Iceland Observer: Icelandic Tech Abroad, Softer Earnings, and Stronger Exports

MarketVector™ Iceland Global Index (MVISLG) Returns:

1W: 0.73% 1M: 5.95% 1Y: (2.38)% Inception 12/31/20: 31.87%

M&A / PE / VC

Creditinfo Acquires EveryData Group

Creditinfo completed its acquisition of EveryData Group, expanding the Iceland founded credit information company across Jamaica, Barbados, Guyana and the Eastern Caribbean Currency Union. Vísir reported that total consideration could exceed USD 20 million if performance targets are met. The seller was Infocapital, which ran an international sale process for the business.

Oculis Buys Out Privosegtor Rights

Oculis agreed to acquire all worldwide development and commercial rights to Privosegtor from Accure Therapeutics, replacing the companies’ existing licensing agreement. Oculis will pay USD 3.8 million upfront in cash plus up to 2.05 million ordinary shares, with part of the share consideration tied to development and regulatory milestones. The company will also acquire the preclinical neurological candidate ACT-02 in a separate closing.

Renewable Energy & Industry

Verne Data Center Expansion

Verne is planning a major expansion of its Keflavík data center campus, with additional data center and electrical infrastructure that could reach up to 120 MW of capacity. Icelandic reporting said the project could support more than 1,000 jobs during construction. Verne has started discussions with potential Icelandic suppliers and contractors.

Coastal Cod Quota Increased Again

The government increased the cod allocation for Iceland’s coastal fishing program by another 964 tonnes, raising the cod quota from 13,350 tonnes to 14,314 tonnes. It is the second increase this summer after 2,700 tonnes were added in June. Total allocated catch in the coastal program is now 15,664 tonnes for 2026.

Corporate & Market News

Fenris Creations Builds AI Team in London

Fenris Creations, the Icelandic game company formerly known as CCP, hired former minister Áslaug Arna Sigurbjörnsdóttir as Senior Director of AI Partnerships in London. She will lead work around artificial intelligence and EVE Frontier, including partnerships with AI labs, universities and policymakers. The company is positioning EVE Frontier as both a game and a testing environment for AI behavior.

Icelandair Carries Fewer Passengers but Lifts Unit Revenue

Icelandair carried 599,000 passengers in July, down 2% from 611,000 a year earlier. Load factor remained around 89%, while capacity was reduced by 5%. Revenue per available seat kilometer increased 12% to 11.32 U.S. cents, with passengers traveling from Iceland up 11% and connecting traffic down 16%.

Policy & Central Bank

Landsbankinn Expects Another Rate Hike

Landsbankinn expects the Central Bank’s Monetary Policy Committee to raise interest rates again at its August 19 meeting after July inflation reached 5.3%. The bank also pointed to signs of a cooling economy, including higher unemployment, lower real house prices and a 4.8% year over year decline in June tourist arrivals. Inflation remains above target even as parts of domestic demand are slowing.

Economic Indicators

July Trade Deficit Narrows

Iceland posted a July goods trade deficit of ISK 40.6 billion, or roughly $329.9 million, compared with ISK 44.0 billion, or roughly $357.5 million, a year earlier. Exports rose 19% year over year to ISK 86.5 billion, or roughly $702.9 million, helped by manufactured goods and aluminum. Imports rose 9% to ISK 127.1 billion, or roughly $1.03 billion, partly because of higher capital goods imports.

International & Geopolitical

Fisheries Industry Sets Conditions for EU Talks

SFS chief executive Heiðrún Lind Marteinsdóttir said Iceland’s seafood industry would not oppose restarting EU accession negotiations if the government first sets clear objectives and a red line protecting Icelandic control over fisheries resources. She said that would effectively require Iceland to remain outside the EU’s Common Fisheries Policy. There is no precedent for an EU member receiving a permanent exemption from that framework.