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Proximar Seafood (PROXI) investor relations material
Proximar Seafood Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved first-mover status in Japan with a land-based RAS facility, harvesting over 1,700 tonnes HOG since September 2024 and selling into the premium local market, with weekly harvests and strong demand for Fuji Atlantic salmon.
Fourth quarter harvest totaled 339 tonnes HOG, with volumes impacted by earlier growth issues and a decision to push some harvest into 2026; average fish weight was 2.1 kg HOG, but market-size fish (above 3 kg) achieved NOK 112/kg, well above Norwegian export prices.
Operations improved due to Q3 initiatives, with strong biological performance, a 99.7% survival rate in grow-out, and enhanced monitoring using AI fish cameras.
Facility performance stabilized, with batches after batch eleven showing better growth and quality, and full production capacity achieved by year-end 2025.
Financial highlights
Q4 2025 revenue was NOK 34.3 million, including NOK 30 million from insurance payouts, up from NOK 3.4 million in Q4 2024; full-year 2025 revenue reached NOK 143 million.
EBITDA for Q4 was NOK 2.4 million; adjusted EBITDA (excluding insurance, fair value, write-off) was -NOK 17.2 million; full-year adjusted EBITDA was -NOK 115.1 million.
Net financial result was -NOK 23.6 million, with a total pre-tax loss of NOK 39.9 million for Q4 2025 and a net loss for 2025 of NOK -253.9 million.
Equity ratio improved to 28.6% from 24.2% year-over-year after refinancing and NOK 173 million debt reduction.
Interest paid in Q4 was NOK 34.9 million; cash and bank deposits at year-end were NOK 36.7 million.
Outlook and guidance
2026 harvest guidance is 3,500–4,000 tonnes HOG, with average harvest weights expected above 3.5 kg for the last three quarters.
Profitability expected to improve as more fish reach the 3 kg+ threshold and operational stability continues.
Temporary lower harvest weights in Q1 2026 will impact cash flow; additional short-term credit lines and covenant waivers are being secured.
No major CapEx or maintenance investments planned for 2026; focus remains on optimizing current facility and exploring asset-light growth models for future stages.
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