Proximar Seafood (PROXI) Q2 2025 earnings summary

Executive summary

• Achieved a milestone of over 1,000 tons of Atlantic salmon harvested since September 2024, with above 99% superior grade and strong demand and feedback on quality and taste in Japan.

• All production modules fully operational since end of June, restoring full capacity and supporting growth in harvest weights and rates for H2 2025 and into 2026.

• Strategic location near Tokyo provides significant cost and logistics advantages, supporting premium pricing.

• Long-term sales agreement with Marubeni secures off-take for entire harvest.

• Brand visibility increased through partnerships, media coverage, and presentations at major events in Japan.

Financial highlights

• Q2 2025 revenue and other income: NOK 38.1 million; H1 2025: NOK 68.3 million.

• Adjusted EBITDA for Q2 2025: NOK -27.7 million; Q2 EBITDA (including one-offs and fair value) was NOK -55.2 million.

• Net loss for Q2 2025: NOK -95.1 million; H1 2025: NOK -153.5 million.

• Insurance payouts of NOK 14.3 million received in Q2 for biofilter incident, with further compensation expected.

• Total assets as of 30 June 2025: NOK 1,526 million; equity: NOK 223 million.

Outlook and guidance

• Full facility capacity restored, with expectations for gradual improvement in harvest weights and volumes in H2 2025.

• Approximately 900,000 fish are expected for harvest in 2025, with main uncertainty around actual harvest weights due to earlier restricted feeding.

• More detailed guidance for 2025 and 2026 to be provided with the rights issue prospectus, based on ongoing sampling.

• On track for full facility utilization by 2027; long-term outlook remains strong with robust demand.

• Short-term uncertainty remains around average harvest weights, but long-term outlook is positive.