Ísfélag (ISF) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 was $8.3m, down from $9.7m in the prior year, with strong markets and good product prices.

• Revenue for the nine months ended September 30, 2025, was $150.4m, up from $120.6m year-over-year.

• Total comprehensive income rose to $20.0m from $7.6m year-over-year.

• The company operates nine fishing vessels and processes products in multiple facilities across Iceland.

• Significant investments made in operational assets, including a pelagic vessel, fishmeal plant expansion, and cold storage.

Financial highlights

• Q3 2025 revenue was $74.7m, up from $52.3m in Q3 2024; nine-month revenue reached $150.4m, up from $120.6m year-over-year.

• Q3 2025 net profit was $17.9m, with EBITDA of $33.1m (44.3% margin); nine-month EBITDA was $50.8m (33.8% margin), up from $33.0m year-over-year.

• Operating profit increased to $38.0m from $21.7m year-over-year.

• Total assets as of 30.09.2025 were $871.7m, with equity ratio at 63.6% (down from 70.8% at year-end 2024).

• Net interest-bearing debt increased to $193.5m.

Outlook and guidance

• Markets remain strong for main products; company is financially robust and positioned for further investments.

• Investments in processing capacity and electrification are expected to improve future operations.

• Brighter quota outlook for capelin and blue whiting, but likely cod quota reduction and significant mackerel cut expected next season.

• Upcoming tax increases and regulatory changes expected to impact operations and reduce competitiveness.