ISI promises boost for Icelandic farmed salmon

Announcing ISI’s 2025 half year results, CEO Ægir Páll Friðbertsson, said the growth of Icelandic salmon farming was an encouraging development.

He added: “We have started selling and marketing Icelandic salmon through our network, and we aim to expand this as salmon farming continues to grow in Iceland."

He added: “We aim to reinforce Iceland Seafood’s position to navigate future challenges and seize emerging opportunities, ultimately benefiting the company, its owners, and our staff."

Reykjavik based ISI reported a strong first half performance with the normalised profit before tax more than doubling from €1.1m (£950,000) to €2.3m (£2m).

Sales during the period increased by 10% to €233.8m (£201m), totalling €114.6m (£98m) during the second quarter period, a rise of 17%.

ISI said lower-than-expected salmon prices at the beginning of the year and into the second quarter positively impacted the operation. In contrast, high prices and the decreased availability of white fish had a negative effect.

CEO Ægir Páll Friðbertsson reported: “The first half of 2025 was marked by strong demand for cod and record-high prices. The U.S. ban on Russian fish has pushed up prices for HG cod from the Barents Sea, compounded by quota reductions in both the Barents Sea and the Atlantic. A limited supply of whitefish and elevated prices are expected to persist.

“Salmon prices were lower than forecasted in the year’s first half, resulting in strong operational performance in our salmon operations—unlike the previous two years, when they showed operational loss.

“Performance in 1H 2025 was significantly better than in 1H 2024, and the outlook for the remainder of the year is positive. We expect salmon prices to remain stable through Q3 and into the latter part of Q4.”

“Our economic outlook remains uncertain and is expected to stay that way. Interest rates have eased, and inflation has declined in our main markets. While high cod prices and rising prices for other species have increased sales values, they also create challenges as consumers face higher costs.

“As a result, demand may decline further, driven by reduced availability and price increases in key markets. At the same time, financing and storage costs remain significant, reinforcing the need for vigilant credit and inventory management.”

ISI sold its loss-making UK operation in Grimsby almost three years ago, to Danish exporter Espersen.