Q1 2026 Kaldvik AS Earnings Call Transcript
Key Points
- Kaldvik AS (FRA:4YYA) successfully completed the harvest of the '24 generation, allowing the company to focus on the more promising '25 generation.
- The '25 generation achieved a milestone output of 8.25 million smolts, surpassing the target of 7.5 million, with acceptable mortality rates.
- The company has secured fixed price contracts for approximately 35% of its volume for the second half of '26, providing revenue predictability and downside protection.
- Kaldvik AS is implementing a new production strategy to reduce biological and operational risks, including a focus on having most fish experience only one winter at sea.
- The company received a EUR20 million subordinate shareholder loan from its main shareholder, Austur, to support its financial stability.
- Kaldvik AS reported a negative operational EBIT of EUR26.5 million for Q1 '26, primarily due to challenges with the '24 generation.
- The company faced a risk of breaching financial covenants, necessitating a waiver from banking partners and highlighting financial instability.
- The '24 generation experienced severe challenges with winter wounds, leading to an early harvest and lower average weight, impacting financial results.
- Total assets decreased by EUR44 million during the quarter, driven by lower biological assets due to the harvest.
- The company decided to phase out its Whole Foods Market certification due to the high cost and complexity of certification requirements relative to commercial benefits.
Good morning, everyone. I'm Vidar Aspehaug, CEO of Kaldvik, and I'm pleased to welcome you to the presentation of our first quarter results for 2026 here from our offices in ReykjavÃk. Joining me today is our CFO, Hjalti Hvitklett, and together, 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].
But first of all, you know this disclaimer. So we'll not have to pause for a long time with that, so we'll continue. And today, we'll begin with some key highlights from the last quarter and continue by covering operational updates, financial results, and strategic updates. Then we'll look ahead with a brief outlook and summary before wrapping up with a Q&A session. And as said, if you have questions, please send to [email protected].
So we'll start off with the key highlights from this quarter. And throughout the presentation, we have put the respective '25 numbers in
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