Frøya, 29 October 2026 – Reference is made to Kaldvik AS’ (“Kaldvik” or the “Company”) stock exchange announcements of 1, 25, 26 and 28 October 2026 concerning the Company’s financing position and refinancing process.
Reference is also made to the Company’s announcements of 6 and 15 September, and 7 October 2026 regarding the jellyfish event in Reyðarfjörður. As previously announced, the event has negatively affected the Company’s biological production and financial position. The event has increased the Company’s short-term liquidity pressure and financing requirements, thereby accelerating the ongoing refinancing process.
The Company has today entered into an amendment agreement with its lenders and agreed heads of terms with Austur Holding AS (“Austur”), Heimstø AS and Ísfélag hf. regarding shareholder’s support and guarantee arrangements required for the refinancing process.
Long-term financing solution
The amendment agreement contemplates a long-term financing solution for the Company. The Company’s lender syndicate comprises Arion Bank, DNB, Landsbankinn and Nordea.
Following implementation, the aggregate amount of the term loan and revolving credit facility commitments will be approximately EUR 232 million, compared with approximately EUR 207 million under the existing facilities. Drawings under the revolving credit facility will remain subject to the applicable borrowing-base terms.
Subject to satisfaction of the agreed conditions precedent, the long-term financing solution includes:
- An extension of the maturity of the Company’s financing facilities to 30 June 2030;
- A EUR 15 million repayment under the term loan at closing, following which the outstanding term loan is expected to amount to approximately EUR 102 million;
- An increase of EUR 15 million in availability under the revolving credit facility above the applicable borrowing base, in connection with the EUR 15 million term-loan repayment, available until October 2028;
- An increase in the revolving credit facility commitments from EUR 90 million to EUR 130 million, subject to the applicable borrowing-base terms; and
- A revised repayment profile under the term loan, with scheduled amortisation expected to commence in March 2029.
The amendments will become effective upon satisfaction of the agreed conditions, including completion of a contemplated equity raise (see below) and the relevant term-loan repayment.
Waiver period
The lenders have agreed to extend the current waiver period until and including 17 December 2026, subject to agreeing on final documentation for the shareholder support set out below.
Shareholder support
Austur is the Company’s largest shareholder. Under the agreed heads of terms, and subject to final documentation and the relevant conditions:
- Austur, supported by its owners, will provide a guarantee of up to EUR 25 million in support of drawings under the revolving credit facility in excess of the borrowing base; and
- the arrangements contemplate deferred and subordinated fees of EUR 6.5 million in aggregate to Austur in connection with the guarantee and a waiver of escalation interest under the existing shareholder loan, which, subject to final documentation and the applicable approvals, are expected to be settled in shares issued in connection with the contemplated equity raise.
The final guarantee documentation and the remaining conditions for the shareholder-support arrangements are expected to be completed by 2 November 2026.
Operational strategy
Reference is made to the Company’s previously announced strategic review of its production model. The strategy is focused on improving biological performance and reducing biological risk through, among other measures, a greater focus on one-winter production, site-specific production strategies and continued improvements in smolt quality and sourcing.
As previously communicated, the Company’s strategy is based on a phased development of production. Its first strategic production milestone is harvest volumes of approximately 30,000 tonnes HOG in 2028, followed by a longer-term strategic milestone of approximately 45,000 tonnes HOG. The Company’s licence portfolio comprises 53,800 tonnes MAB.
The contemplated financing is intended to support the continued implementation of the strategy. The milestones are previously announced strategic objectives and do not constitute new or revised harvest guidance. The Company will provide a further update on its operational strategy and biological performance in connection with its Q3 2026 presentation.
Contemplated equity raise
The long-term financing solution is inter alia subject to completion by the Company of an equity raise with minimum gross proceeds of EUR 97 million, expected to provide at least EUR 70 million in net cash proceeds to the Company after repayment or settlement of subordinated shareholder debt and transaction costs. The contemplated equity raise is expected to be completed during Q4 2026.
The Company has engaged DNB Carnegie, a part of DNB Bank ASA, Arion Bank and Nordea Bank Abp NUF as Joint Bookrunners in connection with the contemplated equity raise.
For further information, please contact:
Vidar Aspehaug, CEO +47 913 05 017
Þórunn Ragnarsdóttir, CFO +354 822 7649
This information contains inside information and is disclosed pursuant to Article 17 of the EU Market Abuse Regulation (MAR), as incorporated into Icelandic law by Act No. 60/2021 on Measures Against Market Abuse, and section 5-12 of the Norwegian Securities Trading Act. The information was disclosed by Jón Kristinn Sverrisson, Compliance Officer, on the date and at the time indicated above.
About Kaldvík AS
Kaldvík is the leading salmon farmer in Iceland. Kaldvík has a well-developed and fully integrated value chain, enabling the Group to provide its customers with a sustainable premium product. Kaldvík is dual-listed on Euronext Growth Oslo and Nasdaq First North Growth Market Iceland. See www.kaldvik.is for more information about the Company.
