Kaldvik (KLDVK) Q4 2025 earnings summary

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.