INVESTORS
For Investors
Thor’s largest owners are funds managed by Iceland’s oldest fund management company, IS Funds: IS HAF Investments slhf. and IS HAF Thor Co‑Investment hf., which together held approximately 73% of the shareholding at the end of 2025. In addition, there are 10 smaller shareholders in the company, including the founders and others.
IS HAF is a specialised private equity fund managed by IS Funds. UR Seafood is the fund’s cornerstone investor and adviser, a major fishing and seafood enterprise and the largest shareholder in Brim hf. Other major investors in IS HAF include Brim and several pension funds. Ownership in IS HAF Thor Co‑Investment follows a similar structure to that of IS HAF Investments.
Thor operates according to a clear long‑term vision and a reliable implementation plan. Development proceeds in clearly defined stages: first, the construction of the smolt facility, which was commissioned in 2025, followed by phased construction of the grow‑out facility, with each phase representing 5,000 tonnes of capacity. This process will be repeated until the full 40,000‑tonne capacity is achieved.. The first gow‑out phase is expected to come into operation in late 2026.
Thor is an attractive option for investors
Global demand for sustainable proteins—and for salmon—continues to grow. The company’s unique location and operational setup provide optimal conditions, with exceptional access to key natural resources, including clean water, seawater, and energy, ensuring sustainable, operationally secure food production. The company also benefits from a strong, experienced team with decades of aquaculture expertise and a solid, diverse shareholder base.
Thor focuses on delivering long‑term value for people, the environment, and investors, built on four pillars:
Responsible farming and operations – ensuring predictable, high‑quality salmon production, strong fish welfare, and disciplined management
Disciplined growth and financial performance – efficient capital management, cost‑effective development, active oversight of execution, and the delivery of strong long‑term returns
Sustainability – responsible operations that protect nature, people, and the long‑term licence to operate
Market approach and customer value – ensuring predictable revenues by being a reliable supplier and trusted partner
The company’s development is on schedule and is financed in stages. Thor places strong emphasis on maintaining a solid financial position. A 4‑billion‑ISK share capital increase was completed in April 2025 to finance the current construction phase.
Before initiating new development phases, the company will secure additional capital to support continued expansion and production growth.