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 generation (G25) 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 for Q1 2026 was EUR 36.5 million, down from EUR 48.4 million in Q1 2025.

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

• Achieved sales price per kg dropped to EUR 5.59 from EUR 7.44 year-over-year.

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

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%.

• Strategic goal is to drive mortality below 10% and superior share above 90%.

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