Smolt losses take shine off increased harvests for Icelandic salmon farmer

Kaldvik also experienced major biological issues and smolt losses, however, which have impacted its results.

There was a failed smolt release during Q4 with 1.2 million fewer smolts compared with what had been planned for the period. The company said the late release strategy failed due mainly to lower than expected temperatures. Mortality was also high because the low temperatures led to winter wounds.

Kaldvik reported a substantial revenue increase between October and December reaching €46.8m (£38m), up from €32.6m (£30m) a year earlier.

The operating EBIT before fair value adjustment of biomass and production tax was minus €18.1m (£15m). But when adjusted for a one-off biomass write-down the operational EBIT was positive at €5m (£4.1m).

The harvested volume in Q4 2024 was 6,668 tonnes, bringing total harvested volume for 2024 to 14,965 tonnes, compared to 4,395 tonnes for the full year 2023.

Kaldvik said the average price achievement during the quarter decreased from the same quarter last year.

The average price achieved in Q4 2024 was €6.9 per kg compared to €7.1 per kg in Q4 2023.

Group EBIT per kg in Q4 2024, adjusted for biomass write-down, was €0.76, compared to €1.09 in Q4 2023.

Kaldvik AS said it has committed €5.2m to capital expenditure (capex) investments, primarily focusing on enhancements to its smolt facilities. Total capex investments in 2024 amounted to €23.5m (£19.5m) up from €19.5m in 2023.

Kaldvik AS has a well-developed, fully integrated value chain that spans from hatchery to sales. It boasts two land-based facilities, one in the south coast and other on the north coast of Iceland.