Proximar Seafood As · OSL:PROXI

Proximar Seafood As — Q1 2025 Earnings Presentation

35 slides from Proximar Seafood As's earnings presentation, May 16, 2025

  1. Slide 1: Presentation of first quarter 2025

    Company Presentation Presentation of first quarter 2025 16.05.2025 PRIVATE AND CONFIDENTIAL

  2. 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.

  3. Slide 3: Agenda

    Agenda • Highlights of the quarter • Sales & Marketing Company Presentation • Production • Business case and Financial Summary • Summary & Outlook 3

  4. Slide 4: First mover advantage in Japan and cost advantage by local production

    A significant first mover advantage in the Japanese market and significant cost advantage by local production Norwegian company operating a land-based RAS facility producing premium Atlantic salmon in Japan Local production for Well-performing • Long-term sales and distribution agreement the premium

  5. Slide 5: Highlights of the 1st quarter 2025: Weekly harvesting, first export contract

    Highlights of the 1st quarter 2025: Harvesting on a weekly basis, first export contract secured  Harvesting on a weekly basis • The company harvested 322 tonnes in the quarter • 99,5% superior grade • Average harvested weight ~3.1 kg (HOG)  Company Presentation Premium price achievement for the ma

  6. Slide 6: Continuing building biomass, growth impacted by reduced feeding

    Continuing building biomass, growth rates impacted by reduced feeding due to biofilter incidents – full feeding to be resumed in June Important key metrics: Biomass development # batches in production # Proximar employees Company Presentation 1058 1126 63 19 21 59 18 45 47 733 15 360 30/06/2024 30/0

  7. Slide 7: 99.5% superior grade, successful first exports to Taiwan

    99.5% superior grade, successful first exports to Taiwan • Continuing to see strong demand and interest in the Japanese market • As of 6th of May – total harvested volumes ~450 tonnes Weekly harvest continues, • 99.5% superior grade and high quality – demonstrating good system performance with highe

  8. Slide 8: Strong interest in Japan and Taiwan, featured on national TV

    Proximar continues to receive strong interest in Japan and now also in Taiwan – featured on nationwide TV Japanese national TV (NHK) Proximar continues to receive broad media coverage Company Presentation National TV (NHK) covered Proximar om 19th April Taiwanese television exposure Coverage in Taiw

  9. Slide 9: Production: biological performance remains good despite reduced growth

    Production - biological performance remains good, despite reduced growth rates impacted by lower feeding • Fish health remains good, survival rate above 98 % and high quality – growth impacted by lower In June, all repairs will be feeding due to limited capacity following biofilter incidents complet

  10. Slide 10: Consistently high import prices supporting competitive edge

    Consistently high import prices supporting Proximar's competitive edge Cost development for import of Norwegian fresh Atlantic salmon in Japan Figures in NOK/kg, head-on-gutted 164 157 155 Strong start to the year 5 driven by short on supply 147 5 5 5 145 147 141 5 5 142 140 142 141 from Norway and

  11. Slide 11: Financial summary 1st quarter 2025

    Financial summary 1st quarter 2025 P&L Q1 2025 Q1 2024 2024 Revenue and other income 30.247 0 3 509 Operating expenses (excl. depreciation) -49 882 -9 356 -47 765 Net fair value adjustment 6 472 -1 978 -9 018 Approx 30 MNOK in EBITDA (adjusted*) - 13 163 -11 334 - 53 274 revenues in the quarter and

  12. Slide 12: Outlook 2025: Short-term impacts, encouraging expectations

    Outlook 2025: Short-term impacts, but overall encouraging expectations for the first year of full operations • 2025 - first year of full-year operations, and all equipment installations are now completed • Reduced feeding following biofilter incidents impacting short-term • Long-term outlook remains

  13. Slide 13: Robust fundamentals in place and good system performance

    Robust fundamentals in place and good system performance, short-term impacted by lower feeding PROXIMAR following biofilter incidents - on track to deliver on goals from 2021 Summary: - Completed facility at very attractive CAPEX  levels (NOK ~240 / kg) The facility continues demonstrating good and

  14. Slide 14: Q&A

    Company Presentation 1 Q&A

  15. Slide 15: Consolidated Financial Statement Q1 2025

    Company Presentation Consolidated Financial Statement Q1 2025 1 PRIVATE AND CONFIDENTIAL

  16. Slide 16: Statement from the Board of Directors

    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 31 March 2025 to the best of our knowledge have been view of the main events during the accounting peri

  17. Slide 17: Consolidated statement of comprehensive income

    Consolidated statement of comprehensive income (Amounts in NOK 1.000) Note Q1 2025 Q1 2024 2024 Revenue 30.247 - 3.509 Revenue and other income 30.247 - 3.509 Cost of materials 20.638 3.738 41.658 Changes in biomass 2 -5.079 -9.147 -88.218 Net fair value adjustment biomass 2 6.472 -1.978 -9.018 Pers

  18. Slide 18: Consolidated statement of financial position

    Consolidated statement of financial position (Amounts in NOK 1.000) EQUITY AND LIABILITIES Note 31 March 2025 31 March 2024 2024 31 March 31 March Note 2025 2024 2024 ASSETS Equity Non-current assets Share capital 7 14.217 14.217 14.217 Share premium reserve 317.466 484.386 373.561 Assets under cons

  19. Slide 19: Consolidated statement of cash flows

    Consolidated statement of cash flows (Amounts in NOK 1.000) Note Q1 2025 Q1 2024 2024 Cash flow from operating activities Loss before tax -56.252 -29.487 -141.270 Depreciation 19.099 11.120 49.667 Change trade receivables -3.325 - - Change other receivables 5.282 29.067 33.020 Net fair value adjustm

  20. Slide 20: 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 -93.345 Currency effect on investment in subsidiar

  21. Slide 21: 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,

  22. Slide 22: Biological assets (1/3)

    Note 2 – 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

  23. Slide 23: Biological assets (2/3)

    Note 2 – Biological assets (2/3) Amounts in 1,000 NOK Tonnes Volume of biological assets Q1 2025 Q1 2024 2024 Biological assets beginning of period 1.058 40 40 Increase due to production 456 82 1.062 Reduction due to harvest/sale -388 -35 Reduction due to incident-based mortality -9 -9 Volume of bio

  24. Slide 24: Biological assets (3/3)

    Note 2 – 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 862 21 14.375 14.375 Non-harvestable fish 1.210 1.106 97.670 2.547 100.217 Total 31 M

  25. Slide 25: Land, property, plant and equipment (1/2)

    Note 3 - Land, property, plant and equipment (1/2) (Amounts in NOK 1.000) Split between Right-of-use assets and owned assets: Q1 2025 Q1 2024 2024 Carrying amount RoU-assets 14.318 2.195 15.371 Carrying amount owned assets 1.397.973 1.307.278 1.409.652 Total property, plant and equipment incl. right

  26. Slide 26: Land, property, plant and equipment (2/2)

    Note 3 - 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

  27. Slide 27: Leases (1/2)

    Note 4 - 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. Proximar Ltd. leasing agreements consists of buildings, machine and vehicles used for personnel and in t

  28. Slide 28: Leases (2/2)

    Note 4 - Leases (2/2) 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. Proximar Ltd. leasing agreements consists of buildings, machine and vehicles used for personnel and in t

  29. Slide 29: Long term receivables

    Note 5 – 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

  30. Slide 30: Earnings per share

    Note 6 - Earnings per share Amounts in NOK Q1 2025 Q1 2024 2024 Profit (loss) for the year -58.455.058 -29.954.771 -139.204.289 Weighted average number of outstanding shares during the year 142.172.780 132.895.002 139.878.824 Earnings (loss) per share - basic and diluted (in NOK) -0,41 -0,23 -1,00 C

  31. Slide 31: Share capital and shareholders (1/2)

    Note 7 - 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 March 2025. All shares carry equal rights. The movement in the number of shares during the year was as follows: 31 March 2025 2024 Ord

  32. Slide 32: Share capital and shareholders (2/2)

    Note 7 - Share capital and shareholders (2/2) List of main shareholders at 31 March 2025 31 March 2025 Number of Ownership Shareholder shares percentage Grieg Kapital AS 14.690.049 10,3 % Nordfjord AS 10.025.000 7,1 % Kvasshøgdi AS 7.244.844 5,1 % Helida AS 7.042.000 5,0 % Company Presentation Six S

  33. Slide 33: Borrowings and other current liabilities (1/3)

    Note 8 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK The Group has, through its subsidiary Proximar Ltd. (Japan), signed a new loan agreement with SIIF Impact Capital Inc., securing JPY 200 million (approx. NOK 14 million) in additional funds. The loan, provided at 5 % p.a.,

  34. Slide 34: Borrowings and other current liabilities (2/3)

    Note 8 - Borrowings and other current liabilities (2/3) Amounts in 1,000 NOK Non-current liabilities* Borrowing company Currency 31 March 2025 31 March 2024 31 December 2024 Proximar Seafood AS Convertible bond loan NOK - 205.365 - (Norway) Proximar Seafood AS Non-current interest bearing debt NOK -

  35. Slide 35: Borrowings and other current liabilities (3/3)

    Note 8 - 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 bearing debt

Proximar Seafood AS — Q1 2025 Earnings Presentation on 6ix