Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Q1 2026 Earnings Presentation
48 slides from Proximar Seafood As's earnings presentation, May 29, 2026
Slide 1: Presentation of Q1 2026
Company Presentation Presentation of Q1 2026 29.5.2026 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 01 Q1 2026 summary 02 Operational development Company Presentation 03 Financial review 04 Outlook & Summary 3
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 provides Lower emissions compared 10-year offtake agreement Strong demand for fresh, signif
Slide 5: Q1 2026 summary
Q1 2026 summary Operational developments supports positive long-term outlook, short-term impacted by harvest of smaller fish and low price achievement Biological fundamentals supporting positive trajectory • Q1 2026 harvest volume in high-end of target range, with average weights somewhat below expe
Slide 6: Stable biology and high survival rates, average harvest size trending up
Q1 2026 summary Stable biology and high survival rates, average harvest size trending up as last mixed batch is harvested out in Q1 Average Harvest Size Superior share of harvested fish Harvest volumes Kg, Head on Gutted (HOG) Percentage (%) Tonnes, Head on Gutted (HOG) Company Presentation HOG Size
Slide 7: Unbalanced market dynamics with short-term oversupply
Q1 2026 summary Unbalanced market dynamics with short-term oversupply resulting in weaker spot prices and lower price realization Unfavorable size mix and unpredictable … impacting overall price realization supply from Proximar … in a challenging spot market Company Presentation • More volumes sold
Slide 8: Short-term disappointing price achievement, long-term expectations intact
Q1 2026 summary Short-term disappointing price achievement, long-term expectations remain intact as stable supply of 3kg+ improves Proximar actual price achievement and export price Norway NOK/kg 140 • Contracted prices averaged NOK 95 / kg for 120 fish above 3 kg HOG in Q1 2026 Company Presentation
Slide 9: Price and market fundamentals support price achievement outlook
Q1 2026 summary Price and market fundamentals support price achievement outlook, with recovery expected medium-term Import cost of Norwegian fresh Atlantic salmon in Japan Japanese market (fresh Atlantic Salmon) In metric tonnes, (WFE) Figures in NOK/kg, HOG Export price Implied transportation* 180
Slide 10: Agenda
Agenda 01 Q1 2026 summary 02 Operational development Company Presentation 03 Financial review 04 Outlook & Summary 10
Slide 11: Fully stocked facility and stable production
Operational development Fully stocked facility and stable production 2026 YTD Since start of Operational highlights (mid-May) operations Good fish health and appetite across all batches 1,150 tonnes 2,520 tonnes Improved growth performance, confirmed by camera monitoring harvest (HOG) harvest (H
Slide 12: Strengthened biological control to monitor growth and performance
Operational development Strengthened biological control to monitor growth and performance – high accuracy levels supporting growth expectations Camera measurements and harvest result deviations 15% 10% Company Presentation 6% 5% 3% 2% 2% 1% 1% 0% 0% 0% -3% -2% -5% -7% -10% -15% 14-Jan 15-Jan 27-Jan
Slide 13: Positive growth trend continues, better performance on later batches
Operational development Positive growth trend continues, better performance on later batches Normalized growth performance across later batches 2026-2Q 2026-3Q,4Q 2026-1Q 2025-4Q Company Presentation Size (live weight) Days after hatching 13
Slide 14: Harvest size distribution developing positively
Operational development Harvest size distribution developing positively supporting near-term size threshold ambitions Harvest size distribution – steadily increasing share of larger fish Average harvest sizes – trending towards the 3 kg threshold Share of total, Head on Gutted (HOG) Kg, Head on Gutt
Slide 15: Harvesting smaller fish in Q2 to free up tank capacity
Operational development Harvesting smaller fish in Q2 to free up tank capacity and support stable harvest sizes >3 kg Limited available tank capacity restricting Adjusted harvest plan to improve ability to hold back harvest size distribution and stability • Higher-than-expected survival rates and no
Slide 16: Agenda
Agenda 01 Q1 2026 summary 02 Operational development Company Presentation 03 Financial review 04 Outlook & Summary 16
Slide 17: Revenues still impacted by lower sales volumes and price achievement
Financial review Revenues still impacted by lower sales volumes and price achievement, continued good cost control Amounts in 1,000 NOK • Sales revenues of NOK 36 million, with higher P&L Q1 2026 Q1 2025 2025 harvest volumes Y-o-Y but impacted by low Operational revenue 36 067 30 247 99 054 average
Slide 18: Current liabilities remain high due to loan maturities
Financial review Current liabilities remain high due to loan maturities in coming 12 months – currently assessing funding needs and sources Amounts in 1,000 NOK • Non-current assets of NOK 1,188 million accounted Balance sheet 31 March 2026 31 March 2025 31 December 2025 for 85.0% of total assets 31
Slide 19: Robust business model with cost performance in line with expectations
Financial review Robust business model with cost performance in line with expectations EBITDA cost/kg for Q1 2026 and for normalized levels NOK/ kg 140 Company Presentation 120 100 Average benchmark 3kg+ price achievement (LTM) 80 60 40 87 71 68 65 63 61 56 20 0 Q1 26 1) 3,500 3,750 4,000 4,250 4,50
Slide 20: Agenda
Agenda 01 Q1 2026 summary 02 Operational development Company Presentation 03 Financial review 04 Outlook & Summary 20
Slide 21: Continuously assessing financing needs and alternative funding sources
Outlook Continuously assessing financing needs and alternative funding sources – strong support from bank syndicate Successfully addressed short-term liquidity needs from Q1 2026 • Secured JPY 300 million (~NOK 18 million) loan from regional bank at market terms, drawdown in May 2026. • Received JPY
Slide 22: Summary
Summary Steady operations and biological performance – good earnings potential ahead as harvest weights improve Continued encouraging fish health and high survival rates, with improving growth performance supporting positive trajectory for 2026 Strong interest for Fuji Atlantic salmon with solid pri
Slide 23: Q&A
Company Presentation 2 Q&A
Slide 24: Consolidated Financial Statement Q1 2026
Company Presentation Consolidated Financial Statement Q1 2026 2 PRIVATE AND CONFIDENTIAL
Slide 25: 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 2026 to the best of our knowledge have been view of the main events during the accounting peri
Slide 26: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (Amounts in NOK 1.000) Note Q1 2026 Q1 2025 2025 Revenue 36,067 30,247 99,054 Other income 2 24,615 - 43,995 Revenue and other income 60,681 30,247 143,049 Cost of materials 32,822 20,638 111,645 Changes in biomass 3 -31,965 -5,079 -34,685 Net fair valu
Slide 27: Consolidated statement of financial position
Consolidated statement of financial position (Amounts in NOK 1.000) Note 31 March 2026 31 March 2025 2025 ASSETS EQUITY AND LIABILITIES Note 31 March 2026 31 March 2025 2025 Equity Non-current assets Share capital 8 52,337 14,217 52,337 Share premium reserve 430,768 317,466 458,828 Assets under cons
Slide 28: Consolidated statement of cash flows
Consolidated statement of cash flows (Amounts in NOK 1.000) Note Q1 2026 Q1 2025 2025 Cash flow from operating activities Loss before tax -28,060 -56,252 -248,733 Depreciation 4, 5 16,522 19,099 75,916 Change trade receivables -5,385 -3,325 -398 Change other receivables 17,429 5,282 -12,317 Net fair
Slide 29: Consolidated statement of changes in equity
Consolidated statement of changes in equity Share Share premium Share based Translation (Amounts in NOK 1.000) Note capital reserve Other equity payment differences Total equity Balance at 1 January 2025 14,217 373,561 23,998 - -15,232 396,544 Loss for the period -253,878 -253,878 Currency effect on
Slide 30: 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 31: Loss and related insurance settlement
Note 2 - Loss and related insurance settlement The Group has received insurance compensation for the events reported in 2025. Compensation of total 68.6 million is received, of which NOK 44 million was recognised as income in 2025. The insurance compensation has been fully recognized as income as of
Slide 32: 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 33: Biological assets (2/3)
Note 3 – Biological assets (2/3) Amounts in 1,000 NOK Tonnes Volume of biological assets Q1 2026 Q1 2025 YTD 2026 YTD 2025 2025 Biological assets beginning of period 1,949 1,058 1,949 1,058 1,058 Increase due to production 803 456 803 456 2,681 Reduction due to harvest/sale -840 -388 -840 -388 -1,61
Slide 34: 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 991 21 19,433 19,433 Non-harvestable fish 1,124 1,861 131,745 17,848 149,593 Total 3
Slide 35: Land, property, plant and equipment (1/2)
Note 4 - Land, property, plant and equipment (1/2) Amounts in 1,000 NOK Split between Right-of-use assets and owned assets: YTD 2026 YTD 2025 2025 Carrying amount RoU-assets 10,443 14,318 11,806 Carrying amount owned assets 1,176,606 1,397,973 1,249,837 Total property, plant and equipment incl. righ
Slide 36: Land, property, plant and equipment (2/2)
Note 4 - Land, property, plant and equipment (2/2) Amounts in 1,000 NOK Assets under Equipment and Year ended 31 December 2025 construction Land Buildings RAS vehicles Total Cost at 1 January 2025 154,177 91,987 643,589 452,865 130,800 1,473,418 Additions in the year/reclassifications -129,672 - 21,
Slide 37: Leases (1/3)
Note 5 - Leases (1/3) 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 starting in April 2025 for office in Bergen is considered as agreement of low value. Prox
Slide 38: Leases (2/3)
Note 5 - Leases (2/3) Amounts in 1,000 NOK Period ended 31 December 2025 Farming equipment Property Vehicles Total Cost at 1 January 2025 14,034 2,803 1,006 17,843 Additions in Q1 214 131 345 Additions in Q2 139 163 302 Additions in Q3 Additions in Q4 179 179 Adjustment 1,163 1,163 Company Presentat
Slide 39: Leases (3/3)
Note 5 - Leases (3/3) Amounts in 1,000 NOK Lease liabilities 2026 2025 Maturity analysis - contractual undiscounted cash flows Less than one year 3,561 3,883 One to five years 7,701 8,922 More than five years Total undiscounted lease liabilities at period end 11,261 12,805 Lease liabilities included
Slide 40: 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. During 2025, the contra
Slide 41: Earnings per share
Note 7 - Earnings per share Amounts in NOK Q1 2026 Q1 2025 2025 Profit (loss) for the year -28,060,205 -56,252,313 -253,120,425 Weighted average number of outstanding shares during the year 523,372,273 142,172,780 226,203,335 Earnings (loss) per share - basic and diluted (in NOK) -0.05 -0.40 -1.12 E
Slide 42: Share capital and shareholders (1/2)
Note 8 - Share capital and shareholders (1/2) The share capital of NOK 52.337.227,30 consisted of 523.372.273 shares, each with a nominal value of NOK 0.1 at the end of March 2026. All shares carry equal rights. The movement in the number of shares during the year was as follows: 2026 2025 Ordinary
Slide 43: Share capital and shareholders (2/2)
Note 8 - Share capital and shareholders (2/2) Shares owned by board members, group management and their related parties at 31 March 2026 Ownership Board of Directors Number of shares percentage Per Grieg, Grieg Kapital AS, Kvasshøgdi AS and Thomas WG AS 85,484,240 16.3 % Viggo Halseth 241,550 0.0 %
Slide 44: Borrowings and other current liabilities (1/3)
Note 9 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK During 2025, the Group underwent several refinancing processes and obtained extensions of a number of its loan agreements. The Group remains in dialogue with its lenders, and there is a continued need to strengthen the Grou
Slide 45: 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 31 March 2026 31 March 2025 31 December 2025 Convertible bond loan Proximar Seafood AS (Norway) NOK - 61,377 Non-current interest bearing debt Proximar Seafood AS (Norway)
Slide 46: 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 5.0 % January 2027 None Non-current interest bearing debt NOK NOWA 3M + 2.25 % October 2027 Intercompany claims Non-current interest bearing debt
Slide 47: Material Uncertainty relating to Going Concern
Note 10 – Material Uncertainty relating to Going Concern The consolidated financial statement is prepared on the assumption of going concern. The Company has significant debt maturities scheduled for the second half of 2026, see note 9 in the consolidated financial statement, and also face temporary
Slide 48: Subsequent events
Note 11 – Subsequent events Following the results of harvest and sales in April and until mid-May, price achievement has been impacted by high spot market exposure and price pressure in the Japanese market. Proximar continues to see average harvest sizes somewhat below 3 kg HOG on average in 2Q, and