Icelandic salmon farmer Kaldvik reported an operating loss in 2025 despite increasing harvest volumes and revenue.
The company harvested 17,105 tonnes during the year, up from 14,965 tonnes in 2024. Revenue rose 6.2% to EUR 114.4 million from EUR 107.7 million.
However, EBIT fell to a loss of EUR 10.3 million, compared with a profit of EUR 8.9 million the previous year. EBITDA declined to EUR 2.2 million from EUR 19.9 million.
Pre-tax losses widened to EUR 26.5 million from EUR 5.3 million in 2024.
EBIT per kilogram fell to negative EUR 0.6/kg, compared with positive EUR 0.6/kg a year earlier, reflecting weaker profitability despite higher production.
Kaldvik’s equity ratio stood at 55.4% at year-end, broadly unchanged from 55.7% the previous year. Net interest-bearing debt increased to EUR 184.5 million from EUR 166.0 million.
The weaker annual result follows what the company has described as a challenging 2024 generation of fish and a difficult start to 2026.
The company has guided for harvest volumes of approximately 17,000 tonnes in 2026, broadly in line with 2025 levels.