Iceland Seafood International (ICESEA) Q4 2025 earnings summary

Executive summary

• Group sales reached €484.3m in 2025, up 9% year-over-year, driven by strong demand for cod and whitefish, with notable Q4 seasonal strength and robust Christmas sales in Ireland and Spain.

• Normalised PBT was €10.6m, exceeding the outlook and up €3.2m from 2024; net profit rose to €7.4m from €2.8m.

• All divisions delivered solid results despite market volatility, with EBITDA improving by €4.8m to €22.8m.

• Strategic acquisitions in Argentina (Cigalfer792 S.R.L. and Thorpesca S.A.S.) expanded cold storage and fishing rights, supporting vertical integration and product diversification.

• The group completed refinancing, including a new unsecured bond of EUR 27.6m and short-term bills totaling EUR 16.8m, reducing interest expenses.

Financial highlights

• Revenue for 2025 was €484.3m, a 9% increase from 2024.

• EBITDA reached €22.8m, up from €18m in 2024.

• Net profit improved to €7.4m, up €4.6m year-over-year.

• Gross profit rose to EUR 73.3m from EUR 67.3m in 2024.

• Total assets at year-end were EUR 279.4m, up EUR 25.5m from 2024, mainly due to higher inventories, cash, and investments in trawlers and fishing rights.

• Net interest-bearing debt at year-end was €111.5m, €6.9m higher than 2024.

• Equity ratio stood at 29.5% at year-end.

Outlook and guidance

• 2025 normalised PBT of €10.6m surpassed the outlook of €7.5–9.5m; 2026 outlook is €11.5–13.5m.

• Cod prices expected to remain high due to quota cuts and geopolitical factors; salmon prices likely to rise from 2025 levels.

• Management expects continued benefits from lower salmon prices and strong demand for whitefish.

• Ongoing focus on financial optimization and cost reduction, especially in financing.

• No dividend proposed for 2026.