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Iceland Seafood International (ICESEA) investor relations material
Iceland Seafood International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group sales in 1H 2025 rose 10.3% year-over-year to €233.8m, driven by strong cod demand, favorable salmon prices, and growth in all divisions except for a volume decline in Sales & Distribution due to limited supply and high cod prices.
EBITDA improved to €9.2m, up from €5.5m in 1H 2024, and net profit reached €1.1m, reversing a prior-year loss, supported by higher cod prices and strong whitefish demand.
All divisions delivered strong performances in a competitive market, with notable improvements in profitability.
Major refinancing was completed, including a new unsecured bond and short-term bill offerings, expected to reduce future interest expenses.
Strategic expansion in Argentina included the acquisition of two freezer trawlers and fishing rights for $5.8m, supporting vertical integration.
Financial highlights
Gross profit for 1H 2025 was €34.1m, up from €30.2m in 1H 2024.
EBITDA for the trailing 12 months reached €20.3m, up from €12.7m in 1H 2024.
Normalised PBT for 1H 2025 was €2.3m, up €1.2m from 1H 2024.
Net interest-bearing debt at end of June was €101.2m, €3.4m lower than at year-end 2024.
Total assets at 30 June 2025 were €251.5m, with an equity ratio of 30.2%.
Outlook and guidance
Full-year 2025 Normalised PBT is projected at €7.5–9.5m.
Cod prices are expected to remain high due to quota cuts and the U.S. ban on Russian fish.
Salmon prices are forecasted to stay stable for the rest of the year, with a possible increase at year-end.
The refinancing is expected to lower interest expenses from June 2025 onward, supporting ongoing financial optimization.
The Argentinian acquisition is expected to enhance raw material access and enable expansion into new premium markets for sea-frozen products.
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