So far, the fish have been relatively small. Proximar says that, among other things, the use of cameras and AI will improve biological control, so it can increase average harvest size significantly through 2026.

Image: Proximar Seafood

Proximar seeks more money after low harvest weights hit cash flow

Editorial team Editorial team

Published February 27, 2026 - 9:51 a.m.

Proximar Seafood, which operates a land-based salmon farm in Japan, is seeking additional short-term credit from banks after low harvest weights reduced its income stream, it says in results for the fourth quarter of 2025 presented today.

The Norwegian-owned company harvested 339 tonnes (head on gutted) in Q4. The average harvest weight of the fish, which had been affected by previous production disruptions, was around 2.1 kg HOG, with over 98% superior share.

Proximar is currently harvesting the rest of the affected fish, and the average harvest weight for the period is expected to be around 2.4 kg HOG.

Asked for a waiver

The lower average harvest weights will temporarily affect cash flow, and as well as seeking additional short-term credit, Proximar has also proactively requested a waiver related to loan conditions as a result of the revised harvest plan. It says it continues to experience strong support from lenders.

From the second quarter, harvest weights are expected to normalise and increase to an average of 3.5–3.8 kg HOG for the rest of the year, which will result in better price realisation.

The harvest volume for the full year is expected to reach 3,500–4,000 tonnes HOG.

Q4 and 2025 key numbers

Standing biomass of 1,949 tonnes at year-end, up from 1,389 tonnes in Q3
Survival rate of 99.7% in the food fish phase
339 tonnes harvested, bringing total harvest in 2025 up to 1,338 tonnes HOG
Average harvest weight of around 2.1 kg HOG, with over 98% superior share
Average net selling price of NOK 65 (£5.06) per kilo in Q4
Price achievement of about NOK 112 (£8.72) per kilo for fish over 3 kg HOG
The equity ratio improved to 28.6% from 24.2% the previous year, reflecting a stronger balance sheet following a successful refinancing that reduced total debt by NOK 173m
Expected 2026 harvest volume of 3,500–4,000 tonnes HOG

Proximar placed the first eggs in its recirculating aquaculture system (RAS) facility at the foot of Mount Fuji in October 2022 and carried out its first harvest on September 30, 2024.

Camera and AI

According to the company, Q4 saw “continued operational improvement with stable biology, normalised feeding and consistent growth throughout the facility”.

“Biological control has improved significantly after AI-based fish cameras were put into use in December to verify standing biomass and monitor growth development, which shows clear improvements,” writes Proximar.

The company ended the year with nearly 2,000 tonnes of standing biomass, which it says provides a solid foundation for better harvest weights and price achievement through 2026.

The company writes that operational developments meant it reached the target biomass level by the end of the year.

“We enter 2026 with full production capacity, stable operations and strong customer demand. As volumes increase and slaughter weights normalise from the second quarter, we expect to see significantly better price realisation and more predictable development,” says chief executive Joachim Nielsen in a comment.

Demand for local salmon

Throughout 2025, the company harvested fish on a weekly basis and delivered 1,338 tonnes of fresh salmon to the Japanese market.

“The market response has been encouraging, and demand for ‘Fuji Atlantic salmon’ remains strong,” Proximar reports.

Price performance for fish over 3 kg HOG has remained solid throughout the year, which, according to the company, confirms the significant cost advantage of local production in Japan.