Strong progress is being made in the development of Thor Salmon in Þorlákshöfn, with growth in line with plans, as reported at the Company’s Annual General Meeting today. Construction of the first phase of the company’s grow-out facilities is underway, with an annual production capacity of 5,000 tonnes. This phase is fully financed. Thor’s smolt facility is already fully operational, housing around three million smolt and eggs. Sales agreements have been secured for the majority of the smolt.
Construction is underway on fourteen tanks for the grow-out operations, with a combined capacity of approximately 52,000 cubic metres. The first tanks are expected to be commissioned this autumn, with the first harvest anticipated a year later.
At the AGM, standard meeting procedures were followed, including the election of the Board of Directors. Two experienced entrepreneurs in the aquaculture industry, Hermann Kristjánsson and Dr Jónas Jónasson, were newly elected to the Board and to the position of alternate members.
According to Thor’s financial statements presented at the meeting, investments totalling ISK 2,327 million were made in 2025 across both the smolt station and grow-out operations. Equity amounted to ISK 2,362 million, compared with ISK 815 million in 2024. Investment in the smolt station totals ISK 2,220 million; the facility is complete and has an annual production capacity of four million smolt. The net loss for the year was ISK 109 million, compared with ISK 79 million in 2024.
“Presenting to the AGM how all plans for Thor have materialised was very satisfying and experiencing the support of shareholders for the company’s journey, including the approval of an authorisation to undertake a share capital increase of up to ISK 3 billion in the near future, was equally rewarding,” says Steinþór Pálsson, CEO of Thor Salmon.
Thor’s planned production increase is structured in phases, with each phase financed before expansion proceeds. The goal is for annual production to exceed 40,000 tonnes.
The company’s Annual Report can be accessed on Thor’s investor relations website.
Computer-generated image showing the planned future appearance of Thor’s facility in Þorlákshöfn.