Icelandic seafood company Vinnslustöðin reported a sharp turnaround in 2025, returning to profit despite a low capelin quota and tough operating conditions, the company said at its annual general meeting on 10 April.
Total revenue rose 4.8% to EUR 187 million, while net profit reached EUR 9.9 million, compared with a loss the year before. EBITDA increased to EUR 41 million from EUR 27 million.
Profit driven by strong fishing and markets
The improved result was driven by higher prices for demersal products, strong mackerel fishing and solid performance from overseas operations.
Chairman Guðmundur Örn Gunnarsson said the turnaround demonstrated the business’s strength and flexibility, despite a very limited capelin quota.
Cost cuts and asset sales
The company took cost-cutting measures during the year. It closed Leo Seafood and sold the vessel Þórunn Sveinsdóttir VE.
The chairman said these were “painful but necessary” steps to reduce debt and strengthen operations for the future.
Higher fishing fees and rising costs also forced difficult decisions, according to the company.
Investment and dividend plans
Investment reached around EUR 14.5 million in 2025, including the completion of a new processing facility.
The company plans to buy a used vessel but has dropped plans for newbuild demersal vessels due to higher fishing fees.
Stronger finances enabled the board to propose a dividend of up to EUR 6 million, yielding just over 2%.
Management also warned that regulatory changes and higher fishing fees could affect future investment and operations.