Proximar Seafood Q4: Biomass builds, banks approached for short-term support.
Proximar Seafood reported higher standing biomass and improved biological performance in the fourth quarter, as the land-based salmon farmer continues to work through earlier production disruptions.
Standing biomass reached 1,949 tonnes at year-end, up from 1,389 tonnes in the third quarter. Survival in grow-out was reported at 99.7%. The company harvested 339 tonnes in the quarter, bringing total 2025 harvest volumes to 1,338 tonnes head-on gutted.
Average harvest weight in Q4 was approximately 2.1 kg HOG, with an average net sales price of around NOK 65 per kg. Fish above 3 kg HOG achieved approximately NOK 112 per kg, highlighting the margin sensitivity to harvest size.
For the first quarter of 2026, Proximar expects average harvest weights of around 2.4 kg HOG as it clears fish affected by earlier operational issues. Management said the lower weights will temporarily impact cash flow and confirmed it is in discussions with banks to secure additional short-term credit lines. The company has also requested a covenant waiver related to its revised harvest plan.
From the second quarter, average harvest weights are expected to increase to 3.5–3.8 kg HOG. Full-year 2026 harvest guidance is set at 3,500–4,000 tonnes HOG, implying a significant increase in output compared with 2025.
The equity ratio improved to 28.6% from 24.2% following refinancing that reduced total debt by NOK 173 million.
Proximar operates a land-based facility near Mount Fuji in Japan and began harvesting in September 2024. 2026 is expected to be a key year as the company seeks to stabilise production, lift harvest weights and improve cash generation while managing near-term liquidity.