Kaldvik reports Q1 loss, prepares refinancing amid covenant breach.
Kaldvik, the Icelandic salmon farming company controlled by Måsøval, has reported an operating loss of €9.8 million in the first quarter of 2025 before biomass fair value adjustments and production tax, despite revenues rising to €48.4 million, up from €31.1 million in Q1 2024.
The company harvested 6,383 tonnes of salmon during the quarter, exceeding planned volumes due to early harvesting of fish affected by winter sores from the 2023 generation. The biological challenges reduced the superior share to 62 percent and lowered the average price achieved to €7.44 per kilo. Approximately 25 percent of sales were made under fixed-price contracts.
Kaldvik ended the quarter with net interest-bearing debt of €158 million and is currently in breach of loan covenants. The company has obtained a waiver from its lenders and initiated a refinancing process.
As part of this, Kaldvik has secured confirmation of a new bank financing package totalling €230.2 million. The refinancing is conditional on raising approximately €45 million in new equity, a process now underway with strong support from majority shareholder Austur Holding AS.
Kaldvik is guiding for a harvest of 21,500 tonnes in 2025. The full Q1 2025 report and refinancing presentation are available on the company’s website.