Proximar Seafood: Production update and first quarter expectations

About this update from Proximar Seafood As

Yokohama, 9 February 2026: Proximar Seafood AS ("Proximar") today announces aproduction update following the January harvests. The company is seeingpositivebiological developments across the vast majority of its production, supportingexpectations for increasing harvest weights and a solid full year outlook.Proximar estimates harvest volumes of 3,500-4,000 tonnes HOG for the full year2026."We are encouraged by the performance we are seeing, and the improvements wehave made are clearly showing positive effects on growth. Harvest in the firsttwo months will reflect the impact of earlier operational challenges, but weexpect predictable and robust production moving forward. The implementation ofAI-enabled camera surveillance also permits better control and monitoring ofthebiomass. We remain confident in delivering stronger harvest weights andimprovedprice achievement throughout the year," said Joachim Nielsen, CEO.First quarter expectationsIn April 2025, following the previously reported biofilter incidents, fourcohorts were mixed into one batch as an alternative to removing fish entirely.Harvest from this combined batch in January shows that a portion of the fishhasnot grown as anticipated, resulting in a wide size distribution and loweraverage weight. Harvest of this batch has therefore been brought forward tofreeup capacity and allow the company to focus on later batches, which showmarkedlybetter biological performance.The impact is concentrated to January and February, supporting expectations ofimproved harvest weights from March onwards. The company expects to reach anaverage harvest weight of around 2.4 kg HOG in the first quarter. For the restof the year, April to December, average harvest weight is expected to increaseto 3.5-3.8 kg HOG, enabling the company to achieve higher market prices andtargeted price achievement.Low average harvest weight in the first quarter will negatively impact priceachievement and short-term cash flow. Proximar is currently in process withbanks for extra credit lines to cover short-term liquidity needs andaddressingthe refinancing of a short-term loan. As part of the revision of the harvestplan, Proximar has also proactively requested a waiver from its syndicatebanksof a covenant related to average two-month sales starting from January 2026.Proximar is experiencing strong support from its banks.Furthermore, Proximar expects ...

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