Proximar on track for biomass target as refinancing strengthens balance sheet.
Proximar Seafood reported a further ramp-up of production at its land-based salmon facility in Japan in the third quarter of 2025, and said it remains on track to reach a year-end biomass target of around 2,000 tonnes live weight.
The company harvested 356 tonnes HOG in the quarter, taking total harvest volume since September 2024 to 1,200 tonnes HOG. The superior share in the period was 99.2 percent, with survival in grow-out, including incidents, above 99 percent.
Third-quarter revenues increased to NOK 24.0 million ($2.38 million) from NOK 0.15 million in the same period last year, reflecting higher harvest volumes. EBITDA was NOK -7.3 million ($0.72 million) compared with NOK -1.7 million in the third quarter of 2024, with results still affected by lower average harvest weights and reduced feeding following biofilter incidents in late 2024.
CEO Joachim Nielsen said farming performance has improved, with low natural mortality and better growth rates, and that the company expects to “demonstrate the potential” of its model as production normalises into 2026. Proximar plans to shift some volume into 2026 to increase average harvest weight and capture higher prices.
At quarter-end, standing biomass was 1,389 tonnes live weight, with full production capacity reached and more than 2.2 million fish in production.
Japan price premium maintained
Proximar continued to secure a significant premium for market-sized fish in Japan. For salmon above 3 kg HOG harvested in the quarter, the company achieved an average price of NOK 97/kg ($9.60/kg) net, compared with an average Norwegian export price of NOK 69/kg ($6.83/kg) in the same period.
The overall average price for the quarter was NOK 67/kg ($6.63/kg), diluted by a large share of fish below 3 kg HOG.
The company highlighted Japan’s focus on food security and policy support for land-based aquaculture, combined with limited domestic salmon production and strong demand for premium seafood, as structural drivers for its Fuji-based operation.
Refinancing completed
Proximar completed a previously announced refinancing plan in October, entering the fourth quarter with a strengthened balance sheet.
The package comprised a NOK 150 million ($14.85 million) rights issue and the conversion of a NOK ~200 million ($19.8 million) convertible bond into equity. The company said the relative equity-to-debt ratio will be improved by around NOK 550 million ($54.45 million), with the full effect to be reflected in the fourth-quarter accounts.
In addition, the maturity of a syndicated loan has been extended to August 2026, and a shareholder loan to October 2027. Proximar said it has also made good progress on securing working capital in line with its updated harvesting plan, with indicative offers and term sheets received.
Outlook
With full production capacity restored and a stronger financial position, Proximar expects gradually higher harvest weights and improved price realisation, targeting average harvest weights above 3.5 kg HOG from 2026.
The company plans to harvest around 550,000 fish in 2025 and 1,250,000 fish in 2026, with some volumes moved from late 2026 into January 2027 for market reasons.
