Kaldvik (KLDVK) Q2 2024 earnings summary

Executive summary

• Q2 2024 harvest was limited at 514 tonnes, resulting in negative EBIT of NOK 14.7 million due to low volume and high fixed costs.

• Biomass in sea increased to over 22,000 tonnes, with fish health at record levels and strong smolt transport progress.

• Dual listing completed on Nasdaq First North Iceland and Euronext Growth Oslo in May, with no new shares issued.

• CEO transition announced, with new CEO taking over in September.

• Company rebranded from Ice Fish Farm AS to Kaldvík AS, consolidating operations under a single brand.

Financial highlights

• Q2 2024 group revenue was NOK 62 million, up from NOK 20.6 million in Q2 2023, but operational EBIT was negative NOK 14.7 million.

• Book value of biological assets reached NOK 1.5 billion; assets increased to NOK 4,900 million at Q2 2024.

• Net interest-bearing debt rose by NOK 192 million in Q2, reaching NOK 1,617 million.

• Equity ratio stood at 61% at quarter-end.

• Cash and cash equivalents at quarter end: NOK 77.3 million.

Outlook and guidance

• 2024 harvest guidance is 17,500 tonnes, with potential to shift volume to early 2025 for better prices.

• Targeting 25,000–27,000 tonnes in 2025 and milestone of 30,000 tonnes in future years.

• CapEx guidance for 2024 remains at NOK 290 million, supporting capacity expansion.

• Fully financed through 2025 with EUR 180 million bank facility; incremental borrowing of EUR 23.5 million activated.

• ASC and BRC certifications targeted for H2 2024.