Proximar Seafood (PROXI) Q2 2026 earnings summary

Executive summary

• Growth performance improved in Q2 2026, with rising average harvest weights and strong biological performance, including survival rates near 99% and superior share above 98%.

• Over 3,200 tonnes harvested since 2024, with 1,850 tonnes harvested YTD 2026 and a fully operational facility in Japan.

• Strategic harvests in Q2 2026 prioritized freeing tank capacity, resulting in lower average harvest weights but positioning for larger harvests (>3kg) in H2 2026 and beyond.

• Brand gaining traction in premium markets in Japan, Asia, and the U.S., supported by local production and freshness advantages.

• Stable operations achieved after resolving startup issues, with robust biological performance and high survival rates.

Financial highlights

• Q2 2026 revenue was NOK 45.9 million, up from NOK 23.8 million year-over-year; H1 2026 revenue reached NOK 82.0 million.

• Operational EBITDA for Q2 2026 was NOK -12.8 million, improved from NOK -27.7 million last year, with a negative fair value adjustment of NOK 24.9 million.

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

• Equity at June 30, 2026, was NOK 294 million (21.8% equity ratio); cash at quarter end was NOK 2.4 million.

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

Outlook and guidance

• Average harvest weights expected to reach 3 kg and above from September 2026, targeting 3.5 kg HOG for 2027.

• 2026 harvest volume guidance is around 3,000 tonnes HOG, with a long-term target of 5,300 tonnes post-2028.

• Price achievement projected to improve as harvest sizes increase and contract share rises, with average price for 3kg+ fish at NOK 75 per kg in Q2 2026.

• Positive operational EBITDA anticipated as volumes and prices improve.