Brim (BRIM) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was €101.4m, up from €94.5m in Q1 2024, but below €113.4m in Q1 2023.

• Net profit for Q1 2025 reached €7.6m, a significant increase from €4.5m in Q1 2024.

• EBITDA for Q1 2025 was €14.9m (14.7% margin), up from €12.0m (12.8%) in Q1 2024, but down from €29.1m (25.7%) in Q1 2023.

• Whitefish catch volumes rose to 14,000 tons from 11,000 tons year-over-year; fresh redfish sales increased to 250 tons from 145 tons.

• Pelagic fishing yielded 18,000 tons of blue whiting, but capelin quotas were limited to 850 tons.

Financial highlights

• Gross profit for Q1 2025 was €15.2m, up from €12.1m in Q1 2024.

• Operating profit for Q1 2025 was €10.1m, compared to €7.5m in Q1 2024.

• Total assets at March 31, 2025, were €971.2m; equity ratio stood at 49.1%.

• Cash flow from operations was €22.5m, up from €13.4m year-over-year.

• Dividend of €19.8m (1.5 ISK per share) was approved and paid.

Outlook and guidance

• Legislative proposals in Iceland threaten to significantly increase fishing fees, potentially raising costs by 125% for 2025 compared to 2024.

• Additional proposed regulations could restrict industry growth and competitiveness, impacting investment attractiveness.