Norway · Delayed Price · Currency is NOK Kaldvik AS Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw improved operational performance with a higher superior share and lower mortality, but financial results were impacted by low harvest volumes and high costs. Strategic initiatives target risk reduction and production growth, with 2026 guidance maintained at 17,000 tonnes.
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Q1 2026 was marked by financial losses due to early harvest and low superior share from the 2024 generation, but operational improvements and a new production strategy are underway. Liquidity was stabilized through waivers and loans, and the outlook for the 2025 generation is positive.
Fiscal Year 2025
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Record Q4 harvest volumes were offset by negative EBIT due to early harvests and biological challenges. The 2025 generation shows improved health and growth, supporting a stable 2026 outlook, while financial restructuring discussions with banks continue.
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Q3 2025 saw negative EBIT and lower harvest volumes due to high costs and market challenges, prompting a reduction in full-year harvest guidance to 17,000 tons. Strategic and operational changes, improved smolt survival, and cost initiatives aim to stabilize future performance.
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Q2 saw negative EBIT and high costs due to low harvest volumes and a weak 2023 generation. Strategic investments are improving smolt survival and reducing mortality, while refinancing and new licenses support future growth. 2025 harvest guidance is lowered to 18,000 tons.
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Q1 2025 saw strong revenue and EBIT growth driven by higher harvest volumes and improved prices, with a positive outlook supported by new facilities, asset acquisitions, and a EUR 230 million financing package. Pending license approvals and a planned equity raise are key to future expansion.
Fiscal Year 2024
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Q4 2024 saw a major biological incident, leading to a EUR 23.1 million biomass write-down and negative EBITDA. Despite this, revenue rose to EUR 47 million, and 2025 harvest guidance is set at 21,500 tons, with refinancing and strategic acquisitions underway.
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Operational EBIT reached EUR 2.1 million in Q3 2024, with revenue up to EUR 24.5 million and a record 22,500 tons of biomass. Harvest guidance for 2024 is lowered to 15,000 tons, but 2025 is set for 25,000 tons, with strong financial health and growth projects underway.
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Q2 saw low harvest volumes and negative EBIT, but biomass and fish health reached record highs. Dual listing completed, CapEx and financing remain robust, and 2024 guidance is 17,500 tons with growth expected in 2025. Premium pricing faces challenges as volumes rise.