Bergen/Yokohama, 4 July 2025: Proximar Seafood AS (“Proximar” or the "Company") is announcing its eighth production update following the initiation of production of Atlantic salmon in its Oyama-facility in Japan in October 2022 and trial-harvest on 30 September 2024.
At the end of Q2 of 2025, the Company had a standing biomass of 1,294 metric tonnes, up from 1,126 metric tonnes at the end of Q1 of 2025. Including the harvested biomass in the quarter of 387 metric tonnes LW, gross biomass growth was 695 tonnes and 554 tonnes adjusted for the loss related to the reported mortality incident in May.
With reference to the press release of 23 June 2025, all modules of the farm are now back in operation and full capacity has been restored following repair work on the biofilters. By the start of the second half of 2025, Proximar is finally back to full production capacity. Growth and harvest weights are expected to gradually return to plan.
Proximar currently has 21 batches and approximately 2.1 million healthy salmon in production.
During the quarter, the company harvested 321 tonnes (HOG), bringing the total harvest for the first half to approximately 643 tonnes. The reduced volume compared to previous expectations is largely explained by the postponement of fish harvest to the third quarter, and lower than expected harvest size, especially in June.
The salmon achieved an average net selling price of NOK 70/kg in the second quarter. The reason for the lower average price achievement is mainly explained by the fact that a large part of the fish sold was in the category below 3 kg, which gave a lower price than the targeted market size fish of 3 kg+. However, NOK 107/kg was achieved for the fish of 3 kg+, which still shows a solid price premium compared to imported salmon from Norway. The average weight of the fish harvested was ~2.3 kg (HOG), with 99.2% superior quality.
“The production growth and harvest in the second quarter were significantly affected by reduced capacity due to biofilter incidents and subsequent repairs. On the positive side, we continue to see low mortality and high superiority rates in our harvest. Now that full capacity has finally been restored, we enter the second half of 2025 with all modules up and running. We therefore expect growth rates to increase and gradually bring the harvested fish back to a market size of 3 kg+. Price realization for this category is solid, and we remain optimistic about our earnings potential going forward,” says Joachim Nielsen, CEO of Proximar.
Please see attached for further production details. The next update, including an updated forecast of the 2025 harvest volumes, will come as part of the Company’s Q2 2025 report, which will be released on 22 August 2025.
For further information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48 21 34 29 ocw@proximar.com
About Proximar Seafood
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.