Arctic Fish
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Arctic Fish (AFISH) investor relations material

Arctic Fish Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved record annual harvest volume of 14,791 tonnes in 2025, up 39% year-over-year, with Q4 harvest at 4,229 tonnes, a 22% increase from Q4 2024.

  • Revenue for Q4 2025 was €25.7 million, up from €24.5 million in Q4 2024, but operational EBIT dropped to €0.2 million from €2.1 million due to lower prices from harvest timing.

  • Positive fair value adjustment of €9.0 million on biomass, attributed to increased standing biomass and forward price seasonality.

  • Group structure was simplified, merging all operations and licenses into a single entity to streamline operations and reduce costs.

  • Standing biomass at year-end was 17,159 tonnes, 25% higher than the previous year.

Financial highlights

  • Q4 2025 operational revenue: €25.7 million (Q4 2024: €24.5 million); full-year 2025: €89.3 million (2024: €80.9 million).

  • Operational EBIT margin for Q4 2025 was 0.7%, down from 8.7% in Q4 2024.

  • Net profit for Q4 2025 was €1.3 million, similar to Q4 2024 (€1.25 million); full-year 2025 net loss of €25.1 million.

  • Operational EBITDA for Q4 was €2.7 million (down from €4.4 million), and full-year operational EBIT was -€10.3 million (down from €15.1 million in 2024).

  • Underlying EPS for Q4 was -€0.05 (Q4 2024: €0.05); full-year EPS was -€0.17 (2024: €0.45).

Outlook and guidance

  • 2026 harvest volume guidance is 17,500 tonnes, an 18% increase year-over-year.

  • Q1 2026 volume guidance is 5,600 tonnes, up 78% year-over-year.

  • Ongoing cost reduction measures are a high priority, with lower cost levels forecasted.

Explain 2025 cost of materials increase
Quantify MAB impact from new licenses
Long-term funding strategy given negative OpCF?
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Frequently asked questions

Arctic Fish Holding ASA is a seafood company engaged in sustainable aquaculture, primarily focusing on the farming of Atlantic salmon and trout. The company operates in the Westfjords region of Iceland, where it manages the full production cycle, from smolt (young fish) to the harvesting and processing of fish. Arctic Fish emphasizes environmentally friendly and sustainable farming practices, ensuring high-quality fish for international seafood markets. The company supplies its products to various global distributors, retailers, and foodservice providers. The company is headquartered in Isafjordur, Iceland, and its shares are listed on the Oslo Stock Exchange.

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