Operating income for the first quarter of the year declined to €10.4 million, compared to €27.5 million recorded in the first quarter of 2024
Arnarlax
Icelandic Salmon, the parent company of Arnarlax, has published its results for the first quarter of 2025, which were impacted by mortality, low harvest volumes, and an increase in global supply accompanied by falling prices.
This contrasts with its previous report (Q4 2024), in which the salmon farmer managed to stabilize biological conditions at sea, resulting in higher harvest volumes and weights, as well as effective sea lice control.
In more detail, operating income for the first quarter of the year declined to €10.4 million, compared to €27.5 million recorded in the first quarter of 2024. Additionally, operational EBIT was negative €3.0 million, compared to negative €0.5 million in the same period last year.
"We faced biological setbacks this quarter at some sites. Our team responded early to safeguard animal welfare, which meant harvesting fish at lower weights. Low harvest volumes and tougher global markets impacted our first quarter results. We will continue to build biomass as planned and remain on track for a stronger second half of 2025," detailed CEO Björn Hembre.
Regarding the harvest, Icelandic Salmon harvested 1,100 tonnes, a significantly lower amount than its usual levels, and mortality-related costs amounted to €1.6 million. Also, it has confirmed that the processing plant capacity was adjusted to the planned production to enable an increase in biomass.
On the other hand, Arnarlax continues to fight for its capacity increase in Ísafjarðardjúp. The Environmental and Natural Resources Board of Appeal fully revoked the license granted in May 2024 to the leading salmon aquaculture company in Iceland for a maximum biomass of 10,000 tonnes of sterile salmon.
The company said it will cooperate with the environmental authorities and the Icelandic Food and Veterinary Authority (MAST) on all matters cited for revoking the license and will conduct the necessary evaluation to have it reissued.
Lastly, the Group has confirmed that the U.S. market will remain a key focus despite the decline in volume. So far, the new tariff policy has not caused any direct consequences.
