Nueva Pescanova's headquarters in Chapela-Redondela, Galicia, Spain.
Photo: Nueva Pescanova
Spanish seafood company Nueva Pescanova Group plans to raise up to €283 million through a capital increase backed largely by its majority shareholder, the Spanish banking group ABANCA, as the business seeks to strengthen its balance sheet following a return to profit.
According to a press released issued by the company on Tuesday, ABANCA will contribute €279 million to the operation, while minority shareholders will be able to participate through cash contributions. The proposal was approved by Nueva Pescanova’s board on 30 April and is due to be presented to shareholders for approval on 20 May.
The company said the funding would lower its financial costs and bring its leverage ratio below 4x, reducing its debt burden relative to earnings. It said this would make it easier to access financial markets and support future investment.
The financing comes on the heels of the group's return to profit after several years of losses. Nueva Pescanova reported a net profit of €1.1 million for 2025, where EBITDA rose 56.5% year-on-year to €71.2 million, while sales increased 7.3% to €1.0536 billion, according to company figures. The company said trading momentum had continued into the opening months of 2026.
“The operation lays the foundations for a new phase of development and investment,” the company said in a statement, adding that the capital increase was intended to “consolidate financial strength in order to undertake new growth projects”.
Even if minority shareholders participate in the fundraising, ABANCA is expected to retain a 98.59% stake in the business following completion of the process.
Headquartered in Galicia, Spain, Nueva Pescanova operates in fishing, aquaculture, seafood processing and distribution. The company employs more than 9,000 people in 16 countries and sells seafood products in more than 80 markets worldwide.