Eimskip reported revenue of EUR 191.7 million for the first quarter of 2026, compared with EUR 201.3 million in the same period last year.
The company said business performance varied across segments during what it described as a challenging quarter, although it also pointed to early signs of operational improvement.
Volume in Eimskip’s sailing system declined by 4.5% during the quarter, while related revenue decreased by 1.4%. Excluding the impact of production disruptions at Norðurál and the closure of PCC Bakki, transported volumes increased between periods, supported by strong imports to Iceland and higher seafood and salmon exports from Iceland and the Faroe Islands.
Revenue from international freight forwarding fell by 12.7%, despite a 6.3% increase in volume, reflecting substantially lower global freight rates. The company noted that the Drewry World Container Index declined by an average of 32% compared with the same period last year.
Other Logistics activities recorded revenue growth of 1.3%, driven by continued expansion in Icelandic domestic trucking operations. This was partly offset by lower warehousing and cold storage volumes.
Operating expenses totalled EUR 182.5 million, compared with EUR 186.0 million a year earlier. The company attributed the reduction primarily to lower global freight rates, reduced fuel consumption and additional mitigation measures introduced to strengthen operational performance.
EBITDA for the quarter amounted to EUR 9.3 million, compared with EUR 15.3 million in the first quarter of 2025.
Vilhelm Már Thorsteinsson said, “Eimskip’s performance in Q1 2026 was shaped by continued challenging external conditions, with pressure on revenue and operational disruptions impacting results.
EBITDA amounted to EUR 9.3 million, a decrease of EUR 6.0 million year-on-year. Over recent years, the Company’s cost base, particularly within the sailing system, has increased significantly due to inflation, supplier costs, and wage increases, without a corresponding recovery in revenue growth.”
The company added that efficiency measures introduced during the second half of 2025 — including fleet reductions, sailing system adjustments, workforce reductions and restrained capital expenditure — are expected to generate an annualised impact of approximately EUR 14 million. Liquidity remained strong at the end of the quarter despite lower operating cash flow.
