Iceland Seafood International (ICESEA) Q1 2025 earnings summary

Executive summary

• Group sales in Q1 2025 reached €119.3m, up 5% year-over-year, driven by strong cod and whitefish demand, with all divisions performing well except for a volume decline in Sales & Distribution due to pelagic sales timing.

• Normalised PBT was €2.3m, up €0.4m from Q1 2024; EBITDA improved by €2.2m and net profit increased to €1m from €0.8m.

• Major refinancing completed in April 2025, including a new unsecured bond of ISK 4,000m (€27.6m) with 3.5-year maturity, expected to lower future interest expenses.

• All divisions delivered strong performance in a highly competitive market, with cod and whitefish prices at record highs and lower salmon prices.

Financial highlights

• EBITDA for the trailing 12 months rose to €18.5m, compared to €11.8m as of Q1 2024; Q1 EBITDA was €5.4m, up from €3.6m.

• Net margin increased to €12.3m from €10.5m year-over-year; net profit reached €1m, up from €0.08m.

• Total assets at March 31, 2025, were €256.2m, up €2.3m from year-end, mainly due to a €6.6m increase in inventories.

• Equity ratio stood at 29.9% at the end of March 2025.

• Net debt was €99.7m, down €4.9m from year-end 2024.

Outlook and guidance

• Full-year 2025 Normalised PBT is projected at €7.5–9.5m.

• Cod prices are expected to remain high due to quota cuts and the U.S. ban on Russian fish, with long-term market impact.

• Salmon prices are forecasted to decline further after mid-year before stabilizing in H2 2025.

• Refinancing is expected to reduce interest expenses from June 2025 onward.

• All divisions are expected to meet budget targets, but cod market developments remain a key variable.