Iceland Seafood International (ICESEA) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached EUR 484.3 million, up 9% year-over-year, driven by high cod prices and strong whitefish demand, with notable Q4 seasonal strength and robust Christmas sales in Ireland and Spain.

• EBITDA rose to EUR 22.8 million from EUR 18.6 million in 2024, and net profit increased to EUR 7.4 million from EUR 2.8 million.

• Normalised profit before tax was EUR 10.6 million, exceeding outlook and up EUR 3.2 million from 2024.

• Strategic investments and acquisitions in Argentina, including Cigalfer792 S.R.L., Thorpesca S.A.S., and new shrimp freezer vessels, expanded cold storage and fishing rights.

• All divisions delivered solid results despite market volatility, with branded and private label sales accounting for 40.3% of total sales.

Financial highlights

• Revenue for 2025 was EUR 484.3 million, a 9% increase from 2024.

• EBITDA reached EUR 22.8 million, up from EUR 18 million in 2024.

• Net profit improved to EUR 7.4 million, up EUR 4.6 million year-over-year.

• Net interest-bearing debt at year-end was EUR 111.5 million, EUR 6.9 million higher than 2024.

• Equity ratio stood at 29.5% at year-end.

Outlook and guidance

• 2026 EBITDA guidance is EUR 11.5–13.5 million, up EUR 900,000 from 2025, with normalised PBT outlook at EUR 11.5–13.5 million.

• Cod prices expected to remain high due to quota cuts and geopolitical factors; salmon prices likely to rise from 2025 levels.

• Continued improvement in profitability is expected, supported by refinancing, lower interest rates, and cost reduction.

• Lower salmon prices at the start of 2026 are expected to have a positive impact.

• No dividend proposed for 2026.