Proximar Seafood AS (STU:84Q)

Half Year 2026 Proximar Seafood AS Earnings Call Transcript

Aug 28, 2026 / 07:00 AM GMT

Release Date Price: €0.026 (+0.78%)

Transcript

Key Points

Positve

Proximar Seafood AS (STU:84Q) reported a stable biological system with high survival rates of around 99% and an outstanding superior share of 98-99%, demonstrating good system functionality and growth conditions.
The company has successfully addressed the challenge of low harvest sizes by strategically harvesting smaller fish, with average harvest weights expected to reach around 3 kilograms and above from September onwards.
Proximar Seafood AS (STU:84Q) has a significant cost advantage due to local production in Japan, with an EBITDA production cost of 81 NOK/kg in Q2, expected to decline further to 56 NOK/kg at full capacity, well below the average import cost of 123 NOK/kg.
The company has secured crucial financing, including a 100 million NOK convertible bond, an extension of its syndicated bank loan, and a waiver for its sales covenant, strengthening its liquidity position.
Proximar Seafood AS (STU:84Q) is seeing strong interest in its Fuji Atlantic brand from premium markets in Japan, other Asian countries, and the US, and is uniquely positioned as the only domestic supplier of Atlantic salmon in Japan.
The company has completed a third-party technical and operational review that supports its outlook and capacity assessments, and is implementing AI and camera tracking to improve feeding, growth monitoring, and harvest planning.

Negative

Proximar Seafood AS (STU:84Q) reported a negative operational EBITDA of -12.8 million NOK in Q2, reflecting continued financial losses despite improvements from the previous year.
The company's price achievement was low at 64 NOK/kg in Q2, impacted by a weak spot market in Japan, an irregular high import of salmon from Chile and Canada, and a high exposure to smaller fish sizes.
Cash at quarter end was critically low at 2.4 million NOK, with high current liabilities due to debt maturities in the coming 12 months, indicating significant near-term liquidity risk.
The company's harvest volumes in Q2 were impacted by the deliberate harvesting of smaller fish, leading to an average harvest size of only 2.6 kg HOG, which negatively affected revenue and price achievement.
Proximar Seafood AS (STU:84Q) has experienced historical growth performance issues due to feeding restrictions in 2024 and 2025, which have impacted harvest sizes and required strategic adjustments.
The company reported a negative fair value adjustment of biological assets of 24.9 million NOK, reflecting lower harvest weight and market price assumptions, and realized a currency-related loss of 21.6 million NOK.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PROXI.OL - Proximar Seafood AS
Half Year 2026 Proximar Seafood AS Earnings Call
Aug 28, 2026 / 07:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and thank you for listening to our second quarter and first half 2026 update and financial results.

Together we meet today from our office in Yokohama, I also have our CFO, Kobayashi-san, and we will first go through the updates before we end the session with a Q&A.

Overall, the business model remains strong with a sustainable cost advantage by our local production close to the end consumer in a remote and very costly market for imported Atlantic salmon.

The cost advantage is a key aspect, but we also have the advantage of supplying the freshest salmon in a market with a high preference for freshness.

And this appreciation is also reflected in the feedback from customers

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