The ice club in Vestmannaeyjar made a profit of 2.8 billion ISK in the first quarter of 2026. At the same time last year, the company lost about 400 million ISK. The company’s interim financial statements were approved at a board meeting today.
The company’s operating income was 9,080 million ISK, operating profit 3,336 million ISK, profit after tax 2,832 million ISK and EBITDA margin was 3,925 million ISK.
“If the company’s finances at the end of the first quarter of 2026, translated into Icelandic króna at the closing exchange rate of the period (124.89), total assets are 110.0 billion ISK, fixed assets 88.1 billion ISK and current assets 21.9 billion ISK. Equity at the end of the first quarter of 2026 was 73.4 billion ISK and debts and liabilities 36.6 billions of ISK,” says the settlement.
According to CEO Stefán Friðriksson, the reasons for the good performance in the first quarter of this year are a good fur season and excellent fishing techniques of Sólberg ÓF, the company’s freezer trawler, together with high prices for the company’s main products.
Stefán Friðriksson is the CEO of Ísfélaginn.
“The fur season went well, but that is not a coincidence when it comes to the operation of the Ice Society. Investments in recent years, both in the company’s ships and land operations, mean that it is possible to maximize the value in short seasons. It is extremely gratifying how well it was possible to create this value that is created due to good and cohesive crews, good sales work and, last but not least, powerful staff on land.
The highest share up to 8.9 million ISK
The first furring landing was on February 7 and the last landing on March 19, so the season lasted 41 days. After corrections in accordance with the collective agreements to increase the value of the vessels’ catch, for example, the high share without vacation on Sigurður VE and Heimaey VE during the shad season was in the range of 8.7-8.9 million ISK, but the vessels were each at sea for approx. 350 hours or almost 15 days at sea,” says Stefán.
