Iceland Seafood International hf. ("Iceland Seafood" or the "Company") has revised its earnings outlook for 2026. The revised forecast is for Normalised Profit Before Tax (Normalised PBT) in the range of EUR 8.5-10.5 million, which is comparable to the 2025 result, but below the previously published Normalised PBT outlook of EUR 11.5-13.5 million.
The revised earnings forecast is primarily due to weaker-than-expected performance in the Group's operations in Argentina. The operation of the freezer trawlers was significantly affected by breakdowns, resulting in lower catches and weaker performance than targeted. This, together with weaker performance in the land-based operations in Argentina, is the main reason for the reduction in the Group's earnings forecast. Weaker performance in the French operations, due to a bad debt of approximately EUR 0.5 million, has also had an impact.
Management has taken measures aimed at reducing the risk of similar operational issues affecting performance next year. Other parts of the Group's operations continue to deliver good results.
The fourth quarter is the most important quarter for the Group's operations, and there therefore remains some uncertainty regarding the full-year result. Performance in the fourth quarter, including the start of the upcoming Rawson season in Argentina, will be an important factor in determining where within the revised earnings range the full-year result will fall.
The potential sale of Ahumados Domínguez has not been concluded, and the sale price remains uncertain should an agreement be reached. The revised earnings forecast does not take into account any potential impact from the sale of Ahumados Domínguez.
For further information, please contact Ægir Páll Friðbertsson, CEO of Iceland Seafood International hf., at +354 550 8010 or investors@icelandseafood.com.
