Síldarvinnslann (SVN) Q2 2025 earnings summary

Executive summary

• Strong operational performance in Q2 and H1 2025, with successful fishing and processing of blue whiting, capelin, and robust sales of cod, haddock, and Greenland halibut.

• Land-based processing in Grindavík normalized, and whitefish product sales remained strong.

• Operations generated $158.8 million in revenue and $12.5 million in net profit for H1 2025, with total assets at $1,075.4 million and equity at $686.9 million as of June 30, 2025.

• The group remains a leading player in Icelandic pelagic fishing and fishmeal production, with significant international subsidiaries.

Financial highlights

• Q2 2025 revenue was $76.2M, up from $60.3M in Q2 2024; EBITDA rose to $15.9M (20.8% margin) from $6.6M (10.9%).

• For H1 2025, revenue reached $158.8M (up from $141.3M), EBITDA $38.0M, and net profit $12.5M (up from $9.3M).

• Total assets at June 30, 2025, were $1,075.4M, with equity ratio at 63.9%.

• Cash at period end was $85.5M, down from $101.8M at year-end 2024.

• Net profit margin for H1 2025: 7.9%.

Outlook and guidance

• Mackerel season performed well; preparations underway for herring season.

• Capelin fishing started in Icelandic waters, with 31,000 tons reserved for autumn.

• Market outlook for herring and mackerel remains positive, with strong demand and prices.

• Participation in Arctic Fish Holding AS share increase up to EUR 14M is expected to strengthen the group’s position.

• New fishing fee legislation and electricity shortages pose operational challenges, with fees set to rise significantly from 2026.