Arctic Fish (AFISH) Q1 2025 earnings summary

Executive summary

• Harvested volumes reached 3,140 tonnes in Q1 2025, up 24% year-over-year, but revenue declined 9% to EUR 22.1 million due to weaker market prices.

• Operational EBIT dropped sharply to EUR 0.5 million from EUR 9.7 million in Q1 2024, with EBIT per kg at EUR 0.16 versus EUR 3.84 last year.

• Net loss for the quarter was EUR 15.0 million, compared to a profit of EUR 5.9 million in Q1 2024.

• Daníel Jakobsson appointed CEO effective 1 May 2025, bringing internal experience and local expertise.

• Biological performance exceeded expectations, supporting future growth.

Financial highlights

• Revenue: EUR 22.1 million, down from EUR 24.1 million year-over-year.

• Operational EBITDA: EUR 2.7 million, down from EUR 11.8 million year-over-year.

• Net interest-bearing debt decreased to EUR 131.1 million from EUR 132.7 million at year-end 2024.

• Equity ratio fell to 32.2% from 35.4% at year-end 2024.

• CAPEX for the quarter was EUR 5.9 million, mainly for new seawater sites.

Outlook and guidance

• 2025 harvested volume guidance reduced to 14,000 tonnes, a 31% increase over 2024 actuals.

• Expected CAPEX for 2025 is EUR 13 million, focused on seawater equipment.