sales in ISI’s Sales & Distribution (S&D) division increased 31.2 percent to EUR 134.1 million (USD 156.2 million) in H1 2026, while its PBT slipped EUR 700,000 year over year to EUR 1.4 million (USD 1.6 million).
Friðbertsson attributed the overall H1 performance to strong demand and historically high prices for whitefish, as well as increased pelagic volumes off the back of a good capelin season and solid herring sales. He also attributed improvement to lower financial costs.
In a statement, Friðbertsson said the company’s H1 results had been “satisfactory” and included increased sales across all divisions.
“The first quarter was particularly strong, while the second quarter was more challenging,” he said. “Increased competition for raw material, higher freight and logistics costs, and a non-recurring EUR 500,000 [USD 582,615] write-off of a receivable in the French operations affected profitability during the period.”
Looking ahead, the CEO advised that cod supply is expected to remain constrained over the coming months, while the salmon market is expected to be characterized by good supply and stable prices.
At the same time, ISI noted that uncertainty regarding the global geopolitical environment, including tensions in the Middle East, remains “high and unpredictable,” with continued pressure on freight, supply chain, and inflation in key markets.
Signaling its cautious optimism, for the full year 2026, ISI is guiding a normalized PBT outlook of EUR 11.5 to EUR 13.5 million (USD 13.4 to USD 15.7 million).
Elsewhere in the firm, ISI advised that in August, the company's property in Grimsby, U.K., was subject to “trespass, vandalism, and damage” by unauthorized third parties. The full extent of the damage and associated repair costs are still being assessed.
“These events may impact the ongoing sale process of the property, which, under normal circumstances, could have resulted in a gain above its carrying value,” it said.
