Iceland announced a £250m 5yr Senior Secured Notes refinancing yesterday, with proceeds used to repay the existing

Please find our updated analysis on Iceland here. 

We have updated our model to reflect Iceland’s Q3 results, which came broadly in line with our prior expectations. We made modest

Please find our updated analysis on Iceland post its Q2 numbers here.

Iceland bonds are call-constrained, with the Company likely to pursue a refinancing in the coming quarters. The key consideration is whether to

On the Q2 2026 call, management commentary was relatively positive, notwithstanding ongoing uncertainty in the UK consumer environment ahead of

Iceland’s Q1 results were broadly in line with expectations, particularly given the guidance provided with the recent financial year 2025 results. A slightly

Iceland have just released their Q3 numbers, with a conference call to follow at 2 pm.  Iceland continues to grow volume, up 8%, giving up a little gross

Iceland released its Q2 results, which were slightly below expectations, driven by slightly lower prices, increased marketing and timing of

The Moody’s upgrade is good news for investors, though it is likely already priced into bonds following last month'

Iceland released their FY23/24 (to March 24) audited numbers this morning, with EBITDA at £171m in line with guidance given at the time of the

The Grocer magazine reports that Iceland is seeking to increase the number of Food Warehouse stores, and has appointed Mason Partners LLP to

Please find our updated analysis of Iceland post its Q3 numbers here.

This update is a little delayed as we awaited some confirmation on differences between FRS102 and the now new accounting standard IFRS. The answer is

Iceland’s numbers are out this morning and strong as expected.  Sales £20m lower than our model, but Gross Profit and Operating cashflow in line. Gross Profit margin is

We haven’t paid too much attention to Kantar’s market share statistics as Iceland historically moves in a tight range from 2.2% to 2.4% market share.  This month,

Please find our unchanged analysis of Iceland here. 

Iceland has been requested by several clients but we don’t see a change in strategy or trajectory for the Company in the coming