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Kaldvik
Kaldvik (KLDVK) investor relations material
Kaldvik Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 saw a record harvest of 7,943 tonnes, up from 6,668 tonnes in Q4 2024, but operational EBIT dropped to EUR -10.6 million from EUR 5.6 million year-over-year due to early harvests and challenging market conditions.
Full-year 2025 harvest reached 17,105 tonnes, up from nearly 15,000 tonnes in 2024.
Early harvest of Generation 24, prompted by winter wounds and low temperatures, led to lower average weights, a low superior share (41–42%), and impacted financial results.
Generation 25 is ahead of plan with good health and lower mortality, expected to drive improved results and 61% of 2026 harvest volume.
The company is in constructive discussions with banks after requesting a waiver due to financial challenges, with resolution expected by end of Q1 2026.
Financial highlights
Q4 2025 operational EBIT was negative EUR 10.6 million; EBIT per kilo was negative EUR 1.33.
Revenues for Q4 2025 were EUR 48.2 million, up from EUR 46.8 million in Q4 2024; FY 2025 revenue reached EUR 114.5 million.
EBITDA for Q4 2025 was negative EUR 7.2 million.
Net interest-bearing debt increased by EUR 6 million in Q4 2025 to EUR 185 million; total assets decreased by EUR 22 million, mainly due to lower biological assets.
CapEx investment for Q4 2025 was EUR 2.1 million; financial items amounted to EUR 4.4 million.
Outlook and guidance
Full-year 2026 harvest guidance maintained at 17,000 tonnes, with 6,500 tonnes expected in Q1 2026.
Q2 2026 will see the start of harvesting from Generation 25, which is performing well.
Forward prices for salmon indicate a more promising market in Q2 and Q3 2026 compared to 2025.
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Next Kaldvik earnings date
Q1 202621 May, 2026
Kaldvik
Next Kaldvik earnings date
Q1 202621 May, 2026
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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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