Eimskip reported results below expectations for the Q3 2025, with lower freight rates and one-off costs weighing on performance despite steady volumes and strong cost control in parts of the business.
Revenue for the quarter totaled EUR 204.7 million, down 6.5% from the same period last year. Operating expenses fell slightly to EUR 184.3 million, a 1.0% year-on-year decrease.
The company’s liner services recorded a modest 1.5% increase in volumes, though average freight rates declined. A sharp drop in global freight rates affected the international forwarding segment, while logistics and agency services delivered solid results, supported by tighter cost management.
Eimskip’s EBITDA reached EUR 20.4 million, compared to EUR 32.9 million a year earlier — a 38% decline. The EBITDA margin dropped to 10% from 15% in the third quarter of 2024. The company noted that the year-on-year comparison was affected by two non-recurring items: a positive EUR 2.2 million in Q3 2024 and a EUR 2.9 million loss in Q3 2025 related to the sale of the vessel Lagarfoss.
Net profit after tax came to EUR 5.6 million, down from EUR 14.3 million in the same quarter last year.
Despite the weaker earnings, Eimskip said its liquidity position remains strong, though operating cash flow was lower than in previous quarters.
“The third quarter of 2025 was challenging for Eimskip, with operations falling short of expectations,” said Vilhelm Már Þorsteinsson, CEO. “Revenue decreased by 6.5% during the quarter, driven by lower unit prices in liner services, a global decline in freight rates, reduced trucking volumes in Iceland and the Faroe Islands, and the loss of port revenue following the closure of PCC Bakki. At the same time, we managed to reduce costs by 1% despite an 8.1% increase in salary expenses.”
Eimskip said it continues to focus on cost efficiency and operational improvements across its core segments as the shipping market remains volatile heading into the final quarter of the year.
