Aquaculture company Kaldvik reported a narrowed second-quarter 2026 loss on improved production metrics, though financial results remained under pressure from low volumes and smaller fish sizes.
Kaldvik posted an operational EBIT loss of EUR 3.3 million for Q2 2026, an improvement from prior periods, with EBIT per kilo at negative EUR 1.77. Revenue totaled EUR 11.3 million, while EBITDA stood at negative EUR 0.1 million. The company’s gross profit margin over the last twelve months was 3.4%. Net interest-bearing debt rose by EUR 13 million during the quarter, lifting total debt to USD 223.16 million, according to the earnings call transcript.
Production gains were evident in the harvest figures. Kaldvik harvested 1,840 tonnes in Q2 2026, all from the 2025 generation, with a superior share of 68.2%, up from 40% in the same period last year. Cumulative harvest for the first half of 2026 reached 8,281 tonnes. Mortality for the 2025 generation improved to 15.7% at the end of Q2, down from 35.6% at the same point in 2025. Smolt output for the 2025 generation reached 8.25 million, exceeding the 7.5 million target.
The company adjusted its transfer strategy, moving 65% of the 2026 generation to sea by the end of July, below the previously planned 80%, to mitigate disease risk. The remaining smolt will be held inland until mid-September and October. Kaldvik holds a license base of 43,800 tonnes, with an additional 10,000 tonnes pending in Seyðisfjörður.
Kaldvik maintained its full-year 2026 harvest guidance at approximately 17,000 tonnes, with Q3 and Q4 expected to contribute 3,500 tonnes and 5,200 tonnes, respectively. Fixed-price contracts covered roughly 35-37% of production for the latter two quarters. Long-term targets include a 2028 milestone of 30,000+ tonnes annually with mortality below 10% and superior share above 90%, followed by a transition year in 2027 with output expected to exceed 20,000 tonnes.
Financial flexibility improved after Kaldvik secured a waiver from banking partners in Q1 2026, including a relaxation of the EBITDA covenant and a reduction in the minimum liquidity requirement from EUR 10 million to EUR 5 million. Its main shareholder provided a EUR 20 million subordinated loan in two EUR 10 million tranches during late Q1 and early Q2. The company’s equity ratio stood at 51% at quarter-end.
Kaldvik’s stock rose 5.43% in pre-market trading following the results, with shares last at USD 6.80. Market capitalization was USD 115.79 million. The next earnings update is scheduled for November 13, 2026.
