Proximar Seafood (PROXI) Q4 2025 earnings summary

Executive summary

• Achieved first-mover status in Japan with a land-based RAS facility, harvesting over 1,700 tonnes HOG since September 2024 and selling into the premium local market, with weekly harvests and strong demand for Fuji Atlantic salmon.

• Fourth quarter harvest totaled 339 tonnes HOG, with volumes impacted by earlier growth issues and a decision to push some harvest into 2026; average fish weight was 2.1 kg HOG, but market-size fish (above 3 kg) achieved NOK 112/kg, well above Norwegian export prices.

• Operations improved due to Q3 initiatives, with strong biological performance, a 99.7% survival rate in grow-out, and enhanced monitoring using AI fish cameras.

• Facility performance stabilized, with batches after batch eleven showing better growth and quality, and full production capacity achieved by year-end 2025.

Financial highlights

• Q4 2025 revenue was NOK 34.3 million, including NOK 30 million from insurance payouts, up from NOK 3.4 million in Q4 2024; full-year 2025 revenue reached NOK 143 million.

• EBITDA for Q4 was NOK 2.4 million; adjusted EBITDA (excluding insurance, fair value, write-off) was -NOK 17.2 million; full-year adjusted EBITDA was -NOK 115.1 million.

• Net financial result was -NOK 23.6 million, with a total pre-tax loss of NOK 39.9 million for Q4 2025 and a net loss for 2025 of NOK -253.9 million.

• Equity ratio improved to 28.6% from 24.2% year-over-year after refinancing and NOK 173 million debt reduction.

• Interest paid in Q4 was NOK 34.9 million; cash and bank deposits at year-end were NOK 36.7 million.

Outlook and guidance

• 2026 harvest guidance is 3,500–4,000 tonnes HOG, with average harvest weights expected above 3.5 kg for the last three quarters.

• Profitability expected to improve as more fish reach the 3 kg+ threshold and operational stability continues.

• Temporary lower harvest weights in Q1 2026 will impact cash flow; additional short-term credit lines and covenant waivers are being secured.

• No major CapEx or maintenance investments planned for 2026; focus remains on optimizing current facility and exploring asset-light growth models for future stages.