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Iceland salmon company issues financial alert

A major Icelandic salmon farming company has issued an official warning about its financial situation.

Kaldvik, which operates in the east fjords region of the country, said in a financial update on the Oslo Stock Exchange, that following the Q3 2025 (July to September) presentation, multiple factors have negatively affected the outlook for the company in the first quarter of this year.

Kaldvik fish farm.

This includes, but is not limited to, early harvest and external factors, such as a reduction in salmon prices.

The statement adds: “As a result, the company may be at risk of breaching one or more of its financial covenants in its senior bank debt facility, in Q1 2026, or at a later stage in 2026.

“For the purpose of preparing for a potential breach, the company has initiated a dialogue with its lenders and will request a covenant waiver.

“The company will revert with further information as soon as there are any material developments.”

Kaldvik is majority-owned by the Norwegian Måsøval family company, through Austur Holding AS, which controls around 55% of the shares in the business.

It is one of Iceland’s leading salmon farmers and has a well-developed and fully integrated value-chain controlling all steps from hatchery to sales.

Last year Kaldvik completed a substantial refinancing, which includes a new loan facility and an equity increase.

The purpose of the refinancing was designed to strengthen the company’s financial position, and support continued growth and investment.

Formerly known as Ice Fish Farm, the company name was changed to Kaldvik in the autumn of 2024.

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