Japanese fish farmer Yuta Iijima holding one of the fish at Proximar's facility in Oyama.
Photo: Proximar Seafood.
Proximar Seafood has announced its results for the first quarter of 2025, highlighting a successful start to its first full year of commercial operations at its facility near Mount Fuji in Japan.
During the quarter, the company harvested a total of 322 tonnes HOG Atlantic salmon, achieving a superior grade rate of 99.5%. This allowed Proximar to secure premium pricing, with an average of NOK 97 per kilogram (EUR 8.15 / USD 8.80) and prices for larger fish exceeding 3 kilograms reaching NOK 118 per kilogram (EUR 9.91 / USD 10.71). As of May 6, total harvest volumes for the year had reached 450 tonnes HOG, the company said.
“Our products are generating strong interest across Asia, with high-end buyers in both Japan and, more recently, Taiwan," said Proximar CEO Joachim Nielsen. The company, which is currently the only local producer of Atlantic salmon in Japan, officially launched the first exports of its Fuji Atlantic salmon to the Taiwanese market in March.
Proximar also reported continued strong fish health during the quarter, with survival rates exceeding 98%.
While overall biomass reached 1,126 tonnes (live weight) by the end of the quarter, growth was somewhat hindered by earlier issues with the facility’s biofilter system. However, the company reports, repairs to the system are now nearly complete, and full grow-out capacity is expected to be restored in June.
"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,” Nielsen said.
To support its working capital needs, Proximar secured approximately NOK 45 million (EUR 3.78 million / USD 4.08 million) in short-term loans and credit solutions during the first quarter, with an additional NOK 22 million (EUR 1.85 million / USD 2.00 million) raised in April.
The company also received its first insurance payments in April related to biofilter repair work, and said it is actively pursuing business interruption claims to cover operational losses.
Looking ahead, Proximar expects total harvest volumes for 2025 to reach between 3,000 and 3,300 tonnes HOG, with approximately 750 tonnes expected in the first half of the year. EBITDA is forecast to be around break-even in the second quarter, with full-year earnings guidance to be provided later in the quarter.
Commenting on the broader outlook for the company this year, Nielsen stated, “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."
"We are entering the rest of 2025 with confidence, and all focus is now to execute on our commercial ramp-up," he added. The company said it remains committed to its long-term production targets and continues to aim for full-scale capacity of 5,300 tonnes HOG by 2027.
Proximar has made a long-term distribution agreement with Marubeni Corporation, one of Japan’s largest trading houses, which the company argues "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," the company stated in its quarterly update.
In January, Proximar confirmed the appointment of its new Commercial Director, Michinori Hoshijima, formerly Sales and Marketing Director at Mowi Japan. The company appointed Yoshihito Ito, formerly General Manager of Nutreco Japan, as its new Managing Director in December 2024.