Eimskip: Q3 2026 financial results

Q3 2026 highlights

Revenue in the third quarter increased by 19.4% compared with the same period last year. Revenue growth was primarily driven by higher volume and higher global freight rates, reflecting a significant increase in oil prices.

• Liner revenue increased by 13.8% and volume by 6.8%. Strong exports of seafood and farmed fish from Iceland and the Faroe Islands supported volume and revenue growth, in part through the new direct connection between Tórshavn and Rotterdam, which commenced in August.
• Revenue in Logistics and agency services increased by 14.4%, primarily driven by increased trucking activity in Iceland. Results were also supported by increased warehouse activity, including contributions from the new chilled and frozen storage facility in Denmark and improved results from port operations. Agency services delivered good results despite fewer cruise ship calls than in the same period last year.
• Forwarding revenue increased by 30%, driven by an 11.2% increase in volume and significantly higher global freight rates. Growth was particularly strong on Asia-related routes.

Operating expenses increased by 16.7% year-on-year, primarily due to increased activity, higher freight rates paid to third parties and a significant increase in oil prices. Vessel bunker expenses increased by EUR 6.1 million, or 56%, below the 78% increase in market prices, mainly due to the timing of bunker purchases. Higher oil prices also affected the trucking expenses, port operations and other purchased transportation services.

Salary expenses increased by EUR 1.8 million, or 4.6%, year-on-year. This included an impact of approximately EUR 1.0 million from currency movements, primarily due to the weaker EUR against the ISK and NOK. Excluding currency effects, salary expenses increased by 2.0%. The average number of FTEs during the quarter was 42 lower than in the same period last year.

EBITDA in the third quarter increased by EUR 8.9 million, or 43.6%, compared with the same period last year. Improved results reflect favorable volume development, increased efficiency and benefits from initiatives to improve the Company’s operations. The year-on-year comparison should take into account that EBITDA in Q3 2025 included a EUR 2.9 million loss on the sale of Lagarfoss.

Initiatives to improve the Company’s operations, introduced in the second half of 2025, delivered EUR 3.3 million in benefits in the third quarter, including a positive EBITDA impact of EUR 2.9 million. In the first nine months of the year, benefits totaled EUR 9.4 million, including an EBITDA impact of EUR 8.0 million.

Results from associated companies increased significantly to EUR 7.3 million, compared with EUR 3.5 million in the same period last year. The increase was primarily driven by Elbfeeder’s vessel sale in July.

Increased activity during the quarter led to higher working capital requirements, affecting cash flow. A more balanced development in working capital is expected in the fourth quarter.

Vilhelm Már Thorsteinsson, CEO
“Overall, we are pleased with the third quarter results. The positive trend from the second quarter continued, and results improved significantly compared with the same period last year. It is encouraging to see the many initiatives we have undertaken delivering clear results.

Results improved year-on-year across all business segments, with the most notable improvement in Liner services. Adjusting for last year’s loss on the sale of Lagarfoss, Liner EBITDA increased by EUR 3.5 million. Despite this improvement, profitability remains unsatisfactory. Liner EBIT amounted to only approximately EUR 500 thousand in the quarter, in a highly capital-intensive business segment. We therefore still have work to do.

In 2025, we decided to discontinue dedicated coastal sailings and reduce the number of container vessels by one. Following the decline in Norðurál’s production, we took further action to ensure that Eimskip would be on a stronger footing when Norðurál’s production returned to previous levels.

In the first nine months of this year, these initiatives have delivered approximately EUR 9.4 million in improved results. Of this, the EBITDA impact amounted to approximately EUR 8 million, including approximately EUR 2.9 million in the third quarter. This has been achieved despite challenging external conditions, with sharp increases in global oil prices significantly affecting both the Company’s direct and indirect cost base.

In the third quarter, we made changes to the sailing system and added a new route between Tórshavn in the Faroe Islands and Rotterdam, with a call at Ålesund in Norway. At the same time, we adjusted the sailing schedule of the Norwegian line and reduced the number of vessels on that line by one. These changes address increased farmed salmon production in the Faroe Islands and customer demand for better and more reliable connections to the European market. The first few months have gone well, and customer feedback has been very positive.

This summer, we also began preparations to establish Kales Ísland ehf. in partnership with Kales Group B.V. The company was selected as Air China’s air cargo agent in Iceland. Air China’s new flight connection between Iceland and China creates exciting opportunities, particularly for Icelandic exporters. Air China’s first flight between Keflavík and Beijing was on October 26, and demand for cargo space has been good.

Despite the strong improvement, market conditions remain challenging. Nevertheless, we enter the fourth quarter on a solid footing. Our focus will remain on reliable and sustainable service to our customers, operational discipline and cost control. We intend to build on the progress achieved and firmly establish the improvements that strengthen the Company over the long term.”

Investor meeting 11 November 2026
Eimskip invites investors and market participants to a meeting where Vilhelm Thorsteinsson, CEO and Rósa Guðmundsdóttir, CFO, will present the results. The meeting will be held on Wednesday 11 November at 8:30 GMT at the Company’s headquarters, Sundabakki 2, second floor.

The meeting will also be webcasted live in Icelandic on www.eimskip.com/investors. Investors can send questions before the meeting to the email investors@eimskip.com.

Documents and a recording of the meeting will be available at the Company’s investor relations website, www.eimskip.is/investors.

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