Kaldvik (KLDVK) Q4 2024 earnings summary

Executive summary

• Q4 2024 was marked by significant biological incidents, resulting in a EUR 23.1 million biomass write-down and increased mortality, especially in the 2022-2023 generation, with ongoing impact expected for 2025 and 2026 harvests.

• Harvested volume in Q4 2024 was 6,668 tonnes, bringing FY 2024 total to approximately 15,000 tonnes, up from 2023.

• Adjusted operational EBIT for Q4 2024 was EUR 5 million, with unadjusted EBIT at negative EUR 18 million after the write-down.

• Strategic initiatives included the acquisition of a box factory, full ownership of a harvesting station, and a pending 10,000-tonne license in Seyðisfjörður.

• Refinancing process initiated, with waivers obtained for loan covenant breaches and completion targeted for Q2 2025.

Financial highlights

• Q4 2024 revenue was EUR 47 million, up from EUR 32.6 million in Q4 2023; FY 2024 revenue reached EUR 107.7 million.

• Average price achieved in Q4 2024 was EUR 6.9/kg, up from EUR 6.2/kg in the previous quarter.

• EBITDA was negative EUR 15 million, mainly due to the biomass write-down.

• CapEx for Q4 2024 was EUR 5.6 million, with FY 2024 CapEx totaling EUR 23.5 million.

• Net interest-bearing debt increased to EUR 166 million at year-end.

Outlook and guidance

• 2025 harvest guidance is set at 21,500 tonnes, with Q1 2025 expected at 5,500 tonnes.

• Smolt input for 2025 is planned at 7.5 million, with production capacity now at 8 million.

• Pending approval for a 10,000-tonne license in Seyðisfjörður, expected in H1/Q2 2025.

• CapEx guidance for 2025 will be provided after refinancing discussions conclude.

• Extraordinary winter wounds and mortality are expected to subside by the end of Q1 2025.