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Kaldvik (KLDVK) investor relations material

Kaldvik Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Q2 2025 saw limited harvest activity with 1,235 tonnes harvested, reflecting challenges from suboptimal smolt quality, environmental factors, and the 2023 generation, while strategic investments in smolt quality, vaccines, and operational efficiency began to yield benefits.

  • Interim CEO and CFO presented Q2 2025 results, with a CEO transition in August 2025 as Vidar Aspehaug was appointed.

  • Leadership transition and strategic investments are expected to support future growth, with a new license in Seyðisfjörður anticipated in 2025.

Financial highlights

  • Q2 2025 revenue was EUR 7.9 million, up from EUR 5.4 million in Q2 2024, with harvested volume at 1,235 tonnes.

  • Operational EBIT for Q2 2025 was negative EUR 4.3 million, with EBIT per kg at EUR -3.44, mainly due to high costs and low capacity utilization.

  • EBITDA was negative, and net interest-bearing debt decreased by up to EUR 8 million during the quarter.

  • Equity ratio improved to 57% at quarter-end after a private placement, with assets increasing by EUR 27 million and liabilities decreasing by EUR 16 million.

  • Net loss for Q2 2025 was EUR -16.4 million; EPS was EUR -0.12.

Outlook and guidance

  • Full-year 2025 harvest guidance was lowered to 18,000 tonnes, with Q3 and Q4 harvests projected at 2,300 and 8,100 tonnes, respectively.

  • Smolt output for 2025 is projected at 7.5 million, with 70% already released and full output expected by Q3.

  • New 10,000-tonne license in Seyðisfjörður is expected to be granted in 2025, expanding production capacity.

  • No guidance provided for 2026 harvest volumes.

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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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