Yokohama, Japan/Bergen, 16 May 2025 – Proximar Seafood AS today reported its first quarter 2025 results. The company harvested a total of 322 tonnes HOG during the quarter, achieving a superior grade of 99.5 percent and securing premium pricing for the market-sized fish. As of May 6th, the company had harvested a total of 450 tonnes HOG.
“Our products are generating strong interest across Asia, with high-end buyers in both Japan and, more recently, Taiwan. 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”, says Joachim Nielsen, CEO of Proximar Seafood.
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Fish health continues to be very good with survival rates above 98%. Standing biomass reached 1,126 tonnes (live weight) by the end of the quarter, however growth rates have been impacted by previously communicated biofilter issues.
With a strategic location at the foot of Mount Fuji and immediate proximity to the greater Tokyo market, Proximar is uniquely positioned to serve one of the world’s largest and most quality-conscious seafood markets. The company is currently the only local producer of Atlantic salmon in Japan, and recent export to Taiwan marks the start of a broader regional expansion strategy.
The long-term distribution agreement with Marubeni Corporation, one of Japan’s largest trading houses, underscores the strength of Proximar’s value proposition and its ability to scale efficiently. Premium price levels achieved in Japan validate the company’s business model and demonstrate the economic viability of local production in a high-cost import market.
Highlights for the first quarter of 2025:
• Weekly harvests continue – 322 tonnes (HOG) harvested during the quarter
• Premium pricing confirmed with average price of NOK 97/kg, and larger fish (>3kg) achieving average of NOK 118/kg
• 99.5% superior grade, survival rate above 98%
• Strong market reception – continued high-end restaurant uptake and first export shipment to Taiwan in March
• Additional funding secured, with short-term loan and credit solutions totalling ~NOK 45 million to support working capital needs (an additional NOK 22 million secured in April)
• Biofilter repairs near completion and full grow-out capacity expected in June
Outlook for 2025: Production ramp-up and positive earnings development
2025 marks Proximar’s first full year of commercial operations. With biofilter repairs finalised in June, and harvest sizes expected to increase through H2, the company reiterates its confidence in the original business plan and long-term production goals to full-scale capacity of 5,300 tonnes HOG in 2027.
Outlook:
• Harvest volumes for 2025 are expected to be ~3,000–3,300 tonnes (HOG), with ~750 tonnes in H1 2025
• EBITDA is expected to come in at around zero for Q2, full-year EBITDA guidance to be communicated in Q2
• First insurance payments for repair works of biofilters received in April
• Proceeding to address Business Interruption insurance and claims to compensate for operational losses
“While short-term volumes have been affected by known operational incidents, our fundamentals remain highly attractive. High import prices consistently above NOK 100/kg, positions us to deliver strong margins and after having proven the quality, system performance, and market fit of our product,” Nielsen adds. “We are entering the rest of 2025 with confidence, and all focus is now to execute on our commercial ramp-up.”
For further information, please contact:
Ole Chr. Willumsen, CFO
+47 48 21 34 29
ocw@proximar.com
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