Icelandic Salmon posted an operational EBIT of EUR -0.1m in Q1 2026, against analyst expectations of EUR 5m (Arctic Securities) and EUR 4m (consensus).
Biological challenges forced early harvesting of a large share of quarterly volumes, dragging down both price realization and margins.
Price realization came in at EUR 7.3/kg, versus an Arctic Securities estimate of EUR 8.6/kg. Cost per kilo also missed at EUR 7.3/kg, against an estimate of EUR 7.1/kg.
The company guided costs higher in Q2 due to incident-based mortality on volumes scheduled for harvest in the quarter. Arctic Securities had forecast a cost drop to EUR 6.5/kg before Q1 results; that now looks unlikely.
For the full year, Icelandic Salmon maintained its volume guidance of 21,300 tonnes with a 10% contract share. Increased MAB utilization should offer some cost relief, but the company reaching the EUR 6/kg mark in 2026 appears out of reach, according to Arctic Securities.
The firm expects 2026 consensus EBIT estimates to fall 15–20% following these results, and forecasts the shares will underperform in the near term. Arctic Securities maintains a Buy rating with a target price of NOK 116.0; the shares were trading at NOK 82.5 at the time of publication.
Despite the Q1 miss, Icelandic Salmon said it is satisfied with overall biological performance at sea, citing favorable seawater temperatures during winter.