Kaldvík AS has completed a substantial refinancing, which includes a new loan facility and an equity increase. The purpose of the refinancing is to strengthen the company’s financial position and support continued growth and investment.
“We reached an agreement with our lenders at the end of May that secured the company a four-year loan financing package of over ISK 33 billion. The loan is structured as a syndicated loan involving four banks: DNB, Nordea, Arion Bank, and Landsbankinn.
Alongside the refinancing, Kaldvík carried out an equity increase amounting to ISK 6.6 billion. The share issue received strong support from the company’s majority shareholder, Austur Holding AS, and significantly strengthens the company’s equity position.
The company’s Q1 results exceeded expectations. Operating revenue reached EUR 48.4 million, a 56% increase compared to the same period last year. EBIT tripled in the quarter, reaching EUR 9.8 million, up from EUR 2.4 million in Q1 2024. EBIT per kilo came to EUR 1.54, with an average price of EUR 7.44 per kilo. Harvest volumes for the period totaled 6,383 tonnes – a 60% increase from 3,986 tonnes in Q1 2024.
The company projects total production of approximately 21,500 tonnes in 2025 and plans to release 7.5 million smolts during the year to support continued growth.
At the end of Q1, Kaldvík completed the acquisition of a box factory and took full ownership of the Búlandstindur processing plant. The company is now awaiting the issuance of an operating license for a new farming area in Seyðisfjörður. Kaldvík now holds licenses for a total production volume of 43,800 tonnes.
When asked, Róbert stated that recent investments have strengthened the company’s value chain. The acquisition of the new box factory in Djúpivogur, along with increased ownership in processing and slaughtering facilities, is expected to result in annual savings of EUR 3 million (approx. EUR 0.14 per kilo). This improves flexibility and efficiency across the entire value chain.
“We have made substantial investments in the company’s infrastructure in recent years with the aim of ensuring a stable annual production capacity of 30,000 tonnes. Today, our infrastructure supports that level of production. It is therefore essential that we fully utilize this capacity to achieve economies of scale and improved cost competitiveness,” says Róbert, adding that this stated goal is within reach in the coming years.
