The Kaldvík waiver was extended by one day: on 25 October 2026, the Icelandic salmon farmer said its lenders agreed to keep two financing covenants suspended until and including Monday, 26 October 2026. The reason is mundane, because 25 October was a non-banking day, but the stakes behind it are not.
Kaldvík AS (ticker KLDVK) is listed on Euronext Growth Oslo and First North Iceland. Here is what the notice says, what it leaves out, and what to watch next.
Key takeaways
- Lenders extended the waiver from 25 October to 26 October 2026, per Kaldvík’s GlobeNewswire notice.
- The original waiver, announced on 1 October 2026, covers a minimum liquidity covenant and a revolving credit facility adjustment requirement.
- The trigger was a jellyfish event in Reyðarfjörður that hurt biological production.
- Talks on a longer-term financial plan are still going. No terms have been published.
What is the Kaldvík waiver, in plain words?
A covenant is a promise a borrower makes to its bank: keep this much cash, hold this ratio, report this often. Break one and the lender can, in theory, demand repayment. A waiver is the lender saying “we will not enforce that promise for now.”
In its 1 October 2026 release, Kaldvík said that as of 30 September 2026 it was not in compliance with its minimum liquidity covenant or with the requirement to adjust the available amount under its revolving credit facility. Lenders waived both until and including 25 October 2026.
The waiver comes with a condition: Kaldvík must keep reporting to lenders on biological developments and the resulting financial position.
Why was the waiver extended by only one day?
The notice dated 25 October 2026 says the original period ended on a non-banking day, so lenders agreed to move it to Monday, 26 October 2026. Think of it as a drawbridge held up for one more business day while both sides keep talking.
The company says it remains in dialogue with its lenders and relevant stakeholders about its financing position and will update the market “when appropriate.” It did not name the lenders, give loan amounts or describe any new conditions.
What did the jellyfish event do?
Kaldvík referred to the jellyfish event in Reyðarfjörður in stock exchange notices on 6 and 15 September 2026 and said it negatively affected its biological production and financial position. Jellyfish blooms can harm caged fish, and a farm’s value sits largely in the live fish in the water.
The company has not published, in the notices I reviewed, how many fish were lost. That number will matter, and it is likely to appear in the third-quarter report.
Is this the first waiver Kaldvík has needed in 2026?
No. This is the third financing warning of the year, as the timeline below shows.
| Date | What happened |
|---|---|
| 23 January 2026 | Kaldvík warned of a possible breach of financial covenants in its senior bank debt, citing early harvest and lower salmon prices. |
| 31 March 2026 | Lenders waived the EBITDA covenant and cut minimum liquidity from EUR 10 million to EUR 5 million for 2026. The largest shareholder agreed to a EUR 20 million subordinated loan. |
| 1 October 2026 | New waiver for the liquidity and revolving facility requirements, running to 25 October 2026. |
| 25 October 2026 | Waiver extended to 26 October 2026. |
The earlier details come from Kaldvík’s own releases as carried by Inderes.
How strained is the balance sheet?
According to a Quartr summary of the Q2 2026 report, Kaldvík posted a net loss of EUR 8.5 million in the quarter, an operational EBIT of minus EUR 3.3 million, and net interest-bearing debt of EUR 196.4 million at 30 June 2026. Harvest was 1,840 tonnes.
The company has guided to about 3,500 tonnes in Q3 and about 17,000 tonnes for the year, with remaining 2026 harvests coming from the 2025 generation of fish. Whether the jellyfish event changes that guidance is the open question.
What happens next?
There are three realistic paths: another short extension, a longer waiver with a financial plan attached, or a lender decision to act on the breach. Nothing in the notice says which is likely. My read, and it is only an opinion, is that a one-day extension signals talks are active rather than finished.
Watch for a further stock exchange notice from Kaldvík. According to Inderes, the Q3 2026 interim report is scheduled for 13 November 2026, which should show the cost of the jellyfish event.
FAQ
What does extending a waiver period mean?
Lenders agree to keep not enforcing a broken covenant for a longer time. It buys time for talks but does not fix the underlying problem.
Which covenants did Kaldvík breach?
The minimum liquidity covenant and the requirement to adjust the available amount under its revolving credit facility, as of 30 September 2026.
Has Kaldvík announced a new financing plan?
Not as of the 25 October 2026 notice. The company says talks with lenders continue and it will update the market when appropriate.
Next step: read Kaldvík’s next stock exchange notice in full, and compare its liquidity figures with the Q3 report due on 13 November 2026.
This article is for information only and is not investment advice.
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