Brim (BRIM) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was €389.4m, down from €437.2m in 2023, with gross profit declining to €65.7m from €101.8m.

• Net income for 2024 was €40.5m, a decrease from €62.9m in 2023 and €79.3m in 2022.

• EBITDA for 2024 was €65.3m, down from €97.2m in 2023 and €117.7m in 2022.

• Total assets increased to €996m, equity rose to €489m, and the equity ratio was 49.1%.

• The board proposes a dividend of ISK 2.0 per share for 2024, totaling €20.1m.

Financial highlights

• Q4 2024 revenue was €105.2m, up from €101.7m in Q4 2023, but gross profit and EBITDA both declined year-over-year.

• Q4 2024 EBITDA was €18.3m (17.3% margin), down from €18.5m (18.2%) in Q4 2023.

• Q4 2024 net income was €16.0m, up from €8.8m in Q4 2023.

• Net profit margin was 10.4%, and return on equity was 8.9%, down from 14.7% in 2023.

• Cash at year-end 2024 was €52.1m, up from €34.2m in 2023.

Outlook and guidance

• Management notes that results are subject to significant changes due to the volatile nature of the fishing industry and pending regulatory changes.

• Cod supply is expected to decrease due to quota cuts in the Barents Sea, likely supporting high product prices.

• No capelin season and weak mackerel catch impacted pelagic operations; future focus on value-added products and sustainability.