Kaldvik (KLDVK) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a harvest of 6,441 tonnes, all from the underperforming 2024 generation, resulting in a group operational EBIT of -EUR 26.5 million due to early harvests, low average weights, and a superior share of only 30–37%.

• Early harvest of the 2024 generation was completed six months ahead of schedule due to winter wounds, leading to 5,500 tonnes less volume than planned and significant financial strain.

• The 2025 (G25) generation shows improved biological performance, with lower mortality (13.2% vs. 27.8% YoY) and better growth, supported by favorable winter temperatures and operational upgrades.

• Strategic review led to a new production model focusing on one winter at sea, hybrid smolt sourcing, and risk reduction measures.

• Company obtained a waiver for financial covenants and secured a EUR 20 million subordinated shareholder loan.

Financial highlights

• Operational EBIT for Q1 2026 was -EUR 26.4 million, with EBIT per kilo at -EUR 4.1.

• Revenue reached EUR 36.5 million, with an average price achievement of EUR 5.59 per kg, down from EUR 7.44 in Q1 2025.

• Net loss for Q1 2026 was EUR -33.6 million, compared to EUR -6.4 million in Q1 2025.

• Total assets decreased by EUR 44 million, mainly due to lower biological assets; total liabilities fell by EUR 10 million.

• EBITDA was EUR -23 million; net interest-bearing debt at EUR 183 million; available liquidity at end of Q1 was EUR 10 million in cash, with total headroom around EUR 20 million including loans.

Outlook and guidance

• Full-year 2026 harvest guidance maintained at 17,000 tonnes, with 1,900 tonnes expected in Q2, all from the 2025 generation.

• 26–35% of H2 2026 volume secured under fixed price contracts to provide revenue predictability.

• Superior share for the 2025 generation estimated at 80%, with a strategic goal to drive it above 90%.

• Finalized production strategy to be presented at the half-year report in August.