Proximar Seafood Q2 2026: Strong biological performance and positive growth outlook

Bergen/Yokohama, August 28, 2026: Proximar Seafood AS (“Proximar”) today reports its second quarter and first half 2026 results. Growth performance improved throughout the quarter, and average harvest weights are expected to reach market sizes of around 3 kg and above from September 2026. Price achievement remained low, reflecting a weak spot market, low harvest weights and an unstable supply of market-sized fish. However, price achievement is expected to improve as harvest weights increase and market conditions normalize through the second half of 2026.

“Following the deliberate strategic harvest of smaller fish in the second quarter, we have successfully retained and grown larger fish, and harvest weights are improving weekly. Our primary focus going forward is reaching a sustained output above 3 kg, as a key step towards achieving profitability. Based on the positive developments in production, we have confidence in the near-term positive outlook as we continue to see results of our strategic harvest measures,” said CEO Joachim Nielsen.

– Q2 2026 highlights –

• 726 tonnes HOG harvested in the quarter, up from 697 tonnes HOG in Q1 2026 • Continued positive biological performance with survival rate of 98.9% in the grow-out and exceptionally high superior share of 99.3% (Q1 2026: 95.4%) • Average harvest weight of 2.56 kg, affected by the strategic harvest of smaller fish to retain lager fish and increase average weights going forward • Standing biomass of 1,730 tonnes at quarter-end, down slightly from 1,880 tonnes in Q1 2026 following the strategic harvesting • Average net sales price of approximately NOK 64 per kg, up from NOK 54 per kg in Q1 2026 (NOK 75 per kg for fish >3 kg HOG) • Updated full-year harvest guidance of around 3,000 tonnes HOG (previously: 3,000–3,400 tonnes) • In August, near-term liquidity needs addressed through the successful placement of a NOK 100 million convertible bond and extension secured for the syndicated bank loan • Strategic review initiated to address longer-term refinancing, planned concluded by end-2026

– Positive outlook supported by recent growth performance –

Average harvest weights increased to 2.56 kg in the quarter, up from 2.25 kg in the first quarter, despite the impact from the targeted harvest of smaller fish carried out from May to July. Growth performance is continuing to improve, with good fish health and appetite across all batches. Feeding has also been fully normalized, following a short-term disruption related to elevated water turbidity. Based on recent camera AI samplings, average harvest weights are expected to reach around and above 3 kg from September.

Price achievement is expected to continue developing positively as harvest sizes are increasing and a more stable supply is achieved. In August, net price achievement is expected around NOK 84 per kg for 3kg+ and NOK 78 per kg on average for all fish. As volumes increase, unit costs will also improve gradually. In the second quarter, EBITDA cost per kg was reduced to NOK 81 from NOK 87 in Q1 2026. Proximar expects to harvest around 3,000 tonnes HOG in 2026, and will gradually increase production volumes in the coming years targeting full capacity of 5,300 tonnes HOG long-term.

– Successfully secured additional financing and loan extensions, continuing efforts on further refinancing and initiated strategic review –

Lower harvest weights and challenging market conditions impacted revenues in the first half of 2026. To address the resulting liquidity need, Proximar drew approximately NOK 27 million from regional banks in the second quarter and, in August, placed a new NOK 100 million three-year convertible bond, and successfully extended the maturity of the existing MNOK 40 convertible bond to August 2029.

Additionally, a 3-month maturity extension has been secured for the syndicated bank loan with the possibility of up to 3 months further extension, subject to certain conditions. The strong and long-term support from our banks is continuing.

To address refinancing and further strengthening of Proximar, a strategic review was initiated in July. The process is planned to conclude by December 2026 and will evaluate a broad range of solutions, including a potential long-term industrial investor, building on recent strong interest in Japan.

– Presentation and webcast –

Proximar will present its Q2 and H1 results today at 09:00 CEST in a live webcast hosted by CEO Joachim Nielsen and CFO Tetsuya Kobayashi. Written questions may be submitted during the webcast, and a recording will be made available after the event.

The webcast can be followed live at the following link: https://events.webcast.no/proximar/2026/proximar-q2-2026

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.