Proximar Seafood Q4 2025: Improved operations and clearer harvest outlook for 2026

27 Feb 2026 07:00 CET

Yokohama, February 27, 2026: Proximar Seafood AS (“Proximar”) today reported its
fourth quarter and preliminary full year 2025 results. The quarter showed
continued operational improvement with stable biology, normalized feeding and
steady growth across the facility.

Biological control has improved significantly after AI fish cameras were taken
into use in December, verifying standing biomass and monitoring growth
performance, which is showing solid improvements. The company ended the year
with close to 2,000 tonnes in standing biomass, providing a solid foundation for
improved harvest weights and price achievement through 2026.

“Our performance throughout 2025 is a testament to the work of our team and
their determination. In the fourth quarter, we continued our good operational
development and we reached our targeted biomass level by year‑end. We enter 2026
with full production capacity, stable operations and strong customer demand. As
volumes increase and harvest weights normalize from the second quarter, we
expect to see a significantly improved price achievement and a more predictable
performance,” said CEO Joachim Nielsen.

- Q4 2025 highlights -

• Standing biomass of 1,949 tonnes at year‑end, up from 1,389 tonnes in Q3
• Survival rate of 99.7% in the grow‑out
• 339 tonnes harvested in the quarter, bringing total 2025 harvests to 1,338
tonnes HOG
• Average harvest weight of around 2.1 kg HOG, with +98% superior grade
• Average net sales price of approximately NOK 65 per kg in the quarter
• Price achievement of approximately NOK 112 per kg for fish above 3 kg HOG
• Equity ratio improved to 28.6% from 24.2% in the previous year, reflecting a
stronger balance sheet, following a successful refinancing which reduced total
debt by NOK 173 million.
• Expected full‑year 2026 harvest of 3,500–4,000 tonnes HOG.

- Demonstrated demand for premium, locally farmed salmon -

Throughout 2025, the company harvested fish on a weekly basis and supplied 1,338
tonnes of fresh Fuji Atlantic salmon to the market in Japan. Market response has
been encouraging and demand for Fuji Atlantic salmon remains strong.

Price achievement for fish above 3 kg HOG has remained solid throughout the
year, confirming the significant cost advantage of local production in Japan.
Demand remains strong, confirming the advantages of proximity, freshness, and
predictable supply.

- Improved growth supporting higher harvest weights from Q2 2026 onward -

In the first quarter of 2026, Proximar is harvesting the remaining fish affected
by earlier production disruptions, and average harvest weight for the period is
expected to be around 2.4 kg HOG. The lower average harvest weights will
temporarily affect cash flow, and the company is in process with banks to secure
additional short-term credit lines. Proximar has also proactively requested a
covenant waiver related to the revised harvest plan and continues to experience
strong support from its lenders.

From the second quarter, harvest weights are expected to normalize and increase
to 3.5–3.8 kg HOG on average for the remainder of the year, resulting in
improved price achievement. Full‑year harvest is expected to reach 3,500–4,000
tonnes HOG.

- Presentation and webcast -

The fourth quarter and preliminary full‑year 2025 materials are enclosed and
available at www.proximar.com.

Proximar will present its Q4 results today at 08:00 CET in a live webcast hosted
by CEO Joachim Nielsen and CFO Tetsuya Kobayashi. The webcast can be followed
live at the following link:
https://events.webcast.no/proximar/2026/proximar-q4-2025.

A recording will be made available after the event. Written questions may be
submitted during the webcast.

For more 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 2024 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 subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

667043_Proximar Seafood Q4 2025 report.pdf