Síldarvinnslann (SVN) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $82.6m, up from $81.4m in Q1 2024, but net profit declined to $7.3m from $11.3m year-over-year.

• EBITDA rose to $22.2m (26.8% margin) from $19.2m (23.6%) year-over-year.

• Major mergers completed: Bergur ehf. into Bergs-Hugins ehf. and Samvís/Þorvís ehf. into Vísis ehf., effective January 1, 2025.

• Operations in Grindavík affected by ongoing volcanic activity; business continuity under review.

• Arctic Fish saw increased production but lower revenues and profitability due to weaker product prices.

Financial highlights

• Net income for Q1 2025 was $7.3m, down from $11.3m in Q1 2024.

• EBITDA reached $22.2m, up from $19.2m year-over-year.

• Total assets at March 31, 2025 were $1,046.5m; equity stood at $648.6m, equity ratio 62%.

• Cash at period end was $79.5m, down from $101.8m at year-end 2024.

• Dividend of $17.7m paid in March 2025, $1.27 per share.

Outlook and guidance

• 2025 EBITDA is projected between $78–84m, assuming stable quotas, product prices, and no disruptions in Grindavík.

• Management sees no threat to going concern despite natural disaster risks; business continuity plans in place for Grindavík.

• Bank negotiations for loan renewals due in March 2026 are ongoing, with expected completion by year-end 2025.