TripleNine Group reported a sharp fall in revenue and profit in 2025, despite stable production volumes and higher output.
Revenue dropped to DKK 2,122.7 million (approx. EUR 285 million) in 2025, down from DKK 2,812.2 million (approx. EUR 377 million) in 2024. Net profit fell to DKK 72.3 million (approx. EUR 9.7 million), compared with DKK 137.2 million (approx. EUR 18.4 million) the year before.
Lower prices hit turnover
The company said total sales volumes were broadly unchanged year-on-year. The output of fishmeal and fish oil increased across the group.
However, turnover declined due to lower fish oil prices. Prices were in line with expectations, but still below 2024 levels.
Margins under pressure
Margins were squeezed throughout the year. The group pointed to high raw material costs and strong competition for supply, especially in the Nordic region.
Gross profit fell to DKK 218.8 million (approx. EUR 29.4 million), down from DKK 430.6 million (approx. EUR 57.8 million) in 2024.
Operating profit dropped sharply to DKK 3.3 million (approx. EUR 0.4 million), compared with DKK 228.0 million (approx. EUR 30.6 million) the year before.
One-off gain supports the result
The final net result was supported by a one-off gain.
The group booked DKK 89.8 million (approx. EUR 12.1 million) from the sale of shares in an associated company. This had a positive impact on the overall result.
Without this contribution, underlying profitability would have been significantly lower.
Cash flow turns negative
Operating cash flow turned negative in 2025.
Cash flow from operations was minus DKK 188.0 million (approx. EUR -25.2 million), compared with a positive DKK 773.9 million (approx. EUR 103.9 million) in 2024.
The decline was mainly driven by changes in working capital, including higher inventories.
Outlook: modest recovery expected
The company expects continued pressure on raw material supply in 2026.
Volumes are expected to remain stable. Management forecasts improved operational profit but notes that earnings will depend heavily on prices for fishmeal, fish oil, and raw materials.
The group expects net profit after tax in the range of DKK 25–75 million (approx. EUR 3.4–10.1 million).
Global fishmeal supplier
TripleNine produces fishmeal and fish oil for the feed industry, mainly for aquaculture. The group operates in Europe and South America and supplies ingredients for animal feed.