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Proximar Seafood (PROXI) investor relations material
Proximar Seafood Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Harvested 356 tonnes HOG in Q3 2025, with 99.2% superior grade and survival rates above 99%, but average harvest size remained low at 2.3 kg HOG due to earlier biofilter incidents and feeding restrictions.
Achieved first-mover status in the Japanese market with a land-based RAS facility, harvesting over 1,200 tonnes HOG since September 2024 and selling into the premium segment with strong local cost advantages.
Facility operational since Q4 2022, with long-term sales and distribution agreement in place, and ongoing expansion plans to leverage first-mover advantage.
Demand for product remains strong in Japan and other Asian markets, with local price achievement for market-sized fish at NOK 97/kg, well above Norwegian export prices.
Comprehensive refinancing executed post-Q3, significantly strengthening the balance sheet and improving liquidity.
Financial highlights
Q3 2025 revenue and other income reached NOK 40.4 million, including NOK 16.4 million in insurance payouts, up from NOK 145 thousand in Q3 2024.
Reported EBITDA was NOK -7.3 million; Adjusted EBITDA (excluding insurance and fair value effects) was NOK -19.1 million.
Net loss for Q3 2025 was NOK -61.7 million, with YTD net loss at NOK -215.2 million.
Total assets stood at NOK 1.5 billion, with equity at NOK 144 million and total debt at NOK 1.35 billion before refinancing.
Equity ratio at quarter-end was 9.6%, expected to improve to ~30% post-refinancing.
Outlook and guidance
Focus on increasing average harvest size above 3 kg HOG by pushing harvest into 2026 and 2027, aiming for 3.5 kg HOG in 2026.
Targeting standing biomass of 2,000 tonnes by year-end 2025, with plans to reach full system utilization in 2027 and annual harvest capacity of 5,200 tonnes by 2028.
Updated guidance shifts ~350,000 fish originally planned for 2025 into 2026 to optimize size and price.
Positive financial results expected as volumes and price achievement improve; positive EBITDA guidance to be provided once stable operations are achieved.
Production and biological performance are improving, with full capacity restored and strong demand expected to continue.
Detail the impact of refinancing on debt maturity
What is the strategy for optimizing harvest weight?
Explain the 2026 harvest guidance adjustment
What is the expected average harvest size for 2026?
What is the long-term debt structure strategy?
What conditions trigger Stage 2 development?
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Next Proximar Seafood earnings date
Q4 202527 Feb, 2026
Next Proximar Seafood earnings date
Q4 202527 Feb, 2026
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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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