Pontevedra, Spain-based integrated seafood company Nueva Pescanova posted a net profit in FY 2025 for the first time in multiple years.
Nueva Pescanova posted a profit of EUR 1.1 million (USD 1.27 million) in FY 2025, up from the EUR 37.9 million (USD 43.7 million) loss it posted in FY 2024. However, the company’s FY 2024 only covered nine months as it changed reporting periods to align with the calendar year. For the full 12-month period, it actually lost EUR 91 million (USD 104.9 million) in 2024.
Along with the improved profit, Nueva Pescanova’s EBITDA also increased to EUR 71.2 million (USD 82 million), a 56.5 percent increase over the prior year and a continuation of a positive trend it started in H1 2025.
“This improved performance is primarily due to sales growth and efficiency measures implemented over the last two years to contain expenditure and maximize profitability,” the company said in a release.
The company said it renewed its commercial strategy in 2025 to focus on higher-value operations, better aquaculture productivity, and more optimized processes to improve efficiency.
“All of this, achieved thanks to the commitment and hard work of everyone in the organization, has been key to improving operational efficiency and, consequently, significantly increasing margins,” the company said.
Nueva Pescanova implemented a recovery plan in 2023 after the company saw big losses, losing more than EUR 73 million (USD 84.1 million) in 2023 alone. The company had at one time considered a sale to Cooke Inc., and Cooke had gone as far as entering an agreement with Abanca to negotiate the purchase of 80 percent of the Spain-based company. That deal fell through in July 2023, and Nueva Pescanova told SeafoodSource in 2024 that it was refocusing its sales efforts.
Its latest results appear to show those efforts are starting to pay off, with its sales increasing to EUR 1.05 billion (USD 1.23 billion) in FY 2025, an increase of 7.3 percent.
Nueva Pescanova said it is committed to being a leader in the sector and managed to rank in the top 10 of Kantar’s “Brand Footprint Spain 2025” list. It also reiterated its continued commitment to the environment and its sustainability goals throughout the year.
“As such, the Group was ranked the first fishing company worldwide in the Ocean Benchmark of the nonprofit organization World Benchmarking Alliance (WBA), which recognizes contributions to the sustainable management of oceans and coastal ecosystems,” Nueva Pescanova said. “In addition, the company consolidated its sustainability strategy, prioritizing the most relevant aspects through a double materiality analysis.”
Nueva Pescanova said it is also continuing to work on research and development and has created a number of new product in multiple ranges including fresh fish, cephalopods, shellfish, surimi, and ready-made meals, which will continue its positive trajectory.
“With these results, which exceed the targets set and successfully mark the end of the recovery phase, the company begins a new period of development and investment in 2026, which will be underpinned by the optimization of its financial structure, on which work is currently underway,” the company said.