Norway · Delayed Price · Currency is NOK Proximar Seafood AS Earnings Call Transcripts
Fiscal Year 2025
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Q4 saw improved operations and strong price achievement for market-size fish, but overall results were impacted by lower average weights and batch eleven underperformance. Refinancing and insurance payouts strengthened liquidity, and outlook for 2026 is positive as more fish reach premium size.
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Q3 2025 saw strong demand and high-quality output, but harvest sizes remained below target due to earlier operational setbacks. A major refinancing improved the balance sheet, and production is now recovering, with plans to boost harvest sizes and volumes in 2026.
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Harvested over 1,000 tons of premium salmon, but Q2 volumes and prices were below target due to operational challenges. Revenue reached NOK 38 million, with an adjusted EBITDA loss of NOK -27.7 million. Full capacity is restored, and a comprehensive refinancing plan is underway.
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Q1 2025 saw strong demand and premium pricing for market-size fish, but harvest weights and volumes were impacted by biofilter repairs and reduced feeding. Revenue surged to NOK 30 million, with losses driven by operational challenges, though outlook for H2 2025 and 2026 remains positive.
Fiscal Year 2024
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Harvested 28 tons in Q4 with 99.7% superior grade and strong price premium. Production was impacted by biofilter and turbidity issues, leading to a downward revision of 2025 harvest guidance. Positive EBITDA is expected in H1 2025, with no major CapEx planned.
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First sales achieved at a 10% price premium over imports, with strong brand launch and positive market response. Production and financials are on track despite earlier turbidity issues, and full utilization is targeted for 2027.
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First harvest is imminent, with production and staffing on track and strong market interest. Financials show a planned loss as operations ramp up, while the company secured its first sales agreement at a premium and maintains a positive outlook for profitability and growth.