Annual Report 2025
2
Sustainable Salmon, Exceptional Quality
3
Chapter Overview
1
Company & Annual Highlights
Group Results
4
CEO's statement 8
Milestones 10
Board of directors 42
Board of directors' report 43
The business 11
Freshwater production 12
Seawater production 14
Processing 16
Sales 17
Production highlights 18
Capital expenditure summary 19
Growth and development 19
Shareholders 20
Financial performance 44
Key financial figures 47
Financial performance summary 48
Key Operational Figures 49
Allocation of result for the year 54
BOD declaration 55
Consolidated income statement 56
Consolidated statement of financial position 57
Consolidated statement of cash flows 59
Consolidated statement of changes in equity 59
2
Environmental, Social & Governance
5 Notes
Our stakeholders 24
KPIs and ambitions 27
Fish health and fish welfare 29
Certifications 29
Nutritious and tasty salmon 30
Fresh water 31
Escape prevention 31
Group financial notes 62
Arctic Fish Holding 89
AFH Income statement 89
AFH Financial position 90
AFH Equity statement 92
AFH Cash flow 92
AFH Notes to the financial statements 93
Independent Auditor's Report 101
3
Health, Safety, & Environment
APM 104
People and society 34
Responsible employer 35
Worker's rights and social matters 36
Education and development 37
KPIs and ambitions 39
4
From
thc hcart of Vcstffirðir to your table.
5
Abbreviations
In some cases, industry specific abbreviations are used as well as other abbreviations, a list of them is as follows:
ASC
Aquaculture Stewardship Council Certification
BFCR
Biological Feed Conversion Ratio
BOD
Board of Directors
COGS
Cost of Goods Sold
EBIT
Earnings Before Interest and Taxes
EBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortization
EFCR
Economic Feed Conversion Ratio
ESG
Environmental, Social and Governance
EUR
Euros
FCA
Free Carriage - a shipping term
GDP
Gross Domestic Production
GHG
Green House Gas protocol
GW
Gutted Weight of Salmon
HOG
Head on Gutted weight of Salmon
HSE
Health, Safety, and Environment
HSMI
Heart, Skeleton and Muscle Inflammation
ISK
Icelandic Kroner
KPI
Key Performance Indicator
LW
Live Weight of Salmon
MAB
Maximum Allowed Biomass
NOK
Norwegian Kroner
NRS
Norway Royal Salmon
RAS
Recirculating Aquaculture System
ROCE
Return On Capital Employed
ROE
Return On Equity
TGC
Thermal Growth Coefficient
USD
United States Dollars
6 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
7
1
Company & Annual Highlights
CEO's statement 8
Milestones 10
The business 11
Freshwater production 12
Seawater production 14
Processing 16
Sales 17
Production highlights 18
Capital expenditure summary 19
Growth and development 19
Shareholders 20
8 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
CEO's statement
A record year and a foundation for futurc proffitabilitQ
Daníel Jakobsson, CEO
2025 was a record year for Arctic Fish in several key respects. Total harvest reached 14,791 tonnes, an increase of 39% compared to the previous year and 2,913 tonnes above our previous record.
Total harvest
14,791
tonnes
39% Compared to 2024Production at sea developed well, and with a net production of 19,713 tonnes, another milestone was achieved. Activity at our harvesting plant also reached record levels, with a total of 17,624 tonnes processed, including both own production and external volumes.
Total processed
17,624
tonnes
52% Compared to 2024Since harvesting our first salmon in 2019, Arctic Fish has produced a total of 68,140 tonnes. In just over a decade, we have built one of the largest companies in the Westfjords of Iceland, making
a meaningful contribution to regional development. Together with other salmon farmers in the region, our operations have supported stronger municipal finances, job creation, and increased economic activity across the Westfjords.
Harvesting volumes
HOG tonnes
14,791
11,479
11,878
10,667
8,561
7,443
3,321
Total harvested
since 2019
68,140
tonnes
2019
2020
2021
2022
2023
2024
2025
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 9
Our workforce has grown to 128 FTEs, and competence within the organization continues to strengthen year by year. Many employees now possess unique expertise in salmon farming under the specific conditions of the
128
total FTEs
Westfjords. Through their daily efforts, we deliver high-quality salmon to customers worldwide, producing up to half a million meals per day during peak periods.
Demand for Icelandic salmon continues to grow, and salmon farming has become an increasingly important component of Icelandic exports.
Despite strong operational performance, 2025 was financially challenging. Market conditions were demanding, and achieved prices were lower than expected. Although higher production volumes, economies of scale, and a strong focus on cost control reduced cost per kilo produced, overall profitability remained below acceptable levels.
producing up to
500,000
meals per day
35
Capital increase
million euros
Following significant investments in recent years and losses in the first half of the year, the company's major shareholders strengthened the balance sheet through a capital increase of EUR 35 million. Our two largest shareholders now own a combined 89.71% of the company: Mowi (53.82%) and Sildarvinnslan (35.89%). Their ownership provides Arctic Fish with valuable industrial expertise and operational synergies.
Ownership
10.29%
35.89%
53.82%
MowiSíldarvinnslan Others
While salmon farming in Iceland has achieved considerable operational success, profitability across the industry has been constrained. This reflects both the early stage of industry development and a regulatory framework that has limited competitiveness.
In 2025, farming taxes in Iceland were higher than in the countries we compare us to and revenue based and not profit based. The current level that is not sustainable over time
A new legislative framework is under development and is expected to be approved before summer 2026. We anticipate that a shift toward profit based taxation and more flexible licensing conditions will significantly improve the long-term competitiveness and financial sustainability of the industry.
Daníel Jakobsson Chief Executive Officer
10 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
Milestones
2011
2014
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Arctic Fish was founded.
Trout farming and the processing of white fish was started.
Jerzy Malek, the founder of Morpol and Milarex, became a part-owner.
Construction of smolt hatchery in Norðurbotn was initiated.
NRS acquired 50% ownership through a private placement.
First salmon smolt released to sea in Dýrafjörður, at the site Gemlufall.
The first stage of the hatchery was completed.
Smolt released to sea in Dýrafjörður, at the site Eyrarhlíð.
The first salmon was harvested in January.
Smolt released to sea in Patreks/Tálknafjörður, at sites Kvígindisdalur and Hvannadalur. 3,321 tonnes of HOG salmon was harvested.
Smolt released to sea in Dyrafjordur, at sites Eyrarhlíð 2/Gemlufall and Haukadalsbót. 7,443 tonnes of HOG salmon was harvested.
The company was listed and started trading at Euronext Growth Oslo on the 19th of February. Smolt released to sea in Dýrafjörður, at sites Eyrarhlíð and Kvígindisdalur.
11,479 tonnes of HOG salmon was harvested. New Smolt expansins in Norðurbotn started.
New harvesting facility project started. Smolt released in three different Fjords.
8,561 tonnes of HOG salmon harvested from Eyrarhlíð, Eyrarhlíð 2, Haukadalsbót & Hvannadalur. Mowi purchases 51.28% ownership in Arctic Fish from NRS/Salmar.
11,878 tonnes of HOG salmon harvested from Eyrarhlíð, Hvesta & Kvígindisdalur. Finalized construction of own harvesting facility.
10,667 tonnes of HOG salmon harvested.
From the first salmon harvested in 2019, a total of 50,000 tonnes of salmon HOG have been harvested, which equals around 200 million delicious meals.
14,791 tonnes of HOG salmon harvested. Record harvest volumes, surpassing previous record by 25%. Record smolt output, growth and feeding.
Share capital increase from majority owners, Mowi and Síldarvinnslan.
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 11
The business
Arctic Fish is a group of companies operating mainly in the Westfjords of Iceland.
The Group's principal activity is salmon farming, producing smolt in its own freshwater hatchery and farming salmon at sea before the fish is harvested at its own harvesting facility and is then finally sold to the market.
Freshwater Production
Seawater Production
Processing & Sales
Arctic Fish sitesPending Applications
Harvesting
plant
10
farming areas
in 5 fjords
Bolungarvík
Ísafjörður
Headquarters
Sindragata 10
20 trucks per week from Bolungarvík to Reykjavík
300-400 t
Smolt facility
Tálknafjörður
12 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
12
Arctic Smolt is the Group's dedicated entity responsible for freshwater smolt production, playing a critical role in Arctic Fish's vertically integrated value chain. The company operates a modern recirculating aquaculture system (RAS) smolt facility located in Tálknafjörður, an area renowned for its stable water resources and favorable geothermic conditions. These natural advantages provide the facility with year-round access to water temperatures ranging from 6°C to 22°C, creating optimal and highly controllable conditions for smolt development.
The smolt facility, situated at Norðurbotn in Tálknafjörður, is 100% owned by Arctic Fish and represents a key strategic asset for the Group. The use of advanced RAS technology allows for high biosecurity, efficient water use, and precise control of environmental parameters such as temperature, oxygen levels, and water quality. This contributes to consistent production performance, strong fish health, and predictable biological outcomes.
The hatchery has a proven operational track record, with continuous smolt production since 2017. Over this period, Arctic Smolt has developed extensive operational expertise, refined production protocols, and built a strong biological database that supports ongoing improvements in growth performance, survival rates, and smolt quality. This experience provides a solid foundation for both current operations and future expansion.
In addition to its existing production facilities, the Group owns a substantial land area adjacent to the smolt facility. This land is currently being utilized to expand freshwater production capacity in line with
Arctic Fish's long-term growth strategy. Expansion plans are designed to be modular and scalable, allowing capacity increases to be aligned with market demand, farming licenses, and biological performance.
The Group currently holds licenses for freshwater production of up to 2,400 tonnes of smolt. This license supports the Group's ability to supply high-quality smolt to its seawater farming operations for the coming years, supporting increased production
volumes and improved operational flexibility.By maintaining full control over smolt production, Arctic Fish reduces biological risk, shortens production cycles, and strengthens traceability across the value chain. Arctic Smolt is therefore a cornerstone of the Group's ambition to achieve
sustainable growth, high biological performance, and long-term value creation.
Responsible Freshwater Production
Arctic Smolt's RAS-based production model is designed to minimize environmental impact while ensuring high biological performance. The recirculating system enables efficient water use through continuous treatment and reuse, significantly reducing freshwater intake compared to traditional flow-through hatcheries.
The facility's access to stable geothermal water sources allows for energy-efficient temperature control and contributes to predictable growing conditions throughout the year. High biosecurity standards, including controlled water treatment and restricted access protocols, reduce disease risk and support fish welfare. These measures align with the Group's broader sustainability objectives and commitment to responsible aquaculture practices.
"Reliable access to high-quality smolt is fundamental to sustainable growth.
Our investment in Arctic Smolt ensures strong biological performance and longterm value creation across the Group."
Advanced RAS Technology
The smolt facility operates using modern RAS technology, allowing precise control over key environmental parameters such as temperature, oxygen levels, and water quality. This level of control supports consistent smolt quality and enables year-round production planning.
Biosecurity is a central component of operations. Water is treated and monitored throughout the production cycle, and production units are designed to limit
cross-contamination between batches. These systems contribute to improved survival rates, stable growth performance, and reduced biological risk.
13
RAS smolt facility
Tálknafjörður
Employees
15 FTEs
License capacity
2,400 MAB
tonnes
14 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
14
Arctic Sea Farm is the entity responsible for the Group's seawater production and receives smolt from Arctic Smolt. The Group's seawater farming sites are strategically located across all major fjords in the Westfjords of Iceland. This geographic diversification enables production to be alternated between fjords and individual sites, which significantly reduces biological and operational risk. The ability to rotate production areas also supports improved fish welfare, higher survival rates, and increased efficiency in feeding and overall farm management.
The strategic placement of the seawater sites further enhances biosecurity by limiting the potential spread of disease and parasites between sites, while allowing for fallowing and recovery of farming areas when needed. These measures are an integral part of the Group's long-term sustainability strategy and contribute to stable and predictable production performance over time.
The Group holds farming licences for a total maximum allowed biomass ("MAB") of 29.8 thousand tonnes. Of this total, 2.8 thousand tonnes are currently allocated to rainbow trout production and are in the process of being converted to salmon licences, reflecting the Group's focus on salmon farming as its core production activity.
The licences awarded cover a total of 10 farming areas located in five fjords in the Westfjords: Tálknafjörður and Patreksfjörður (covered under
one combined licence), Arnarfjörður, Dýrafjörður, and Ísafjarðardjúp. Each farming area is subject to its own specific maximum allowed biomass, as defined by the terms of the respective licences and regulatory approvals. This structured licensing framework ensures responsible use of natural resources and compliance with Icelandic environmental and aquaculture regulations.
In addition to its seawater licences, the Group holds a licence for land-based smolt production on its own land in Norðurbotn. This facility is a critical component of the Group's vertically integrated value chain and supports the ongoing and
future supply of high-quality smolt for seawater production. Ownership and control of smolt production strengthen operational resilience, improve planning flexibility, and support continued growth in line with the Group's long-term strategy.
Responsible Seawater Operations
Responsible seawater operations are a key part of the Group's integrated production model. Arctic Sea Farm applies structured operational practices that support fish welfare while limiting environmental impact. Production planning, site rotation, and fallowing are used to maintain healthy farming conditions and reduce long-term biological risk.
The distribution of farming sites across several fjords in the Westfjords enables flexible and adaptive production management. This geographic diversification strengthens resilience and supports stable production in line with the Group's sustainability objectives.
"Our divcrsifficd scawatcr footprint in the Westfjords enables us to manage biological risk responsibly while maintaining high standards of ffish wclfarc and opcrational cffficicncQ."
Integrated Value Chain and Biosecurity
The Group's vertically integrated value chain strengthens control over biological performance and biosecurity from smolt production to seawater farming. Smolt are produced under controlled conditions at Arctic Smolt and transferred according to strict biosecurity protocols, supporting high post-transfer survival.
At sea, coordinated stocking strategies and site-specific biosecurity measures reduce disease risk and support predictable growth performance. The close integration between freshwater and seawater operations is central to the Group's long-term sustainability and value creation.
15
Seawater production
10 areas
farming
5
fjords in the Westfjords
Employees
59 FTEs
License capacity
29,800 MAB
tonnes
16 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
16
Arctic Oddi is the Group entity responsible for harvesting and packaging salmon received from Arctic Sea Farm. The harvesting and processing facility located in Bolungarvík represents one of the Group's most important strategic investments in recent years, with harvesting operations initiated in the third quarter of 2023.
The facility has been purpose-built to support the Group's integrated value chain and is designed to meet both current operational requirements and anticipated future growth in production volumes. Its location in close proximity to the Group's seawater farming sites enables efficient logistics and reduced handling time from harvest to processing.
Harvesting and Processing
The Bolungarvík facility is designed to support efficient, high-quality harvesting and processing in line with the Group's operational and sustainability objectives. Modern equipment and optimized workflows enable consistent handling of fish and support high product quality from harvest through packaging. The facility also provides flexibility for future volume growth and potential third-party processing services.
"With a high share of premium, sub-chilled products raised in the cold, clean fjords of Iceland, wc arc conffidcnt that our salmon compares favourably with any product in the market."
17
Harvesting facility
Bolungarvík
Full-time equivalent
45 FTEs
Capacity
125 per day
tonnes
producing up to
500,000
meals per day
Sales
In 2025 Arctic fish sold 14,791 tonnes of salmon. This was the second whole year operating in cooperation of sales efforts with our parent company Mowi. In Iceland there is now a team coordinating the sales of all fish and managing the logistics to the end customers.
The experience of the new sales setup so far has been positive, but we continously work to further improve price achievement.
Our fish is now sold to most markets. The company is also approved for sales into China where we have had some initial success and many possibilities can be found there, utilizing cargo flights from Keflavik, which has led to more sales by flight. In some occasions we have
sold whole planes (40-50 tonnes) which is delivered to the customer within 36 hours from harvesting in Bolungarvík.
With high levels of superior share, sub chilled products that is bread in our cold Fjords we are sure that our product is second to no other.
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
Premium salmon from Iceland
With increasing production of salmon from Iceland, logistic and awareness of our products is improving. Going forward the company should be able to utilize that.
6 trucks per day with
100
tonnes
of salmon
750,000€
Export value per day
18 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
Production highlights
9,395
15,096
11,702
15,884 19,519
17,063
26,652
19,713
Feeding
tonnes
Net growth
tonnes
35.7%
YOY
13.0%
YOY
YOY
24.6%
YOY
24.1%
14.4%
YOY
36.5% YOY
2022
2023
2024
2025
2022
2023
2024
2025
Stocked number of smolt
Thousands
5,014
Superior share
3,900
4,132
4,026
Percentage
88.8%
2022
2023
2024
2025
6.6% decrease from 2024Harvesting volumes
HOG tonnes
14,791
11,479
11,878
10,667
8,561
7,443
3,321
2019
2020
2021
2022
2023
2024
2025
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 19
Capital expenditure summary
Capital expenditures for the year 2025 amounted to 18.0 million EUR.
The investments were mainly related to sea farming equipment aimed towards biomass build-up.
Growth and development
Arctic Fish has had the goal of producing 25,000 tonnes in 2029. The company has a strong license portfolio and after output in Trostansfjörður the company will have activated all sites that can and will be operational.
The focus from a growth perspective is on increasing the number of sites that have an active 2 year production cycle rather than the standard 3 year production cycle.
This can be achieved mainly via bigger smolt output, growth optimization and therefore better license utilization.
There is currently ample supply of external smolt, which will facilitate increased smolt output weights in the short term, with increased internal smolt production coming later down the line.
The company stands by the long term target and expects to achieve the aforementioned operational milestone in 2029.
CAPEX
MEUR
2
18
14
2
FarmingSmolt/Other Harvesting
20
Shareholders
Arctic Fish holding was admitted to trading on the Euronext Growth Oslo under the trading symbol "AFISH" with an Initial Public Offering (IPO) on the 19th of February 2021.
As of 31st of December 2025 the company has 45,004,953 shares outstanding, which is an increase of 13,128,300 shares following a share capital increase which took place in September.
Share Price Development
80
70
60
50
End of 2025:
32.0
40
30
20
Jan
Feb
Mar Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Start of 2025:
69.5
Shareholders by Countries Total Number of Shareholders* at the end of 2025
Norway | 25,434,891 | 57% |
Iceland | 17,268,728 | 38% |
Luxembourg | 2,111,390 | 5% |
USA | 126,227 | 0% |
Denmark | 38,087 | 0% |
United Kingdom | 11,870 | 0% |
Germany | 4,650 | 0% |
Sweden | 3,979 | 0% |
Ireland | 3,585 | 0% |
Belgium | 1,388 | 0% |
Spain | 100 | 0% |
Switzerland | 42 | 0% |
Finland | 16 | 0% |
*Including nominee accounts which are comprised of multiple individual shareholders
169
1.2% Compared to 2024
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 21
Shares owned by the top 20 shareholders of Arctic Fish Holding at the end of 2025
44,782,511
13,101,438 Compared to 2024
99.51%
0.12% Compared to 2024
Major shareholders as of 31.12.2025 | Number of Shares | Ownership % |
Mowi ASA | 24,223,804 | 53.82% |
Síldarvinnslan hf.** | 16,151,004 | 35.89% |
J.P. Morgan SE ** | 1,938,970 | 4.31% |
Íslandsbanki hf. | 603,771 | 1.34% |
Landsbankinn hf. | 509,265 | 1.13% |
Kverva Finans As | 207,425 | 0.46% |
Verdipapirfondet Eika Spar | 167,406 | 0.37% |
Mp Pensjon Pk | 165,000 | 0.37% |
Clearstream Banking S.A. | 146,534 | 0.33% |
Pactum As | 131,201 | 0.29% |
State Street Bank And Trust Comp | 126,227 | 0.28% |
Verdipapirfondet Eika Norge | 121,659 | 0.27% |
Roth | 80,000 | 0.18% |
Ramsfjell As | 40,849 | 0.09% |
Saxo Bank A/S | 38,029 | 0.08% |
Verdipapirfondet Eika Alpha | 33,705 | 0.07% |
Dnb Luxembourg S.A. | 25,231 | 0.06% |
Håheim | 19,101 | 0.04% |
Verdipapirfondet Eika Balansert | 18,630 | 0.04% |
Høstlund | 18,000 | 0.04% |
Hatlebrekke Invest As | 16,700 | 0.04% |
Total 20 largest shareholders | 44,782,511 | 99.51% |
Total other shareholders | 222,442 | 0.49% |
Total number of shares 31.12.2025 | 45,004,953 | 100.00% |
** Síldarvinnslan hf is a part of the nominee account "J.P. Morgan SE".
22 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
23
2
Environmental, Social & Governance
Our stakeholders 24
KPIs and ambitions 27
Fish health and fish welfare 29
Certifications 29
Nutritious and tasty salmon 30
Fresh water 31
Escape prevention 31
24 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
Our stakeholders
Arctic Fish engages with numerous stakeholders, both on a local and international scale. Effective stakeholder communication
is integral to our achievements at Arctic Fish. Our commitment involves consistently updating and engaging with our stakeholders to foster transparency and understanding.
Extcrnal influcncc
Authorities - Local communities -
Interest organizations - Research institutions
Business associates
Partners - Suppliers - Service providers
Intcrnal influcncc Employees Investors
Customer groups
External customers - New customers -International customers - National customers
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 25
Greenhouse Gas Emission
Open-net pen salmon farming is recognized as a protein production method with relatively low greenhouse gas (GHG) emissions. Within Arctic Fish's operations, the main sources of
direct emissions are linked to energy use in feed barges and the vessel fleet. In 2025, Arctic Fish reached an important operational milestone
by finalizing the shore connection of one feed barge, enabling continuous operation on land-based renewable electricity. During the same year, a new feed barge equipped with
a hybrid energy system was commissioned. As a result, during 2025 Arctic Fish operated two feed barges with hybrid and one with shore-based energy solutions, representing a
material reduction in direct Scope 1 and Scope 2 emissions. Future investments in infrastructure will continue to prioritize energy-efficient, shore-connected, or hybrid solutions as part of our long-term decarbonization strategy.
Indirect emissions related to feed production represent a significant share of the aquaculture value chain's climate impact. Arctic Fish
addresses this through close cooperation with its feed suppliers and by setting clear sustainability requirements. All feed suppliers are required to hold recognized sustainability certifications, ensuring that raw materials
are non-genetically modified, free from deforestation risk, and sourced independently of threatened or endangered fish stocks. Feed sustainability performance is assessed annually through the ASC audit process, as described further on page 29.
As part of its environmental governance framework, Arctic Fish submits annual green accounting reports to the Icelandic Environment Agency. These reports include data on chemical usage, waste generation, medicinal treatments, and electricity and fuel consumption, and
are publicly available through the agency's website. Emissions are reported based on verified green accounting data, supporting transparent monitoring, regulatory compliance, and continuous improvement in the company's environmental performance.
2025
Energy consumption Unit 2024
Scope 1: Fossil Fuel | liter | 2,767,000 | 1,984,843 |
Scope 2: Electricity | MWH | 7,036 | 6,643 |
GHG Emissions | |||
Scope 1: Fossil Fuel | tCO2e | 7,387 | 5,272 |
Scope 2: Electricity | tCO2e | ||
Total emission | tCO2e | 7,387 | 5,272 |
Net growth | kg | 19,713 | 15,884 |
Emission pr. kg | kg | 0.37 | 0.33 |
26 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
Emission of nutrients
Responsible management of nutrient emissions is a
core element of Arctic Fish's environmental management system. Nutrient discharge from salmon farming mainly originates from feed input and biological waste.
To reduce emissions and prevent eutrophication
of benthic sediments, Arctic Fish applies a preventive and operationally controlled feeding strategy.
All feeding operations are managed from a centralized feeding center and are actively controlled by trained personnel. Feeding decisions are based on continuous visual monitoring using underwater cameras and realtime observation of fish behavior. This hands-on approach ensures accurate feed delivery, minimizes feed wastage, and allows rapid adjustments in response to changing environmental and biological conditions.
The environmental condition of the seabed beneath and around farm sites is assessed through regular third-party benthic surveys conducted in accordance with applicable legislation and certification requirements. Benthic monitoring carried out in 2025 showed very good results, confirming that seabed conditions were healthy and that nutrient emissions remained within acceptable limits.
Consequently, no corrective or mitigating measures related to seabed health were required during the reporting period.
Results from benthic monitoring are submitted to the Icelandic environment and energy Agency and published on their website, supporting transparency, regulatory compliance, and ongoing stakeholder confidence.
Logistics and transport
Transportation and logistics represent an important part of Arctic Fish's environmental footprint. As part of the company's climate and efficiency strategy, Arctic Fish actively seeks to minimize emissions associated with product transport by prioritizing sea cargo wherever feasible. Sea freight generally offers a lower emissions intensity compared to road and air transport and supports the company's objective of reducing value-chain emissions.
Arctic Fish's harvesting plant is equipped with advanced cooling and cold-chain technology, ensuring stable temperature control throughout harvesting, handling, and storage. This enables a higher share of products to be transported by sea while maintaining product quality, food safety, and an extended shelf life. By combining efficient
logistics planning with robust cooling systems, Arctic Fish reduces reliance on more emission-intensive transport alternatives without compromising freshness or market requirements.
The continued development of logistics solutions that balance environmental performance, operational efficiency, and product quality remains an integral part of Arctic Fish's approach to responsible and sustainable seafood production.
Waste management
Arctic Fish's operations are fundamentally dependent on a healthy and well-functioning marine environment to produce high-quality Atlantic salmon. The company therefore places strong emphasis on reducing the
environmental footprint of its activities through systematic prevention, control, and monitoring measures across
its operations. These measures are designed to protect marine ecosystems in and around farm sites and to ensure that environmental impacts remain within acceptable and regulated limits.
In parallel, Arctic Fish actively works to minimize waste generation and to reduce the volume of waste sent to landfill. The company is aligned with Mowi's ambition to achieve zero waste to landfill by 2030 and continuously implements measures to improve waste segregation, increase reuse and recycling, and optimize material handling across its operations.
Waste performance data is reported quarterly to Mowi and forms an integral part of Mowi's corporate
sustainability reporting. This structured reporting ensures transparency, supports consistent data quality, and enables benchmarking and continuous improvement across the group. Together, these efforts reflect Arctic Fish's commitment to responsible aquaculture practices, group-wide sustainability objectives, and long-term environmental stewardship.
Healthy and safe seafood
Atlantic salmon is widely regarded as one of the most nutritious protein sources available, offering a high concentration of Omega-3 fatty acids, high-quality protein, and essential vitamins and minerals. Its nutritional profile makes it a valuable component of a balanced and healthy diet.
Arctic Fish's farming operations are located in cold Arctic waters that support steady and controlled growth, contributing to firm texture and high fillet quality. The farm sites are situated in fjords naturally sheltered by surrounding mountains, providing protection from extreme weather conditions. At the same time, strong and stable currents in the open fjord systems ensure a continuous exchange of fresh, oxygen-rich seawater, creating favorable conditions for fish welfare and overall production performance.
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 27
KPIs and ambitions
Our ESG performance is measured and monitored internally with the following KPIs:
Proffitablc salmon farmcr
Shareholder returns
2025
-4.9%
ROCE
Goal of > 15%
2024
7.8%
ROCE
Goal of > 15%
2025
-25.5%
ROE (after tax)
Goal of > 15%
2024
3.0%
ROE (after tax)
Goal of > 15%
Product certification
Conduct external and internal audits to ensure that our production is in accordance with laws, regulations and internationally accepted standards
Compliant with laws, regulations and standards
Healthy & safe seafood
Conduct monitoring program for contaminant levels
Compliant with laws, regulations and standards
Customers
28
Low medicine use
0.00%
Use of antibiotics per tonne produccd ffish
Goal of 0.0%
Reduction in medicine use in sea lice treatments
Compliant
Sea lice management
Minimize number of sites above sea lice action limit
Goal of 0% sites above action limit (monthly average)
Environment
ASC-share of active sites
2025
100%
All owned sites are ASC
2024
100%
All owned sites are ASC
Incidents of escape
2025
1
Goal of 0
2024
1
Goal of 0
Share of sites with MOM-B state 1 or 2
2025
100 %
Goal of 100%
2024
100%
Goal of 100%
Fish health / welfare
2025
91%
Survival
Goal of 92%
2024
89%
Survival
Goal of 92%
Waste management
Conduct audit of waste management procedures
100% waste management
Health, safety and environment
3.74%
Abscence rate
Goal of 3.85%
Reduction in injuries leading to abscence
Compliant
Sustainable & efficient fish feed
Feed according to ASC requirements and GLOBAL G.A.P. ccrtiffication
Compliant with standards
Education and development
Increase number of trained employees in the company
Compliant
Ethical guidelines
No idcntifficd violations of cthical guidclincs
Compliant with ethical guidelines
Socially responsible
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 29
Fish hcalth and ffish wclfarc
Fish health and welfare are fundamental priorities for Arctic Fish and form an integral part of the company's responsible aquaculture framework. The company works systematically to maintain robust biological conditions
and high welfare standards through well-established procedures, preventive measures, and continuous monitoring. Key elements of this approach include vaccination programs, access to nutritionally balanced feed, and maintaining appropriate biomass levels in cages to support good fish health, welfare, and survival throughout the production cycle.
Sea lice management remains an important focus area for Arctic Fish. The company actively participates in coordinated sea lice monitoring and continuously evaluates new and improved methods to further reduce lice pressure. Lice counts are conducted regularly and reported without delay to the Icelandic Food and Veterinary Authority, and the results are published on Arctic Fish's website within one week of counting to ensure transparency and regulatory compliance. During the 2025 lice season, Arctic Fish successfully maintained
control of lice levels through coordinated efforts between company personnel and contracted service providers.
In 2025, Arctic Fish continued to operate without the use of antibiotics. Maintaining antibiotic-free production reflects the company's commitment to preventive health management, responsible use of veterinary treatments, and alignment with best practices in sustainable aquaculture.
Feed efficiency is monitored continuously through active follow-up of feed conversion ratios (FCR). Efficient feed utilization supports fish health and welfare while also reducing environmental impact, making FCR monitoring a key component of Arctic Fish's broader sustainability efforts.
Sustainable feed
Arctic Fish places clear sustainability requirements on its feed suppliers to ensure responsible sourcing throughout the value chain. Suppliers are required to hold recognized certifications covering the
raw materials used in feed production, enabling Arctic Fish to verify compliance with established sustainability standards. These requirements ensure that feed ingredients are non-genetically modified, not associated with deforestation risk, and sourced independently of threatened or endangered fish stocks.
Compliance with feed sustainability requirements is reviewed annually as part of Arctic Fish's Aquaculture Stewardship Council (ASC) audit process. This annual assessment provides assurance that sustainability criteria are met and supports continuous oversight and improvement of the company's feed supply chain.
Ccrtiffications
Arctic Fish operates in accordance with the Aquaculture Stewardship Council (ASC) standard, which is internationally recognized as one of the leading environmental and social certification schemes for responsible aquaculture. The ASC framework sets comprehensive requirements for salmon production, covering key areas such as fish health and welfare, environmental impact, feed and resource use, supplier responsibility, and interaction with local communities.
While Arctic Fish was not able to achieve ASC certification across all sites in 2025, the company's clear objective remains to have its operations 100% ASC certified. Work
is ongoing to align all sites with ASC requirements, and full certification continues to be a central element of the company's long-term sustainability ambitions.
ASC certification provides independent verification of Arctic Fish's commitment to responsible, transparent, and environmentally sound farming practices. In parallel, the company continuously evaluates additional certification schemes and standards that may further strengthen sustainability performance, market access, and stakeholder confidence. This ongoing assessment reflects Arctic Fish's ambition to continuously improve its operations and to align with evolving best practices in sustainable aquaculture.
Aquaculture Stewardship Council (ASC)
Arctic Fish's farming operations are certified in accordance with the Aquaculture Stewardship Council (ASC) standard, one of the most widely recognized environmental and social certification schemes for responsible aquaculture globally. The ASC standard sets comprehensive and verifiable requirements for salmon farming, ensuring
that production is carried out with due consideration for the marine environment, fish welfare, and surrounding communities.
Compliance with the ASC framework requires systematic documentation and monitoring across key operational areas, including fish health and welfare, environmental impact, feed and resource use, community engagement, and supplier management. The standard also places strict limits on the use of wild fish in feed formulations and requires full traceability of marine ingredients to responsibly managed sources.
Ccrtiffications
100%
of own operared harvested fish in 2025 is ASC certified
ASC certification provides independent assurance that Arctic Fish's salmon is produced in line with recognized sustainability principles and best practices. Through adherence to this standard, Arctic Fish offers customers and stakeholders confidence that its aquaculture operations are conducted responsibly, transparently, and with a strong focus on long-term environmental and social sustainability.
30 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes
30
Nutritious and tasty salmon
Our salmon is a high-quality product that has a taste and health profile that few other products can match. It is rich in Omega-3 fatty acids (EPA+DHA), vitamins (B12, E and D), and the minerals selenium and iodine.
These are important nutrients for people of all ages.
Arctic Fish Salmon
nutrients in 100g
Vitamin E 38% OF RDI
Plays a role in our immune function and is an important antioxidant needed to protect cells.
Vitamin B12 305% OF RDI
Helps red blood cells form and keeps the nervous system healthy. A lack of vitamin B12 can cause a form of anaemia.
Iodine 3% OF RDI
Iodine plays a vital role in our metabolism and a deficiency can lead to reduced growth and mental decline. It is particularly vital for pregnant women to aid the growing baby's development.
Protein 36% OF RDI
Protein is a building block of muscles. At least nine amino acids are essential for humans, and all nine are present at balanced levels in our salmon.
Selenium 37% OF RDI
Selenium helps cognitive function and fertility for men and women. Lack of selenium leads to weakening of the heart muscles and increased risk of cardiovascular disease.
Total fat 17-28% OF RDI
Salmon is rich in the very long chain fatty acids which are essential for our health and are needed to ensure cells function well.
EPA & DHA 520% OF RDI
EPA and DHA are in cell membranes and help cells function properly. Marine Omega-3s prevent development of cardiovascular disease.
Vitamin D 64% OF RDI
Helps the body absorb calcium. Lack of vitamin D is associated with rickets in children and soft bones in adults.
Hcalth bcncffits of salmon
Selenium
for cognitive function
Vitamin D
for bone health
EPA, DHA and iodine
for neutral development & function
Protein
in a balanced, healthy diet
EPA, DHA and selenium
for heart health
Selenium
for fertility in men and women
Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment Group Results Notes 31
Freshwater
Freshwater is a limited and valuable resource, and its responsible use is an important consideration across Arctic Fish's value chain. Compared to conventional livestock production, salmon farming requires relatively low freshwater input. Arctic Fish further reduces freshwater demand through the design and operation of its smolt production facility, which is the largest recirculating aquaculture system (RAS) in Iceland.
The facility operates with a freshwater recirculation rate of approximately 95-99%, significantly limiting freshwater abstraction and reducing pressure on local water resources. High levels of water reuse are supported by continuous monitoring and robust treatment systems, ensuring stable production conditions while maintaining
efficient water management. This approach reflects Arctic Fish's commitment to responsible resource use and longterm sustainability in its operations.
Escape prevention
Escapes of farmed salmon may have negative environmental consequences through ecological interactions. Arctic Fish therefore maintains a zero fish escape target as a core environmental objective. This was the company's target for 2025 and remains unchanged for 2026.
Despite this ambition, Arctic Fish experienced a deviation related to fish escape in the third quarter of 2025 at its site in Dýrafjörður. Following the incident, the company conducted a thorough review of the event and
implemented measures to strengthen internal procedures. In parallel, cooperation with external contractors was reinforced to ensure shared learning, improved operational controls, and clearer responsibilities. These actions are intended to reduce risk and prevent similar incidents in the future, reinforcing Arctic Fish's commitment to continuous improvement and environmental protection.
Our efforts
Preventing fish escape incidents is a key priority for Arctic Fish and is addressed through a combination of technical, operational, and organizational measures. The company works systematically with suppliers to ensure robust
and resilient equipment design, while also focusing on reducing the risk of human error through clear procedures, training, and defined responsibilities. In parallel, Arctic Fish actively cooperates with contractors to strengthen shared standards, competence, and execution related to escape prevention.
All farming equipment is designed, installed, and operated in accordance with the requirements of the NS 9415:2021 standard. As part of ongoing operational control, Arctic Fish utilizes remotely operated vehicles (ROVs) and certified divers to inspect nets and structures, detect potential damage at an early stage, and verify the integrity of farming installations. This proactive approach supports timely corrective actions and reduces the risk of escape events.
Together, these measures reflect Arctic Fish's commitment to operational excellence, environmental protection, and continuous improvement in escape prevention across both internal operations and contracted activities.
32 Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes
33
3
Health, Safety, & Environment
People and society 34
Responsible employer 35
Worker's rights and social matters 36
Education and development 37
KPIs and ambitions 39
34 Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes
People and society
We at Arctic Fish are dedicated to fostering strong relationships and upholding values within the local communities in which we operate, while also providing a safe workplace. As one of the significant employers in the Westfjords and a vital member of society, we recognize our numerous responsibilities to individuals, communities, and the industry at large.
Arctic Fish has a diverse and skilled workforce from around the globe, all working together towards the shared objective of producing high quality salmon in harmony with nature. The company highly values employee input and innovative thinking, which are key drivers of Arctic Fish's success. Therefore, we encourage everyone within the organisation to an open dialogue.
Prioritizing the safety of our employees, we consistently implement active measures to minimize safety risks through a robust quality system and a comprehensive Health & Safety program.
Ethical guidelines and human rights
At Arctic Fish, we are committed to complying with guidelines and standards that fall within the scope of our social responsibility. Our values are reflected in our ethical guidelines, which outline the company's objectives and the behavioural expectations for both the company and its employees, as well as what our stakeholders can expect from us.
In our day-to-day operations, Arctic Fish pledges to adhere to all applicable laws and regulations, conducting business in an ethical and responsible manner. These guidelines are thoroughly communicated to all employees and undergo regular review. Our aim is to operate with transparency, integrity, and trustworthiness, being proud of our work.
In the year 2025, Arctic Fish had no reported cases of corruption or discrimination nor any breaches of our ethical guidelines.
Arctic Fish has a diverse and skilled workforce from around the globe, all working together towards the shared objective of producing high quality salmon in harmony with nature.
Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes 35
Responsible employer
The employee's efforts and contributions have been essential for Arctic Fish's operations in 2025. The employees are our most valuable resources, and we want to offer safe and meaningful jobs. Arctic Fish seeks to be a preferred employer, by offering competitive benefits, employee follow-ups, and a safe and stable employment.
Employee health, safety and environment
At Arctic Fish, the well-being of our employees and the environment is priority. Our commitment to Health, Safety, and Environment (HSE) is unwavering, with a vision centred on zero harm to personnel, the environment, and equipment. We are dedicated to fostering a culture of safety and wellness within our organization, where the goal of no injuries is not
just a target but a fundamental principle guiding our operations.
In February 2025, we established a health service hotline for our employees. They have access to medical professionals where they can seek advice, consultation and possible solutions concerning health questions. Furthermore, we actively promote employee participation in physical activities through an annual sports grant. Thus, we encourage physical well-being and overall health, as we firmly believe that a healthy workforce is more satisfied and therefore one that leads the company to an improved overall performance.
Our focus on Health, Safety and Environment (HSE) is an essential part to ensure a safe and efficient
workplace. Through ongoing training and continuous efforts, we consistently emphasize the importance
of safety in every aspect of our organization.
By fostering a corporate culture that prioritizes effective and preventive HSE practices, we aim to create a work environment where safety is not just a priority but a significant part of our work culture. For us, it is crucial that the health and safety of our employees is a top priority at all levels within the organization. Thus, Health and Safety trainings are conducted at all levels.
We were able to significantly reduce the number of accidents, incidents and near accidents at work compared to the previous year.
As part of our ongoing commitment, we have expanded the use of the digital training platform Mowi Academy. In addition to the existing trainings, a broad course matrix also
beyond HSE related courses is enrolled, tailored for each role within the company and targeted training opportunities for all employees.
In addition to HSE training, we provide our employees with comprehensive resources, including an employee handbook that outlines all relevant policies and procedures. This handbook serves as a guide for our employees, ensuring clarity and understanding on matters related to their roles and responsibilities within Arctic Fish.
36 Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes
Worker's rights and social matters
At Arctic Fish, we prioritize diversity and equal opportunities. As of the end of the year, women represent 28% of our workforce. We remain committed to achieving gender balance across all levels of the organization.
Currently, 4 women are in leading roles, representing 36% of the management in the company. We have zero tolerance for gender-based discrimination and strive to
create a safe and inclusive workplace where all employees are valued and respected, regardless of ethnicity, origin, religion, or abilities. In March 2025, we passed the equal pay audit without any deviations. We are Equal Pay certified by Jafnréttisstofa since April 2025.
Our workforce demographic is diverse, with 27% of employees under the age of 30, 53% aged between 30 and 50, and 20% over the age of 50.
Additionally, our employees represent a broad range of cultural backgrounds, with 14 different nationalities within the workforce.
Every employee has the right to freedom of association and collective bargaining. Currently, 99% of our employees are members of a trade union, and 100% are treated in accordance with collective agreements.
Female Representation
Women in the workforce
28%
Women in company management
36%
Age Diversity
27% 35
53% 68
20% 25
Employees below age 30 Employees between ages 30-50 Employees above age 50
Cultural Diversity
Number of different nationalities within the workforce
14
Freedom of association and collective bargaining
Employees who are members of a trade union
99%
Employees treated in accordance with collective agreements
100%
Employees who have written employment terms
100%
Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes 37
Education and development
Within Arctic Fish we have employees with a high level of expertise in salmon farming, and all associated functions and roles. We prioritize the professional development of our employees by supporting them as they pursue certifications, even whilst they remain in full-time employment with us. We incentivize certification attainment
by offering additional compensation to those who meet the requirements. Continuous education
is promoted in our culture, covering a spectrum of topics including regulatory compliance, best practices, and specialized technical skills across management, production, fish health/welfare, safety, and environmental standards.
In order to expand their expertise, our employees are given the opportunity to a professional exchange with colleagues from Mowi. This exchange takes place through regular meetings online or on-site visits. In 2025, several vocational trainings in Norway among other experienced collegues were offered. In addition, employees are increasingly being provided with training programmes from third-party providers, such as veterinarians, equipment suppliers, Health&Safety coaches, to only name a few.
We acknowledge the critical importance of highly skilled and trained personnel in ensuring the efficiancy, safety, and precision of our operations.
To facilitate continuous learning, we expanded the use of Mowi Academy for programmes that impart special knowhow depending on the area of work. This ensures that all employees have access to relevant knowledge and skills development.
This platform not only provides access to established industry courses but also empowers us to develop training programs tailored to the linguistic and operational needs of our workforce, thus minimizing any potential misinterpretations.
There is a tailored training matrix to each role in the company.
While we encourage our employees to develop, we continue the cooperation with the Icelandic College of Fisheries and Hólar University, which both offer courses specifically for aquaculture. In 2025, 2 of our employees finished the Aquaculture course at the Icelandic College of Fisheries and 3 employees took part in the Diploma Program in Aquaculture at Hólar University.
We have also expanded our cooperation with the Aquaculture program at ISETA-ECA in France.
Supported by the ERASMUS+ programme and in cooperation with the Menntaskóli in Ísafjörður, we gave three interns the opportunity to gain hands-on experience of our operations, from egg to harvest. Within three weeks, the interns engaged directly with our operations in the Freshwater department and our crews at sea and also got impressions of the work at the Remote Operations Center as well as at the harvesting plant.
We acknowledge the critical importance of highly skilled and trained personnel in ensuring the efficiancy, safety, and precision of our operations.
38
Number of FTEs
128
FTEs
113
116
63
71
128
103% From 20212021
2022
2023
2024
2025
FTEs by seniority
2
0-5 years
82%
5-10 years
16%
10-15 years
2%
Number of women
Sickness absence
31
33
30
19
15
2.94%
1.56%
3.58% 3.75%
3.74%
105
21
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
57.89%From 2021 to 2025
Target of < 3.85%15
45
9
68
30- 50
years old
29 years old
21- 29
25
51- 99
years old
6
0- 20
years old
Employees by entity FTEs by age group
Arctic Smolt
Arctic Sea Farm 59
Arctic Oddi Arctic Fish
2025
Employees Target 2024
No. of full-time equivalents (FTE) | NA | 128 | 116 |
No. of women | NA | 30 | 33 |
Safety and sickness absence | Target | 2025 | 2024 |
No. of fatalities | 0 | 0 | 0 |
LTIs | 0 | 3 | 7 |
H1-value | 0 | 0 | 1 |
Sickness absence | < 3.85% | 3.74% | 3.75% |
Regulatory compliance | Target | 2025 | 2024 |
No. of violations | 0 | 0 | 0 |
Fines in ISK | 0 | 0 | 0 |
Company & Annual Highlights Environmental, Social & Governance
Health, Safety & Environment
Group Results Notes 39
KPIs and ambitions
Ethical guidelines
KPIs Ambitions 2025 2024
No identified violations of ethical guidelines
Compliant with ethical guidelines
Health, safety and environment
KPIs | Ambitions | 2025 | 2024 |
Absence rate | < 3.85% | 3.74% | 3.75% |
Number of injuries which led to absence | Reduction in injuries leading to absence | 3 | 7 |
Education and development
Regulatory compliance Ambitions 2025 2024
Increase number of trained employees in the company
Increase number of trained employees in the company
40 Company & Annual Highlights Environmental, Social & Governance Health, Safety & Environment
Group Results
Notes