Proximar Seafood (PROXI) Q1 2026 earnings summary

Executive summary

• Record Q1 2026 harvest volumes were achieved, but average harvest weights were below expectations, impacting price achievement and revenue.

• Biological performance remained strong with high survival rates and a high share of superior grade fish.

• Revenues were negatively impacted by low spot market prices, oversupply in Japan, and limited contract sales.

• Strategic measures and harvest adjustments are underway to improve average weights and price achievement, aiming for stable output above 3 kg in H2 2026.

• Liquidity is under pressure, with ongoing funding assessments and new financing drawn.

Financial highlights

• Q1 2026 operational revenue was NOK 36 million, with higher harvest volumes but lower average prices.

• EBITDA improved to NOK 9.8 million, with operational EBITDA at NOK 1.8 million excluding insurance and fair value adjustments.

• NOK 25 million in insurance payouts recognized as other income.

• Negative fair value adjustment of biological assets of NOK 16.6 million due to lower market prices.

• Equity ratio decreased to 26.7% from 28.6% at year-end 2025.

Outlook and guidance

• Full-year 2026 harvest guidance revised down to 3,000–3,400 tonnes HOG, with one batch shifted to January 2027.

• Strategic harvest of smaller fish in Q2 to free tank capacity, enabling larger fish to reach >3 kg for improved profitability in H2 2026.

• Lower revenue and price expectations persist for Q2 due to continued market oversupply and smaller average harvest sizes.

• Long-term outlook remains positive, expecting premium pricing and higher contract sales once stable supply above 3 kg is achieved.

• Board considering engaging a Japanese investment bank for a strategic review amid increased investor interest.