Brim (BRIM) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was €284.1m, down €51.3m year-over-year, mainly due to lower pelagic catch, especially mackerel, with only 65% of quota utilized.

• Net profit for the period was €24.5m, a significant decrease from €54m in the same period last year.

• EBITDA for 9M 2024 was €47.1m (16.6% margin), down from €78.7m (23.5%) in 9M 2023.

• Third quarter saw increased whitefish catch and the introduction of a new freezer trawler, while one vessel was sold and another underwent maintenance.

• Fresh fish prices remained strong, but prices for sea-frozen products were lower than in previous years.

Financial highlights

• Q3 2024 gross profit was €26.0m, down from €33.9m in Q3 2023.

• EBITDA for the period was €47.1m, compared to €78.7m last year.

• Operating profit was €36.1m, down from €65.9m year-over-year.

• Total assets at period end were €994m, up from €950m at year-end 2023.

• Earnings per share for the period were €0.0127, compared to €0.0281 last year.

Outlook and guidance

• Results are highly sensitive to natural conditions and market demand; future fishing management and fees remain under legislative review.

• Hopes for increased storage allowances for mackerel next year due to lower-than-expected catch.

• Management expects continued focus on product freshness and operational efficiency.