Q3 2025 Proximar Seafood AS Earnings Call Transcript
Key Points
- Proximar Seafood AS (STU:84Q) achieved a high survival rate of over 99% for their fish, indicating strong fish health and effective management practices.
- The company reported a significant improvement in growth rates towards the end of the quarter, aligning with their production plan.
- Proximar Seafood AS (STU:84Q) completed a successful refinancing plan, strengthening their balance sheet and reducing financing costs.
- The company achieved a superior grade for 99.2% of their harvested fish, demonstrating high product quality.
- Proximar Seafood AS (STU:84Q) secured a strong price achievement in the Japanese market, with market size fish priced at NOK97 per kilogram, significantly higher than the average export price from Norway.
- The average harvest size was below expectations at 2.3 kg HOG, impacting overall price achievement.
- Proximar Seafood AS (STU:84Q) faced challenges with feeding volumes due to technical issues and environmental conditions, affecting growth rates.
- The company reported a loss of NOK58.4 million before tax for the quarter, highlighting financial challenges.
- The balance sheet was weak prior to the refinancing, with high debt levels and low equity.
- Proximar Seafood AS (STU:84Q) had to delay some harvests into 2026 and 2027, which may affect short-term revenue and cash flow.
Hello and good morning, everyone, and welcome to the presentation of the third quarter 2025 for Proximar Seafood. The presentation will be given by our CEO Joachim Nielsen in Japan; and myself, Ole Christian Willumsen, CFO here in Norway.
We will, as usual, start by addressing the main highlights of the quarter before updating you on the operational development. We will then assess the market and pricing, followed by going through the financial summary, including the implications of the executed refinancing plan. Finally, we will go through the outlook before summing up.
And without further ado, I'd like to hand you over to Joachim in Japan.
Thank you, Ole Christian, and good morning. To summarize the third quarter, despite disappointing harvest weights, we continued to harvest on a weekly basis. Through the quarter, we harvested 356 tonnes HOG, of which 99.2% was superior grade. Unfortunately, the average harvest size
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