Arctic Fish (AFISH) Q4 2025 earnings summary

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.