Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Q3 2025 Earnings Presentation
39 slides from Proximar Seafood As's earnings presentation, Nov 14, 2025
Slide 1: Presentation of Q3 2025
Company Presentation Presentation of Q3 2025 14.11.2025 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 01 Highlights of the quarter 02 Operational development Company Presentation 03 Market development 04 Financials 05 Outlook & Summary 3
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights First mover in the Japanese market with substantial cost advantage More than 1,200 tonnes HOG harvested and sold since September 2024 Norwegian company operating a land-based RAS facility Local production for Facility producing premium Atlantic salmon in Japan in operation the pre
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights Harvesting superior grade salmon weekly, strong relative price achievement and low mortality Weekly harvesting, with more than 99% superior grade • Harvested 356 tonnes in the quarter • 99.2% superior grade • ~2.3 kg (HOG) average harvested weight • Continued strong demand for Fuj
Slide 6: Building biomass to reach standing target of ~2,000 tons by YE 2025
Operational development Building biomass to reach standing target of ~2,000 tons by YE 2025 Biomass development Batches in production Harvest volumes Tonnes Number of Tonnes, Head on Gutted (HOG) Company Presentation 1.389 21 21 21 356 1.058 1.294 19 322 321 1.126 28 31.12.24 31.03.25 30.06.25 30.09
Slide 7: Operational improvements now showing positive results
Operational development Operational improvements now showing positive results • Fish health remains good and high survival rate continues • Growth was impacted by lower feeding due to combination of several reasons • Extensive transfers in July following completion repairs of last module Company Pre
Slide 8: Strong Q4 to date development with feeding and biomass developing according to plan
Operational development Strong Q4 to date development with feeding and biomass developing according to plan ~2,000 Standing biomass (tonnes) Harvested biomass (tonnes LW) 183 135 184 Biomass showing 167 110 encouraging development Company Presentation 127 and growth according to feeding levels Expec
Slide 9: Significant transportation costs to Japan support Proximar's competitive edge
Market development Significant transportation costs to Japan continue to demonstrate support for Proximar's competitive edge Import cost of Norwegian fresh Atlantic salmon in Japan Figures in NOK/kg, HOG Import price 3.5 % import tax Local handling 164 157 155 147 5 145 147 142 141 5 5 5 5 5 131 136
Slide 10: Government recognizes importance of land-based aquaculture
Market development Government recognizes importance of land-based aquaculture driven by food security and local economic development New Japanese Cabinet focuses on Land-based farming for Food security Prime Minister Proximar continues to Takaichi mentioned receive interest both in Land-Based Aquacu
Slide 11: Q3 2025 financials
Q3 2025 financials Third quarter 2025 P&L Q3 2025 Q3 2024 2024 24 MNOK in sales in Q3 Revenue and other income 40 372 145 3 509 Operating expenses (excl. depreciation) -47 641 -1 867 -47 765 EBITDA of -7.3 MNOK EBITDA non-adjusted -7 269 -1 722 -44 256 EBITDA of -19.1 MNOK Insurance payout and net F
Slide 12: The comprehensive refinancing plan completed in October
Q3 2025 financials The comprehensive refinancing plan completed in October • The plan has been executed as communicated in the Q2 report: The equity is strengthened through 2 transactions: the • MNOK 150 rights issue securing equal treatment to all shareholders carried out – increasing rights issue
Slide 13: Growth picking up and plan to push volumes into 2026
Outlook Growth picking up and plan to push volumes into 2026 to increase harvest weights & prices - back on track for 2026 • Average harvest sizes in 4Q 2025 still impacted by lower growth, but from January expecting harvest size to be above 3 kg (HOG), also improving price achievement • Efforts to
Slide 14: Production improving and encouraging biological performance
Outlook Production improving and encouraging biological performance – well-positioned for 2026 Summary: Full capacity restored and biological performance now showing encouraging results Good fish health and high survival rates Company Presentation Strong price achievement for market size fish, solid
Slide 15: Q&A
Company Presentation 1 Q&A
Slide 16: Consolidated Financial Statement Q3 2025
Company Presentation Consolidated Financial Statement Q3 2025 1 PRIVATE AND CONFIDENTIAL
Slide 17: 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 30 September 2025 to the best of our knowledge have view of the main events during the accounting perio
Slide 18: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (Amounts in NOK 1.000) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Revenue 24.014 145 78.045 145 3.509 Other income 2 16.359 - 30.669 - - Revenue and other income 40.372 145 108.714 145 3.509 Cost of materials 29.708 13.792 79.712 25.279 41.658 Changes
Slide 19: Consolidated statement of financial position
Consolidated statement of financial position EQUITY AND LIABILITIES Equity Share capital 8 15.639 14.217 14.217 Note 30 Sept 2025 30 Sept 2024 2024 ASSETS Share premium reserve 163.592 436.127 373.561 Non-current assets Other equity 23.998 23.998 23.998 - - Assets under construction 4 14.379 282.676
Slide 20: Consolidated statement of cash flows
Consolidated statement of cash flows (Amounts in NOK 1.000) Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Cash flow from operating activities Loss before tax -58.379 -23.720 -208.791 -79.004 -141.270 Depreciation 18.838 12.957 57.129 34.347 49.667 Change trade receivables 948 -163 -1 -163 - Change oth
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: Loss and related insurance settlement
Note 2 - Loss and related insurance settlement With references to previous stock exchange releases regarding biofilter incidents and loss of biomass. As a result of the incidents NOK 27.7 million has been recognized in the income statement under "loss on disposal of PPE". The damaged equipment have
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 Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 Biological assets beginning of period 1.295 360 1.058 40 40 Increase due to production 536 375 1.705 704 1.062 Reduction due to harvest/sale -429 -1 -1.204 -1 -35 Reduction
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 1.012 16 16.783 16.783 Non-harvestable fish 1.177 1.372 119.592 -5.966 113.626 Total
Slide 27: 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 2025 YTD 2024 2024 Carrying amount RoU-assets 12.014 6.140 15.371 Carrying amount owned assets 1.317.388 1.404.121 1.409.652 Total property, plant and equipment incl. right
Slide 28: 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 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 - 10.1
Slide 29: 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 30: Leases (2/3)
Note 5 - Leases (2/3) 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
Slide 31: Leases (3/3)
Note 5 - Leases (3/3) Amounts in 1,000 NOK Amounts recognised in the statement of profit and loss Q3 2025 Q3 2024 2024 Interest expense 456 71 202 Depreciation expense on right-of-use asset 3.083 1.526 2.437 Total cash outflows Principal payment 3.553 1.629 2.556 Total cash flow in financing activit
Slide 32: 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 33: Earnings per share
Note 7 - Earnings per share Amounts in NOK Q3 2025 YTD 2025 Q3 2024 YTD 2024 2024 Profit (loss) for the year -61.673.125 -215.196.410 -13.956.827 -75.720.673 -139.204.289 Weighted average number of outstanding shares during the year 154.827.722 146.406.602 142.172.780 139.102.927 139.878.824 Earning
Slide 34: Share capital and shareholders (1/2)
Note 8 - Share capital and shareholders (1/2) The share capital of NOK 15.639.006 consisted of 156.390.060 shares, each with a nominal value of NOK 0.1 at the end of September 2025. All shares carry equal rights. The movement in the number of shares during the year was as follows: 30 September 2025
Slide 35: Share capital and shareholders (2/2)
Note 8 - Share capital and shareholders (2/2) List of main shareholders at 30 September 2025 30 September 2025 Number of Ownership Shareholder shares percentage Grieg Kapital AS 14.690.049 9,4 % Nordfjord AS 10.000.000 6,4 % Kvasshøgdi AS 7.244.844 4,6 % Helida AS 7.042.000 4,5 % Company Presentatio
Slide 36: Borrowings and other current liabilities (1/3)
Note 9 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK The Company announced a plan for refinancing in stock exchange message on 9 July. As part of the plan the Company has extended the loan maturities for the Japanese syndicated bank loans that were originally due in the third
Slide 37: 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 Sept 2025 30 Sept 2024 31 December 2024 Proximar Seafood AS Convertible bond loan NOK 262 625 245 223 (Norway) Proximar Seafood AS Non-current interest bearing debt NOK
Slide 38: 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 NIBOR 1M + 2.25 % October 2025 Intercompany claims Non-current interest be
Slide 39: Subsequent events
Note 10 – Subsequent events On 9 July 2025, the company announced a new financing plan. The comprehensive refinancing plan included 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