Proximar restores full production capacity, launches refinancing plan following subdued Q2 results.
Land-based salmon producer Proximar Seafood reported second quarter and first-half 2025 results on Thursday, confirming that full production capacity has now been restored at its Mount Fuji facility following biofilter-related disruptions earlier in the year.
Harvest volumes reached 321 tonnes HOG in Q2, bringing the H1 total to 643 tonnes. The company cited a 99.2% superior grade share and low mortality, though a May incident brought the survival rate down to 87.2% when included. Since commissioning, the facility has produced 1,000 tonnes of live fish.
Revenues reached NOK 23.8 million ($2.31 million) for the quarter (Q2 2024: NOK 0), while EBITDA came in at NOK -55.2 million (-$5.36 million), impacted by one-off effects and a NOK 28 million ($2.72 million) fair value adjustment. Weakened price achievement was attributed to lower average harvest weights and a partial delay of volumes. Average pricing across all sizes was NOK 75/kg ($7.28/kg), with fish above 3kg achieving NOK 108/kg ($10.49/kg), reflecting continued premium pricing for locally produced Fuji Atlantic salmon.
Following quarter-end, Proximar announced a refinancing package to improve liquidity and address near-term debt obligations. The plan includes a fully underwritten NOK 150 million ($14.56 million) rights issue, voluntary conversion of convertible bonds to equity, and amendments to existing loan facilities. An additional NOK 60 million ($5.82 million) in short-term working capital financing has also been secured.
At quarter-end, standing biomass totalled 1,294 tonnes LW, with 2.1 million fish in production. The company expects harvest weights and price realisation to gradually improve through the second half of the year, with approximately 900,000 fish scheduled for harvest in 2025.
Further guidance will be provided alongside the upcoming rights issue prospectus, supported by more detailed sampling and performance monitoring initiated in July.
Proximar operates a land-based salmon facility near Mount Fuji in Japan, targeting the local premium market with same-day harvested Atlantic salmon. The company completed its first harvest in September 2024.
