Eimskipafélag Íslands (EIM) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was EUR 807.5 million, down 4.7% year-over-year, with Q4 revenue at EUR 201.4 million, down 11.4%, reflecting challenging market conditions and lower volumes.

• EBITDA for 2025 declined to EUR 69.7 million from EUR 97.8 million in 2024, with Q4 EBITDA halved year-over-year to EUR 12.7 million.

• Net earnings for 2025 dropped to EUR 9.3 million from EUR 30.0 million in 2024.

• The year was marked by cost pressures, operational disruptions, and a turbulent external environment, but efficiency initiatives are expected to yield EUR 13.5 million in annual savings.

• A new strategy, Eimskip 3.0, was developed and approved, focusing on customer-centric services, operational efficiency, empowerment, and innovation.

Financial highlights

• Q4 2025 revenue: EUR 201.4 million (-11.4% YoY); EBITDA: EUR 12.7 million (-53.0% YoY); net earnings: EUR 0.0 million (vs. EUR 7.3 million in Q4 2024).

• FY 2025 revenue: EUR 807.5 million (-4.7% YoY); EBITDA: EUR 69.7 million (-28.7% YoY); EBIT: EUR 9.2 million (down from EUR 34.9 million in 2024); net earnings: EUR 9.3 million (-68.9% YoY).

• Basic EPS: EUR 0.0591 (down from EUR 0.1838).

• Cash and cash equivalents: EUR 25.7 million at year-end.

• Equity ratio: 46.7% at year-end 2025.

Outlook and guidance

• Liner volume remains pressured by lower industrial cargo, with some offset expected from the capelin season.

• Imports to Iceland and the Faroe Islands are expected to decline slightly, while exports remain challenged but may benefit from increased salmon and white fish harvesting.

• Trans-Atlantic volumes and rates are expected to be stable, but uncertainty persists around US tariffs and Suez Canal disruptions.

• Forwarding volumes are expected to be similar to last year, with global freight rates remaining low due to increased capacity.

• Efficiency initiatives and cost discipline are expected to support profitability.