Eimskipafélag Íslands (EIM) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was EUR 201.4m, down 11.4% YoY, with EBITDA halved to EUR 12.7m due to lower volumes and global freight rates.

• Full-year 2025 revenue reached EUR 807.5m (-4.7% YoY), EBITDA was EUR 69.7m (-28.7% YoY), and net earnings were EUR 9.3m (-68.9% YoY).

• Operational efficiency initiatives advanced, with EUR 13.5m in annualized measures executed and a total impact now estimated at EUR 15-17m annually.

• The year was marked by stable volumes but unit prices lagged behind rising expenses and a turbulent external environment.

• A new strategy, Eimskip 3.0, was developed and approved, focusing on customer-centric services, operational efficiency, empowerment, and innovation.

Financial highlights

• Q4 2025 revenue: EUR 201.4m (-11.4% YoY); expenses: EUR 188.6m (-5.7% YoY); EBITDA: EUR 12.7m (-53.0% YoY); net earnings: EUR 0.0m (vs. EUR 7.3m in Q4 2024).

• FY 2025 revenue: EUR 807.5m (-4.7% YoY); EBITDA: EUR 69.7m (-28.7% YoY); net earnings: EUR 9.3m (-68.9% YoY).

• Salaries increased 4.7% YoY in Q4 and 7.8% for the year, driven by redundancy costs, contractual wage increases, and currency effects.

• Net finance expense decreased by EUR 1.4m in Q4 due to lower interest costs and favorable currency differences.

• Share of profit from associates totaled EUR 12.5m for the year.

Outlook and guidance

• Cost-saving measures are expected to deliver annual savings of EUR 13.5m, with further initiatives underway.

• Liner volume remains pressured by lower industrial cargo, with some offset expected from the capelin season.

• Imports to Iceland and the Faroe Islands are expected to decline slightly, while exports remain challenged but may benefit from increased salmon and white fish harvesting.

• Trans-Atlantic volumes and rates are expected to be stable, but uncertainty persists around US tariffs.

• Forwarding volumes are expected to be similar to last year, with global freight rates remaining low due to increased capacity.