Iceland Seafood's Strategic Catch: Record Profits and a Vision for Growth

REYKJAVIK, ICELAND – February 26, 2026 – Iceland Seafood International hf. (ISI) today announced a landmark financial year for 2025, posting profits that significantly surpassed market expectations and solidified a remarkable corporate turnaround. The company's consolidated results reveal a 9% surge in annual revenue and a dramatic increase in net profit, underscoring the success of strategic shifts towards vertical integration, product diversification, and operational resilience in a volatile global seafood market.

A Resounding Financial Turnaround

The financial figures paint a clear picture of resurgence. ISI reported a profit before tax (PBT) from regular operations of ISK 1.5 billion (€10.6 million), comfortably exceeding its own ambitious forecast range of €7.5 million to €9.5 million. This represents a substantial increase from the €7.4 million PBT recorded in 2024. The momentum carried through to the bottom line, with net profit after tax skyrocketing to ISK 1.1 billion (€7.4 million), a stark contrast to the €2.8 million profit in 2024 and a decisive recovery from the losses experienced in a challenging 2023.

Total group revenues for 2025 climbed to ISK 70.1 billion (€484.3 million), a 9% increase year-over-year, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew to ISK 3.3 billion (€22.8 million). Looking ahead, the company has issued a confident 2026 PBT forecast of between €11.5 million and €13.5 million, signaling a belief that this growth is sustainable. This performance is the culmination of a strategic overhaul that began after a difficult 2023, a year marked by the divestment of its underperforming UK operations, which has clearly paid dividends in simplifying the business and strengthening its foundation.

Navigating Turbulent Waters: Market Dynamics and Geopolitics

ISI’s 2025 success was not achieved in a calm sea. The global seafood industry was characterized by a complex mix of pressures and opportunities. The company skillfully navigated high prices and robust demand for key species like cod and mackerel. This was partly driven by external supply constraints, including reduced cod quotas in the Barents Sea and ongoing trade friction, such as tariff issues in the United States, which added layers of uncertainty to the market.

Conversely, the company's value-added operations in Northern Europe benefited from lower and more stable salmon prices compared to the previous year, which helped bolster margins. However, challenges remained, with elevated prices for other whitefish species creating headwinds for sales and operations in certain segments. The almost complete absence of capelin from the supply chain further highlighted the unpredictability of sourcing. ISI's ability to thrive in this environment points to a high degree of operational agility and a deep understanding of commodity cycles.

Strategic Bets on Integration and Diversification

A key pillar of Iceland Seafood’s 2025 triumph was its proactive and strategic investment strategy. A significant move was the investment in a freezer trawler operation in Argentina. This step into vertical integration strengthens the company's control over its value chain, particularly for wild shrimp, securing supply and expanding its product portfolio for customers. It represents a tangible move from being solely a processor and distributor to also being a primary producer.

In another forward-looking initiative, ISI began the sales and marketing of Icelandic farmed salmon through its extensive distribution network. This taps into the burgeoning Icelandic aquaculture sector and allows the company to leverage its market access to introduce a premium, differentiated product to key markets. CEO Ægir Páll Friðbertsson highlighted the importance of this, stating, “The growth of Icelandic salmon farming is also a positive development and we have started sales and marketing of Icelandic salmon through our distribution system, with the aim of further strengthening the business...This creates opportunities for the company to work closely with Icelandic aquaculture companies and use our powerful sales network to promote Icelandic salmon in key markets and differentiate it in the market.”

These growth initiatives were underpinned by shrewd financial management. The successful refinancing of the parent company, ISI hf., during the year enhanced financial stability, significantly reduced refinancing risk, and is expected to lower interest costs in the coming years, freeing up capital for further growth.

Broad-Based Success Across All Divisions

The strong group performance was not reliant on a single segment but was the result of positive contributions across all its business units, a testament to a well-executed corporate strategy.

The Sales & Distribution (S&D) division was a standout performer, with revenues surging 22% to €221.5 million. The division capitalized on high prices and strong demand for cod products, showcasing its crucial role as the group's primary market conduit.

The Value-Added Southern Europe (VA S-Europe) division demonstrated impressive profitability. While sales value saw a marginal 1% dip to €212.9 million, its pre-tax profit grew significantly to €8.2 million. Within this division, the Spanish smokehouse unit, Ahumados, had its best year since its acquisition in 2021, with both sales and volume increasing.

In the Value-Added Northern Europe (VA N-Europe) division, sales grew by a healthy 11% to €63.3 million. The division's performance was bolstered by the favorable salmon pricing environment, which helped offset challenges posed by high whitefish prices.

In his statement, CEO Ægir Páll Friðbertsson commented on the comprehensive success: “The year 2025 was a strong operating year for Iceland Seafood and built on the turnaround that was achieved the year before. All operating units of the group delivered good results during the year, despite various challenges in the external environment, which underlines the resilience and competitiveness of the business.” This broad-based success story validates the company's strategic decisions and its ability to execute effectively across diverse markets and product categories, positioning it robustly for the future.