Q2 2026 Kaldvik AS Earnings Call Transcript
Key Points
- The '25 generation is performing well, with superior share improving to 68% in Q2 from 40% in the prior year, and cumulative mortality dropping to 15.7% from 35.6%.
- The company has secured a waiver from financial partners and a EUR20 million subordinated shareholder loan, providing liquidity support.
- Strategic review concluded with a clear plan to stabilize production at 30,000+ tonnes, targeting mortality below 10% and superior share above 90%.
- The company has entered fixed-price contracts for 35% of Q3 and Q4 production, offering revenue predictability and downside protection.
- Full-year harvest guidance of 17,000 tonnes is maintained, with Q3 harvest expected at 3,500 tonnes and first harvest showing high superior share.
- The company is implementing measures to reduce biological risk, such as avoiding smolt transfers in August and early September to mitigate Parvicapsula risk.
- Operational EBIT was negative at EUR3.3 million in Q2, with a negative EBIT per kilo of EUR1.77 due to low harvest volume and high infrastructure costs.
- The new Aquaculture Bill was not adopted, leaving regulatory and taxation framework unchanged and the Seyðisfjörður license still pending.
- The company identified a risk of breaching financial covenants in Q1, necessitating a waiver and subordinated loan, indicating financial strain.
- Price achievement fell to EUR5.92 per kilo, slightly lower than last year, due to low average harvest weight and lower contract share.
- The company adjusted its output plan, reducing the percentage of '26 generation transferred to sea by end of July from 80% to 65%, potentially impacting growth timelines.
- Market conditions remain volatile and hard to predict, despite some optimism for higher prices in the coming quarters.
Good morning, everyone. I'm Vidar Aspehaug, CEO of Kaldvik, and I'm pleased to welcome you to the presentation of our second-quarter results for '26. Joining me today is our new CFO, Thorunn Ragnarsdottir. And together, we will walk you through the key highlights and developments from the past quarter. After the presentation, we'll open the floor for questions. And as before, you're welcome to submit them by e-mail to [email protected].
So I've included a slide here with the updated management team with Thorunn Ragnarsdottir joining Kaldvik in July as CFO. And I would like to say thank you to Hjalti Hvitklett, who has been interim CFO for the last months, and that has been working with us for a period. I have highly appreciated his great work and look forward to continue the collaboration even though Thorunn is now stepping in as CFO.
And now I'll leave the word to Thorunn to introduce herself.
Thank you. My name is Thorunn
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