Q4 2025 Icelandic Salmon AS Earnings Call Transcript
Key Points
- Icelandic Salmon AS (STU:I6X) reported a positive biological and financial development at the end of 2025, driven by good biological development and lower costs for the spring 2024 generation.
- The company's biomass at the end of Q4 2025 was at an all-time high of 18,000 tons, which is 40% higher than year-end 2024.
- A favorable ruling in the National Tax Committee resulted in a refund of EUR2.5 million plus interest, positively impacting financials.
- The equity ratio increased to 45% due to a stronger equity position, supported by a fair value adjustment of EUR7.5 million.
- The company expects to reach full MAB utilization for the first time in its operational history in 2026, indicating potential for increased production capacity.
- The harvest volume for the full year was 300 tons below guidance due to the movement of volumes into Q1 2026.
- Operational EBIT for the full year was negative at minus EUR18.1 million, indicating financial challenges.
- The volume sold to North America decreased from 21% in Q3 to 15% in Q4, partly due to tariffs and a lower share of larger fish.
- The winter season poses challenges, with selective cage harvesting required to manage performance and mitigate winter risk.
- The company faces uncertainty regarding the new aquaculture law and its implications for tax expectations in 2026.
Okay. Then I think we'll stop here.
Thank you, Edwin, and thank you all for taking time to watch this quarter four 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. (Event Instructions)
First, a brief overview of Icelandic Salmon. We are a company that is listed on the Euronext Growth market in Oslo and then Nasdaq First North in Reykjavik. The company is the sole owner and parent company of Arnarlax ehf and all operational activities in the group are performed in Alnarax ehf. We are present throughout the value chain from smolt to sales, and we have 4 smolt facilities with a capacity to supply us with up to 25,000 to 30,000 tons of harvested volume. We have our farming operations in the Westfjords of Iceland with a total maximum allowed biomass of 23,700 tons.
All our production is ASC certified. We have our
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