Proximar Seafood (PROXI) Q1 2026 earnings summary

Executive summary

• Record Q1 2026 harvest volumes reached 697 tonnes HOG, but average harvest weights were below expectations, impacting price achievement and revenue.

• Biological performance remained strong, with survival rates above 97% and superior share above 95%.

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

• Strategic measures are being implemented to increase harvest weights above 3 kg in H2 2026 and optimize tank usage.

• Liquidity is under pressure, with ongoing assessments of funding needs and sources.

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.

• Cost control remains strong, though ramp-up phase costs and short-term liquidity needs persist.

Outlook and guidance

• Full-year 2026 harvest guidance revised to 3,000–3,400 tonnes HOG, down from previous 3,500–4,000 tonnes, with one batch shifted to January 2027.

• Harvest of smaller fish in Q2 to free up tank capacity, with expectations for larger average sizes and improved price achievement from Q3 onwards.

• 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.

• Measures taken are expected to support stable output above 3 kg and lay a foundation for profitability in H2 2026.