Ísfélag (ISF) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was $75.7 million, up from $68.3 million year-over-year.

• Net loss for H1 2025 was $9.7 million, compared to a profit of $0.3 million in H1 2024.

• Losses were mainly due to currency fluctuations and weak capelin catches.

• Major investments included capacity expansion, electrification of the Vestmannaeyjar fishmeal plant, and a new cold storage facility.

• The company underwent refinancing, increasing debt and supporting future liquidity.

Financial highlights

• Operating revenue for Q2 2025 was $38.4 million, up from $31.2 million in Q2 2024.

• Net loss for Q2 2025 was $6.1 million, compared to a profit of $1.4 million in Q2 2024.

• EBITDA for Q2 2025 reached $10.3 million (26.9% margin), up from $7.2 million (23.0%) in Q2 2024.

• Equity at June 30, 2025, was $536.5 million, down from $550.7 million at year-end 2024.

• Equity ratio at June 30, 2025: 63.6%, down from 70.8% at year-end 2024.

Outlook and guidance

• Lower cod quota and uncertainty regarding capelin stock pose operational risks.

• Recent investments are expected to improve future performance.

• Strong product markets and successful mackerel fishing in summer.

• Anticipated significant tax increases ahead.