Kaldvik (KLDVK) Company Presentation summary

Market position and growth strategy

• Holds the largest salmon farming license portfolio in Iceland and is the sole operator in the East Fjords, a region with pristine farming conditions and minimal sea lice risk.

• Positioned to benefit from strong market growth, with Icelandic salmon supply expected to grow at a 26% CAGR from 2024 to 2027.

• Strategic location enables efficient access to premium markets in the US, Europe, and China, supported by favorable trade agreements and lower tariffs.

• Fully invested and vertically integrated value chain supports scalable production, targeting milestone harvest volumes of ~30kt and long-term potential of ~45kt HOG.

• Growth beyond 30kt will be driven by larger smolt, license optimization, and new production zones.

Operational excellence and profitability

• Vertically integrated from hatchery to sales, with all infrastructure in place to handle >30kt annual harvest volumes in-house.

• Achieves premium pricing for salmon, with an average price premium of ~EUR 1.2/kg on Whole Foods sales since September 2023.

• Cost structure benefits from fixed cost scaling, with EBIT cost per kg decreasing as volumes increase toward 30kt and 35kt milestones.

• Proactive health management and investments in smolt facilities have improved biological control and operational resilience.

• Upgraded freshwater stations and increased wellboat capacity enhance biosecurity and flexibility in operations.

Financial performance and investment highlights

• Demonstrated profitable operations, with EUR ~2/kg in cost savings at run rate due to fixed cost scaling.

• Attractive financial profile supported by a fully invested value chain and scalable cost base.

• Limited additional investment required to reach medium-term targets, with agreements in place for external smolt sourcing.

• Backed by leading industrial owners with deep experience in the global seafood industry.

• Clear pathway to long-term harvest volume of ~45kt HOG, leveraging license optimization and production zone expansion.