Síldarvinnslann (SVN) Q4 2025 earnings summary

Executive summary

• 2025 was a strong operational year with successful fishing and processing of pelagic and demersal species, robust sales, and strong market conditions across most segments.

• Among the largest and most robust seafood companies in Iceland, with operations spanning fishing, processing, and international subsidiaries.

• The company processed significant volumes: 138,000 tons by pelagic vessels, 18,295 tons by fresh fish trawlers, and 6,873 tons by freezer trawler.

• Fourth quarter operations were solid, with good catches, efficient processing, and improved performance from Arctic Fish.

Financial highlights

• Revenue for 2025 reached $378.4M, up from $324.8M in 2024; Q4 revenue was $92.0M, up from $88.3M year-over-year.

• EBITDA for 2025 was $115.4M (30.5% margin), up from $84.0M (25.8%) in 2024; Q4 EBITDA was $32.6M (35.4% margin), up from $26.0M (29.4%).

• Net profit for 2025 was $63.8M, up from $44.1M in 2024; Q4 net profit was $19.2M, up from $15.7M.

• Total assets at year-end were $1,111.6M, with equity of $734.8M and an equity ratio of 66.1%.

• Average number of FTEs increased to 646 from 603.

Outlook and guidance

• 2026 has started well, with strong capelin (loðna) season and high production values.

• Anticipated quota reductions for mackerel and blue whiting may impact future results.

• Significant increases in fishing fees and other public charges are beginning to affect results.

• Continued uncertainty in Grindavík due to seismic activity, though operations have not been disrupted.

• From January 2026, the euro will be the group’s reporting currency, reflecting increased euro exposure.