Norwegian-Japanese salmon farmer Proximar Seafood has reported its results for the third quarter of 2025, with revenues of NOK24 million ($2.2 million) and an EBITDA of NOK-7.3 million.
The quarter was impacted by a prolonged period of harvesting lower-sized fish, a consequence of biofilter incidents in late 2024, which led to lower average price achievement.
The company stated its operational result was positively impacted by one-off insurance payouts of NOK16.4 million during the quarter.
Proximar harvested 356 tonnes (HOG) in Q3, bringing its total harvest since September 2024 to approximately 1,200 tonnes. The harvested fish showed high quality, with a 99.2 per cent superior grade share and a survival rate in the grow-out phase above 99 per cent.
Standing biomass at the end of the quarter was 1,389 tonnes, and the company confirmed it is on track to reach its year-end biomass target of approximately 2,000 tonnes.
While the average price achieved in Q3 was NOK67/kilogram due to the large volume of smaller fish, Proximar reported that market-size fish (above three kilograms) achieved a premium price of NOK97/kilogram.
Following the quarter, in October 2025, the company completed a comprehensive refinancing plan to strengthen its balance sheet. This included a NOK150 million rights issue and the conversion of a NOK200 million convertible bond to equity.
Loan maturities were also extended, with its syndicated loan pushed to August 2026 and a shareholder loan to October 2027.
Proximar stated that farming conditions have improved, with feeding volumes and growth rates now aligned with expectations. The company is adjusting its production plan to increase average harvest weight, targeting above 3.5 kilogram HOG in 2026.
