Eimskipafélag Íslands (EIM) Q3 2025 earnings summary

Executive summary

• Q3 2025 performance was below expectations, with revenue down 6.5% and costs down only 1.0% year-over-year.

• Net earnings for the first nine months of 2025 were EUR 9.4 million, with total equity at EUR 301.5 million as of 30 September 2025.

• Liner segment underperformed due to lower unit prices and increased salary expenses, despite solid volume.

• Forwarding segment faced a substantial drop in global freight rates but maintained reasonable results.

• Logistics segment delivered strong results, offsetting lower revenue with greater cost reductions.

Financial highlights

• Q3 2025 revenue: EUR 204.7m (-6.5% YoY); expenses: EUR 184.3m (-1.0% YoY); 9M 2025 revenue: EUR 606.1m (-2.2% YoY).

• Q3 2025 EBITDA: EUR 20.4m (-38.0% YoY); EBIT: EUR 5.9m (-68.3% YoY); Net earnings: EUR 5.6m (-60.7% YoY); 9M 2025 EBITDA: EUR 57.0m (-19.4% YoY); Net earnings: EUR 9.4m (-58.8% YoY).

• Salary expenses increased by 8.1% YoY in Q3, mainly due to collective wage agreements in Iceland.

• Two non-recurring items impacted EBITDA YoY: +EUR 2.2m in Q3 2024, -EUR 2.9m in Q3 2025 (Lagarfoss sale).

• Total assets as of 30 September 2025: EUR 654.3m; total equity: EUR 301.5m.

Outlook and guidance

• Industrial cargo volume expected to decline in Q4, with minimal cost mitigation impact.

• Liner volume to be affected by reduced production at key customers; import/export volumes in Iceland and Faroe Islands to decrease.

• Trans-Atlantic volumes expected to remain stable QoQ but lower than Q4 2024; freight rates to stay at Q3 levels.

• External environment remains uncertain due to global trade policy unpredictability and ongoing Red Sea disruptions, affecting transit times and freight rates.

• Temporary reduction in a major customer's production capacity is expected to negatively impact transport volumes for up to 12 months.