Kaldvik (KLDVK) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a record harvest of 7,943 tonnes, up from 6,668 tonnes in Q4 2024, but operational EBIT dropped to EUR -10.6 million from EUR 5.6 million year-over-year due to early harvests and challenging market conditions.

• Full-year 2025 harvest reached 17,105 tonnes, up from nearly 15,000 tonnes in 2024.

• Early harvest of Generation 24, prompted by winter wounds and low temperatures, led to lower average weights, a low superior share (41–42%), and impacted financial results.

• Generation 25 is ahead of plan with good health and lower mortality, expected to drive improved results and 61% of 2026 harvest volume.

• The company is in constructive discussions with banks after requesting a waiver due to financial challenges, with resolution expected by end of Q1 2026.

Financial highlights

• Q4 2025 operational EBIT was negative EUR 10.6 million; EBIT per kilo was negative EUR 1.33.

• Revenues for Q4 2025 were EUR 48.2 million, up from EUR 46.8 million in Q4 2024; FY 2025 revenue reached EUR 114.5 million.

• EBITDA for Q4 2025 was negative EUR 7.2 million.

• Net interest-bearing debt increased by EUR 6 million in Q4 2025 to EUR 185 million; total assets decreased by EUR 22 million, mainly due to lower biological assets.

• CapEx investment for Q4 2025 was EUR 2.1 million; financial items amounted to EUR 4.4 million.

Outlook and guidance

• Full-year 2026 harvest guidance maintained at 17,000 tonnes, with 6,500 tonnes expected in Q1 2026.

• Q2 2026 will see the start of harvesting from Generation 25, which is performing well.

• Forward prices for salmon indicate a more promising market in Q2 and Q3 2026 compared to 2025.