Proximar Seafood Production Update: Harvest and growth developing positively, and progress on short-term financing needs
Bergen/Yokohama, 9 April 2026
- Positive operational momentum and biological performance -
During the quarter, the company harvested 697 tonnes HOG, up from 339 tonnes HOG in the fourth quarter of 2025, bringing the total harvest since September 2024 to more than 2,000 tonnes HOG. Biological indicators remained strong, with 95.4% superior grade in the quarter and 98.9% survival rate for the grow-out.
As of 31 March 2026, standing biomass was 1,880 tonnes, compared to 1,949 metric tonnes as of 31 December 2025. Including the harvested biomass of 840 tonnes LW, gross biomass growth in the quarter was 771 tonnes.
Proximar currently has 23 batches and approximately 2.1 million healthy salmon in production.
During the quarter, Proximar harvested the last of the fish of mixed batches affected by earlier production disruptions. This fish has also shown lower share of superior grade. This impacted average harvest weights, which ended at ~2.25 kg HOG for the quarter. Growth performance in the remaining production continues to demonstrate positive development.
The average net sales price achieved in the first quarter was ~NOK 54 / kg, impacted by the low average harvest weights. For fish above 3 kg HOG, average price achievement was ~NOK 75 / kg, which was largely impacted by unpredictable supply and challenging sales planning during the period, combined with a weakened Japanese Yen.
Please see attached for further production details.
- Continued progress on short-term financing -
The lower average harvest weight in the first quarter negatively impacted cash generation in the period. To address this, the company initiated several dialogues with financial institutions in Japan. Proximar has received an offer of a MJPY 300 (~NOK 18 million) loan from a regional bank, at market terms. The drawdown of the loan is subject to approval from the banks in the company's existing syndicated loan facility.
At the end of March, the company also received a final insurance payout of MJPY 357 (~NOK 22 million) relating to revenue losses arising from biofilter incidents in 2024. Combined, these proceeds address the short-term working capital needs in the Japanese operations.
In connection with the revised harvest plan, Proximar requested a waiver from its syndicated bank group for a covenant related to average two-month sales volumes for the first quarter of 2026. The bank group has been supportive and discussions regarding the waiver and its terms are progressing constructively. Proximar expects a positive outcome and will provide a further update as appropriate.
Proximar remains in ongoing discussions with regional banks regarding further loan facilities to address additional short-term funding needs related to debt service and the refinancing of a shareholder loan at group level, and is experiencing positive interest from potential lenders.
For more information, please contact: Joachim Nielsen, CEO, ir@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.