Kaldvik (KLDVK) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw limited harvest activity with 1,235 tonnes harvested, reflecting challenges from suboptimal smolt quality, environmental factors, and the underperforming 2023 generation.

• Interim CEO Vidar Aspehaug was appointed, marking a leadership transition and focus on operational improvements.

• Strategic investments in land facilities, smolt quality, vaccines, and operational efficiency are yielding improved smolt survival and reduced mortality.

• Refinancing completed with a long-term bank facility of up to EUR 230.2 million and a private placement, supporting future growth.

• New production license in Seyðisfjörður (10,000 tonnes MAB) expected in 2025, increasing future production capacity.

Financial highlights

• Q2 2025 revenue was EUR 7.9 million, with harvested volume at 1,235 tonnes; operational EBIT was negative EUR 4.3 million, mainly due to high costs and low capacity utilization.

• EBITDA was negative, increasing net interest-bearing debt by EUR 1.3 million; net loss for Q2 2025 was EUR 16.4 million.

• Average price achieved was EUR 6/kg, supported by fixed-price contracts covering 25% of sales.

• Equity ratio improved to 57% after private placement, with assets increasing by EUR 27 million and liabilities decreasing by EUR 16 million.

• Net interest-bearing debt declined to EUR 151.5 million; CapEx for Q2 was EUR 3.7 million, totaling EUR 8.3 million for H1 2025.

Outlook and guidance

• 2025 harvest guidance lowered to 18,000 tonnes due to 2023 generation losses; Q3 and Q4 harvests projected at 2,300 and 8,100 tonnes, respectively.

• Smolt output for 2025 projected at 7.5 million, with 70% already released and full output expected by Q3.

• New license in Seyðisfjörður expected to add 10,000 tonnes of capacity, pending approval in 2025; no guidance provided for 2026 harvest volumes.