Ísfélag (ISF) Q4 2025 earnings summary

Executive summary

• Annual revenue for 2025 reached $213.7m, up 25% year-over-year, driven by high product prices and a strong mackerel season, with net profit at $21.5m, a 34% increase from 2024.

• EBITDA rose to $78.6m from $48.2m year-over-year.

• Major investments included a new pelagic vessel, expanded fishmeal plant capacity, and significant refinancing activities.

• Equity ratio was 65.5% at year-end, with total assets of $865.8m.

Financial highlights

• Q4 2025 revenue was $63.2m, with net profit of $13.3m and EBITDA of $27.8m (44.0% margin).

• Full-year EBITDA was $78.6m (36.8% margin), and operating profit increased to $61.4m from $32.3m year-over-year.

• Gross margin improved to $65.9m from $41.5m year-over-year.

• Cash flow from operations was $46.1m, down from $60.7m in 2024.

• Dividend of ISK 2.57 per share proposed for 2025 earnings.

Outlook and guidance

• Markets for products remain strong, with a quota increase for Norwegian-Icelandic herring expected in autumn, but a significant cut in mackerel quota introduces uncertainty.

• Investments in electrification and storage expected to enhance future operations.

• The company is financially well-positioned for further investments and opportunities.

• Weak USD negatively impacted financing costs due to euro-denominated debt.

• Ongoing labor agreement uncertainties and high taxes may impact competitiveness.