Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Q2 2026 Earnings Presentation
54 slides from Proximar Seafood As's earnings presentation, Aug 28, 2026
Slide 1: Second quarter and first half 2026 results
Company Presentation Second quarter and first half 2026 results 28 August 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 Introduction 02 Q2 2026 summary 03 Operational development 04 Financial review 05 Outlook & Summary
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 < 6 hours Tokyo Short transportation provides Lower emissions compared 10-year offtake agreement Strong demand for fresh, significant cost advantage
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: A truly Japanese salmon brand with strong traction in a growing market
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 Fuji Atlantic Sal
Slide 7: Agenda
Agenda 01 Introduction 02 Q2 2026 summary 03 Operational development 04 Financial review 05 Outlook & Summary
Slide 8: Strategic harvest in Q2 lifting harvest size going forward
Q2 2026 SUMMARY Strategic harvest in Q2 lifting harvest size going forward and underpinning the near-term 3kg+ outlook Continued positive biological development • Q2 harvest weights remained low, reflecting the May decision to harvest smaller fish while holding back bigger fish to reach harvest size
Slide 9: Stronger biological performance and increased harvest sizes going forward
Q2 2026 SUMMARY 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, demonstrat
Slide 10: Challenging short-term market dynamics, expected normalization
Q2 2026 SUMMARY 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
Slide 11: High benchmark prices driven by import costs in Japan
Q2 2026 SUMMARY 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 pri
Slide 12: Agenda
Agenda 01 Introduction 02 Q2 2026 summary 03 Operational development 04 Financial review 05 Outlook & Summary
Slide 13: Strong operational fundamentals and good system capacity for increased volumes
OPERATIONAL DEVELOPMENT Strong operational fundamentals and good system capacity for increased volumes 2026 YTD Since start of Good fish health and appetite across all batches; feeding fully normalized (27 August) operations following a short-term operational turbidity-related disruption 1,850 tonne
Slide 14: On track for stable harvest sizes >3 kg following strategic harvest
OPERATIONAL DEVELOPMENT 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 • Limited tank capa
Slide 15: AI-driven biomass tracking strengthening operational precision
OPERATIONAL DEVELOPMENT AI-driven biomass tracking is strengthening operational precision, enabling optimized feeding and more accurate production forecasts Camera measurements and harvest result deviations example 45% 40% Size Distribution (%) tank basis 35% 30% 25% 20% 15% 10% 5% 0% 0-1 kg 1-2 kg
Slide 16: 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 2026-3Q,4Q Batches transferred to grow-out after August 2025, reared in improved and stable conditions showing 2026-2Q Size (live weight) a significant bett
Slide 17: Agenda
Agenda 01 Introduction 02 Q2 2026 summary 03 Operational development 04 Financial review 05 Outlook & Summary
Slide 18: Revenues still impacted by lower harvest weights, continued good cost control
FINANCIAL REVIEW Revenues still impacted by lower harvest weights and challenging market conditions, continued good cost control Amounts in 1,000 NOK P&L Q2 2026 1H 2026 Q2 2025 2025 Operational revenue 45 903 81 970 23 784 99 054 • Sales revenues of NOK 45.9 million impacted by high Other revenue i
Slide 19: Current liabilities remain high due to loan maturities
FINANCIAL REVIEW Current liabilities remain high due to loan maturities in coming 12 months – actively addressing funding needs Amounts in 1,000 NOK Amounts in 1,000 NOK • Non-current assets of NOK 1,177 million accounted for Balance sheet 30 June 2026 30 June 2025 31 Dec 2025 87.4% of total assets,
Slide 20: Secured loan extensions and initiated strategic review
FINANCIAL REVIEW May Jun Jul Aug Sep Oct Nov Dec Secured loan extensions and Regional loan initiated strategic review drawdown New convertible bond issued Successfully addressed liquidity needs from H1 2026 Possible CB tap • Drawdown of ~NOK 27 million loan from regional banks in Q2 issue3 • Success
Slide 21: Unit cost improves with scale and operational efficiency
FINANCIAL REVIEW 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 110 100 80 Average production cost Nor
Slide 22: Closing the gap to positive EBITDA through increased harvest weights
FINANCIAL REVIEW 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 impro
Slide 23: Agenda
Agenda 01 Introduction 02 Q2 2026 summary 03 Operational development 04 Financial review 05 Outlook & Summary
Slide 24: Harvest weights improving weekly – on track for 3kg+
OUTLOOK Harvest weights improving weekly – on track for 3kg+ Avg. harvest weight trajectory (HOG, kg)* 3.5kg+ HOG • Gradual increase in harvest weights expected going forward and into 2027 3 kg (HOG) 3,0 2,6 • Growth outlook supported by recent Camera AI 2,3 sampling and third-party technical DD • C
Slide 25: A gradual path from 3,000 to 5,300 tonnes
OUTLOOK 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 con
Slide 26: Positioned for profitability and a positive long-term outlook
SUMMARY Positioned for profitability and a positive long-term outlook as harvest weights and production volumes continue to increase • Price achievement expected to improve significantly as harvest size increases in-line with plan to reach 3kg+, limiting volatile spot market exposure and aligning wi
Slide 27: Q&A
Q&A
Slide 28: Consolidated Financial Statements Q2 and H1 2026
Consolidated Financial Statements Q2 and H1 2026 2
Slide 29: Statement from the Board of Directors
FINANCIAL STATEMENTS 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 2026 to the best of our knowledge have been view of the main events during
Slide 30: Consolidated statement of comprehensive income
FINANCIAL STATEMENTS Consolidated statement of comprehensive income Note Q2 2026 Q2 2025 H1 2026 H1 2025 2025 (Amounts in NOK 1,000) Revenue 45 903 23 784 81 970 54 031 99 054 Other income 2 -553 14 310 24 061 14 310 43 995 Revenue and other income 45 350 38 095 106 031 68 341 143 049 Cost of materi
Slide 31: Consolidated statement of financial position
FINANCIAL STATEMENTS Consolidated statement of financial position (Amounts in NOK 1,000) Note 30 June 2026 30 June 2025 31 Dec 2025 Note 30 June 2026 30 June 2025 31 Dec 2025 Equity and liabilities ASSETS Equity Non-current assets Share capital 8 52 337 14 217 52 337 Assets under construction 4 9 52
Slide 32: Consolidated statement of cash flows
FINANCIAL STATEMENTS Consolidated statement of cash flows Note Q2 2026 Q2 2025 H1 2026 H1 2025 2025 (Amounts in NOK 1,000) Cash flow from operating activities Loss before tax -99 436 -94 160 -127 497 -150 412 -248 733 Depreciation 4, 5 16 077 19 191 32 599 38 290 75 916 Change trade receivables 4 18
Slide 33: Consolidated statement of changes in equity
FINANCIAL STATEMENTS Consolidated statement of changes in equity (Amounts in NOK 1,000) Share Share premium Share based Translation 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 8
Slide 34: Note 1 – Summary of significant accounting policies
FINANCIAL STATEMENTS - NOTES 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
Slide 35: Note 2 – Loss and related insurance settlement
FINANCIAL STATEMENTS - NOTES Note 2 – Loss and related insurance settlement The Group has received insurance compensation for the events reported in 2025. Compensation of total 68 million is received, of which NOK 44 million was recognised as income in 2025. The insurance compensation has been fully
Slide 36: Note 3 – Biological assets (1/3)
FINANCIAL STATEMENTS - NOTES 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
Slide 37: Note 3 – Biological assets (2/3)
FINANCIAL STATEMENTS - NOTES Note 3 – Biological assets (2/3) Tonnes Volume of biological assets Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Biological assets beginning of period 1 882 1 126 1 949 1 058 1 058 Increase due to production 736 713 1 540 1 169 2 681 Reduction due to harvest/sale -876 -387 -1 71
Slide 38: Note 3 – Biological assets (3/3)
FINANCIAL STATEMENTS - NOTES Note 3 – Biological assets (3/3) Specification of biological assets Number of fish Biomass Cost of Fair value Biological assets (1000) (tonnes) production * adjustment ** Carrying amount Smolt 1 056 17 20 326 20 326 Non-harvestable fish 1 087 1 702 133 466 -7 101 126 365
Slide 39: Note 4 – Land, property, plant and equipment (1/2)
FINANCIAL STATEMENTS - NOTES Note 4 – Land, property, plant and equipment (1/2) Split between Right-of-use assets and owned assets: H1 2026 H1 2025 2025 Carrying amount RoU-assets 10 993 13 451 11 806 Carrying amount owned assets 1 165 607 1 369 963 1 249 837 Total property, plant and equipment incl
Slide 40: Note 4 – Land, property, plant and equipment (2/2)
FINANCIAL STATEMENTS - NOTES Note 4 – Land, property, plant and equipment (2/2) Assets under Equipment Year ended 31 December 2025 construction Land Buildings RAS and 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 6
Slide 41: Note 5 – Leases (1/3)
FINANCIAL STATEMENTS - NOTES Note 5 – Leases (1/3) 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 val
Slide 42: Note 5 – Leases (2/3)
FINANCIAL STATEMENTS - NOTES Note 5 – Leases (2/3) 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 Disposals
Slide 43: Note 5 – Leases (3/3)
FINANCIAL STATEMENTS - NOTES Note 5 – Leases (3/3) Lease liabilities 2026 2025 Maturity analysis - contractual undiscounted cash flows Less than one year 4 202 3 883 One to five years 7 552 8 922 More than five years Total undiscounted lease liabilities at period end 11 754 12 805 Lease liabilities
Slide 44: Note 6 – Long term receivables
FINANCIAL STATEMENTS - NOTES Note 6 – Long term receivables In the process of completing the equipment-installation, the company has paid USD 2.719 million to subcontractors of the company's contractual counterparty to ensure completion as the contractual counterparty has experienced payment difficu
Slide 45: Note 7 – Earnings per share
FINANCIAL STATEMENTS - NOTES Note 7 – Earnings per share Q2 2026 H1 2026 Q2 2025 H1 2025 2025 Profit (loss) for the year -99 436 366 -127 496 571 -94 159 816 -150 412 128 -253 120 425 Weighted average number of outstanding shares during the year 523 372 273 523 372 273 142 172 780 142 172 780 226 20
Slide 46: Note 8 – Share capital and shareholders (1/2)
FINANCIAL STATEMENTS - NOTES 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 June 2026. All shares carry equal rights. The movement in the number of shares during the year was as
Slide 47: Note 8 – Share capital and shareholders (2/2)
FINANCIAL STATEMENTS - NOTES Note 8 – Share capital and shareholders (2/2) Shares owned by board members, group management and their related parties at 30 June 2026 Number of Ownership Board of Directors shares percentage Olav Refvik, Nordfjord AS 10 000 000 1,9 % Elisabeth Adina Dyvik 95 000 0,0 %
Slide 48: Note 9 – Borrowings and other current liabilities (1/4)
FINANCIAL STATEMENTS - NOTES Note 9 – Borrowings and other current liabilities (1/4) During 2025 and 2026, 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 st
Slide 49: Note 9 – Borrowings and other current liabilities (2/4)
FINANCIAL STATEMENTS - NOTES Note 9 – Borrowings and other current liabilities (2/4) Non-current liabilities* Borrowing company Currency 30 June 2026 30 June 2025 31 December 2025 Proximar Seafood AS Convertible bond loan NOK - 61 377 (Norway) Proximar Seafood AS Non-current interest bearing debt NO
Slide 50: Note 9 – Borrowings and other current liabilities (3/4)
FINANCIAL STATEMENTS - NOTES Note 9 – Borrowings and other current liabilities (3/4) Payment profile non-current liabilities 2026 2027 2028 - Total At 30 June 2026 Convertible bond loan 65 760 65 760 Non-current interest bearing debt 16 990 104 200 12 222 133 411 Loan to financial institution 574 36
Slide 51: Note 9 – Borrowings and other current liabilities (4/4)
FINANCIAL STATEMENTS - NOTES Note 9 – Borrowings and other current liabilities (4/4) Credit facility guarantee: The bullet credit facility is guaranteed by Grieg Kapital AS, who is also a shareholder. As security for Proximar Ltd.'s payment obligations, the Guarantor has a first priority pledge of a
Slide 52: Note 10 – Material uncertainty relating to going concern
FINANCIAL STATEMENTS - NOTES Note 10 – Material uncertainty relating to going concern The consolidated financial statement and the Group’s financial statement are prepared on the assumption of going concern. The Group has significant debt maturities scheduled for the next 12 months, see note 9 in th
Slide 53: Note 11 – Subsequent events
FINANCIAL STATEMENTS - NOTES Note 11 – Subsequent events The Group successfully issued a new NOK 100 million convertible bond in August, with maturity in August 2029. This enabled the Group to extend the existing NOK 65 million convertible bonds, which were originally due January 2027, leaving a bal
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