Kaldvik (KLDVK) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 harvested volume of 6,383 tonnes, up significantly year-over-year, with operational EBIT of EUR 9.8 million and EBIT per kg of EUR 1.54, supported by higher harvest volumes and solid price achievement.

• Revenue in Q1 2025 rose to EUR 48.4 million, up from EUR 31.1 million in Q1 2024, driven by increased harvest and improved prices.

• Acquired strategic assets, including Djúpskel, Mossi, a new box factory, and full ownership of Búlandstindur, enhancing vertical integration and operational flexibility.

• Initiated a long-term financing package of up to EUR 230.2 million, including a new bank agreement, lighter covenants, and a planned EUR 45 million equity raise.

• Net interest-bearing debt decreased by EUR 8 million to EUR 158 million at quarter-end.

Financial highlights

• Q1 2025 operational EBIT was EUR 9.8 million, with EBIT per kg at EUR 1.54 and EBITDA at EUR 12.7 million.

• Average price per kg rose to EUR 7.5, with a superior share of 62%.

• Net loss for Q1 2025 was EUR -6.4 million, mainly due to fair value adjustments and financing costs.

• Total assets increased by EUR 17 million, mainly from acquisitions and higher cash balance.

• CapEx for Q1 was EUR 4.6 million, with full-year estimate at EUR 18.5 million.

Outlook and guidance

• Full-year 2025 harvest guidance set at 21,500 tonnes, with 1,200 tonnes expected in Q2.

• Plan to release at least 7.5 million smolt in 2025, supporting future growth.

• Pending approval for a 10,000-tonne Seyðisfjörður license, expected to increase capacity and reduce biological risk.

• Long-term production potential of up to 45,000 tonnes by fully utilizing license capacity and targeted investments.

• Anticipate 20% of 2025 sales under fixed contracts.