Icelandic salmon farmer Kaldvík secured a waiver from lenders after winter wounds in its 2024 generation contributed to a first-quarter operational EBIT loss of €26.4 million.
The company harvested 6,441 tonnes in the quarter and reported revenue of €36.5 million, down from €48.4 million a year earlier. The company reported a pre-tax loss of €33.6 million, according to an update from the company posted on Sunday.
Kaldvík said its 2024 generation was harvested six months ahead of plan after fish suffered winter wounds during the extreme winter of 2024/25. The generation delivered around 10,700 tonnes, approximately 5,500 tonnes below expectations.
Following discussions with lenders, the company obtained a waiver of its 2026 EBITDA covenant and received a subordinated €20 million loan from its largest shareholder.
Kaldvík is reviewing its production model and plans to shift towards a one-winter-at-sea strategy to reduce biological risk. The company maintained 2026 harvest guidance of approximately 17,000 tonnes.
