Adaro Andalan 1H net income $428.7M vs. $858.9M y/y

Adaro Andalan 1H net income $428.7M vs. $858.9M y/y

Iceland Seafood International hf, a leading seafood company, has reported a strong first-half performance for 2025, with a significant increase in normalized profit before tax (PBT) and sales growth across its divisions. The company's normalized PBT doubled year-on-year to €2.3 million, compared to €1.1 million in the first half of 2024. This positive performance was driven by robust sales and favorable market conditions.

The company's total sales for the first half of 2025 reached €233.8 million, a 10% increase from the same period last year. This growth was largely attributed to the strong demand for premium products, particularly cod and other Icelandic offerings. The VA S-Europe division, which focuses on European markets, reported sales of €52.9 million in the second quarter, marking a 3% increase from the same period in 2024. The VA N-Europe division, which operates in Northern Europe, achieved sales of €14.3 million, a 5% rise from the second quarter of last year.

Despite the strong performance, the company faced challenges due to higher prices and reduced availability of certain fish species. The price of salmon, for instance, was lower than forecasted in the first half of the year, resulting in strong operational performance in the salmon operations. However, high prices and decreased availability of whitefish had an opposing impact on the division.

The company's net margin for the first half of 2025 was €22.9 million, an increase of €3.9 million from the same period last year. EBITDA for the first half of 2025 was €9.2 million, up from €5 million in the same period last year. The company's net profit for the first half of 2025 was €1.1 million, an improvement from a loss of €0.7 million in the same period last year.

The company's CEO, Ægir Páll Friðbertsson, noted that the first half of 2025 was marked by strong demand for cod and record-high prices. The U.S. ban on Russian fish has pushed up prices for HG cod from the Barents Sea, compounded by quota reductions in both the Barents Sea and the Atlantic. Despite these challenges, the company remains optimistic about the outlook for the remainder of the year, with cod prices expected to stay high and salmon prices likely to remain stable.

The company will host an online meeting for investors and market participants today at 4.30 pm GMT to discuss the Q2 and first-half results. The meeting will be webcast live in Icelandic on the company's websites.

References:
[1] https://www.globenewswire.com/news-release/2025/08/27/3140246/0/en/Iceland-Seafood-International-hf-Strong-first-half-performance-with-Normalised-Profit-Before-Tax-doubling-year-on-year.html