Eimskip reported solid results for the second quarter of 2025, a period marked by strong volumes in container liner services and increased activity in logistics, though margins in the forwarding segment were pressured by a material decline in global freight rates.
© Eimskip
Sailing system volumes grew by 7.9% during the quarter, considerably higher than in previous quarters. However, revenue growth did not match volume growth due to lower average prices. International freight forwarding volumes decreased modestly, and the quarter was characterized by high volatility in global freight rates, which remained at substantially lower levels amid uncertainty surrounding US tariffs.
The logistics and agency segment delivered good results, with higher activity and performance in trucking and growing volumes in warehousing. Terminal activities, however, were lower compared to the same quarter last year, while one-off costs related to collective wage agreements also weighed on performance.
Total revenue for the quarter amounted to EUR 201.1 million, down EUR 6.1 million or 2.9% compared to the second quarter of 2024. Expenses declined by EUR 3.8 million to EUR 179.9 million, representing a 2.0% decrease year-on-year. Salary expenses rose by EUR 3.8 million, equivalent to a 10.0% increase, mainly due to collective wage increases. Excluding salaries, total expenses fell by 5.1%.
EBITDA stood at EUR 21.2 million, compared with EUR 23.5 million in the same period last year, a decrease of 9.8%. The EBITDA margin was 10.5%, down from 11.3% in Q2 2024. Net earnings came in at EUR 4.5 million, compared to EUR 7.9 million last year, with the decline attributed to the factors noted above as well as weaker results from affiliates, reflecting the depreciation of the US dollar against the euro.
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© EimskipFor more information:
Rósa Guðmundsdóttir
Eimskip
Tel: +354 844 4776
Email: [email protected]
www.eimskip.is