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Proximar Seafood (PROXI) investor relations material
Proximar Seafood Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a cumulative harvest of over 1,000 tonnes of premium Atlantic salmon in Japan since September 2024, with superior grade share above 99% and strong demand supported by strategic location and long-term sales agreements.
Full production capacity was restored post-June after biofilter incidents, with all modules operational and regular feeding resumed, supporting weekly harvests and improved operational stability.
Production was temporarily impacted by biofilter incidents and restricted feeding, resulting in lower harvest volumes and average weights than targeted.
Strong brand presence and media coverage in Japan, with partnerships and focus on food security and local economic development.
Superior grade share was 99.2%, with survival rates above 99% (excluding incidents); a May incident reduced survival to 87.2%.
Financial highlights
H1 2025 revenue totaled NOK 68.3 million, with Q2 revenue and other income at NOK 38.1 million, including insurance payouts.
Adjusted EBITDA for Q2 2025 was negative NOK 27.7 million; reported EBITDA was negative NOK 55.2 million, impacted by one-off items and fair value adjustments.
Net loss for Q2 2025 was NOK 94.2–95.1 million; H1 2025 pre-tax loss was NOK 150.4–153.5 million.
Total assets as of June 2025 were approximately NOK 1.5 billion, with equity at NOK 223 million.
Insurance payouts of NOK 13–14.3 million received for biofilter incident, with further compensation expected.
Outlook and guidance
Full facility utilization is targeted by 2027, with gradual improvement in harvest weights and volumes expected in H2 2025 as regular feeding resumes.
Approximately 2.2 million fish in stock; targeted harvest of 900,000 fish in 2025 and 1 million in 2026.
Main uncertainty for 2025 is actual harvest weights due to earlier restricted feeding; more detailed guidance for 2025/2026 to be provided with the rights issue prospectus.
Long-term outlook remains positive with robust demand and system performance.
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