Kaldvik (KLDVK) Q3 2026 earnings summary

Executive summary

• Q3 harvest was 4,483 tonnes, above ~3,500-tonne guidance, with a 75.8% superior share; jellyfish-related mortality in generation 25 drove an €11.5m biomass write-down.

• Operational EBIT excluding the write-down was -€3.8m; FY 2026 harvest guidance remained ~17,000 tonnes.

Financial highlights

• Q3 operating income was €26.1m vs €9.9m YoY; salmon revenue was €25.7m vs €9.6m.

• Operational EBIT was -€3.8m vs -€5.0m YoY, or -€0.85/kg vs -€3.26/kg, excluding the €11.5m write-down.

• Q3 net loss was €18.8m vs €11.1m YoY; basic and diluted EPS was -€0.11 vs -€0.07.

• YTD 2026 total revenue was €73.9m vs €66.2m; net loss was €60.9m vs €33.9m.

Outlook and guidance

• Q4 2026 harvest is expected at ~4,200 tonnes; FY 2026 guidance remains ~17,000 tonnes and FY 2027 guidance is ~18,000 tonnes.

• Revised plan targets ~30,000 tonnes in 2028, with long-term potential of ~45,000 tonnes supported by the 53,800-tonne MAB license base.

• 2027 is a transition year; 2028 growth is expected to be driven by generation 26 biomass and improved biological yield in later generations.

• The 2025 generation model assumes a 75% superior share; written-down biomass is expected to lower its future cost per kilo.