Yokohama/Bergen, 14 November 2025: Proximar Seafood AS has today reported its Q3 2025 results, with good progress towards the year-end biomass target of approximately 2,000 tonnes. The company entered Q4 2025 with a strengthened balance sheet following the execution of the refinancing plan in October 2025.
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Proximar harvested 356 tonnes HOG in Q3 2025. The superior grade share was 99.2%, with a survival rate, including incidents, above 99% in the grow out.
- The harvest of 1,200 tonnes HOG since September 2024 demonstrates the facility’s ability to produce high-quality Atlantic salmon. High survival rates, good fish health and high superior share make us optimistic as we look into 2026. We can now see growth picking up and are planning to push some volumes into 2026 as a measure to increase average harvest weight and achieve better prices, he continues.
The third quarter was impacted by the prolonged period of lower average sized harvested fish and consequently lower price achievement primarily impacted by reduced feeding following the biofilter incidents in Q4 2024. Revenues for the quarter ended at NOK 24.0 million compared to NOK 0.15 million in Q3 2024. EBITDA was NOK -7.3 million compared to NOK -1.7 million in Q3 2024. The operational result was positively impacted by one- off insurance payouts of NOK 16.4 million in the quarter related to the biofilter incidents in Q4 2024 and the mortality incident in May 2025.
Through the quarter, several measures have been taken to improve growth. These measures have shown positive results continuing into October and November, and feeding volumes are now according to plan, with growth rates aligned with expectations.
Continued NOK ~100/kg for market-size Atlantic Salmon in Japan
For market-size fish above 3 kg HOG harvested by Proximar Seafood in Q3 2025, the average price achievement was NOK 97/kg net to Proximar. This demonstrates the significant advantage of local production in Japan. Fuji Atlantic salmon continues to receive premium pricing for fish in this segment, comparing to an average export price from Norway of NOK 69/kg in the quarter. The total average price achievement for Proximar in Q3 2025 was NOK 67/kg which is impacted by a large part of the harvested fish being below 3 kg (HOG).
Japan’s growing emphasis on food security was highlighted by Prime Minister Takaichi’s support for land-based aquaculture in her policy speech in October. With limited domestic production and strong consumer preference for premium seafood, land-based farming holds strong underlying drivers for long-term domestic demand.
Refinancing executed in October, strengthening the balance sheet
During Q3 2025, Proximar Seafood carried out a comprehensive refinancing plan as communicated in the Q2 2025 reporting. The process was completed in October 2025, and the company moved forward with a strengthened balance sheet following two transactions:
- A NOK 150 million rights issue
- Conversion of a NOK ~200 million convertible bond to equity
Following the carried-out transactions, the relative ratio between equity and debt will be improved by approximately NOK 550 million, with the effect showing in the Q4 2025 accounts.
Furthermore, agreements were reached for some the company’s debt with initial maturities in 2025, where the syndicated loan is extended until August 2026 and the shareholder loan until October 2027.
Additionally, Proximar Seafood has made good progress to secure working capital requirements following the updated harvesting plan (see Outlook session below) with indicative offer and term-sheets received.
Highlights for third quarter of 2025:
- Standing biomass of 1,389 tonnes LW at quarter-end
- 356 tonnes (HOG) harvested in the quarter, approx. 1,200 tonnes HOG so far in 2025 (mid-November).
- 99.2% superior grade and ~99.3% survival rate (grow out)
- Average price achieved: NOK 67/kg, with >3 kg fish achieving NOK 97/kg
- Revenues at NOK 24.0 million, compared to NOK 0.1 million in Q3 2024
- Full production capacity and more than 2.2 million fish in production
Outlook for 2025 and 2026
With full production capacity restored and a stronger financial position, the company expects gradually increased harvest weights and improved price realization going forward. The overall priority is to get on track for 2026, targeting average harvest weights above 3.5 kg HOG.
The total number of fish for harvest in 2025 is approximately 550,000 and 1,250,000 for 2026, as the production plan has been adjusted to optimize harvest weight to capture premium pricing for market-sized fish and increased volumes. Some fish is planned to be pushed from December 2026 to January 2027 due to market considerations, explaining the deviation for the total number of fish scheduled for harvest in 2025 and 2026 of ~100,000 fish from previous guidance.
Presentation and webcast
Proximar Seafood will host a webcast presenting the results for the third quarter of 2025, today at 08:00 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 Q3 2025 • WN Event.
For further information, please contact:
Ole Chr. Willumsen, CFO
+47 48 21 34 29
ocw@proximar.com
About Proximar
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 2024 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 14 November 2025, at 07:00 by Ole Christian Willumsen, CFO.
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