Arctic Fish (AFISH) Q2 2025 earnings summary

Executive summary

• Harvested volumes increased 58% year-over-year to 2,020 tonnes in Q2 2025, but operational EBIT per kg dropped to -2.19 EUR from 1.82 EUR due to lower price achievement.

• Revenue rose to 12.6 MEUR from 11.6 MEUR in Q2 2024, but operational EBIT turned negative at -4.4 MEUR compared to 2.3 MEUR last year.

• Net loss for the quarter was -9.4 MEUR, with basic EPS at -0.29 EUR and underlying EPS at -0.13 EUR.

• The company is in a build-up phase, with significant capital expenditures and a focus on expanding seawater operations.

• UUA ruled in favor of the company regarding the renewal of a trout license, potentially enabling future license growth.

Financial highlights

• Operational revenue for Q2 2025 was 12.6 MEUR, up 9% year-over-year.

• Operational EBIT margin fell to -35.1% from 20.0% in Q2 2024.

• Net interest-bearing debt increased to 145.0 MEUR, up 13.9 MEUR from the previous quarter and from 118.6 MEUR year-over-year.

• Equity ratio declined to 26.0% from 32.2% in Q1 2025 and 37.5% a year earlier.

• Net cash flow per share was -0.36 EUR in Q2 2025.

Outlook and guidance

• Harvest volume guidance for 2025 remains at 14,000 tonnes, a 31% increase over 2024, marking a record year for volume.

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