Proximar Seafood (PROXI) Q2 2026 earnings summary

Executive summary

• Achieved over 3,200 tonnes harvested since 2024, with 1,850 tonnes harvested YTD 2026 and a fully operational facility in Japan, leveraging a strong business model with local production and freshness advantages.

• Growth performance improved in Q2 2026, with average harvest weights rising and biological performance remaining strong.

• Strategic harvest of smaller fish in Q2 2026 freed tank capacity, positioning for larger harvests (>3kg) in H2 2026 and beyond.

• Market conditions in H1 2026 were challenging due to weak spot prices and irregular imports, but normalization and improved price achievement are expected in H2.

• Secured additional financing, extended loan maturities, and initiated a strategic review to address longer-term refinancing.

Financial highlights

• Q2 2026 operational revenue: NOK 45.9 million; H1 2026: NOK 82.0 million.

• Operational EBITDA for Q2 2026: negative NOK 12.8 million, reflecting low harvest weights and market prices; reported EBITDA includes NOK 24.9 million negative fair value adjustment.

• Net loss for Q2 2026: NOK 99.4 million; H1 2026: NOK 127.5 million.

• Equity at NOK 294 million as of June 30, 2026, with an equity ratio of 21.8%.

• Net financial expenses were NOK 45.1 million, including NOK 21.6 million in currency losses from loan conversion.

Outlook and guidance

• Harvest weights improving weekly, on track for 3 kg and above from September 2026; full-year harvest guidance updated to around 3,000 tonnes HOG.

• Long-term production target set at 5,300 tonnes HOG, driven by operational optimization.

• Price achievement projected at NOK 84 per kg for 3kg+ fish and NOK 78 per kg on average in August, with improvement expected as contract share rises.

• Positive operational EBITDA expected as volumes and prices improve.