Icelandic salmon producer Kaldvík reported a narrowing of its quarterly operational EBIT loss as fish health improved and superior-grade volumes rose, though full-year losses deepened amid low utilization and rising costs.
The company posted an operational EBIT loss of EUR 3.3 million in Q2 2026, an improvement from EUR 4.3 million a year earlier. Revenue increased 43% to EUR 11.3 million, driven by higher harvest volumes of 1,840 tonnes, up from 1,235 tonnes in Q2 2025. The average sales price edged down to EUR 5.92 per kilogram from EUR 5.98 in the same period last year, reflecting market conditions.
Kaldvík’s superior-grade fish share surged to 68.2% in Q2 2026, nearly doubling from 40% a year ago, as health metrics recovered. Cumulative mortality for the 2025 generation fell to 15.7% by the end of June, a significant improvement from 35.6% for the 2024 generation at the same stage. CEO Vidar Aspehaug attributed the progress to full recovery from earlier health challenges and better-than-expected growth, though rising sea temperatures—consistently exceeding model assumptions—accelerated development.
Despite operational gains, Kaldvík’s year-to-date EBIT loss widened to EUR 29.6 million from a positive EUR 5.5 million in the first half of 2025, as low harvest volumes constrained infrastructure utilization. CFO Thorunn Ragnarsdottir cited small average fish sizes and limited volumes as key drivers of the negative EBIT per kilogram of EUR 1.77, compared with EUR 3.44 in Q2 2025.
The company restarted harvest operations in August 2026, with superior-grade fish exceeding 85% in early runs. Kaldvík maintained its full-year 2026 harvest guidance at approximately 17,000 tonnes, including targets of 3,500 tonnes in Q3 and 5,200 tonnes in Q4. The 2025 generation, described as the first aligned with its long-term Milestone 1 plan, is on track to support a transition-phase harvest above 20,000 tonnes in 2027.
Financial position remained under pressure, with net interest-bearing debt rising to EUR 196 million by June 30, an increase of EUR 13 million during the quarter. The equity ratio declined to 51% from 57% a year earlier. Kaldvík secured a EUR 20 million subordinated shareholder loan and a banking waiver to support near-term liquidity.
Kaldvík’s stock last traded at USD 6.40, within a 52-week range of USD 3.00 to USD 14.00.
