Þórunn Ragnarsdóttir has over 17 years of experience in administration, HR and financial management.
Photo: Þórunn Ragnarsdóttir LinkedIn profile.
Icelandic salmon farming company Kaldvík has announced the appointment of Þórunn Ragnarsdóttir as its new Chief Financial Officer (CFO). With extensive experience in financial management, operations and general management, she has worked in both international organizations and the private sector.
Among the first, stands out her position as Chief Financial Officer at the European Free Trade Association (EFTA) and as Director of Administration at EFTA, where she was responsible for overseeing finance and administration across offices in Brussels, Geneva and Luxembourg.
Before that, within the private sector, she was Finance Director at Icelandair Ground Services and held a role in financial planning and analysis at Icelandair, among others.
In addition to her professional experience, Ragnarsdóttir has an MSc in Finance and International Business from Aarhus University and is completing an MPA in Public Administration at the University of Iceland.
Kaldvík's new CFO will assume the position on 1 July 2026. Until then, the post will remain in place with Hjalti Hvítklett, who was appointed interim CFO at the end of January, replacing Róbert Róbertsson, who resigned at the beginning of December to join fellow Icelandic salmon producer Arnarlax.
In the stock exchange announcement regarding the appointment of Þórunn Ragnarsdóttir, Kaldvík also stated that Hvítklett will remain in the position until the new CFO assumes the role, after which he will continue working with the company for an extended period to ensure a smooth transition.
The current interim CFO took the reins of the company's finances at a delicate time. Just days before announcing his appointment, the company had warned of financial risks due to multiple factors that arose in Q4 2025, including, among others, an early harvest and external factors such as lower salmon prices.
In another stock exchange statement issued at that time, Kaldvík—formerly Ice Fish Farm—warned that, as a result, it may be at risk of breaching one or more of its financial covenants in its senior bank debt facility, in Q1 or at a later stage in 2026.
A month later, at the end of February, the Icelandic salmon farming company reported that its operating income in Q4 had amounted to EUR 48.2 million compared to EUR 46.8 million the previous year, while the operating loss before fair value adjustment of biomass and production tax was EUR -10.6 million, compared to EUR -17.5 million in the fourth quarter of 2024.
The harvest, meanwhile, amounted to 7,943 tons in Q4 2025, compared to 6,668 tons in the same quarter of the previous year, which meant that for the whole year, the total harvest amounted to 17,105 tons, compared to 14,965 tons in 2024, which led Kaldvík to maintain the harvest forecast for 2026 at approximately 17,000 tons.
Thus, on the last day of March, the company announced the successful conclusion of discussions with its lenders, who had approved a waiver of the loan agreement clauses. Specifically, for fiscal year 2026, they agreed to waive the EBITDA requirement and reduce the minimum liquidity requirement from EUR 10 million to EUR 5 million.
In addition, the lenders also agreed to increase the availability of the revolving credit facility by 2026, using a less conservative calculation of the debt base, given that the credit facility remains capped at EUR 90 million. The agreement also stipulated that, as part of the exemption process, the majority shareholder would provide a subordinated loan of EUR 20 million.
In the statement announcing the agreement, Kaldvík said it will continue to monitor the financial situation continuously, in close dialogue with its lenders, and will make any necessary adjustments to ensure satisfactory financing in the future. As the new CFO, from July 1 on, this responsibility will fall to Þórunn Ragnarsdóttir.