Proximar Seafood As · OSL:PROXI
Proximar Seafood As — Q4 2025 Earnings Presentation
47 slides from Proximar Seafood As's earnings presentation, Feb 27, 2026
Slide 1: Presentation of Q4 2025
Company Presentation Presentation of Q4 2025 27.2.2026 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 Q4 2025 review 02 Market development Company Presentation 03 Operational development 04 Outlook & Summary 3
Slide 4: Proximar Seafood in brief
Proximar Seafood in brief First mover in the Japanese market with substantial cost advantage More than 1,700 tonnes HOG harvested and sold since September 2024* Norwegian company operating a land-based RAS facility Local Facility producing premium Atlantic salmon in Japan production for in operation
Slide 5: Q4 2025 review: Improved operations and clearer harvest outlook for 2026
Q4 2025 review Improved operations and clearer harvest outlook for 2026 Weekly harvesting, +98% superior grade • 339 tonnes (HOG) harvested in the quarter • ~2.1 kg (HOG) average harvest weight Company Presentation Strong relative price achievement1 for 3 kg+ continues • Continued strong demand for
Slide 6: Biomass reached standing target at YE 2025
Q4 2025 review Biomass reached standing target at YE 2025 – well-positioned for 2026 Biomass development Batches in production Harvest volumes Tonnes Number of Tonnes, Head on Gutted (HOG) Company Presentation 21 21 21 22 356 1 949 322 321 339 1 126 1 294 1 389 31.03.25 30.06.25 30.09.25 31.12.25 31
Slide 7: Revenues impacted by lower harvest volumes
Q4 2025 review Revenues impacted by lower harvest volumes, partly due to a change in harvest schedule, pushing fish into 2026 Amounts in 1,000 NOK • Sales revenues of NOK 21m, in addition NOK P&L Q4 2025 Q4 2024 2025 2024 13m related to insurance payouts recognized Revenue and other income 34,336 3,
Slide 8: Stronger financial position following debt reduction and equity issues
Q4 2025 review Stronger financial position following debt reduction and equity issues Amounts in 1,000 NOK • Tangible fixed assets of NOK 1.5bn account for Balance sheet 31 December 2025 31 December 2024 84.3% of total assets Non-current assets 1,262,369 1,439,607 • Equity increased by approx. NOK 3
Slide 9: Agenda
Agenda 01 Q4 2025 review 02 Market development Company Presentation 03 Operational development 04 Outlook & Summary 9
Slide 10: Strong interest for Fuji Atlantic salmon and attractive market prices
Market development Strong interest for Fuji Atlantic salmon and attractive market prices for +3kg fish (HOG) 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 5 5 5 5 136 142 140 141 Prices have s
Slide 11: Demonstrated premium pricing for market size fish
Market development Demonstrated premium pricing for market size fish – well- positioned for attractive price achievement going forward Proximar actual price achievement and export price Norway NOK/kg 140 Proximar is well-positioned 120 Proximar avg. price to benefit of the significant 100 achievemen
Slide 12: Agenda
Agenda 01 Q4 2025 review 02 Market development Company Presentation 03 Operational development 04 Outlook & Summary 12
Slide 13: Exiting 2025 with stable performance and better biological control
Operational development Exiting 2025 with stable performance, better biological control and encouraging outlook OPERATIONAL HIGHLIGHTS 1 Current status Facility is well-functioning, all conditions supporting good growth conditions Company Presentation 2 Stable water quality Turbidity issues resolved
Slide 14: Facility is well-functioning with good growth conditions
Operational development 1 | Facility is well-functioning with conditions supporting good growth conditions Biomass development Tonnes 1 980 1 933 1 389 1 294 Company Presentation 1 085 1 126 735 360 112 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Feb 26 • Fish health remains good, confirmed with
Slide 15: Stable water quality and turbidity resolved
Operational development 2 | Stable water quality and turbidity resolved, providing good growth conditions Turbidity measures in NTU for grow-out modules Module A Module B Company Presentation Module C Module D • Density above 65 kg/m3 for the grow-out • Water quality remains stable and good growth c
Slide 16: Operational improvements showing positive results
Operational development 3 | Operational improvements showing positive results Camera measurements and harvest result deviations 0,1 0,05 1,7 % Company Presentation 1,0 % 0 -0,1 % -2,6 % -0,05 -0,1 14-Jan-26 15-Jan-26 27-Jan-26 29-Jan-26 • AI Fish Camera fully implemented at the end of 2025 to verify
Slide 17: Growth expectations aligning with production plan
Operational development 4 | Growth expectations aligning with production plan Coming Batches showing higher growth performance Company Presentation Size Mixed batch harvested through 1Q (last fish to be harvested mid-March) Days after Hatching
Slide 18: Agenda
Agenda 01 Q4 2025 review 02 Market development Company Presentation 03 Operational development 04 Outlook & Summary 18
Slide 19: Outlook: Growth performance coming back
Outlook Growth performance coming back, density levels and water quality supporting expectations • Average harvest sizes in Q1 2026 impacted by a mixed batch with a portion of the fish showing low growth performance – this batch has been brought forward in harvest to free up capacity • Impact largel
Slide 20: Outlook: Managing short-term liquidity
Outlook Managing short-term liquidity Short-term liquidity needs from affected Q1 2026 harvest • In dialogue with various banks on additional credit lines to cover short-term liquidity needs and refinance a short-term loan • Proactive request for covenant waiver related to average two-month sales fr
Slide 21: Summary
Summary Entering 2026 with steady operations and biological performance - good earnings potential ahead Continued encouraging fish health and high survival rates. Good growth conditions restored and biological performance showing highly encouraging development. Last of growth-impacted fish harvested
Slide 22: Q&A
Company Presentation 2 Q&A
Slide 23: Consolidated Financial Statement Q4 2025
Company Presentation Consolidated Financial Statement Q4 2025 2 PRIVATE AND CONFIDENTIAL
Slide 24: 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 December 2025 to the best of our knowledge have view of the main events during the accounting period
Slide 25: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (Amounts in NOK 1.000) Note Q4 2025 Q4 2024 2025 2024 Revenue 21 009 3 365 99 054 3 509 Other income 2 13 326 - 43 995 - Revenue and other income 34 336 3 365 143 049 3 509 Cost of materials 31 933 16 378 111 645 41 658 Changes in biomass 3 983 -32 375
Slide 26: Consolidated statement of financial position
Consolidated statement of financial position (Amounts in NOK 1.000) (Amounts in NOK 1.000) Note 2025 2024 EQUITY AND LIABILITIES Note 2025 2024 ASSETS Equity Non-current assets Share capital 9 52 337 14 217 Assets under construction 5 7 449 154 177 Share premium reserve 458 828 373 561 Land 5 81 811
Slide 27: Consolidated statement of cash flows
Consolidated statement of cash flows (Amounts in NOK 1.000) Note Q4 2025 Q4 2024 2025 2024 Cash flow from operating activities Loss before tax -39 942 -62 266 -248 733 -141 270 Depreciation 5, 6 18 787 15 320 75 916 49 667 Change trade receivables -397 163 -398 - Change other receivables -9 320 13 5
Slide 28: Consolidated statement of changes in equity
Consolidated statement of changes in equity Share Share premium Share based Translation Note (Amounts in NOK 1.000) capital reserve Other equity payment 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
Slide 29: 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 30: Loss and related insurance settlement
Note 2 - Loss and related insurance settlement The Group has experienced incidents during the year that have resulted in damaged equipment, loss of biomass, mortality and delayed growth. As a result of the incidents NOK 27.7 million has been recognized in the income statement under "loss on disposal
Slide 31: 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 32: Biological assets (2/3)
Note 3 – Biological assets (2/3) Amounts in 1,000 NOK Tonnes Volume of biological assets Q4 2025 Q4 2024 YTD 2025YTD 2024 Biological assets beginning of period 1 388 733 1 058 40 Increase due to production 976 359 2 681 1 062 Reduction due to harvest/sale -409 -34 -1 612 -35 Reduction due to inciden
Slide 33: 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 1 009 27 19 567 19 567 Company Presentation Non-harvestable fish 1 177 1 922 107 621
Slide 34: Share based payments (1/2)
Note 4 - Share based payments (1/2) Amounts in 1,000 NOK Share based payments The board of directors in Proximar Seafood AS (the "Company") has resolved to implement a long-term incentive scheme for key employees in the Company and Proximar Ltd. Rights are granted by the Company on an individual bas
Slide 35: Share based payments (2/2)
Note 4 - Share based payments (2/2) Amounts in 1,000 NOK Outstanding options 2025 2024 Outstanding options 1 January 5 413 127 1 689 382 Options granted 17 742 738 4 870 000 Options exercised - - Options forfeited -5 099 794 -1 146 255 Outstanding options at end of period 18 056 071 5 413 127 Compan
Slide 36: Land, property, plant and equipment (1/2)
Note 5 - 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 11 806 6 140 15 371 Carrying amount owned assets 1 249 836 1 404 121 1 409 652 Total property, plant and equipment incl. right
Slide 37: Land, property, plant and equipment (2/2)
Note 5 - 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 38: Leases (1/2)
Note 6 - 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 Period ended 31 December 2024 Farming equipment Property Vehicles Total buildings ended May 2024. Rent agreement starting in April
Slide 39: Leases (2/2)
Note 6 - Leases (2/2) Amounts in 1,000 NOK Lease liabilities 2025 2024 Maturity analysis - contractual undiscounted cash flows Less than one year 3 883 4 629 One to five years 8 922 10 742 More than five years 1 653 Total undiscounted lease liabilities at period end 12 805 17 023 Lease liabilities i
Slide 40: Long term receivables
Note 7 – 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 8 - Earnings per share Amounts in NOK Q4 2025 Q4 2024 2025 2024 Profit (loss) for the year -45 087 715 -62 266 044 -253 878 351 -139 204 289 Weighted average number of outstanding shares during the year 464 716 646 142 172 780 226 203 335 139 878 824 Earnings (loss) per share - basic and dilute
Slide 42: Share capital and shareholders (1/2)
Note 9 - 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 2025. All shares carry equal rights. The movement in the number of shares during the year was as follows: 2025 2024 Ordinary shares
Slide 43: Share capital and shareholders (2/2)
Note 9 - Share capital and shareholders (2/2) List of main shareholders at 31 December 2025 and 2024 2025 2024 Number of Ownership Number of Ownership Shareholder shares percentage shares percentage Daimyo Invest AS 62 156 889 11,9 % 4 683 240 3,3 % Grieg Kapital AS 57 598 775 11,0 % 14 690 049 10,3
Slide 44: Borrowings and other current liabilities (1/3)
Note 10 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK The Group has, through its subsidiary Proximar Ltd. (Japan), signed a new agreement with JA Mitsui Leasing (JAML) in relation to the JPY 750 million (~NOK 50 million) loan with due date 30 December 2025. The loan has been
Slide 45: Borrowings and other current liabilities (2/3)
Note 10 - Borrowings and other current liabilities (2/3) Amounts in 1,000 NOK Non-current liabilities* Borrowing company Currency 2025 2024 Convertible bond loan Proximar Seafood AS (Norway) NOK 61 377 - Non-current interest bearing debt Proximar Seafood AS (Norway) NOK 104 200 - Loan to financial i
Slide 46: Borrowings and other current liabilities (3/3)
Note 10 - 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 be
Slide 47: Subsequent events
Note 11 – Subsequent events Low average harvest weight in the first quarter will negatively impact price achievement and short-term cash flow. Proximar is currently in process with banks for extra credit lines to cover short-term liquidity needs and address the refinancing of a short-term loan. As p