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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.
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Q2 2025 earnings summary22 Aug, 2025

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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Frequently asked questions

Proximar Seafood is a Norway-based company specializing in land-based fish farming, specifically producing Atlantic salmon. The company's farming operations are located in Japan, near Mount Fuji, where it uses a Recirculating Aquaculture System (RAS) technology. This approach allows for sustainable and controlled salmon production, eliminating many environmental challenges associated with traditional sea-based farming. Proximar's facility is designed for year-round harvest, serving the Japanese market with fresh, locally produced salmon. The company is headquartered in Bergen, Norway, and its shares are listed on the Oslo Stock Exchange.

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