Few companies manage to turn a loss of €14.6 million into a net profit of €5.1 million in a single fiscal year.
Pilosofish, the aquaculture company that had “flirted” with the idea of acquiring Avramar and, according to its management, has a partnership with a major salmon player that gives it access to the partner’s global networks, has succeeded.
The improvement stemmed from three factors: the recovery of operating profitability, a change in the product mix, and the restructuring of debt.
With sales of €112.833 million (up from €110.8 million in 2024), EBITDA amounted to €14.269 million compared to a negative EBITDA of €0.9 million, while operating results (EBIT) stood at a profit of €10.4 million compared to a loss of €3.8 million.
In 2024, results were burdened by an impairment charge on intangible assets of €6.4 million, a charge that did not recur in 2025.
Management attributes the improvement to the strategic shift toward higher value-added products. The value-added product category, such as fillets, cleaned fish, and modified atmosphere packaging (MAP), increased to 18% of total sales volume from 6%.
This shift led to a 20% increase in the average selling price, allowing the company to reduce sales volumes while maintaining an upward trend in its revenue. At the same time, equity increased by €15 million, reaching €63.8 million.
This increase resulted both from a return to profitability and from a €10.4 million share capital increase.
At the same time, Philosofish restructured two bond issues, extending their maturity to 2030. Concurrently, part of the financing from the parent company Diorafish was capitalized through a capital increase at the end of the year. As a result, short-term loans were reduced by nearly half, to €13.6 million. At the same time, cash and cash equivalents increased to €3.3 million from just €847,000.
Regarding partnerships, the financial statements mention a collaboration with a leading international salmon producer, without naming the company. According to management, the Greek company is serving as the exclusive supplier of pre-packaged Mediterranean fish for its partner’s global sales network.