Ísfélag (ISF) Q1 2025 earnings summary

Executive summary

• Reported a net loss of USD 3.6m for Q1 2025, mainly due to low capelin catch and significant FX impacts on finance costs.

• Revenue was USD 37.3m, nearly flat year-over-year.

• Equity ratio at 67.2% at March 31, 2025, down from 70.8% at year-end 2024.

• Significant investments in processing capacity and electrification underway; new cold storage under construction.

• Completed refinancing during the period.

Financial highlights

• Revenue: USD 37.3m in Q1 2025 vs. USD 37.1m in Q1 2024.

• Net loss: USD 3.6m in Q1 2025 vs. USD 1.2m loss in Q1 2024.

• EBITDA: USD 7.3m (19.7% margin) in Q1 2025 vs. USD 6.1m (16.3%) in Q1 2024.

• Operating margin (EBIT): USD 3.1m in Q1 2025 vs. USD 2.4m in Q1 2024.

• Cash at period end: USD 64.7m, up from USD 36.1m at year-end.

Segment performance

• Pelagic catch: 2,600 tons; demersal catch: 6,000 tons; total production: 7,500 tons.

• Processed products: 7,483 tons in Q1 2025 vs. 8,491 tons in Q1 2024.

• Fishing revenue: USD 24.2m; Processing revenue: USD 18.9m for Q1 2025.

• Fishing segment EBIT: USD 3.3m; Processing segment EBIT: USD -0.3m.

• Europe accounted for 89% of Q1 2025 revenue.