Proximar Seafood (PROXI) Q3 2025 earnings summary

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.