Proximar Seafood on track with biomass, refinances after Q3 results

Proximar Seafood AS reported a strong Q3 2025, harvesting 356 tonnes of Head On Gutted (HOG) salmon in the quarter, contributing to over 1,200 tonnes HOG harvested and sold since September 2024. The company achieved a 99.2% superior grade and a 99.3% survival rate for its grow-out fish, with biomass on track to reach its year-end target of approximately 2,000 tonnes. Realized prices averaged approximately NOK 67/kg, impacted by lower average fish size at harvest, while global prices for 3kg+ salmon stood at approximately NOK 97/kg.

The company's comprehensive refinancing plan was successfully completed in October. This included a NOK 150m rights issue and a voluntary conversion of approximately NOK 200m from convertible bonds, significantly strengthening equity and reducing debt by a total of approximately NOK 550m. The syndicated loan was extended until August 2026 and the shareholder loan until October 2027.

Operational improvements have yielded positive results, with full capacity restored and biological performance showing encouraging development. Growth was impacted by lower feeding due to transfers, feeding system issues, and a summer heatwave, but these challenges have been addressed. Proximar has updated its harvest guidance, postponing some 2025 volumes to 2026, aiming for approximately 550,000 fish in 2025 and approximately 1,250,000 fish in 2026, targeting larger harvest weights and improved price achievement.