After a difficult 2024, Reykjavik, Iceland-headquartered Iceland Seafood International (ISI) has reported positive performance across its operations through the first nine months of 2025, delivering higher profits and earnings year over year.
Over the first three quarters of the year, ISI recorded a pre-tax profit of EUR 4.1 million (USD 4.8 million) from regular operations, which was up from EUR 2.5 million (USD 2.9 million) in the same period last year. Net profit after tax for the first nine months totaled EUR 2.5 million, which represented a turnaround from a EUR 1.5 million (USD 1.7 million) loss recorded during the same period in 2024.
The company attributed these increases to improved market conditions for cod, which have faced quota cuts but subsequent increases in price, and stronger performance across its processing and distribution units in Europe, among other factors.
Operating revenues for the period reached EUR 347.6 million (USD 403.2 million), marking an 11 percent increase year over year, while its EBITDA climbed 55 percent to EUR 14 million (USD 16.2 million).
“The company has achieved a significant operational turnaround in the first nine months of 2025,” ISI CEO Ægir Páll Friðbertsson said in a statement accompanying ISI’s latest results, adding that the performance has strengthened the organization’s belief in a bright future.
By division, within ISI’s Sales & Distribution (S&D) segment, sea-frozen products were a bright spot over the first nine months of the year, Friðbertsson said, benefiting from high cod prices and strong operational performance.
S&D’s sales for the nine-month period increased 27 percent year over year to EUR 161.8 million (USD 187.7 million), and its normalized profit before tax (PBT) rose EUR 900,000 (USD 1 million) to EUR 3.2 million (USD 3.7 million).
The company’s Value-Added Northern Europe (VA N-Europe) division achieved EUR 42.6 million (USD 49.4 million) over the nine-month period – which was up EUR 2.8 million (USD 3.2 million) year over year. Its normalized PBT was EUR 1.4 million (USD 1.6 million) – double the previous year’s level.
In the same period, ISI’s Value-Added Southern Europe (VA S-Europe) division recorded sales of EUR 152.6 million (USD 177 million), marking a decrease of 1 percent on the corresponding period of 2024. Its normalized PBT slipped EUR 400,000 (USD 463,980) to EUR 2.9 million (USD 3.4 million), with the firm’s recent financial report stating that Argentinian shrimp production was high and helped offset the lower volume of cod products.
To further bolster Argentinian production, the company acquired two vessels earlier this year and started fishing operations off the South American country’s coast, gaining greater control over raw material quality and availability.
At the same time, ISI has continued to expand its Icelandic salmon-farming operations, creating new distribution opportunities, with the report confirming that ISI has now begun selling Icelandic salmon through its own network.
Friðbertsson also pointed out that refinancing completed in Q2 2025 has already yielded results, with production costs decreasing in Q3 and “creating a solid foundation for the future.”
“Our objective is clear: to further strengthen Iceland Seafood’s operations and market position, capitalize on emerging opportunities, and proactively address challenges to deliver long-term value for shareholders, employees, and the company,” he said.
For the full year of 2025, ISI is guiding earnings of EUR 7.5 million to EUR 9.5 million (USD 8.7 million to USD 11 million), with all divisions expected to meet their targets.
