Yokohama, Japan / Bergen, Norway 28 February 2025 – Proximar Seafood AS today reported its fourth quarter and full year 2024 results. The company realized premium prices for its Atlantic salmon in Japan in the last quarter of 2024, well above import prices for Norwegian salmon.
“Proximar is the first producer of Atlantic salmon in Japan, years ahead of the competition. We can now finally supply the Japanese population with domestically produced Atlantic salmon of the highest quality. The premium price achievement for our fish is another confirmation of our business model and value proposition, demonstrating the significant cost advantage of local production in Japan,” says Joachim Nielsen, CEO of Proximar Seafood.
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Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility at the foot of Mount Fuji in Japan. The targeted annual production capacity is 5,300 tonnes for the first phase, and the facility is expected to reach full utilization in 2027.
Highlights of the fourth quarter of 2024:
• Successful harvest and sales achieving premium pricing of NOK ~123/kg, above comparable import prices for Norwegian salmon
• 99.7% superior grade and average harvest weight of 4.2 kg (HOG)
• Strong brand awareness and recognition following the launch strategy of Proximar’s Fuji Atlantic Salmon, gaining significant media attention in Japan
• Continued build-up of biomass, reaching 1,058 metric tonnes by the end of Q4 2024 (~45 percent higher compared to 733 metric tonnes at the end of Q3 2024, and 1,061 metric tonnes by mid-February 2025)
• Extra loan facilities of a total of JPY 600 million (NOK ~44m) secured for working capital purposes
• Turbidity issue resolved, but growth impacted by biofilter incidents
2024 harvest sold at NOK ~ 123/kg as the average net selling price - confirming price premium
The sales in the first year of harvest confirmed Proximar’s pricing expectations and the significant cost advantage of local production in Japan. During the fourth quarter, the company harvested 28 tonnes (HOG), achieving an average net selling price of NOK 123/kg. The feedback has been very positive and confirms good quality and taste.
“We have had a fantastic start of our market entry, and our fish is very well received by customers and partners. Both the price achievement and feedback underline the demand for our premium Fuji Atlantic salmon in Japan. We now deliver on our promise from the inception to supply the Japanese market with the freshest high-quality Atlantic salmon, and we are looking forward to increasing production and supplying more volumes as we enter 2025,” Nielsen states.
Proximar experienced two biofilter incidents in Q4 2024, as previously reported. There have been no abnormal mortalities in either of these incidents, but feeding has been reduced to maintain water quality, causing a downward adjustment of expected harvest volumes for H1 2025. However, the implementation of the ozone system has solved the issues with high turbidity in the water, and the company does not expect similar issues going forward.
Mortality remains low, and fish health continues to be good. For 2024, we had a survival rate of 98% in our grow-out production excluding incidents, and 93% including incidents. The survival rates are encouraging, proving good growth conditions and fish health, combined with a strong operational team.
Guiding for 2025
The Company plans to harvest approx. 3,500-3,800 tonnes over the full year.
On the financial side, we expect to reach positive EBITDA in H1 2025. Full-year guidance will be communicated in Q2.
Some additional working capital following lower harvest in H1 is being addressed through debt facilities.
The company is continuing its efforts on exploring strategic alternatives and is experiencing increased interest in Japan from industrial names and financial institutions.
Proximar Seafood will host a webcast presenting the results for the fourth quarter of 2024, today at 09:00 CEST. The investor presentation will be hosted by CEO Joachim Nielsen and CFO Ole Christian Willumsen. The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available at Proximar Q4 2024 • WN Event
For further information, please contact: Ole Chr. Willumsen, CFO, +47 48 21 34 29, ocw@proximar.com
About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs in October 2022 and carried out its first harvest on 30 September 2024. Proximar’s brand and logo (Fuji Atlantic Salmon) were officially launched in October at our partner Marubeni Corporation’s head quarter in Tokyo.
Through land-based salmon farming, using high-quality groundwater secured close to Mount Fuji, the company produces fresh Atlantic Salmon, harvested the same day. Proximar’s location, near one of the world’s most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The information was published on 28 February at 07:00 by Ole Christian Willumsen, CFO.
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