The Måsøval family has agreed to provide a loan of EUR 20 million (USD 21.6 million) to Icelandic salmon farmer Kaldvik to support continued operations as the company renegotiates its financing with lenders.
The family is Kaldvik’s largest shareholder through investment vehicle Heimstø and holding company Austur Holding, which owns 55.2% of the fish farmer.
Kaldvik said it had been in discussions with banks after warning in January that it risked breaching one or more loan covenants. Lenders have now agreed to waive the company’s EBITDA covenant for the 2026 financial year and reduce the minimum liquidity requirement from EUR 10 million to EUR 5 million. The revolving credit facility remains capped at EUR 90 million.
The company reported net interest-bearing debt of around EUR 185 million at the end of 2025.
Kaldvik expects to harvest approximately 17,000 tonnes of salmon in 2026, slightly below its 2025 volume.
The financing comes as the Måsøval family reviews its ownership in Måsøval through Heimstø, although no similar process has been announced regarding its stake in Kaldvik.
