We apply a Dynamic Energy Budget (DEB) model to the Icelandic capelin (Mallotus villosus) and introduce a new state variable to capture the roe production of individual fish. Species-specific coefficients are found for the capelin such as the shape-coefficient and the Arrhenius temperature. We show how to link the DEB model to measurable quantities such as weight, length, fat, and roe content. We use data on measured three year old female capelin from the 1999-2000 season from the Marine Research Institute of Iceland (MRI) and Matis, an Icelandic Food and Biotech R&D. We then find plausible parameter values for the DEB model by fitting the output of the model to these data. We obtain good fits between theory and observations, and the DEB model successfully reproduces weight, length, fat percentage and roe percentage of capelin. We discuss the effect of maturity on the spawning route of capelin, and describe how we intend to incorporate these results with an interacting particle model for the spawning migration of capelin.