Kaldvik (KLDVK) Q3 2025 earnings summary

Executive summary

• Q3 2025 harvest dropped to 1,545 tons from 3,798 tons year-over-year, with operational EBIT at negative EUR 5 million due to high costs, low capacity utilization, and market challenges.

• Year-to-date harvest reached 9,163 tons, up from 8,298 tons last year, but profitability declined sharply.

• Strategic initiatives included operational changes, a new management team, cost reduction measures, and a strategic review of the production model, with a new strategy expected by Q1 2026.

• The transfer of 8.2 million smolt was completed, supporting long-term production goals.

Financial highlights

• Q3 2025 revenue was EUR 9.9 million, down from EUR 24.5 million in Q3 2024.

• Operational EBIT for Q3 was negative EUR 5 million; EBIT per kilo was negative EUR 3.3.

• Net loss for Q3 2025 was EUR -11.1 million, with YTD net loss at EUR -33.9 million.

• Total assets increased by EUR 6 million, liabilities by EUR 16 million, and net instrument debt by EUR 27 million during the quarter.

• CapEx for 2025 is estimated at EUR 15 million, below the original EUR 18 million guidance.

Outlook and guidance

• Full-year 2025 harvest guidance lowered from 18,000 to 17,000 tons; 2026 guidance is also 17,000 tons.

• Q4 2025 expected harvest is 7,800 tons.

• Long-term ambition remains at 30,000 tons, supported by improved smolt output and survival rates.

• Application for a 10,000-ton license in Seyðisfjörður is still pending.