Arctic Fish reports wider Q2 loss amid low salmon prices, announces €35m equity raise.
Arctic Fish Holding AS reported a year-on-year increase in harvested volumes but a sharp decline in profitability for the second quarter of 2025, as weak market prices weighed on earnings. The Iceland-based salmon producer also announced plans to raise €35 million in new equity to strengthen its balance sheet and ensure covenant compliance.
The company harvested 2,020 tonnes of salmon in H1 2025, up 58% from 1,275 tonnes in the same period last year. However, operational EBIT fell to negative €2.19 per kg, compared to a positive €1.82 per kg a year earlier, primarily due to lower price achievement despite good biological performance and lice control.
To address its capital structure, Arctic Fish plans to issue 13,128,300 new shares in a private placement at NOK 31.80 per share, raising approximately €35 million in gross proceeds. The offering price matches the company’s closing share price on Euronext Growth Oslo on 19 August.
Major shareholders Mowi ASA (51.28%) and Síldarvinnslan hf. (34.19%) have indicated their intention to participate in the offering, with Mowi expected to convert outstanding debt into equity as part of its subscription.
The net proceeds will be used to reinforce the company’s equity position in order to meet the financial covenants of existing loan agreements and for general corporate purposes.
The private placement is subject to approval by an extraordinary general meeting and registration with the Norwegian Register of Business Enterprises. Following completion, Arctic Fish’s issued share capital will total NOK 45,004,953, corresponding to 45,004,953 shares.
The board stated that the private placement structure allows the company to raise capital more efficiently and at lower cost compared to a rights issue, given the company’s immediate financial requirements. The board is also considering a potential subsequent offering of up to EUR 1 million to eligible shareholders not allocated shares in the initial placement.
Arctic Fish is headquartered in the Westfjords of Iceland and operates a fully integrated salmon farming value chain with a production capacity of 29,800 tonnes MAB across 10 farming areas and a newly completed harvesting facility.
