First Water held its Annual General Meeting last week. At the meeting, the Chairman of the Board and the CEO reviewed the company’s current position. In January of this year, the company began harvesting and packing 5 kg gutted land-based salmon weekly for export from Þorlákshöfn.
Last year, the company invested around €100 million in property and equipment on Laxabraut, while total investment now amounts to approximately €230 million. The company has now completed the financing of its first permanent phase and will focus on completing that work this year and next, with the continued construction of 28-metre farming tanks.
There was a temporary decline in salmon sales last year as the company worked on growing larger salmon. However, responses from foreign and domestic buyers indicate that sales are expected to increase significantly this year, as the 5 kg salmon is rated as a high-quality, superior-grade product by buyers.
The largest market areas in Europe are the United Kingdom and the Netherlands. First Water is also working with demanding buyers in Canada and the United States that serve canteens and restaurants operated on behalf of technology giants and investment banks. Around 40% of the fish is sold to the United Kingdom, 23% to European Union countries, and around 28% goes to North America. A smaller portion of First Water’s salmon is furthermore sold on the domestic market.
High quality product stems from the clean water and superior conditions
The salmon farmed and sold by First Water has received excellent reviews and is regarded as a high-quality product. The fish thrive exceptionally well in the 25 metre tanks, growth rates are strong, and mortality rates are among the lowest known. The key to this, in addition to the size of the tanks, is the unique water quality the salmon enjoy in the tanks. The entrepreneurs who founded First Water believed that by using subterranean seawater that has passed through 10,000-year-old lava layers, they would obtain a high-quality fluid that creates ideal growing conditions for salmon. It has now become clear that the entrepreneurs were exactly right. Measurements of samples of so-called environmental DNA, or eDNA, taken in June 2025 by ÍSOR GeoSurvey and analysed by the independent research laboratory Matís, confirm these properties of the geothermal seawater.
The results clearly show how effectively the underground lava filters the seawater used for the farming operations. First Water then treats the subterranean seawater from the tanks using the latest technology, so that discharge from First Water’s operations measures cleaner than the seawater in the Atlantic Ocean itself. This creates a sustainable and environmentally friendly cycle that delivers a high-quality product to consumers.
Looking ahead, further development is planned, with the aim of completing the first phase of the project by the end of 2027. This will increase the company’s capacity from 5,000 HoG tons of salmon to 10,000 HoG tons.