Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Q2 2025 Earnings Presentation
38 slides from Proximar Seafood As's earnings presentation, Aug 22, 2025
Slide 1: Presentation of Q2 and H1 2025
Company Presentation Presentation of Q2 and H1 2025 22.08.2025 PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of Proximar Seafood AS (“the Company”) or assumptions based on information currently available to the Company.
Slide 3: Agenda
Agenda • Highlights of the quarter • Sales & Marketing Company Presentation • Production • Financial Summary and Refinancing • Summary & Outlook 3
Slide 4: First mover advantage in the Japanese market with local production cost advantage
A significant first mover advantage in the Japanese market with substantial cost advantage by local production - More than 1 000 tonnes already harvested and sold since start of harvest! Norwegian company operating a land-based RAS facility producing premium Atlantic salmon in Japan Local Facility p
Slide 5: Highlights of the 2nd quarter 2025: Entering the second half with full production capacity
Highlights of the 2nd quarter 2025: Entering the second half with full production capacity Harvesting on a weekly basis • Harvested 321 tonnes in the quarter • 99.2% superior grade • Average harvested weight ~2.3 kg (HOG) • Fuji Atlantic salmon being served by sushi chain Sushiro during entire EXP
Slide 6: Continuing building biomass, growth rates impacted by biofilter incidents
Continuing building biomass, growth rates impacted by biofilter incidents – market prices softer but cost advantage remains stable Important key metrics: Biomass development # batches in production # Proximar staff* Company Presentation 1294 21 21 69 1058 1126 59 63 733 47 19 18 30/09/2024 31/12/202
Slide 7: Significant transportation costs to Japan support Proximar's competitive edge
Significant transportation costs to Japan continues to demonstrate support for Proximar's competitive edge Import cost of Norwegian fresh Atlantic salmon in Japan Figures in NOK/kg, head-on-gutted 164 157155 5 147 5 5 5 145 147 The softening of Atlantic 141 5 5 142140 142 141 5 5 136 5 salmon prices
Slide 8: 1,000 tonnes of high-quality fish harvested since September 2024
~1 000 tonnes of high-quality fish harvested since September 2024 – a milestone achievement! • ~1 000 tonnes (live fish weight) harvested of which 99%+ superior graded fish, demonstrating capability to produce high quality Atlantic salmon • Volume and prices affected by lower average size of fish at
Slide 9: Proximar continues to experience strong interest in Japan
Proximar continues to experience strong interests in Japan –focus on food security and local economic development Aquaculture Business magazine (A4 size 6 pages) Japanese national TV (NHK) on Food security Fuji Atlantic Salmon is served at Sushiro Osaka Expo store Company Presentation National TV (N
Slide 10: Biological performance remains good but impacted by lower feeding
Biological performance remains good but impacted by lower feeding. Now back to regular feeding • Fish health remains good and high survival rate continues. However, growth was impacted by lower feeding following the biofilter incidents Reduced feeding regime last ~12 months, following Grow out survi
Slide 11: Financial summary 2nd quarter and 1st half 2025
Financial summary 2nd quarter and 1st half 2025 ~MNOK 24 in sales and ~ MNOK 14 in insurance payouts the quarter P&L Q2 2025 H1 2025 Q2 2024 2024 EBITDA of ~ MNOK -28 Revenue and other income 38 095 68 341 0 3 509 after adjusting for: Operating expenses (excl. depreciation) -93 340 -143 222 -1 979 -
Slide 12: Executing the comprehensive refinancing plan
Executing the comprehensive refinancing plan - fully underwritten rights issue and debt reduction • Addressing working capital requirements and cash buffer requested by the syndicated banks in conjunction with the extension of the maturity of the JPY 8.8 billion bank loan • Over the last year severa
Slide 13: Outlook 2025: Fish size and harvesting numbers to pick up
Outlook 2025: Fish size and harvesting numbers to pick up – yielding higher prices and stronger financials • Strong long-term outlook; Solid system performance, strong fish health, high quality, and solid prices driver for positive outlook Expect gradually increasing harvest weights going • Proven a
Slide 14: 1,000+ tonnes harvested - production expected to gradually improve
1 000+ tonnes harvested - production expected to gradually improve, driving earnings and profitability Summary: The facility finally back to full utilization and feeding capacity Good and stable performance driving expectations on production recovery Good fish health and high survival rate continues
Slide 15: Q&A
Company Presentation 1 Q&A
Slide 16: Consolidated Financial Statement Q2/H1 2025
Company Presentation Consolidated Financial Statement Q2/H1 2025 1 PRIVATE AND CONFIDENTIAL
Slide 17: Statement from the Board of Directors
ACCOUNTING AND LIQUIDITY DECISION Statement from the Board of Directors We hereby confirm that the financial statements for the period from 1 To the best of our knowledge, the quarterly report gives a true and fair January through 30 June 2025 to the best of our knowledge have been view of the main
Slide 18: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (Amounts in NOK 1.000) Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Revenue 23.784 - 54.031 - 3.509 Other income 2 14.310 - 14.310 - - Revenue and other income 38.095 - 68.341 - 3.509 Cost of materials 28.199 7.749 50.004 11.487 41.658 Changes in biomass
Slide 19: Consolidated statement of financial position
Consolidated statement of financial position (Amounts in NOK 1.000) 30 June 30 June Note 2025 2024 2024 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Share capital 8 14.217 14.217 14.217 Assets under construction 4 11.655 390.901 154.177 Share premium reserve 223.287 458.588 373.561 Land 4
Slide 20: Consolidated statement of cash flows
Consolidated statement of cash flows (Amounts in NOK 1.000) Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Cash flow from operating activities Loss before tax -94.160 -25.798 -150.412 -55.284 -141.270 Depreciation 19.191 10.271 38.290 21.390 49.667 Change trade receivables 2.376 - -949 - - Change other
Slide 21: Consolidated statement of changes in equity
Consolidated statement of changes in equity Share Share premium Translation (Amounts in NOK 1.000) Note capital reserve Other equity differences Total equity Balance at 1 January 2024 5.967 366.597 19.591 -19.790 372.364 Loss for the period -139.204 -139.204 Currency effect on investment in subsidia
Slide 22: Summary of significant accounting policies
Note 1 - Summary of significant accounting policies The Proximar Group is an early-stage Norwegian registered seafood company engaged in land-based fish farming, with its head quarter located in Bergen, Norway. Proximar Group has a production facility for Atlantic salmon close to Mount Fuji, Japan,
Slide 23: Summary of significant accounting policies
Note 2 - Summary of significant accounting policies With references to previous stock exchange releases regarding biofilter incidents. As a result of the incidents NOK 27.4 million has been recognized in the income statement under "loss on disposal of PPE". Almost all of the dameged equipment have b
Slide 24: Biological assets (1/3)
Note 3 – Biological assets (1/3) Valuation of biological asset Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair value less the associated sales costs, unless the fair value cannot be measured reliably (in which case the cost-method will be applied as for the hatchery an
Slide 25: Biological assets (2/3)
Note 3 – Biological assets (2/3) Amounts in 1,000 NOK Tonnes Volume of biological assets Q2 2025 Q2 2024 YTD 2025 YTD 2024 2024 Biological assets beginning of period 1.126 112 1.058 40 40 Increase due to production 713 248 1.169 329 1.062 Reduction due to harvest/sale -387 -774 -35 Reduction due to
Slide 26: Biological assets (3/3)
Note 3 – Biological assets (3/3) Amounts in 1,000 NOK Specification of biological assets Number of fish Biomass Cost of Fair value Biological assets (1000) (tonnes) production *** adjustment **Carrying amount Smolt 923 18 14.396 14.396 Non-harvestable fish 1.154 1.277 104.141 -1.402 102.739 Total 30
Slide 27: Land, property, plant and equipment (1/2)
Note 4 - Land, property, plant and equipment (1/2) Split between Right-of-use assets and owned assets: YTD 2025 YTD 2024 2024 Carrying amount RoU-assets 13.451 2.504 15.371 Carrying amount owned assets 1.369.963 1.252.416 1.409.652 Total property, plant and equipment incl. right- of-use assets 1.383
Slide 28: Land, property, plant and equipment (2/2)
Note 4 - Land, property, plant and equipment (2/2) Assets under Equipment and Year ended 31 December 2024 construction Land Buildings RAS vehicles Total Cost at 1 January 2024 339.042 91.436 629.664 169.440 64.484 1.294.067 Additions in the year/reclassifications -186.906 - 10.133 282.404 66.026 171
Slide 29: Leases (1/2)
Note 5 - Leases (1/2) Amounts in 1,000 NOK Proximar Seafood AS leasing agreements consists of buildings and equipment used in the administration. The leasing contract of buildings ended May 2024. Rent agreement starring in April 2025 for office in Bergen is considered as agreement of low value. Prox
Slide 30: Leases (2/2)
Note 5 - Leases (2/2) Amounts in 1,000 NOK Year ended 31 December 2024 Farming equipment Property Vehicles Total Cost at 1 January 2024 3.316 1.008 4.324 Additions in the year 14.048 2.739 - 16.787 Disposals in the year -3.323 -8 -3.331 Currency effect* -13 71 6 63 Cost at 31 December 2024 14.034 2.
Slide 31: Long term receivables
Note 6 – Long term receivables In the process of completing the equipment-installation, the company has paid NOK 30.8 million to subcontractors of the company's contractual counterparty to ensure completion as the contractual counterparty has experienced payment difficulties. The company has establi
Slide 32: Earnings per share
Note 7 - Earnings per share Amounts in NOK Q2 2025 YTD 2025 Q2 2024 YTD 2024 2024 Profit (loss) for the year -95.068.228 -153.523.285 -31.809.075 -61.763.846 -139.204.289 Weighted average number of outstanding shares during the year 142.172.780 142.172.780 142.172.780 137.533.891 139.878.824 Earning
Slide 33: Share capital and shareholders (1/2)
Note 8 - Share capital and shareholders (1/2) The share capital of NOK 14.217.278 consisted of 142.172.780 shares, each with a nominal value of NOK 0.1 at the end of June 2025. All shares carry equal rights. The movement in the number of shares during the year was as follows: 30 June 2025 2024 Ordin
Slide 34: Share capital and shareholders (2/2)
Note 8 - Share capital and shareholders (2/2) List of main shareholders at 30 June 2025 30 June 2025 Number of Ownership Shareholder shares percentage Grieg Kapital AS 14.690.049 10,3 % Nordfjord AS 10.000.000 7,0 % Kvasshøgdi AS 7.244.844 5,1 % Helida AS 7.042.000 5,0 % Company Presentation Six SIS
Slide 35: Borrowings and other current liabilities (1/3)
Note 9 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK The Company has announced a plan for refinancing in stock exchange message on 9 July. The plan will strengthen the company's liquidity situation, while simultaneously simplifying and strengthening the company's balance shee
Slide 36: Borrowings and other current liabilities (2/3)
Note 9 - Borrowings and other current liabilities (2/3) Amounts in 1,000 NOK Non-current liabilities* Borrowing company Currency 30 June 2025 30 June 2024 31 December 2024 Proximar Seafood AS Convertible bond loan NOK 208.090 (Norway) Proximar Seafood AS Non-current interest bearing debt NOK 100.792
Slide 37: Borrowings and other current liabilities (3/3)
Note 9 - Borrowings and other current liabilities (3/3) Description of liabilities Currency Interest rate ** Final maturity ** Pledges ** Convertible bond loan NOK 7.0 % October 2025 None Non-current interest bearing debt NOK NIBOR 1M + 2.25 % October 2025 Intercompany claims Non-current interest be
Slide 38: Subsequent events
Note 10 – Subsequent events On 9 July 2025, the company announced a new financing plan. The comprehensive refinancing plan includes both new equity through a rights issue and a private placement, as well as amendments and refinancing of the company’s debt capital. The private placements were complet