Proximar Seafood Production Update: Harvest and growth developing positively, and progress on short-term financing needs

09 Apr 2026 08:40 CEST

Bergen/Yokohama, 9 April 2026

- Positive operational momentum and biological performance -

During the quarter, the company harvested 697 tonnes HOG, up from 339 tonnes HOG
in the fourth quarter of 2025, bringing the total harvest since September 2024
to more than 2,000 tonnes HOG. Biological indicators remained strong, with 95.4%
superior grade in the quarter and 98.9% survival rate for the grow-out.

As of 31 March 2026, standing biomass was 1,880 tonnes, compared to 1,949 metric
tonnes as of 31 December 2025. Including the harvested biomass of 840 tonnes LW,
gross biomass growth in the quarter was 771 tonnes.

Proximar currently has 23 batches and approximately 2.1 million healthy salmon
in production.

During the quarter, Proximar harvested the last of the fish of mixed batches
affected by earlier production disruptions. This fish has also shown lower share
of superior grade. This impacted average harvest weights, which ended at ~2.25
kg HOG for the quarter. Growth performance in the remaining production continues
to demonstrate positive development.

The average net sales price achieved in the first quarter was ~NOK 54 / kg,
impacted by the low average harvest weights. For fish above 3 kg HOG, average
price achievement was ~NOK 75 / kg, which was largely impacted by unpredictable
supply and challenging sales planning during the period, combined with a
weakened Japanese Yen.

Please see attached for further production details.

- Continued progress on short-term financing -

The lower average harvest weight in the first quarter negatively impacted cash
generation in the period. To address this, the company initiated several
dialogues with financial institutions in Japan. Proximar has received an offer
of a MJPY 300 (~NOK 18 million) loan from a regional bank, at market terms. The
drawdown of the loan is subject to approval from the banks in the company's
existing syndicated loan facility.

At the end of March, the company also received a final insurance payout of MJPY
357 (~NOK 22 million) relating to revenue losses arising from biofilter
incidents in 2024. Combined, these proceeds address the short-term working
capital needs in the Japanese operations.

In connection with the revised harvest plan, Proximar requested a waiver from
its syndicated bank group for a covenant related to average two-month sales
volumes for the first quarter of 2026. The bank group has been supportive and
discussions regarding the waiver and its terms are progressing constructively.
Proximar expects a positive outcome and will provide a further update as
appropriate.

Proximar remains in ongoing discussions with regional banks regarding further
loan facilities to address additional short-term funding needs related to debt
service and the refinancing of a shareholder loan at group level, and is
experiencing positive interest from potential lenders.

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.

More information:
Access the news on Oslo Bors NewsWeb site

670219_Proximar Production Update Q1 2026.pdf