Proximar Seafood Production Update: Biomass Reaching 1,294 tonnes and harvested 321 tonnes (HOG) in Q2 2025

04 Jul 2025 08:29 CEST

Bergen/Yokohama, 4 July 2025: Proximar Seafood AS (“Proximar” or the "Company")
is announcing its eighth production update following the initiation of
production of Atlantic salmon in its Oyama-facility in Japan in October 2022 and
trial-harvest on 30 September 2024.

At the end of Q2 of 2025, the Company had a standing biomass of 1,294 metric
tonnes, up from 1,126 metric tonnes at the end of Q1 of 2025. Including the
harvested biomass in the quarter of 387 metric tonnes LW, gross biomass growth
was 695 tonnes and 554 tonnes adjusted for the loss related to the reported
mortality incident in May.

With reference to the press release of 23 June 2025, all modules of the farm are
now back in operation and full capacity has been restored following repair work
on the biofilters. By the start of the second half of 2025, Proximar is finally
back to full production capacity. Growth and harvest weights are expected to
gradually return to plan.

Proximar currently has 21 batches and approximately 2.1 million healthy salmon
in production.

During the quarter, the company harvested 321 tonnes (HOG), bringing the total
harvest for the first half to approximately 643 tonnes. The reduced volume
compared to previous expectations is largely explained by the postponement of
fish harvest to the third quarter, and lower than expected harvest size,
especially in June.

The salmon achieved an average net selling price of NOK 70/kg in the second
quarter. The reason for the lower average price achievement is mainly explained
by the fact that a large part of the fish sold was in the category below 3 kg,
which gave a lower price than the targeted market size fish of 3 kg+. However,
NOK 107/kg was achieved for the fish of 3 kg+, which still shows a solid price
premium compared to imported salmon from Norway. The average weight of the fish
harvested was ~2.3 kg (HOG), with 99.2% superior quality.

“The production growth and harvest in the second quarter were significantly
affected by reduced capacity due to biofilter incidents and subsequent repairs.
On the positive side, we continue to see low mortality and high superiority
rates in our harvest. Now that full capacity has finally been restored, we enter
the second half of 2025 with all modules up and running. We therefore expect
growth rates to increase and gradually bring the harvested fish back to a market
size of 3 kg+. Price realization for this category is solid, and we remain
optimistic about our earnings potential going forward,” says Joachim Nielsen,
CEO of Proximar.

Please see attached for further production details. The next update, including
an updated forecast of the 2025 harvest volumes, will come as part of the
Company’s Q2 2025 report, which will be released on 22 August 2025.

For further information, please contact:
Joachim Nielsen, CEO, +47 92 85 55 59, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48 21 34 29 ocw@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:
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650710_Proximar Production Update Q2 2025_Final.pdf