Higher salmon sales performance boosts ISI results

ISI reported seafood sales up by 9% on the previous year to €484.3 million (£377m). The sales figure for the final quarter of last year was up by 6% to €136.7 million (£118m).

The EBITDA for 2025 was €22.8m (£19.8m) up from €18.0m (£15.6m) in 2024 while the net profit almost trebled to €7.4 million (£6.4m).

ISI said that lower‑than‑expected salmon prices in 2025 had a positive effect on operations, in northern Europe while elevated whitefish prices created challenges, exerting opposing pressures on both sales and the overall operational performance.

But the year was characterised by high prices and strong demand for cod products.

The group said that looking ahead, cod prices are expected to remain high, while salmon prices remain uncertain but are anticipated to follow their typical pattern of rising early in the year, easing later on, and increasing again toward year‑end.

All divisions delivered strong performances throughout the year, with each contributing positively to the overall results. 

CEO Ægir Páll Friðbertsson said: “The year 2025 was a strong operating year for Iceland Seafood, building on the turnaround achieved in the previous year. All divisions within the group delivered strong results during the year despite various external challenges, highlighting the business’s resilience and competitiveness.

This performance strengthens my belief that there are opportunities ahead that will serve the company well in the future.”

He added: “In 2025, prices for cod, related species, and mackerel increased, while demand remained stable in our key markets. Salmon prices, on the other hand, were lower and more stable than in the previous year, which had a positive impact on our salmon‑related operations.

“Inflation declined in the EU, while rising slightly in the United Kingdom and the United States, at the same time as interest rates began to decrease in several of our main markets.”

CEO Friðbertsson also said that the growth of salmon farming in Iceland was also a positive development, and the company has commenced sales and marketing of Icelandic salmon through its distribution network with the aim of further strengthening operations.

“The expansion of Icelandic salmon farming creates opportunities for the company to work closely with Icelandic farming companies and leverage our strong sales network to promote Icelandic salmon in key markets and differentiate it in the marketplace,” he told shareholders.