Big slump in Iceland salmon farmer’s revenues

In an update to the Oslo Stock Market at the weekend, Kaldvik said its Q1 operating income had slumped from €48.4m (£42m) between January and March last year to €36.5m (£32m) this time.

 

The operating loss before fair value adjustment of biomass and production tax dropped to minus €26.4 m (£23m) against a profit of €9.8m (£887,000) a year ago.

 

Kaldvík said it is maintaining its harvest guidance for 2026 at around 17,000 tons. The company is scheduled to publish further details later today.

 

The company was formerly known as Ice Fish Farm, and is one of the largest salmon farming companies in Iceland. It rebranded two years ago.

 

Based in Eskifjörður, it operates primarily in the East Fjords region. The publicly traded company controls the entire salmon production value chain, from hatchery to sales.

 

Kaldvik operates as a subsidiary of the Norwegian aquaculture holding company, Austur Holding AS and is backed by the Måsøval family who announced recently that they were carrying out a review of their business, which could include a sale.

 

It is widely expected that Kaldvik would be included in such a sale, which has sparked speculation as to who would buy it.

 

While SalMar has been linked to a sale of Norway based Måsøval, Canada’s Cooke Aquaculture and Bakkafrost in the Faroe Islands are reported to be looking at Kaldvik.