Brim (BRIM) Q4 2025 earnings summary

Executive summary

• Revenue increased to €410 million in 2025, up from €389 million in 2024, with net profit rising to €60 million from €41 million year-over-year.

• EBITDA for 2025 was €91 million (22.1% margin), up from €65 million (16.8%) in 2024.

• Strong demand and high prices for cod, haddock, and mackerel, especially sea-frozen and pelagic products, drove record profits.

• Asset base remained stable, equity ratio improved to 52%, and net debt declined rapidly.

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

Financial highlights

• Total assets at year-end 2025 were €998 million, with equity of €521 million and liabilities of €476 million.

• Net interest-bearing debt at year-end 2025 was €288 million, down from €349 million in 2024.

• Operating profit for 2025 was €71 million, up from €49 million in 2024.

• Cash flow from operations was €57 million, with cash increasing by €19 million during the year.

• Dividend of 2.1 ISK per share proposed for 2025, totaling €27.5 million.

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 and regulatory uncertainties anticipated.

• Management remains cautiously optimistic, with further investments planned in electrification and sustainability.