Q3 2025 Icelandic Salmon AS Earnings Call Transcript
Key Points
- Icelandic Salmon AS (OISE:ISLAX) achieved a strong price performance despite a generally low market price for salmon in the quarter.
- The company reached an all-time high smolt output in 2025, releasing 5.3 million smolts, which is approximately half a million more than the previous year.
- High temperatures contributed to increased production in seawater operations, supporting an increase in harvest volume for the next year.
- The company successfully extended and adjusted its loan terms with banks, ensuring compliance with the loan agreement and providing financial stability.
- Sales to North America and Asia contributed positively to the company's price achievement, with limited impact from the 15% tariffs to the United States.
- The financial results were negatively impacted by high production costs and an extraordinary item related to biomass value adjustment.
- The EBITDA for the quarter was negative, ending at €-9.4 million.
- There was a significant increase in production tax year-to-date, doubling from the previous year due to higher tax levels and volumes.
- The company's equity ratio decreased from 47% to 44% due to an increase in liabilities.
- The global supply of salmon led to lower market prices, with sea salmon prices being €0.87 per kilo lower compared to the previous year.
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So, I welcome everyone and thank you for taking time to watch this quarter three presentation for Icelandic Salmon. My name is, Bjorn Hembre, and with me today I have our CFO Edvin Aspli.
After the presentation, there will be a Q&A session where you can ask questions by raising your hand in Teams or typing the question in the chat.
First, a brief overview of Icelandic Salmon. As, most of you probably know, the company is listed at the Euronext growth market in Oslo and the first North Market in Reykjavik.
The company is the sole owner and parent company of Arnarlax ehf, which performs all operational activities in the group.
We are present throughout the value chain. We have four small facilities with the current capacity to produce $25,000 to 30,000 tons of harvest volume in sea.
We have 8 farming sites in the southern West of Iceland with a total maximum allowed biomass of 23,700 tons, and all our production in the sea is ASC certified.
And we have our own
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