Icelandic salmon producer Kaldvík reported a narrower operational EBIT loss of EUR 3.3 million in the second quarter of 2026, down from EUR 4.3 million a year earlier, as improved fish quality offset higher costs and lower harvest volumes.
Revenue rose 43% year-over-year to EUR 11.3 million in Q2 2026, driven by a 49% increase in harvest volume to 1,840 tonnes. However, the average sales price edged down to EUR 5.92 per kilogram from EUR 5.98 in the prior-year period. The company’s operational EBIT per kilogram improved to a loss of EUR 1.77 from EUR 3.44 in Q2 2025, reflecting higher fixed costs amid reduced infrastructure utilization.
For the first half of 2026, Kaldvík posted a year-to-date operational EBIT loss of EUR 29.6 million, a reversal from a EUR 5.5 million profit in the same period of 2025. Total assets stood at EUR 476 million as of June 30, 2026, while net interest-bearing debt increased by EUR 13 million to EUR 196 million during the quarter. The company secured a waiver from banking partners that reduced minimum liquidity requirements from EUR 10 million to EUR 5 million and arranged a EUR 20 million subordinated shareholder loan to support operations.
Harvest quality metrics showed significant improvement, with the superior share of fish rising to 68.2% in Q2 2026 from 40% a year earlier. The company expects the superior share to exceed 85% in August as harvest operations restart, with a long-term target above 90%. Cumulative mortality for the 2025 generation improved to 15.7% by the end of Q2 2026, down from 35.6% for the 2024 generation at the same point, though still above the long-term target of below 10%.
Kaldvík maintained its full-year 2026 harvest guidance at approximately 17,000 tonnes, with quarterly targets of roughly 3,500 tonnes in Q3 and 5,200 tonnes in Q4. The company plans to stabilize annual output at 30,000 tonnes by 2028, with a second milestone targeting 45,000 tonnes. Hedging coverage for the second half of 2026 remains at 35% of production, while 65% of the 2026 smolt generation has been transferred by the end of July, adjusted from an original 80% target.
Sea temperatures in 2026 consistently exceeded model assumptions from mid-April onward, reaching over 8 degrees Celsius by late August, compared with model projections of 6–7 degrees. The company noted that higher-than-expected temperatures improved growth rates but also highlighted risks from the parasitic disease Parvicapsula pseudobranchicola, which has affected Norwegian salmon farms, prompting Kaldvík to avoid high-risk output periods in August and early September.
Kaldvík’s shares were trading at $6.40 on Thursday, within a 52-week range of $3.00 to $14.00.
