Proximar Seafood AS (PROXI) Earnings Call Transcripts

Proximar Seafood AS's Latest Earnings Call - Q1 FY2026

In the first quarter of fiscal year 2026, Proximar Seafood AS reported operational revenue of NOK 36 million, impacted by lower price achievements due to market oversupply and a shift to spot market sales. The company revised its full-year harvest expectations down to a range of 3,000 to 3,400 tonnes HOG, compared to previous guidance of 3,500 to 4,000 tonnes. Despite these challenges, management indicated a positive trend in biological performance and operational improvements, with EBITDA reaching NOK 9.8 million, although adjusted EBITDA was only NOK 1.8 million after excluding one-off items.

Reported metrics

Guidance from management

Management expects to stabilize supply in the second half of the year, which should lead to better price achievement and profitability. The revised harvest volume guidance reflects ongoing market challenges and strategic adjustments.

What management said

The general picture is that we see a less wide size distribution. And we've been touching upon this in previous presentations. We believe that a large part of the explanation of the large size deviations was also related to the mixed batch that was completed harvest in the first quarter. And we see that the coming batches are getting more centered, and we also expect this trend to continue going forward.

Yes. So the covenant waiver is JPY 400 million, including consumption tax. And I would say that under normal circumstances, with the harvest weights and the price -- normalized price situation, we should be well within the covenant within the covenants in the second half of -- as we get back to the stable production that we're now targeting.

What analysts pressed on

Analysts expressed concerns regarding the company's liquidity position and the need for covenant waivers. There were questions about the sustainability of revenue given the current market dynamics and the impact of imported salmon on pricing.

Main topics on the call

• Revenue Impact from Market Conditions — Proximar faced significant revenue challenges due to oversupply in the Japanese market, leading to lower price achievements. Management stated, "the big challenge has been the price achievement, which has impacted the re...
• Revised Harvest Guidance — The company has lowered its full-year harvest expectations to 3,000 to 3,400 tonnes HOG, down from 3,500 to 4,000 tonnes. This adjustment was made due to ongoing market conditions and a strategic shift in harvest plans.
• Operational Improvements — Despite the challenges, Proximar reported improvements in biological performance, with a superior share above 98% and an average size achievement of 2.72 kilograms. Management noted, "the underlying trend is positive."
• Liquidity and Financing Needs — The company is actively seeking to secure additional liquidity due to lower revenue expectations. Management mentioned, "we have proactively requested a waiver from the banks for our sales covenant for the second quarter...

Read the full Proximar Seafood AS transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 14 Proximar Seafood AS earnings call transcripts on record, spanning March 30, 2022 to May 29, 2026. Based on this history, Proximar Seafood AS reports semi-annually. The most recent call on file is dated May 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

PROXI

Exchange

OB

Country

NO

Sector

Consumer Staples

Industry

Food Products

Calls on record

14

First call

March 30, 2022

Most recent

May 29, 2026

Reporting cadence

semi-annually