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Kaldvik (KLDVK) investor relations material
Kaldvik Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Nov, 2025
Executive summary
Q3 2025 harvest dropped to 1,545 tons from 3,798 tons year-over-year, with operational EBIT at negative EUR 5 million due to high costs, low capacity utilization, and market challenges.
Year-to-date harvest reached 9,163 tons, up from 8,298 tons last year, but profitability declined sharply.
Strategic initiatives included operational changes, a new management team, cost reduction measures, and a strategic review of the production model, with a new strategy expected by Q1 2026.
The transfer of 8.2 million smolt was completed, supporting long-term production goals.
Financial highlights
Q3 2025 revenue was EUR 9.9 million, down from EUR 24.5 million in Q3 2024.
Operational EBIT for Q3 was negative EUR 5 million; EBIT per kilo was negative EUR 3.3.
Net loss for Q3 2025 was EUR -11.1 million, with YTD net loss at EUR -33.9 million.
Total assets increased by EUR 6 million, liabilities by EUR 16 million, and net instrument debt by EUR 27 million during the quarter.
CapEx for 2025 is estimated at EUR 15 million, below the original EUR 18 million guidance.
Outlook and guidance
Full-year 2025 harvest guidance lowered from 18,000 to 17,000 tons; 2026 guidance is also 17,000 tons.
Q4 2025 expected harvest is 7,800 tons.
Long-term ambition remains at 30,000 tons, supported by improved smolt output and survival rates.
Application for a 10,000-ton license in Seyðisfjörður is still pending.
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Frequently asked questions
Kaldvik (formerly Ice Fish Farm AS) operates as a fish farm in Iceland. It also cultivates biostimulants, which are naturally occurring substances intended to stimulate various physiological responses and accelerate the natural metabolic activity of aquatic organisms such as phytoplankton and zooplankton. The company was founded in 2020 and is based in Kopavogur, Iceland
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