Positive results in the quarter, supported by strengthened underlying operations and a broad range of initiatives implemented in recent months to improve the Company’s operations. The results were in line with the same period last year despite a challenging operating environment.
Q2 2026 highlights
Revenue in the second quarter amounted to EUR 225.4 million and increased by EUR 23.1 million, or 11.4%, from the same period last year. The revenue growth can mainly be explained by higher global freight rates, increased oil prices and strong volume, in addition to special cargo shipments having a positive impact on international freight forwarding during the quarter.
Revenue in Liner increased by EUR 9.9 million, or 10.2%, while volume decreased by 2.4% during the period. Overall, Iceland-related volume was strong despite lower industry-related exports.
Forwarding revenue increased by EUR 13.6 million, or 21.2%, driven by increased volume, higher global freight rates and several successful special cargo projects during the quarter.
Revenue in Logistics and agency services remained stable. The results were supported by high activity in trucking and harbor operations, despite lower volume impacting warehousing and cold storage.
Operating expenses amounted to EUR 204.1 million and increased by EUR 23.0 million, or 12.7%, year-on-year. The increase is primarily due to the impact of geopolitical tension in the Middle East, which led to higher bunker cost, higher global freight rates, increased trucking cost, as well as higher vessel chartering costs. The Company’s bunker cost increased by EUR 5.7 million, or 52.7%, between periods despite 5.8% lower bunker consumption. ETS costs increased by EUR 0.9 million as the ETS implementation increased from 70% to 100% at the beginning of 2026.
EBITDA in the second quarter amounted to EUR 21.3 million and was marginally higher than in the same period last year. The quarter was negatively impacted by approximately EUR 0.7 million due to the seafarers’ strike in the quarter.
The positive impact of the broad range of initiatives implemented in recent months is estimated at approximately EUR 13 million on an annualized basis. Of this amount, EUR 3.2 million was realized in the second quarter, with a positive EBITDA impact of EUR 2.7 million.
Associated companies delivered good results, amounting to EUR 3.4 million.
Vilhelm Már Thorsteinsson, CEO
“The second quarter result was solid and despite a challenging operating environment we saw stronger performance in the Company’s underlying operations than in recent quarters. Revenue increased by 11.4% year-on-year and EBITDA amounted to EUR 21.3 million, comparable to the same period last year.
The conflict in the Middle East has had a significant impact on the transportation sector, as on many other industries, primarily through sharp increases in global oil prices, higher prices of supplies and disruption to international transport routes. The Company’s bunker costs, for example, increased by 53% year-on-year. Despite these challenges, the Company improved its results through decisive actions to address rising costs and the successful execution of operational improvement initiatives launched last year, including enhanced efficiency and a reduction in FTEs.
However, there is concern that the assumptions underpinning collective wage agreements may no longer hold, as labour market stability remains a critical factor for maintaining Iceland’s competitiveness and supporting long-term value creation across the economy.
Strong export of seafood products, farmed fish and growth in export of water from Iceland supported the container sailing system and partly offset lower transportation volumes related to industrial cargo. Forwarding delivered improved results, driven by increased volume and successful special project shipments, and Logistics and agency performed well in the quarter.
We continue to invest in the Company’s future and, year to date, have invested approximately EUR 20 million. The implementation of a new sales and service system for the container sailing system is well advanced and will create increased opportunities for automation, AI solutions and improved customer service. In the coming weeks construction will commence on a new distribution center in Selfoss, and refurbishment at our distribution center in Reykjavík is already underway. A new chilled and frozen storage facility was recently taken into use in Aarhus, and in Rotterdam we expanded our service offering and improved warehouse utilization through the installation of additional chilled and frozen storage facilities.”
Investor meeting 26 August 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 26 August 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.
Further information
Rósa Guðmundsdóttir, CFO, tel: +354 844 4776, email: investors@eimskip.com
Guðbjörg Birna Björnsdóttir, Head of Treasury and Investor Relations, tel: +354 844 4752, email: investors@eimskip.com
Forward looking statements
Statements contained in this financial press release that refer to the Company’s estimated or anticipated future results or future activities are forward-looking statements which reflect the company’s current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
This is Eimskip
Since 1914 Eimskip has been a trusted partner in global logistics with a network spanning 20 countries, 56 offices and 1,700 employees. To ensure reliable door-to-door solutions for our customers, our services include container and reefer vessel operations in the North-Atlantic, terminal operations, trucking systems, warehouses, cold storages and a global forwarding network.