Iceland Seafood International (ICESEA) Q4 2024 earnings summary

Executive summary

• 2024 revenues reached €443.2 million, up 3% year-over-year, with strong Q4 sales and over 1 million meals served daily across 45 countries.

• Net profit for 2024 was €2.8 million, a turnaround from a €20.3 million loss in 2023.

• Normalised PBT for 2024 was €7.4 million, exceeding outlook and up €6.8 million from 2023.

• Margins improved in Q3 and Q4 as salmon prices stabilized and white fish demand increased.

• Final obligations from the 2023 sale of Iceland Seafood UK were settled for €1.4 million, resolving all outstanding matters.

Financial highlights

• Group sales in Q4 2024 were €129.2 million, up 16% from Q4 2023; full-year sales were €443.2 million, up 3%.

• Normalised EBITDA for 2024 was €18.7 million, up from €11.7 million in 2023.

• Gross profit rose to €67.3 million from €64.4 million; operating profit (EBITDA) was €18.0 million (adjusted), up from €11.3 million.

• Net margin improved to €45.1 million in 2024 from €38.7 million in 2023.

• Interest costs and net finance costs increased year-over-year, reflecting higher debt and rates.

Outlook and guidance

• 2025 normalised PBT outlook is €7.5–9.5 million, up from €7.4 million in 2024.

• Cod prices expected to remain high due to quota cuts and US ban on Russian fish, with long-term market effects.

• Salmon prices are forecasted to remain stable, though below expectations in early 2025.

• Management is seeking refinancing ahead of major credit and bond maturities in 2025.

• All divisions are expected to perform according to budget, contingent on cod market developments.