Kaldvik (KLDVK) investor relations material

Executive summary

• Q2 2026 harvest reached 1,840 tonnes, up from 1,235 tonnes in Q2 2025, with a superior share of 68.2%, reflecting improved performance of the 2025 generation.

• Operational EBIT for Q2 2026 was -EUR 3.3 million, an improvement from -EUR 4.3 million in Q2 2025, with EBIT per kilo at -EUR 1.77.

• Revenues for Q2 2026 were EUR 11.3 million, up from EUR 7.9 million in Q2 2025, with price achievement at EUR 5.92/kg.

• Strategic review completed, focusing on optimizing production, reducing biological risk, and improving smolt quality.

• Full year 2026 harvest guidance maintained at 17,000 tonnes, with Q3 and Q4 expected harvests of 3,500 and 5,200 tonnes, respectively.

Financial highlights

• Operational EBIT in Q2 2026 was -EUR 3.3 million; EBIT per kilo was -EUR 1.77.

• Revenues reached EUR 11.3 million in Q2 2026; YTD 2026 revenue was EUR 47.8 million.

• Net loss for Q2 2026 was EUR 8.5 million; equity ratio at quarter end was 50.8%.

• Net interest-bearing debt increased to EUR 196.4 million at 30 June 2026.

• CapEx investments for Q2 2026 were EUR 0.8 million.

Outlook and guidance

• Full year 2026 harvest guidance remains at 17,000 tonnes; Q3 and Q4 expected at 3,500 and 5,200 tonnes.

• All remaining 2026 harvests will be from the 2025 generation, which is performing well.

• Long-term production target is 45,000 tonnes, with milestone one at 30,000 tonnes by 2028.

• 2027 is considered a transition year, targeting above 20,000 tonnes harvested.

• Contract share for H2 2026 is 35%, providing revenue predictability.