Iceland-based Kaldvik reported a drop in revenue and in earnings in Q1 2026 as the company was forced to harvest salmon early due to winter wounds.
Kaldvik reported its revenue fell to EUR 36.5 million (USD 42.4 million) in Q1 2026, down from the EUR 48.4 million (USD 56.2 million) it posted in Q1 2025. Operational EBIT fell from a gain of EUR 9.8 million (USD 11.4 million) in Q1 2025 to a loss of EUR 26.4 million (USD 30.7 million) in Q1 2026, as its EBIT per kilogram also fell to a loss of EUR 4.10 (USD 4.76) per kilogram of salmon.
The company said some of the main reasons for the declines was an issue with the 2024 first generation and a tough winter in 2024 and 2025, which forced early harvest due to winter wounds.
The results come as the company said it identified a risk of breaching financial covenants under its senior bank debt facility. The company has since received a waiver from the financial parties – which includes an EBITDA covenant waiver for 2026 and a reduction in minimum liquidity from EUR 10 million (USD 11.6 million) to EUR 5 million (USD 5.8 million). It largest shareholder, Måsøval, also agreed to loan EUR 20 million (USD 23 million) to the company.
As the company posted weak financial performance, it also said it is delaying the publication of its annual report for 2025 until 12 June. As a result of the postponement, the Oslo Børs has placed the company on the penalty bench, a compartment for securities that have not followed the market’s rules.
“Euronext Oslo Børs will remove securities from the Penalty Bench and allocate the securities to the normal compartment when the issuer has corrected the violation of the rules that was the reason for allocating the security to the Penalty Bench,” the Oslo Børs said.
Looking forward, the company said it is targeting production of 7.5 million smolts at its land-based facilities and that its 2025 generation of salmon is performing “significantly better” than the prior 2024 generation.
“Overall fish health remained good, despite some challenges related to the autumn fish during the period,” the company said.
It said that it had 13.2 percent cumulative mortality by the end of Q1 2026, down from the 27.8 percent it had in the same period of the prior year.
