Síldarvinnslann (SVN) Q3 2025 earnings summary

Executive summary

• Strong operational performance in pelagic fishing and processing, with good mackerel and herring catches and favorable market prices year-over-year.

• Operations generated $286.2 million in revenue and $44.5 million in net profit for the nine months ended September 30, 2025, reflecting strong performance in fishing and fish processing.

• Land-based processing in Grindavík resumed smoothly after summer maintenance, and main whitefish markets remained robust.

• Total assets reached $1.12 billion, with equity at $718.9 million and an equity ratio of 64.3% at period end.

• Challenges noted in the operation of the Arctic Fish associate.

Financial highlights

• Q3 2025 revenue was $127.5M, up from $95.1M in Q3 2024; EBITDA rose to $44.8M (35.1% margin), and net profit increased to $32.1M from $19.1M year-over-year.

• For the first nine months, revenue reached $286.3M (up from $236.8M), EBITDA $82.8M (28.9% margin), and net profit $44.5M, all showing significant year-over-year growth.

• Earnings per share for the period were $0.0239, up from $0.0153 year-over-year.

• Total comprehensive income was $93.5 million, driven by strong translation gains.

• Cash at period end was $68.6M, down from $101.8M at year-end 2024.

Outlook and guidance

• Mackerel and herring markets remain strong, with high demand and stable prices; reduced quotas in Peru and for mackerel expected to support prices.

• New laws on fishing fees and significant increases in carbon taxes introduce uncertainty for 2026.

• Pelagic quota recommendations for 2026 indicate a 70% reduction in mackerel and 41% in blue whiting, but increases for Norwegian-Icelandic and Icelandic herring.

• From January 1, 2026, the functional and reporting currency will change from USD to EUR, reflecting increased euro-based operations.