Proximar Seafood Q1 2025 results: steady harvests, premium pricing, and regional expansion.
Proximar Seafood reported first quarter 2025 results on Friday, highlighting continued weekly harvests, strong market reception, and premium price achievements despite earlier operational setbacks.
The company harvested 322 tonnes head-on gutted (HOG) during the quarter, achieving a superior grade of 99.5 percent and average pricing of NOK 97/kg. Larger fish exceeding 3kg achieved an average price of NOK 118/kg. As of 6 May, cumulative harvest volumes reached 450 tonnes HOG.
“Our products are generating strong interest across Asia, with high-end buyers in both Japan and, more recently, Taiwan,” said Joachim Nielsen, CEO of Proximar Seafood. “In June, our grow-out facility will be running at full pace to support the supply of fresh, local and premium Atlantic salmon to the market.”
Fish health remained strong, with survival rates above 98 percent. Standing biomass reached 1,126 tonnes live weight at the end of the quarter. However, growth rates were impacted by previously communicated biofilter issues, with repair work nearing completion and full grow-out capacity expected in June.
Located near Mount Fuji, Proximar is currently the only local producer of Atlantic salmon in Japan. The company has recently expanded into Taiwan, marking the beginning of a broader regional growth strategy.
A long-term distribution agreement with Marubeni Corporation continues to underpin Proximar’s market presence in Japan. The company said premium price levels achieved validate its local production model in a high-cost import market.
To support working capital needs, Proximar secured additional funding through short-term loans and credit solutions totaling approximately NOK 45 million during the quarter, with a further NOK 22 million secured in April. The company also received the first insurance payments related to biofilter repair work in April and is proceeding with business interruption insurance claims for operational losses.
Outlook for 2025
Proximar expects to harvest between 3,000 and 3,300 tonnes HOG in 2025, with approximately 750 tonnes forecast for the first half of the year. Full production capacity is targeted at 5,300 tonnes HOG by 2027.
EBITDA for the second quarter is expected to be around zero, with full-year EBITDA guidance to be provided later in the year.
“While short-term volumes have been affected by known operational incidents, our fundamentals remain highly attractive,” said Nielsen. “High import prices consistently above NOK 100/kg position us to deliver strong margins. We are entering the rest of 2025 with confidence, and all focus is now to execute on our commercial ramp-up.”