Arctic Fish (AFISH) Q3 2025 earnings summary

Executive summary

• Achieved record-high quarterly harvest volumes of 5,401 tonnes, up 59% year-over-year from Q3 2024, driven by increased production capacity and operational expansion.

• Revenue rose 40.1% year-over-year to €28.96 million, primarily due to higher harvested volumes.

• Operational EBIT turned negative at -€6.56 million versus €0.94 million in Q3 2024, mainly due to lower market prices.

• Net loss for the quarter was €1.98 million, with basic EPS at -€0.06.

• A newly completed harvesting facility supports license utilization and growth objectives.

Financial highlights

• Operational EBITDA was -€4.10 million, down from €3.12 million in Q3 2024.

• Operational EBIT margin dropped to -22.7% from 4.5% in Q3 2024.

• Net interest-bearing debt decreased to €141.4 million from €145.0 million at the end of Q2 2025.

• Equity increased to €97.0 million, with an equity ratio of 36.9%.

• Net interest-bearing debt (excluding IFRS 16 effects) at quarter-end stood at 141 million EUR.

Outlook and guidance

• Harvest volume guidance for 2025 maintained at 14,000 tonnes, a 31% increase over 2024.

• 2026 guidance set at 17,500 tonnes, representing a further 25% year-over-year growth.

• Forecasting lower cost levels and improved price achievement in the coming periods.