Land-based salmon farming company Proximar Seafood has lowered its full-year harvest guidance again, at the same time as reporting improving fish growth, higher average harvest weights and stronger price achievement at its facility in Japan.
The company said it now expects to harvest around 3,000 tonnes HOG in 2026, compared with its previous guidance of 3,000-3,400 tonnes.
Proximar had already reduced its guidance earlier this year from 3,500-4,000 tonnes after lower-than-planned fish weights and weaker market conditions affected its revenues in the first quarter.
Now reporting on the second quarter results, Proximar said it harvested 726 tonnes HOG, up from 697 tonnes in Q1. The average harvest weight also increased during the quarter, from 2.25 kg to 2.56 kg.
The company carried out a targeted harvest of smaller fish between May and July, aiming to free up tank capacity and thus allow larger fish to remain in the system for longer.
Proximar said it is now seeing improvement as a result, reporting that recent camera-based sampling indicates average harvest weights should reach around 3 kg or more from September.
“Following the deliberate strategic harvest of smaller fish in the second quarter, we have successfully retained and grown larger fish, and harvest weights are improving weekly. Our primary focus going forward is reaching a sustained output above 3 kg, as a key step towards achieving profitability. Based on the positive developments in production, we have confidence in the near-term positive outlook as we continue to see results of our strategic harvest measures,” said CEO Joachim Nielsen.
The company also reports that average net sales price rose to approximately NOK 64 per kg in the second quarter, up from NOK 54 per kg in Q1. During the period, fish weighing above 3 kg achieved around NOK 75 per kg, underlining the importance of reaching larger harvest sizes.
Proximar said pricing in the first half of the year had been affected by a weak spot market, low average harvest weights and an unstable supply of market-sized fish. The company said it now expects price achievement to improve further as average sizes increase. In August, it expects a net price of around NOK 84 per kg for fish above 3 kg and approximately NOK 78 per kg across all fish.
The second quarter also saw a reduction in costs for the land-based company, with EBITDA cost per kg falling from NOK 87 in Q1 to NOK 81 in Q2. Proximar said it expects unit costs to improve further as its production volumes increase.
The company reported a 98.9% survival rate in grow-out and said 99.3% of harvested fish were classified as superior, compared with 95.4% in the first quarter. It also said that feeding has returned to normal after being temporarily affected by elevated water turbidity.
The company's standing biomass was 1,730 tonnes at the end of June, down from 1,880 tonnes at the end of the previous quarter following the targeted harvesting programme.
Proximar also provided an update on financing measures announced earlier in the summer.
The company drew approximately NOK 27 million from regional banks during the second quarter, and in August, it completed the placement of a NOK 100 million three-year convertible bond and extended the maturity of its existing NOK 40 million convertible bond to August 2029.
Proximar has also secured a three-month extension to the maturity of its syndicated bank loan, with the possibility of a further three-month extension subject to certain conditions.
As previously reported by WeAreAquaculture, the company launched a strategic review in July aiming to address its longer-term refinancing requirements and strengthening its capital structure. The review process is expected to conclude by December 2026 and will consider a range of options, including bringing in a long-term industrial investor.
The company said it continues to target long-term production capacity of 5,300 tonnes HOG at its facility in Oyama, near Mount Fuji.