Kaldvík's announcement at the start of its Nasdaq listing.
Photo: Kaldvík.
Icelandic salmon producer Kaldvík - formerly Ice Fish Farm - this week presented its Q1 2025 results report, where it also reported the launch of a new refinancing package.
In its release to the stock exchange, the company said it has initiated a process to refinance the company through a new debt and equity package and has received confirmation of a new and improved bank financing package from its existing lenders.
In its Q1 2025 results report, Kaldvík explained that, at the end of May 2025, it reached an agreement with its financial partners, DNB Bank, Nordea Bank, subsidiary i Norge, Arion Banki and Landsbankinn, for a long-term bank financing package of up to EUR 230.2 million, including an additional uncommitted revolving credit facility of EUR 10 million starting in Q1 2027.
In connection with this refinancing, Kaldvík clarified that a condition for the new financing is that it raise a net amount of approximately EUR 45 million in new capital. The company, which is already in the process of launching this equity raise, added that it is doing so with strong backing from its majority shareholder, Austur Holding AS.
Icelandic salmon producer added that this private placement is in addition to the previous capital increase on April 26, when the company issued 6,249,952 new shares at NOK 27.6 per share in connection with the acquisition of the new box factory, and the remaining 33% stake in its harvesting station, Búlandstindur.
In terms of first quarter results, Kaldvík recorded operating income of EUR 48.4 million, up 55.62% from EUR 31.1 million in the same period last year. Operating profit/loss before fair value adjustment of biomass was positive at EUR 9.8 million, up 308.33% from EUR 2.4 million in the first quarter of 2024.
Also positive were the harvest volume figures, which reached 6,383 tons in Q1 2025, compared to 3,986 tons in the same quarter last year, an increase of 60.13%.
It should be recalled that, due to biological incidents in Q4 2024, Kaldvík had to cut its harvest forecast for 2025 by 14%. With the results now known, the company said that the harvest guidance is 1,200 tons for Q2 2025 and 21,500 tons for all of 2025.
In addition, as mentioned above, right at the end of Q1 2025, Kaldvík completed the acquisition of a box factory and the increase of the ownership of the Búlandstindur harvesting station to 100%. The agreement to acquire the fish box manufacturer and the fish processing plant on the east coast of Iceland had been announced just before Christmas.
Finally, the Icelandic salmon farmer said that it is currently awaiting the processing of an operating license for Seyðisfjörður, in the Eastern Region of Iceland, with a capacity of 10,000 tons (6,500 fertile tons).
As previously reported, the license is projected to be issued "during H1 2025." Nevertheless, Kaldvík said now that, in case of delays, it is prepared to leverage existing licenses and capacity to sustain planned production and smolt output for 2025, ensuring operational continuity and flexibility.
The company currently holds licenses totaling 43,800 tons, which, Kaldvík's Q1 2025 results report remarked, makes it Iceland's largest salmon producer in terms of licenses.