Exterior of Proximar Seafood's facility in Oyama, Japan.
Photo: Proximar Seafood
Proximar Seafood has reduced its full-year harvest guidance after lower-than-planned fish weights and weaker market conditions affected its revenue in the first quarter of 2026.
The Norwegian land-based aquaculture company, which produces Atlantic salmon at its facility in Oyama, near Mount Fuji in Japan, said it now expects to harvest between 3,000-3,400 tonnes HOG in 2026, a reduction from its previous guidance of 3,500-4,000 tonnes.
The company harvested 697 tonnes in the first quarter, more than double the 339 tonnes reported in Q4 2025. However, average harvest weight was 2.25 kg, below the 3 kg threshold that Proximar says is important for stronger price achievement in the Japanese market.
Proximar said the fish achieved an average net sales price of about NOK 54 per kg (EUR 5.00 / USD 5.82), while fish above 3 kg sold for NOK 75 per kg (EUR 6.95 / USD 8.09).
“We delivered record harvest volumes in the quarter and biological performance continued to improve throughout. While revenues are impacted by the challenging market situation and harvest sizes still below the 3 kg threshold, the operational progress we are seeing gives us strong confidence in our longer-term outlook and ambitions. Following this, we are now taking measures to improve size and price achievement in the second half of 2026," said CEO Joachim Nielsen.
Proximar also reported that this quarter's production included the final harvest of a mixed batch of fish affected by earlier production disruptions. The company reported a superior share above 95% and a survival rate of 97.6% in grow-out, compared with 99.7% in the previous quarter.
The company said high survival rates and the absence of culling had reduced the available tank capacity, limiting its ability to hold back larger fish for longer. As a result, Proximar plans to harvest smaller fish in the second quarter to free up space, giving larger fish an additional 6-8 weeks to grow.
The move will reduce harvest weights in Q2, but Proximar says it should lead to larger harvest sizes from Q3 onwards. The revised plan will also move the planned December harvest of around 110,000 fish into January 2027, contributing to the lower full-year volume forecast.
“With good fish health and continued high survival rates, the average size of our harvested fish is trending upwards towards the 3 kg threshold," Nielsen said, adding the company is "confident that the measures we are taking to align production support our ambition of achieving stable output above this threshold in the near term, and lay a solid foundation for profitability in the second half of 2026.”
The company also said lower revenue from smaller fish had created a short-term liquidity need. Proximar has secured a JPY 300 million loan from a regional bank, equivalent to around NOK 18 million (approx. EUR 1.6m / USD 1.9m), drawn down in May.
The financial impacts are set to continue in the second quarter. Proximar said the continued low harvest weights and exposure to the spot market would also affect its Q2 revenues. The company has requested a waiver for the sales covenant for its syndicated bank loan and said discussions are progressing.
The company also said that lower-than-planned revenue in the second quarter would create further liquidity needs. Proximar is now assessing the scale of the impact and potential funding sources, while also looking at refinancing options for its syndicated bank loan, which matures in August 2026, with options including a possible 12-month extension.
"Proximar is experiencing strong interest and support from banks and other stakeholders and as part of its strategic planning, the Board is considering engaging a Japanese investment bank to conduct a strategic review focused on the company’s long-term development," the company said.
