Weekly harvesting commenced and first phase fully funded
First Water, a company specializing in sustainable land-based aquaculture, processing, and export of salmon from Þorlákshöfn, has secured approximately EUR 75 million financing. The financing comprises the issuance of a convertible bond of around EUR 40 million, led by the company’s existing shareholders, and approximately EUR 35 million in debt financing facilitated by Landsbankinn and Arion Bank.
With this financing in place, the company will complete construction of the first phase of its development and increase its annual production capacity from 5,000 tonnes to 10,000 tonnes of gutted salmon.
Since its establishment, First Water has raised EUR 185 million in equity, EUR 40 million through a convertible bond and secured approximately EUR 115 million in debt financing, bringing total funding to around EUR 340 million. Last year, three pension funds joined as new shareholders. As a result, eight of Iceland’s ten largest pension funds are now among First Water’s investor base. Icelandic investment firm Stoðir remains the company’s largest shareholder, with a 33% stake.
Weekly harvesting commenced
First Water completed the construction of eight 25-meter covered land-based aquaculture tanks last year and harvested, for the first time, 5 kg gutted premium-quality salmon in September 2025.
From January this year, First Water has commenced regular harvesting, with an average harvest weight of approximately 4.8 kg and a 95% superior ratio, indicating that 95% of the harvested fish qualifies for the highest quality grade. Total harvest for 2026 is projected to be around 3,000 HOG tons.
Graph: Weekly harvesting (Average size kg/HOG and superior rate%)
A premium product for the most demanding buyers
First Water’s sales activities have progressed well, with the company having sold the majority of its harvest to date to customers in Europe and the United States. The company operates a processing facility in Þorlákshöfn, equipped with specialized processing lines where salmon is processed and packaged for export on a weekly basis.
The company’s products have attracted strong interest in international markets. First Water’s customers include demanding buyers serving corporate dining facilities at leading financial and technology companies in the United States, as well as distributors of fresh premium food products to retail markets across Europe.
Increased production capacity
Initial plans for First Water assumed that the land-based aquaculture facility would have a total capacity of approximately 50,000 tonnes per year once fully built and operational. Experience from recent months indicates that the company’s production capacity will be higher, with a target of approximately 60,000 tonnes of gutted salmon annually. Production capacity will reach around 20,000 tonnes once the first two phases are fully completed and operational.
Eggert Þór Kristófersson, CEO of First Water says:
“We have achieved outstanding results in sales in a short period of time, and demand for our 5 kg salmon has exceeded expectations. What matters most to us is that this demand and interest comes from buyers with high standards for quality and reliability. This underlines the clear competitive advantage of our product. This financing enables us to fully complete the first phase of construction. With continued construction and increased production capacity, we expect a significant rise in export revenues, laying the foundation for further expansion of First Water’s operations in Þorlákshöfn.”
ARMA Advisory and BBA Fjeldco acted as advisors to First Water on the bond financing. Arion Bank and Landsbankinn led the company’s loan financing.