Reykjavik, Iceland-headquartered Iceland Seafood International (ISI) has reported strong results for the first half of 2025, including a doubling of its year-over-year normalized profit before tax (PBT) to EUR 2.3 million (USD 2.7 million).
CEO Ægir Páll Friðbertsson attributed the solid six-month performance to strong demand and record-high prices for cod.
In a statement accompanying ISI’s H1 2025 results, Friðbertsson said the ongoing U.S. ban on Russian fish had pushed up prices for headed and gutted (HG) cod from the Barents Sea, with supply further constricted by quota reductions in both the Barents Sea and the Atlantic Ocean. The subsequent record-high prices outweighed the drop in total allowable catch in the period.
The limited supply of whitefish and elevated prices are expected to persist, he said.
Despite the positives, Friðbertsson said global economic trends have rendered ISI’s financial outlook “uncertain,” with the expectation that it will stay that way for the foreseeable future.
“Interest rates have eased, and inflation has declined in our main markets. While high cod prices and rising prices for other species have increased sales values, they also create challenges as consumers face higher costs,” he said. “As a result, demand may decline further, driven by reduced availability and price increases in key markets. At the same time, financing and storage costs remain significant, reinforcing the need for vigilant credit and inventory management.”
The company’s focus will remain on enhancing the performance of its existing business units, optimizing its capital structure, and reassessing its overall strategy, he said.
“We see significant potential for growth within our strong company network, robust sales and sourcing channels, and our highly skilled team of seafood professionals,” Friðbertsson said.
According to its results report, ISI recorded group sales of EUR 233.8 million (USD 272.3 million) in H1, representing an increase of 10 percent on the same period last year.
By division, the firm’s Value Added Southern Europe (VA S-Europe) segment recorded H1 sales of EUR 110 million (USD 128.1 million), marking an increase of 3 percent on the corresponding period of 2024.
Bringing in EUR 14.3 million (USD 16.7 million), ISI’s Value Added Northern Europe (VA N-Europe) division achieved a EUR 2 million (USD 2.3 million) increase in sales compared to H1 2024.
The Sales & Distribution (S&D) division’s sales increased 21 percent to EUR 102.2 million (USD 119 million), with Q2 in particular seeing strong frozen-at-sea sales supported by high cod demand.
For the full year of 2025, ISI is guiding a normalized PBT outlook of EUR 7.5 million to EUR 9.5 million (USD 8.7 million to USD 11.1 million), driven by robust fish demand even in the face of higher prices.
More recently, in July, ISI signed an agreement to purchase two vessels to strengthen its operations in Argentina, and the company has also started selling and marketing Icelandic salmon, with the intention to expand this offering in line with the growth of salmon farming in the country.
