Laxey raises €47 million
Land-based salmon farmer's share issue is oversubscribed
In a press release, the fish farming company writes that the €47 million (£40.6m) will support the next phase of the company's development in the Vestmannaeyjar archipelago (Westman Islands), Iceland.
In addition to new investors, the financing received overwhelming support from existing shareholders, including the company's anchor investor, the ÓS family. The latter has been actively involved in the development of Laxey since its inception and remains the company's largest shareholder.
"This financing marks an important milestone for Laxey," says executive chairman Larus Asgeirsson.
Laxey stated that the offering was significantly oversubscribed, with strong participation from existing shareholders. The company originally aimed to raise €40 million, but increased the final amount to €47m due to investor demand.
Laxey has now raised around €200m (approx. £172.6m) in equity since its inception.
Also supported by financial institutions
In parallel with the equity raise, the company has signed a binding term sheet (a planned financing agreement) coordinated by DNB Carnegie, with DNB, Rabobank and Arion Bank as mandated lead arrangers and lenders, and Eksfin as lender.
"The facilities will be used to refinance existing debt facilities and finance the next phase of Laxey's development. This also represents an important validation of the company's strategy, operational progress and long-term business model. The goal is to complete the financing in September 2026. This marks an important milestone in the company's development," stated Laxey.
Towards 35,000 tonnes
The proceeds of the equity raise will be used to complete phase 3 and build the first phase of what is called "Smolt Station II".
According to the company, the new smolt station will initially have an annual production capacity of 5 million smolts, and is designed for future expansion to up to 15 million smolts per year.
Food Fish Section 3 is part of the company's six-phase development plan, which is designed to support an annual production of around 35,000 tonnes (head-on gutted) Atlantic salmon when the facility is fully developed.
"Based on the company's current plans, the equity raising and syndicated financing are expected to provide the necessary financing for the next phase of growth. Future expansion is expected to be supported through operating cash flow and debt financing," wrote Laxey.
Both food fish and post-smolts
Laxey has created more than 100 jobs in Vestmannaeyjar and established itself as one of the largest private employers in the local community.
According to the press release, Laxey's operational progress has continued in line with the company's development plan.
In November 2025, the company carried out its first harvest, producing fish of around 5 kg just 23 months after the company received its first ova.
"Since then, salmon has been harvested weekly, while the company has maintained strong biological performance and a high superior share."
Laxey says it expects to harvest around 4,000 tonnes of Atlantic salmon in 2026.
The company's post-smolt facility was commissioned in May 2026, just ten months after construction began. Together with Food Fish Section II, which is expected to receive its first smolt in the autumn, the facility will help increase annual production capacity and further strengthen the company's dual revenue model through both salmon production and sales of post-smolts.
