Iceland Seafood International (ICESEA) Q2 2025 earnings summary

Executive summary

• Group sales in 1H 2025 rose 10.3% year-over-year to €233.8m, driven by strong cod demand, favorable salmon prices, and growth in all divisions except for a volume decline in Sales & Distribution due to limited supply and high cod prices.

• EBITDA improved to €9.2m, up from €5.5m in 1H 2024, and net profit reached €1.1m, reversing a prior-year loss, supported by higher cod prices and strong whitefish demand.

• All divisions delivered strong performances in a competitive market, with notable improvements in profitability.

• Major refinancing was completed, including a new unsecured bond and short-term bill offerings, expected to reduce future interest expenses.

• Strategic expansion in Argentina included the acquisition of two freezer trawlers and fishing rights for $5.8m, supporting vertical integration.

Financial highlights

• Gross profit for 1H 2025 was €34.1m, up from €30.2m in 1H 2024.

• EBITDA for the trailing 12 months reached €20.3m, up from €12.7m in 1H 2024.

• Normalised PBT for 1H 2025 was €2.3m, up €1.2m from 1H 2024.

• Net interest-bearing debt at end of June was €101.2m, €3.4m lower than at year-end 2024.

• Total assets at 30 June 2025 were €251.5m, with an equity ratio of 30.2%.

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.

• Salmon prices are forecasted to stay stable for the rest of the year, with a possible increase at year-end.

• The refinancing is expected to lower interest expenses from June 2025 onward, supporting ongoing financial optimization.

• The Argentinian acquisition is expected to enhance raw material access and enable expansion into new premium markets for sea-frozen products.