Icelandic Salmon AS (Arnarlax) — Cyborg Score 5/10
Solid
Aquaculture - Atlantic Salmon Farming and Processing
Strategic Profile
The Group is fully integrated, from egg and until the fish is delivered to customers in the market, with control over all parts of the value chain. The company is 51 percent owned by SalMar and expects to harvest 16,000 metric tons of salmon annually, making it the largest aquaculture company by production in Iceland. The company sees significant growth potential of up to 26,000 tonnes on its current licenses.
Cyborg Score Rationale
The company experienced biological challenges at sea in 2024-2025; to protect animal welfare, some volumes were harvested early at low average weights, resulting in mortality-related costs, low harvest volumes, and a weaker market. However, in the fourth quarter of 2024, Icelandic Salmon stabilized the biological conditions in the sea after having experienced significant challenges, resulting in higher harvest volumes and weights, and good sea lice control.
Top Insights
The company reported an average harvest weight of 5.2 kg GWT, well above the Norwegian market average of 3.9 kg GWT, indicating superior genetics and farming practices
The group lost a 10,000-tonne license in 2024 and is working with authorities to reinstate it, while pursuing expansion in Arnarfjörður, creating near-term headwinds
The company secured an extension to its sustainability-linked financing with EUR 65 million additional funding, increasing the total loan facility to EUR 160 million, strengthening financial runway
The IceFjord brand is well known among chefs for its amazing taste, firm texture and nice colour, providing premium market positioning in North America and Europe
Named Competitors
Atlantic Salmon — Large-cap Norwegian producer and 51% owner of Icelandic Salmon
Farmed Salmon — Faroese salmon farmer and regional competitor
Farmed Salmon — UK-based salmon producer with strong premium market position
Recent Developments
(March 2025) CEO Björn Hembre stated the company is on track to reach 26,000 MT production goal with sufficient smolt, harvest capacity, and dedicated personnel
(February 2025) Q4 2024 results showed stabilized biology with 6,455 tonnes harvested, operating income of EUR 49.9 million, and maintained 15,000-tonne volume guidance for 2025
(May 2025) Q1 2025 results revealed continued biological challenges with only 1,100 tonnes harvested due to early harvest decisions prioritizing biomass building and animal welfare
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