ISI completed its refinancing in the second quarter of 2025, confirming its operational recovery.
Photo: Iceland Seafood International.
Iceland Seafood International (ISI) has released its latest results for the third quarter of 2025, highlighting an increase in total sales and profit before tax from regular operations.
Specifically, total group sales were €113.7 million, up 11% compared to the previous year, and profits from regular operations before tax amounted to €1.8 million, an increase of €400,000 from the same quarter in 2024.
Regarding operating revenues in Southern Europe, ISI reported that although there was a decline, strong sales of cod and other fish of Icelandic origin had a positive impact on both value and volume.
In contrast, operating revenues in Northern Europe increased by 5% compared with the same quarter last year. Likewise, sales for the first nine months of the year rose by 7% in value and 4% in volume.
Moreover, the Irish subsidiary generated a profit of €1.4 million from regular operations before tax in the first nine months, an increase of €700,000 compared with 2024.
The limited supply and high prices of whitefish are expected to continue, and demand may be affected by high raw material costs, which ultimately impact consumers. Even so, the company’s outlook for the fourth quarter remains positive and in line with historical trends.
"The company has achieved a significant operational turnaround in the first nine months of 2025 compared to the same period in 2024. The performance has been positive, strengthening our belief in a bright future. We will continue to do our part and adapt to changing market conditions and the international environment," said CEO Ægir Páll Friðbertsson.
In July, ISI's subsidiary THORPESCA S.A.S. acquired two freezer trawlers in Argentina. This purchase, amounting to USD 5.8 million, strengthens its presence in Argentina and leverages its experience in land-frozen shrimp while improving access to sea-frozen shrimp.
Furthermore, ISI completed its refinancing in the second quarter of 2025, confirming its operational recovery. This significantly strengthened its financial position through debt restructuring, lower interest rates, and increased liquidity.
"The growth of Icelandic salmon farming is also a positive development, and we have begun selling and marketing Icelandic salmon through our distribution network to strengthen our operations further," he concluded.