Brim (BRIM) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached €410 million, up from €389.4 million in 2024, but below 2023's €437.2 million.

• Net profit for 2025 was €60.0 million, a significant increase from €41 million in 2024, though lower than €62.9 million in 2023.

• EBITDA for 2025 was €91 million (22.1% margin), up from €65.3 million (16.8%) in 2024.

• Strong demand and high prices for frozen mackerel and cod, but continued low prices for redfish and golden redfish.

• A significant acquisition offer for Lýsi hf. was announced, valued at €173 million, pending due diligence and regulatory approval.

Financial highlights

• Gross profit for 2025 was €89.4 million, up from €65.7 million in 2024.

• Operating profit for 2025 was €71.1 million, compared to €49.2 million in 2024.

• Total assets at year-end 2025 were €998 million, with equity of €521 million (52.3% equity ratio).

• Net interest-bearing debt (NIBD) at year-end 2025 was €288.8 million, down from €349.5 million in 2024.

• Cash flow from operations was €57 million, up from €45 million; cash increased by €19 million during the year.

Outlook and guidance

• Good product demand expected to continue, but quota reductions for mackerel and blue whiting in 2026 may impact future results.

• Increased fishing fees anticipated.

• No power supply disruptions in 2025, but higher electricity transmission costs affected usage.

• Continued focus on sustainable fisheries and responsible value creation.

• Further investments planned in electrification and sustainability initiatives.