Kaldvík is currently Iceland's largest salmon producer in terms of licenses.
Photo: Kaldvík.
Icelandic salmon farming company Kaldvík has reported an increased operating loss for the second quarter of 2025, despite gains in both revenues and harvested volumes.
The company - formerly known as Ice Fish Farm, renamed last year -reported revenues of EUR 7.9 million, up from EUR 5.4 million in the same quarter last year, reflecting higher harvest volumes. However, the operating loss before fair value adjustments of biomass and production tax widened to EUR -4.3 million, compared to EUR -1.3 million in Q2 2024.
Kaldvík said it harvested 1,235 tonnes of salmon during the quarter, more than doubling the 514 tonnes harvested a year earlier. However, the average price achieved fell to EUR 6.0 per kg from EUR 7.34 per kg, which the company said was due to a low share of superior-grade fish, smaller harvest sizes, and a weaker market. EBIT per kilogram came in at EUR -3.44.
The company also announced it has revised its 2025 harvest guidance down to 18,000 tonnes, with Q3 guidance set at 2,300 tonnes. Kaldvik stated that its smolt production remains on track, with 1.85 million smolts produced in Q2 and a full-year output target of 7.5 million.
On the strategic front, Kaldvík reports it has completed refinancing during the quarter and expects to secure a new 10,000-tonne operating license in Seyðisfjörður later this year. If delayed, the company said it could rely on existing licenses totaling 43,800 tonnes, the largest in Iceland, to maintain its production plans.
Earlier this month, the company announced that CEO Roy Tore Rikardsen was resigning with immediate effect, and that Vidar Aspehaug, formerly responsible for fish health and quality management, has been appointed interim CEO while the board begins the search for a permanent successor. Rikardsen spent less than one year in the leadership role, having joined as CEO in September 2024.
Meanwhile, a group of minority shareholders representing over 10% of Kaldvík’s share capital has requested a court investigation into the company’s March 2025 acquisitions of real estate and fish packaging companies Mossi ehf. and Djúpskel ehf., and a 33.3% stake in fish processing firm Búlandstindur ehf.
The case, which involves agreements with Heimstø AS, Kaldvik's largest shareholder, and Ósval ehf., an Icelandic company partly owned by Heimstø, is expected to be addressed by the District Court this autumn.
