Eimskip: Third quarter 2025 results

Core Insights - The company's operations in Q3 2025 were below expectations, with a significant decline in EBITDA and net profit compared to the same period last year [1][4][3] Financial Performance - Revenue for Q3 2025 was EUR 204.7 million, a decrease of EUR 14.3 million or 6.5% from Q3 2024 [2] - Operating expenses totaled EUR 184.3 million, down EUR 1.8 million or 1.0% year-on-year [2] - EBITDA for the quarter was EUR 20.4 million, a decline of 38.0% from EUR 32.9 million in Q3 2024, with an EBITDA margin of 10.0% compared to 15.0% last year [2][4] - Net profit after tax was EUR 5.6 million, down from EUR 14.3 million in the same period last year [3] Operational Challenges - The decline in revenue was driven by negative developments in unit prices in Liner, a significant drop in global freight rates, and lower trucking volumes in Iceland and the Faroe Islands [5] - Salary expenses increased by EUR 3.0 million, or 8.1%, primarily due to collective wage increases in Iceland [11] - The company faced challenges from increased port charges and environmental taxes, which have risen significantly since 2023 [7][11] Strategic Initiatives - The company implemented countermeasures to address operational challenges, including the reduction of its vessel fleet and various cost-saving projects estimated to deliver annual savings of EUR 12–14 million [13] - The Logistics segment showed strong performance due to targeted cost-reduction initiatives and improved asset utilization [8] - The international Forwarding segment delivered satisfactory results despite a drop in global freight rates [9][10] Future Outlook - The company plans to continue focusing on strengthening core operations, maintaining cost discipline, and establishing a clear pricing policy in the liner system [14] - An investor meeting is scheduled for November 12, 2025, to discuss the financial results and future strategies [14]