Proximar’s progress continues, but more finance needed

The Norwegian-owned salmon farming company said it may have to seek further funding, however, and it is currently exploring possibilities.

 

During the period, Proximar harvested the last mixed batch of fish affected by earlier production disruptions.

 

Biological performance remained strong, with superior share above 95% and high survival rates of 97.6% in the grow-out.

 

The company doubled its turnover from Q1 2025 to NOK 60.1 million (£4.8m) which included an insurance payout.

 

CEO Joachim Nielsen said: “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 3kg 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.”

 

Proximar, which is based near the foot of Mount Fuji, harvested 697 metric tons compared to 339 tons in the final quarter of 2025.

 

The standing biomass of 1,880 tons at quarter-end, was down slightly from 1,949 tons in Q4 2025, related to the record harvest volume this quarter.

The revised full year harvest is now lower at 3,000 tons to 3,400 tons down from an earlier estimate of 3,500 to 4,000 tons.

 

Proximar said lower revenues than expected in the second quarter will trigger additional liquidity needs, and the company is currently assessing the total impact and exploring various potential funding sources.

 

The company added: “Simultaneously, Proximar is actively exploring refinancing opportunities for its syndicated bank loan maturing in August 2026, including a potential 12-month maturity 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.”