Kaldvik reports reduced harvest, revised 2025 guidance

Kaldvik AS reported a Q3 2025 operating income of €9.9m, a substantial decrease from €24.5m in Q3 2024. The company recorded an operating loss before fair value adjustment of biomass and production tax of -€5.0m, compared to a €2.1m profit in the same period last year. Harvested volume for Q3 2025 was 1,545 tonnes, down from 3,798 tonnes in Q3 2024, with 900 tonnes of 23G lost in July due to algae.

The company has revised its harvest guidance for 2025 downwards to 17,000 tonnes from the previously guided 18,000 tonnes, while 2026 guidance remains at 17,000 tonnes. Operational EBIT per kg (€) was -3.26 for Q3 2025, compared to -3.81 in Q3 2024. Net interest-bearing debt (NIBD) increased by €27m in Q3, reaching €179m.

Strategic updates include organizational changes, the initiation of sterile test production, and a new license pending in Seyðisfjörður. A strategic review to optimize production and reduce risk is expected to be finalized in Q1 2026. The Q3 2025 results show that 8.2 million 288g smolts were released, supporting the ambition of 30,000 tonnes.