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Arctic Fish (AFISH) investor relations material
Arctic Fish Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record annual harvest volume of 14,791 tonnes in 2025, up 39% year-over-year, with Q4 harvest at 4,229 tonnes, a 22% increase from Q4 2024.
Revenue for Q4 2025 was €25.7 million, up from €24.5 million in Q4 2024, but operational EBIT dropped to €0.2 million from €2.1 million due to lower prices from harvest timing.
Positive fair value adjustment of €9.0 million on biomass, attributed to increased standing biomass and forward price seasonality.
Group structure was simplified, merging all operations and licenses into a single entity to streamline operations and reduce costs.
Standing biomass at year-end was 17,159 tonnes, 25% higher than the previous year.
Financial highlights
Q4 2025 operational revenue: €25.7 million (Q4 2024: €24.5 million); full-year 2025: €89.3 million (2024: €80.9 million).
Operational EBIT margin for Q4 2025 was 0.7%, down from 8.7% in Q4 2024.
Net profit for Q4 2025 was €1.3 million, similar to Q4 2024 (€1.25 million); full-year 2025 net loss of €25.1 million.
Operational EBITDA for Q4 was €2.7 million (down from €4.4 million), and full-year operational EBIT was -€10.3 million (down from €15.1 million in 2024).
Underlying EPS for Q4 was -€0.05 (Q4 2024: €0.05); full-year EPS was -€0.17 (2024: €0.45).
Outlook and guidance
2026 harvest volume guidance is 17,500 tonnes, an 18% increase year-over-year.
Q1 2026 volume guidance is 5,600 tonnes, up 78% year-over-year.
Ongoing cost reduction measures are a high priority, with lower cost levels forecasted.
- Record EBIT in 2024 and 40% harvest growth targeted for 2025 with secured capacity.AFISH
Q4 202416 Dec 2025 - Operational EBIT per kg rose year-over-year, with long-term harvest targets reaffirmed.AFISH
Q3 202429 Nov 2025 - Revenue fell 9% as prices dropped, despite higher volumes and strong biological results.AFISH
Q1 202529 Nov 2025 - Record harvests and revenue growth, but low prices led to negative EBIT and net loss.AFISH
Q3 202528 Nov 2025 - Harvested volumes up 58%, but lower prices led to negative EBIT and a proposed equity increase.AFISH
Q2 202520 Aug 2025 - Record EBIT and harvests offset by negative biomass revaluation and lower 2024 outlook.AFISH
Q2 202413 Jun 2025
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