Brim (BRIM) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €174.2m, down from €222.2m in H1 2023, with EBITDA at €21.0m and net profit at €5.5m, all significantly lower year-over-year.

• 2Q 2024 revenue was €79.7m, EBITDA €9.0m, and net profit €1.0m, all down from the previous year.

• Second quarter groundfish catch increased to 12,100 tons, with more haddock and golden redfish but less ocean perch.

• No capelin season in Q1; blue whiting catch was 30,000 tons, but no mackerel catch in H1 2024.

• New freezer trawler Þerney RE-1 entered service in June 2024; sale of Örfirisey completed in August.

Financial highlights

• H1 2024 revenue: €174.2m; Q2 2024 revenue: €79.7m.

• H1 2024 EBITDA: €21.0m; Q2 2024 EBITDA: €9.0m.

• H1 2024 net profit: €5.5m; Q2 2024 net profit: €1.0m.

• Equity at June 30, 2024: €451m; equity ratio declined to 46.2% from 49.8% at year-end 2023.

• Cash flow from operations in H1 2024: €24.1m (up from €16.0m in H1 2023).

Outlook and guidance

• Management notes continued uncertainty due to natural variability, product demand, and regulatory changes.

• No specific quantitative guidance; cost pressures and market volatility expected to persist.

• Fresh groundfish prices stable; frozen-at-sea product prices declined.

• No capelin quota in Q1 impacted pelagic segment; blue whiting and mackerel seasons underway.