The feed intake, growth, oxygen consumption and ammonia excretion of juvenile Arctic charr were measured over period of four weeks at different temperatures which were either constant (11.0, 14.4, 17.7 °C) or fluctuated daily (14.3 ± 1 °C). Maximum feed intake was estimated to occur at 14.3 °C, while oxygen consumption and nitrogen excretion were highest at the highest temperature, and growth rate was estimated to be highest at 13.9 °C. Feed conversion efficiency was estimated to be highest at 13.2 °C, where over 62.7% of ingested energy was allocated to growth. Metabolic rate accounted for 16–30% of ingested energy and nitrogen excretion was under 3% of ingested energy. The nitrogen budget was under similar thermal influences to the energy budget. Thermal fluctuation increased metabolic rate, but not feed intake, leading to a reduction in feed conversion efficiency under fluctuating temperature conditions.