Japanese fish farmer Yuta Iijima holding one of the fish at Proximar's facility in Oyama.
Photo: Proximar Seafood.
Proximar Seafood has reported its second quarter and half-year 2025 results, confirming that full production capacity was restored in July after all modules came back online.
The Norwegian land-based salmon farming company, which operates its RAS facility in Oyama, Japan, said it expects stronger growth and higher harvest weights through the remainder of the year and into 2026.
Harvest volumes reached 321 tonnes HOG in Q2, bringing the half-year total to 643 tonnes. Proximar stated that the superior grade share was 99.2%, with survival rates above 99% when excluding a mortality incident in May. When including that incident, the survival rate was 87.2%, the company reports.
“We entered the second half with all modules in operation and expect growth rates and harvest weights to gradually increase. Mortality is still low, and we expect to demonstrate the earnings potential of our model as our production gradually gets back on track through the second half of 2025 and going into 2026,” said CEO Joachim Nielsen, announcing the results.
He also noted that, as of August, the company had harvested more than 1,000 tonnes of live fish in total. “This demonstrates the facility’s ability to produce high-quality Atlantic salmon,” Nielsen said.
Proximar reports that reduced feeding following biofilter issues earlier in the year continued to dampen results in the second quarter.
Revenues in the second quarter were NOK 23.8 million (EUR 2.0m / USD 2.3m), however EBITDA came in at negative NOK 55.2 million (EUR -4.6m / USD -5.4m), which the company said was affected by one-off items and a fair value adjustment of about NOK 28 million (EUR 2.3m / USD 2.7m).
Average prices achieved were NOK 75 per kilo (EUR 6.3 / USD 7.3), while salmon over 3 kg fetched NOK 108 per kilo (EUR 9.1 / USD 10.6). The company argues this highlights the value of local production in Japan, where its “Fuji Atlantic” salmon is sold as a premium product.
For the first half of 2025, revenues totalled NOK 68.3 million (EUR 5.7m / USD 6.7m). Standing biomass at the end of Q2 was reported at 1,294 tonnes LW, with around 2.1 million fish.
Shortly after the quarter, Proximar launched a refinancing plan, which it said would improve liquidity and strengthen its balance sheet. The plan includes a fully underwritten NOK 150 million (EUR 12.6m / USD 14.7m) rights issue, voluntary conversion of its outstanding convertible bond to equity, and amendments to debt facilities.
According to the company, these steps will extend maturities, reduce interest costs, and improve terms on its shareholder loan. Proximar also secured NOK 60 million (EUR 5.0m / USD 5.9m) in short-term working capital financing until the rights issue is completed.