Third quarter 2025 results

Highlights of Q3 2025 results

Overall, the Company’s operations were below expectations in the third quarter.

• Volumes in Liner were decent during the quarter, increasing by 1.5%, but average freight rates declined compared to the same period last year.
• A significant drop in global freight rates impacted international Forwarding during the quarter, still delivering acceptable results.
• Logistics and agency services performed well, as lower revenues were offset by even lower operating costs, with strong emphasis placed on this part of the business throughout the year.

Revenue amounted to EUR 204.7 million, down EUR 14.3 million or 6.5% compared to Q3 2024. Operating expenses totaled EUR 184.3 million, a decrease of EUR 1.8 million or 1.0% year-on-year.

• Salary expenses increased by EUR 3.0 million, an 8.1% increase, mainly due to collective wage increases in Iceland and currency fluctuations.

EBITDA for the quarter was EUR 20.4 million versus EUR 32.9 million in the same period of 2024, a decline of 38.0%. EBITDA margin was 10.0% compared to 15.0% in Q3 last year. EBITDA comparison YoY is impacted by two non-recurring items, a positive EUR 2.2m in Q3 2024 and a negative EUR 2.9m in Q3 2025 related to the sale of Lagarfoss, a EUR 5.1m difference.

Net profit after tax was EUR 5.6 million for the quarter, compared to EUR 14.3 million in the same period last year.

Liquidity position remained strong at the end of the period, despite lower operating cash flow than in recent quarters.

Vilhelm Már Thorseinsson, CEO

“The third quarter of 2025 was challenging for Eimskip, with operations falling short of expectations. EBITDA for the quarter amounted to EUR 20.4 million, a decrease of EUR 12.5 million compared to the same period last year. This decline can partly be explained by two one-off items. In the third quarter of 2024, there was a positive one-off item of EUR 2.2 million, while loss from the sale of Lagarfoss amounted to EUR 2.9 million in the third quarter of this year. This accounts for a EUR 5.1 million year-on-year difference.

Revenue decreased by 6.5% during the quarter, driven by negative developments in unit prices in Liner, a significant drop in global freight rates, lower trucking volumes in Iceland and the Faroe Islands, as well as lost revenue in port operations due to the closure of PCC Bakki. At the same time, costs decreased by 1.0% despite an 8.1% increase in salary expenses.