Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Investor Presentation (September 2026)
28 slides from Proximar Seafood As's investor presentation, September 2026
Slide 1: Company Presentation September 2026
Company Presentation Company presentation September 2026
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 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 4: Proximity to market
Proximity to market Proximar seafood: < 6 hours from Most of Japan’s Atlantic salmon harvest to consumer is imported from Norway Major cities in Japan Company Presentation < 6 hours Tokyo Short transportation Lower emissions 10-year offtake Strong demand for provides significant compared to agreemen
Slide 5: Pioneer of land-based premium Atlantic salmon produced in Japan
Pioneer of land-based premium Atlantic salmon produced in Japan Fully operational facility with > 3,200 tonnes harvested since 2024 5,300 tonnes (HOG) annual harvest capacity Capacity headroom – focus on operational optimization ✓ A gradual path to targeted full capacity of 5,300 tonnes, driven by o
Slide 6: Proximar history – a strong operational platform
Proximar history – a strong operational platform, taking production know-how of Atlantic salmon and RAS to Asia Company Presentation 6
Slide 7: Well-positioned to take lead in the land-based industry
Well-positioned to take lead in the land-based industry, in full production and well ahead of competitors in Japan Policy is developing in a favourable direction for the industry The Japan Growth Strategy Council identified land-based aquaculture as a sector to be ~30% proactively promoted, with an
Slide 8: A truly Japanese salmon brand with strong traction
A truly Japanese salmon brand with strong traction Fresh in a growing market ✓ Atlantic salmon is relatively new in Japanese diet, with structurally growing market especially among younger Launched in 2024 generations Domestic ✓ Japanese consumers value freshness and local origin Company Presentatio
Slide 9: Agenda
Agenda 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 10: Fully stocked facility and stable production achieved
Fully stocked facility and stable production achieved 2026 YTD Since start of Operational highlights (end 2Q) operations (end 2Q) ✓ Good fish health and appetite across all batches 1,850 tonnes 3,200 tonnes ✓ Weekly harvesting all year round Company Presentation harvest (HOG) harvest (HOG) ✓ Improve
Slide 11: Stronger biological performance and increased harvest sizes going forward
Stronger biological performance and increased harvest sizes going forward Average harvest weight by month vs. 3kg target Superior grade share (%) Monthly avg. harvest weight (kg HOG), January 2026 to date, with the 3kg threshold as a Evidencing the 98%+ superior over time, demonstrating good fish he
Slide 12: AI-driven biomass tracking strengthening operational precision
AI-driven biomass tracking is strengthening operational precision, enabling optimized feeding and more accurate production forecasts Example size distribution deviations (actual results compared to AI sampling) 45% Size Distribution (%) tank basis 40% 35% 30% 25% 20% 15% Company Presentation 10% 5%
Slide 13: Positive growth trend continues, better performance on later batches
Positive growth trend continues, better performance on later batches Normalized growth performance across later batches 2026-3Q,4Q Batches transferred to grow-out after August 2025, Company Presentation reared in improved and stable conditions showing 2026-2Q Size (live weight) a significant better
Slide 14: On track for stable harvest sizes >3 kg
On track for stable harvest sizes >3 kg following the successful strategic harvest of smaller fish Restricted ability to hold back harvest due Solved through a deliberate strategic to limited available tank capacity harvest of smaller fish from May to July Company Presentation • Limited tank capacit
Slide 15: A gradual path from 3,000 to 5,300 tonnes
A gradual path from 3,000 to 5,300 tonnes, driven by operational optimization 2026 2027 2028 Target after 2028 3,000 t 3,500 - 4,000 t 4,000 - 4,600 t 5,300 t Revised forecast for the current year Equivalent to ~65 - 70 kg/m³ Equivalent to ~70 – 75 kg/m³, capacity Equivalent to ~80 kg/m³ confirmed i
Slide 16: Agenda
Agenda 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 17: Challenging short-term market dynamics, expected normalization
Challenging short-term market dynamics, expected normalization toward historic levels going forward Proximar price achievement vs. Norwegian export price NOK/kg, net • A strong price achievement under normal conditions Proximar's 3kg+ price achievement has historically run well above 140 the Norwegi
Slide 18: High benchmark prices driven by import costs in Japan
High benchmark prices driven by import costs in Japan underpin the near-term price outlook Benchmark price - Import cost of Norwegian fresh Atlantic salmon in Japan Forward prices NOK/kg, HOG — Norwegian export price plus implied transportation NOK/kg (HOG), NOK/EUR @ 10.9 Export price Implied trans
Slide 19: Agenda
Agenda 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 20: Unit cost improves with scale and operational efficiency
Unit cost improves with scale and operational efficiency, improvements already seen in Q2 2026 EBITDA cost/kg for Q11 and Q2 2026 compared to estimates based on range of annual output NOK/kg 140 120 Average benchmark price achievement (LTM) NOK 110 Company Presentation 100 80 Average production cost
Slide 21: Closing the gap to positive EBITDA through increased harvest weights
Closing the gap to positive EBITDA through increased harvest weights EBITDA / kg sensitivity: illustrative effects on profitability Harvest weight of 3kg+ bringing prices up and costs down ~3 000 t 3 500 t 4 000 t 4 500 t 5 300 t • Expected average harvest weight >3kg leading to improved price Cost
Slide 22: An operating asset with valuation below historical CAPEX
An operating asset with full operations and standing biomass, valuation below historical CAPEX Capital structure NOK per kg of targeted annual capacity (5,300 tonnes HOG) NOK million / JPY million1 MNOK MJPY Invested capital2 2 136 36 074 Of which capex 1 325 22 400 Company Presentation Market capit
Slide 23: Agenda
Agenda 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 24: The first and established production of Atlantic salmon in Japan
The first and established production of Atlantic salmon in Japan, fully up and running, well-positioned for positive earnings 01 02 03 Facility in full production Proven at commercial scale Cost and freshness advantage Construction is completed and the facility ~3,200* tonnes HOG harvested since the
Slide 25: Agenda
Agenda 01 Introduction 02 Operational development Company Presentation 03 Market 04 Financials in brief 05 Summary 06 Appendix
Slide 26: Start-up issues identified and closed out – the platform is de-risked
The start-up issues that held back growth in 2024 and 2025 have been identified and closed out – the platform is de-risked Issue Background and actions taken Status Delayed equipment installation Aqua Maof late installation of ozone, grading system. All equipment now in place and working as expected
Slide 27: Summary: Our Strengths and Social Significance
Summary: Our Strengths and Social Significance 当社の強み・社会的意義 First-Mover Cost Advantage 『日本成長戦略会議』 Achieving commercial Japan Growth Strategy shipments in Sep 2024, before Council identified land- based aquaculture as a Contributing the recent surge in Abundant Abundant sector to be proactively to Foo
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