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Iceland Seafood International (ICESEA) investor relations material
Iceland Seafood International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Group sales for the first nine months of 2025 reached €347.6m, up 11% year-over-year, driven by strong demand for cod and whitefish, despite a 9% decline in volume.
Net profit for 9M 2025 was €2.5m, reversing a €1.5m loss in the prior year, supported by higher cod prices, strong whitefish demand, and lower salmon prices.
All divisions delivered solid operational performance, with notable improvements in profitability and EBITDA.
The company operates 10 businesses, trades in 45 countries, and sold 72,000 MT of products in 2024.
Major refinancing was completed, including a new unsecured bond and short-term bill offerings, expected to reduce interest expenses.
Financial highlights
Normalised EBITDA for 9M 2025 was €14.0m, up from €9.0m in 9M 2024; trailing 12-month EBITDA reached €21.1m.
EBIT increased to €10.8m from €5.8m in the same period last year.
Net margin for 9M 2025 was €33.9m, up from €28.5m in 9M 2024.
Net profit for 9M 2025 was €2.5m, a €4.0m improvement from a loss in 9M 2024.
Earnings per share improved to €0.0813 from a loss of €0.0470 per thousand shares.
Outlook and guidance
Full-year 2025 normalised PBT is projected at €7.5–9.5m.
Refinancing is expected to lower interest expenses from June 2025 onward.
No material impact expected from the new Argentinian operations in 2025.
All divisions are expected to meet budget targets, but results will depend on cod and salmon market developments.
Inflation is easing and interest rates have stabilized in key markets, though remain high in Iceland.
Refinancing impact on Q3 interest expenses?
Thorpesca acquisition: new premium markets?
Outlook for USD/EUR, USD/ARS currency impact?
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Next Iceland Seafood International earnings date
Q4 202526 Feb, 2026
Next Iceland Seafood International earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Iceland Seafood International hf. is an Iceland-based company primarily involved in the food industry. It operates as a supplier of fresh, frozen, and salted fish products. The company offers a variety of seafood products, including ready meals, fresh seafood, coated products, landfrozen products, shellfish, smoked fish, light and wet salted products, frozen-at-sea fish, pelagic fish, dried products, and cephalopods. These products are marketed under various brands such as Islandia and Iceland Gold. Iceland Seafood International hf. operates globally with subsidiaries in multiple countries, including France, Germany, the United Kingdom, Spain, and the United States.The company is headquartered in Reykjavík, Iceland, and its shares are listed on the Nasdaq Iceland.
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