Proximar reports strong salmon prices in Japan, targets EBITDA profitability in H1 2025.
Proximar Seafood reported that it achieved premium prices of NOK 123/kg ($10.91/kg) for its Atlantic salmon in Japan during the fourth quarter of 2024, exceeding import prices for Norwegian salmon.
The company, which operates a land-based facility at the foot of Mount Fuji, confirmed that its first-year harvest results validate the cost advantage of local production.
CEO Joachim Nielsen described the price achievement as “another confirmation of our business model and value proposition”, adding that Proximar is years ahead of its competition in supplying Japan with domestically farmed Atlantic salmon.
During the fourth quarter, Proximar harvested 28 tonnes (HOG), with 99.7% of fish graded as superior quality and an average weight of 4.2 kg (HOG). The company reported a biomass of 1,058 metric tonnes at year-end, up 45% from Q3, though growth was impacted by biofilter incidents that led to reduced feeding.
Operational and Financial Outlook
- Proximar expects to harvest 3,500–3,800 tonnes in 2025.
- The company expects positive EBITDA in H1 2025, with full-year financial guidance to follow in Q2.
- Additional working capital requirements due to a lower H1 harvest are being addressed through debt facilities.
The company has also reported increased interest from industrial and financial partners in Japan as it explores strategic alternatives for growth.
