Proximar targets 3,500 to 4,000 tonnes HOG in 2026, first quarter weights to lag.
Proximar Seafood expects full-year 2026 harvest volumes of 3,500 to 4,000 tonnes HOG, supported by improving biological performance across most of its production.
The company said January and February harvests will reflect the impact of earlier operational challenges, but production is expected to become more predictable and robust as the year progresses. Chief executive Joachim Nielsen said operational improvements and the rollout of AI-enabled camera surveillance are supporting stronger growth and better biomass control.
First quarter outlook
Proximar said four cohorts were mixed into one batch in April 2025 following previously reported biofilter incidents. Harvest results from this batch in January showed a wide size distribution and lower-than-expected average weight.
Harvest of the batch has therefore been brought forward to free up capacity and prioritise later batches with better biological performance.
Average harvest weight in the first quarter is expected to be around 2.4 kg HOG. From April to December, average harvest weight is expected to increase to 3.5 to 3.8 kg HOG.
Lower first-quarter weights are expected to weigh on price achievement and short-term cash flow. Proximar said it is in dialogue with banks regarding additional credit lines, refinancing of a short-term loan, and a requested waiver of a covenant related to average two-month sales from January 2026.
The company also expects business interruption insurance payments in the first quarter related to the biofilter incidents. The final settlement amount has not yet been concluded.
Biomass and harvesting
Based on AI-enabled camera surveillance, Proximar has adjusted overall biomass down by approximately 2%, excluding the mixed batch.
Standing biomass at the beginning of February was approximately 2,000 tonnes. The company harvested 185 tonnes HOG in January.
Proximar will publish its fourth-quarter 2025 financial results on 27 February 2026, with a webcast at 08:00 CET.
Proximar is a Norwegian land-based salmon farming company with its first production facility located at the foot of Mount Fuji in Japan. Its Fuji Atlantic Salmon brand was launched in October at partner Marubeni Corporation’s headquarters in Tokyo.