Iceland Seafood International hf: Consolidated Financial Statements 2025

Core Viewpoint - The company reported a strong financial performance in 2025, exceeding its normalized profit before tax (PBT) outlook, with a normalized PBT of €10.6 million, up from €7.4 million in 2024, indicating resilience and competitiveness across all divisions despite external challenges [6][8]. Financial Performance - Total sales for 2025 reached €484.3 million, a 9% increase from €444.0 million in 2024 [8]. - Sales for Q4 2025 were €136.7 million, up 6% from €128.9 million in Q4 2024 [8]. - Net profit for 2025 was €7.4 million, improved from €2.8 million in 2024 [8]. - EBITDA for 2025 was €22.8 million, up from €18.0 million in 2024 [8]. - The net margin for 2025 was €50.7 million, an increase of €5.5 million compared to the previous year [8]. Division Performance - The VA S-Europe division reported sales of €60.3 million in Q4, a 1.2% decrease from Q4 2024, with total annual sales of €212.9 million, down 1% in value and 2% in volume [2]. - The VA N-Europe division achieved sales of €20.6 million in Q4, a 20% increase from the previous year, with total sales for 2025 reaching €63.3 million, an 11% increase [3]. - The S&D division recorded sales of €59.7 million in Q4, an 11% increase from Q4 2024, with total sales for 2025 amounting to €221.5 million, a 22% increase [4]. Market Conditions - The year was characterized by high prices and strong demand for cod products, while mackerel prices were also very high [5]. - Salmon prices were lower and more stable compared to the previous year, positively impacting salmon-related operations [9]. - Demand for whitefish products remained strong, driven by reduced cod quota allocations and the ban on Russian fish [10]. Strategic Developments - The company successfully refinanced its parent company, ISI hf., strengthening its financial position and reducing refinancing risk [11]. - Investment in a freezer trawler operation in Argentina enhances the company's position within the value chain, allowing for increased supply and a broader product range [12]. - The growth of salmon farming in Iceland presents opportunities for the company to leverage its sales network and promote Icelandic salmon in key markets [13]. Future Outlook - The company anticipates a normalized PBT outlook for 2026 between €11.5 million and €13.5 million, indicating continued growth potential [8].