Iceland Seafood International hf: Q1 2025 Results: Continued Operational Recovery and Refinancing in The Final Stages

Continued Operational Recovery and Refinancing in The Final Stages 

• Normalised profit before tax for Q1 2025: €2.3m, compared with €1.9m for Q1 2024 

• Sales for Q1 2025: €119.3m, up 4.8% from Q1 2024 

• Net margin for Q1 2025: €12.3m, up from €10.5m from Q1 2024 

• EBITDA for Q1 2025 was €5.4m up from €3.2m Q1 2024  

• 12-month EBITDA reached €18.5 million, up from €11.8 million in Q1 2024 

• Net profit for Q1 2025: €1.0m compared with €0.1m for Q1 2024 

• Basic earnings per share (EPS) for Q1 2025 €0.0324 cents per thousand shares compared to €0.0025 cents per thousand shares for Q1 2024 

• Total assets of €256.2m at the end of March 2025 were €2.3m higher than at the beginning of the year   

• Equity ratio of 29.9% at the end of Q1 2025 vs 26.8% at the end of Q1 2024 

• Normalised PBT Outlook range for 2025 is €7.5m – €9.5m 

Sales of the VA S-Europe division were €57.1m in the period, an increase of 2,3% from last year.  Normalised PBT for the Division was €2.3m, up €0.2m from Q1 2024, despite unfavourable currency movements concerning our Argentinean operations, which led to a currency loss of €0.6 million this quarter, compared to a €0.9 million gain in Q1 2024. Good results, considering Easter, one of the strongest consumption periods for cod in South Europe, was in April.  Ahumados Domínguez saw a 7% drop in sales vs. Q1 2024 and posted a PBT loss of €47k in Q1 2025, down from a loss of €700k in Q1 2024. This is the best Q1 result since ISI hf acquired the company. 

The VA N-Europe division sales were €14.4m, an increase of 11% on the same period last year.  Salmon prices in the quarter were lower than forecasted, and the supply was good. White fish prices, on the other hand, were way up with scarce supply. The Irish operation reported an NPBT of €76k, up from a €35k loss in Q1 2024. In contrast, Iceland Seafood Barraclough recorded a PBT loss of €128k.  The overall loss before tax was €53k, which aligns with last year's period. Based on forward prices and the supply outlook, salmon prices are expected to remain stable for the rest of the year. 

The S&D division's sales were €51.1m, an increase of 4.7% compared to last year. Profitability remains on par with Q1 2024.  Strong demand for cod drove IS Iceland increased sales at the beginning of the year.  

Based on Q1 results and current trading, the Normalised PBT Outlook range for 2025 is maintained at €7.5 - 9.5 million. The outlook for our main species is that Cod prices will remain high throughout the year, with supply at a historically low level, while Salmon prices will remain stable throughout the year and lower than predicted.   The political landscape has been unpredictable worldwide, although with signs indicating a more balanced economic environment.  We expect all divisions to perform according to budget and do not foresee massive changes in the Seafood sector in the coming months.  

Ægir Páll Friðbertsson, CEO 

“As stated before, in 2025, we foresee challenges in the supply chain due to decreasing quotas for cod, meaning that the supply will be less than it has been in recent years.  Another challenge for the year was that about half of the company´s interest-bearing debt needed to be refinanced in Q2.  Both these factors have presented operational challenges for the company in 2025, with mixed impacts. The company will continue to focus on strengthening the supply chain, improving its financial structure, reducing interest costs, and refining its strategy to build a stronger, more resilient foundation for future growth. 

During the first quarter, we secured a Cod supply and maintained the company on track in a highly competitive environment. All our divisions have increased sales compared to the same quarter in 2024, giving us confidence for the rest of the year.  Cod supply will be tough in the coming months, and the salmon market will most likely be highly price sensitive with lower prices and good supply. 

 The Group’s refinancing process is close to completion. Credit facilities with an Icelandic bank have been successfully renewed and extended, and both the loan and credit line previously held with DNB have been fully refinanced. On 7 April, the Group completed an unsecured bond issuance, raising ISK 4,000 million (EUR 27.6 million via currency swap) with a 3.5-year maturity. At the same time, bonds with a nominal value of ISK 2,880 million from the ICESEA 25 06 series were sold, reducing the outstanding balance of the bond maturing on 20 June 2025 to ISK 520 million. This refinancing is expected to lower interest expenses from the June 2025 due date onward. The Group remains committed to further reducing interest costs through ongoing financial optimization efforts. 

On the strategy side, we have been working on several projects focusing on Growth, operational efficiency, and the company's appearance and culture.  We expect those projects to begin showing positive results within the following months.       

We know we have great potential to grow and make more of our company network, solid sales and sourcing network, and a highly skilled team of seafood professionals. The objective is to strengthen Iceland Seafood further to meet its future challenges and opportunities, which I believe will benefit the company, owners, and staff.” 

Investor meeting 

NOTE: 

Iceland Seafood will pause hosting a meeting for investors and market participants for Q1 and Q3 until further notice. We welcome any questions regarding the financial results of the quarter. Inquiries can be sent to  

The company will host a meeting for investors and market participants for Q2 (half-year results) and Q4 (full-year results), where management will present and discuss the results.  Dates for those meetings can be found on the company website   

Iceland Seafood welcomes everyone who wants to visit the company for further information on its operations or other related matters.  To arrange a visit, don't hesitate to get in touch with Ægir Páll Friðbertsson or Alda Björk Óskarsdóttir  

Disclaimer 

This announcement is furnished and intended for European market participants and should be viewed in that light. 

Any potential forward-looking statements in this announcement reflect the management's current views on future events and performance; whilst those views are based on positions that management believes are reasonable, there is no assurance that the stated events and views will be realised. Forward-looking views naturally involve uncertainties and risks; consequently, results may differ from the statements or opinions expressed. 

For more information: 

Iceland Seafood International hf.                                                            

 

Ægir Páll Friðbertsson,  

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