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Kaldvik
Kaldvik (KLDVK) investor relations material
Kaldvik Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 harvest reached a record 7,943 tonnes, up from 6,668 tonnes in Q4 2024, but operational EBIT was negative EUR 10.6 million due to early harvests and challenging market conditions.
Full-year 2025 harvest totaled 17,105 tonnes, up from 14,965 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 reduced income per kg.
The 2025 generation is performing well, with good health and growth, and is expected to drive improved results in 2026.
The company requested a waiver from banking partners due to financial challenges, with discussions expected to conclude in Q1 2026.
Financial highlights
Q4 2025 operational EBIT was negative EUR 10.6 million; EBIT per kilo was negative EUR 1.33.
Q4 2025 revenue was EUR 48.2 million, up from EUR 46.8 million year-over-year.
EBITDA was negative EUR 7.2 million.
Net interest-bearing debt increased by EUR 6 million in Q4 2025, reaching EUR 185 million at year-end.
Equity ratio remained stable at 55%.
Outlook and guidance
Full-year 2026 harvest guidance is maintained at approximately 17,000 tonnes, with 6,500 tonnes expected in Q1.
Q2 2026 will see the start of harvesting from the 2025 generation, which is ahead of plan and performing well.
Forward prices for salmon indicate a more promising market in Q2 and Q3 2026 compared to 2025.
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Latest events from Kaldvik
- Negative EBIT in Q2, but strong biomass and 17,500t harvest guidance with major investments.KLDVK
Q2 202423 Jan 2026 - Q3 EBIT EUR 2.1M, revenue EUR 24.5M, 2024 harvest cut to 15,000t amid growth investments.KLDVKQ3 202413 Jan 2026
- Biological setbacks led to a EUR 23.1m write-down, but growth and refinancing initiatives continue.KLDVKQ4 202416 Dec 2025
- Q2 2025 marked by negative EBIT and weak harvests, but 2025 outlook strong on new capacity.KLDVKQ2 202523 Nov 2025
- Q3 2025 featured lower harvest, deepening losses, and reduced guidance amid operational challenges.KLDVKQ3 202521 Nov 2025
- Strong Q1 growth, asset acquisitions, and new financing support future expansion.KLDVKQ1 202521 Nov 2025
- Scalable, vertically integrated salmon producer in Iceland's East Fjords targets 45kt harvests.KLDVKCompany Presentation2 Jul 2025
- Kaldvik secures key Icelandic fish farming assets for NOK 190m, boosting value chain control.KLDVKInvestor Presentation6 Jun 2025
Next Kaldvik earnings date
Q1 202621 May, 2026
Kaldvik
Next Kaldvik earnings date
Q1 202621 May, 2026
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