Proximar Seafood: Production update and first quarter expectations

09 Feb 2026 08:00 CET

Yokohama, 9 February 2026: Proximar Seafood AS (“Proximar”) today announces a
production update following the January harvests. The company is seeing positive
biological developments across the vast majority of its production, supporting
expectations for increasing harvest weights and a solid full year outlook.
Proximar estimates harvest volumes of 3,500-4,000 tonnes HOG for the full year
2026.

“We are encouraged by the performance we are seeing, and the improvements we
have made are clearly showing positive effects on growth. Harvest in the first
two months will reflect the impact of earlier operational challenges, but we
expect predictable and robust production moving forward. The implementation of
AI-enabled camera surveillance also permits better control and monitoring of the
biomass. We remain confident in delivering stronger harvest weights and improved
price achievement throughout the year,” said Joachim Nielsen, CEO.

First quarter expectations

In April 2025, following the previously reported biofilter incidents, four
cohorts were mixed into one batch as an alternative to removing fish entirely.
Harvest from this combined batch in January shows that a portion of the fish has
not grown as anticipated, resulting in a wide size distribution and lower
average weight. Harvest of this batch has therefore been brought forward to free
up capacity and allow the company to focus on later batches, which show markedly
better biological performance.

The impact is concentrated to January and February, supporting expectations of
improved harvest weights from March onwards. The company expects to reach an
average harvest weight of around 2.4 kg HOG in the first quarter. For the rest
of the year, April to December, average harvest weight is expected to increase
to 3.5-3.8 kg HOG, enabling the company to achieve higher market prices and
targeted price achievement.

Low average harvest weight in the first quarter will negatively impact price
achievement and short‑term cash flow. Proximar is currently in process with
banks for extra credit lines to cover short-term liquidity needs and addressing
the refinancing of a short-term loan. As part of the revision of the harvest
plan, Proximar has also proactively requested a waiver from its syndicate banks
of a covenant related to average two-month sales starting from January 2026.
Proximar is experiencing strong support from its banks.

Furthermore, Proximar expects to receive business interruption insurance
payments in the first quarter related to the above-mentioned biofilter
incidents. These payments will partly compensate for lost revenues. While the
insurance coverage has been confirmed, the final settlement is in process and
the final amount still not concluded. Further updates will be provided in due
course.

Current status

Since December, Proximar has utilized camera and AI to strengthen the company’s
ability to monitor and manage biological performance, providing better insights
into biomass and size-distribution across the production system. This upgrade
provides better growth predictions, supports optimized feeding and strengthens
harvest planning and expected price achievement.

Based on AI-enabled camera surveillance of all tanks carrying fish above 1 kg
average weight, the overall biomass as of early February has been adjusted down
by approx. 2%, excluding the mixed batch referred to above. The camera
surveillance has shown a high degree of precision when comparing samplings to
actual harvested weights.

At the beginning of February, following the adjustments, the standing biomass
was approximately 2,000 tonnes. Proximar harvested 185 tonnes HOG in January.

Fourth quarter 2025 financial results

Proximar Seafood AS will publish its financial results for the fourth quarter of
2025 on February 27, 2026. The results will be presented in a webcast at 08:00
CET on the same day. More details on how to access the live presentation will be
distributed in due course.

For further information, please contact:
Joachim Nielsen, CEO
ir@proximar.com

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and carried out its
first harvest on 30 September 2024. Proximar’s brand and logo (Fuji Atlantic
Salmon) were officially launched in October at our partner Marubeni
Corporation’s head quarter in Tokyo. Through land-based salmon farming, using
high-quality groundwater secured close to Mount Fuji, the company produces fresh
Atlantic Salmon, harvested the same day. Proximar's location, near one of the
world's most important fish markets, implies significant advantages, both in
terms of reduced cost and carbon footprint.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

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