Proximar Seafood AS Q2 and H1 2025 results: Entering the second half with full production capacity, refinancing plan in place

22 Aug 2025 07:00 CEST

Yokohama/Bergen, 22 August 2025: Proximar Seafood AS has today reported its
second quarter and first-half 2025 results. Since the end of June, all modules
have been operational, and full utilization was finally restored.

"We entered the second half with all modules in operation and expect growth
rates and harvest weights to gradually increase. Mortality is still low, and we
expect to demonstrate the earnings potential of our model as our production
gradually gets back on track through the second half of 2025 and going into
2026", says Joachim Nielsen, CEO of Proximar Seafood.

Proximar harvested 321 tonnes HOG in Q2 25, bringing the total harvest for the
first half to 643 tonnes. The superior grade share was 99.2 percent, with a
survival rate (excluding incidents) above 99%. Including the reported incident
in May, the survival rate was 87.2%.

"We have as of today harvested 1,000 tonnes in total of live fish, demonstrating
the facility’s ability to produce high-quality Atlantic salmon", he continues.

The second quarter was impacted by continued reduced feeding following the
biofilter incidents. Revenues for the quarter ended at NOK 23.8 million (0 in Q2
2024) and EBITDA of NOK -55.2 million (-2.0). The one-time effects, in addition
to fair value adjustment, impacting operating results amounted to approximately
NOK 28 million.

Prices still exceeding NOK 100/kg:
The revenues were negatively impacted by lower achieved harvest weights and
consequently lower price achievement, combined with some delay of harvest
volumes as a measure to increase harvest weights.
For the market-size fish harvested (+3 kg), the average price achievement was
NOK 108/kg, demonstrating the significant value advantage of local production in
Japan. Fuji Atlantic salmon continues to receive premium pricing for fish in
this segment. The average price achievement for the quarter was NOK 75/kg.

Refinancing plan strengthens balance sheet:
Shortly following the quarter end, Proximar announced a comprehensive
refinancing plan that will strengthen liquidity and improve financial
flexibility.

The plan includes a fully underwritten NOK 150 million rights issue, a voluntary
conversion of the outstanding convertible bond to equity and amendments to its
debt facilities, as communicated in the stock message 9 July 2025. The plan
extends maturities, reduces interest costs, and improves terms for the
shareholder loan. Proceeds will provide additional working capital, increase
equity, refinance short-term debt, and support operational flexibility to
enhance harvest weights and consequently price achievement. 60 MNOK in
additional working capital financing has been secured short-term until the
rights issue is completed.

Highlights for the second quarter of 2025:
- Standing biomass of 1,294 tonnes LW at quarter-end
- 321 tonnes (HOG) harvested in Q2, 643 tonnes HOG in H1
- 99.2% superior grade; low mortality rates maintained, however the mortality
incident in May contributed negatively
- Average price achieved: NOK 75/kg, with 3 kg+ fish achieving NOK 108/kg
- Revenues for the first half of 2025 ended at NOK 68.3 million (0 in H1 2024)
- Full production capacity restored in July, 2.1 million fish in production

Outlook for 2025:
With full production capacity restored and a stronger financial position, the
company expects gradually increased harvest weights and improved price
realization in the second half of the year.

The number of fish for harvest in 2025 is approximately 900,000, with the main
uncertainty related to the actual harvest weights as a direct impact of the
restricted feeding. The priority is to get back to the production plan for 2026,
and the company will continue to consider how to optimize production with this
in focus.

Since July, more extensive sampling has started to monitor growth and
performance. A more detailed guidance for 2025 and 2026 will be provided in
conjunction with the prospectus for the rights issue and based on the results of
this sampling program.

Presentation and webcast:
Proximar Seafood will host a webcast presenting the results for the second
quarter and first half of 2025, today at 09:00 CEST. The investor presentation
will be hosted by CEO Joachim Nielsen and CFO Ole Christian Willumsen. The
presentation will be held in English and questions can be submitted throughout
the event. The streaming event is available at
https://events.webcast.no/proximar/2025/proximar-q2-2025.

For further information, please contact:
Ole Chr. Willumsen, CFO
+47 48 21 34 29
ocw@proximar.com

About Proximar
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. The information was published on
22 August 2025, at 07:00 by Ole Christian Willumsen, CFO.

More information:
Access the news on Oslo Bors NewsWeb site

653587_Proximar Presentation Q2 and H1 2025.pdf