Iceland Seafood International (ICESEA) Q3 2025 earnings summary

Executive summary

• Group sales for the first nine months of 2025 reached €347.6m, up 11% year-over-year, driven by strong demand for cod and whitefish, despite a 9% decline in volume.

• Net profit for 9M 2025 was €2.5m, reversing a €1.5m loss in the prior year, supported by higher cod prices, strong whitefish demand, and lower salmon prices.

• All divisions delivered solid operational performance, with notable improvements in profitability and EBITDA.

• The company operates 10 businesses, trades in 45 countries, and sold 72,000 MT of products in 2024.

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

Financial highlights

• Normalised EBITDA for 9M 2025 was €14.0m, up from €9.0m in 9M 2024; trailing 12-month EBITDA reached €21.1m.

• EBIT increased to €10.8m from €5.8m in the same period last year.

• Net margin for 9M 2025 was €33.9m, up from €28.5m in 9M 2024.

• Net profit for 9M 2025 was €2.5m, a €4.0m improvement from a loss in 9M 2024.

• Earnings per share improved to €0.0813 from a loss of €0.0470 per thousand shares.

Outlook and guidance

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

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

• No material impact expected from the new Argentinian operations in 2025.

• All divisions are expected to meet budget targets, but results will depend on cod and salmon market developments.

• Inflation is easing and interest rates have stabilized in key markets, though remain high in Iceland.