The Japanese-backed salmon producer, operates across Norway, Chile, and Canada.
Cermaq, Mitsubishi Corporation’s salmon farming subsidiary, reported a loss of ¥1.9 billion ($12.9 million / €11.8 million) for the first half of the fiscal year, marking a steep decline in the Japanese giant’s Food Industry Segment compared to the previous year.
The loss comes amid an ongoing dip in global salmon prices due to oversupply and tepid demand in key markets.
The weaker performance from Cermaq is attributed to significant pricing pressure across the industry. According to Mitsubishi’s report, European market prices for salmon fell in recent months, with Norwegian supply increasing in line with seasonal temperature trends, which has driven down prices to approximately NOK 70 per kilogram.
Similarly, in the U.S. market, the price of salmon fillets has decreased to around $5.50 per pound (approximately $12.13 per kilogram). This pricing environment has weighed on Mitsubishi’s Food Industry Segment, of which Cermaq is a core component.
Despite Cermaq’s presence across multiple markets, including Norway, Chile, and Canada, the segment has been hit by both operational costs and global pricing volatility.
Cermaq’s Norwegian operations, typically central to its production capacity, bore the brunt of the impact, as the sector faces limited prospects of significant price rebounds in the short term.
Mitsubishi’s financial results noted that food industry losses, particularly in overseas operations, were offset somewhat by capital recycling activities and gains from divestitures in other divisions, including the sale of tinned fish brand Prince’s for £700 million to Italy’s Newlat.
