Icelandic seafood firm Samherji saw its profit and earnings increase in FY 2025 as strong whitefish pricing and sales boosted its revenue.
Samherji saw revenue of EUR 542 million (USD 615 million) in FY 2025, and its EBITDA climbed to EUR 73.9 million (USD 83.9 million), an increase of EUR 12.5 million (USD 14.2 million) from FY 2024. Its EBIT also increased to EUR 50.4 million (USD 57.2 million), up from EUR 42.4 million (USD 48.2 million) in the prior year, an increase of just under 19 percent. Its profit after tax reached EUR 58.6 million (USD 66.6 million).
"Samherji's financial statements show that the company's operations are sound and its finances are strong,” Samherji CEO Baldvin Thorsteinsson said in a release. “This enables the company to pursue investments that strengthen its competitive position and that of the Icelandic fishing industry.”
Samherji said in its results that 2025 was an “eventful one” for the company, as its co-founders Thorsteinn Már Baldvinsson and Kristján Vilhelmsson both retired in June of last year after 42 years with the company.
Thorsteinsson, Baldvinsson’s son, took over the role of CEO and has been in the role since his father’s retirement.
The company said its fish farming division also reached a new milestone with the financing of “Salmon Garden,” a land-based salmon farming facility in Reykjanes, Iceland. The company secured EUR 235 million (USD 266 million) for the project in April 2025, and as part of that financial arrangement, new shareholders joined the company.
“Following these ownership changes, Samherji now owns a 61.5 percent stake in the parent company of Samherji Fish Farming, down from almost 100 percent at the beginning of the year.”
Samherji’s farming arm had a positive year, the company said. Samherji Fish Farming harvested 5,809 MT of liveweight fish in FY 2025, which included 3,140 MT of Arctic char and 2,669 MT of salmon – the largest volume of salmon the company has harvested in a single year.
Outside of fish farming, the company’s wild capture operations performed well, the company said. It operated four fresh fish trawlers, two pelagic vessels, and a freezer trawler. The fresh vessels landed 26,691 metric tons (MT) of fresh raw material in 2025, with 16,000 MT of that total comprising cod. Haddock, saithe, and redfish made up the rest of the tonnage.
Most of that catch was processed inside Samherji’s own facilities, and the plants received 33,166 MT of raw material, the company said.
"It has been our goal to maximize the value of catches through further processing in high-tech land-based processing facilities,” Thorsteinsson said. “Our customers are willing to pay higher prices if they consistently receive high-quality pieces cut to the same size. This is the core of our whitefish value creation.”
The company said high product prices for whitefish aided profitability in its fishing and processing sectors, and there is growing demand for “most fish species.”
