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 expectations
In 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 to receive business interruption insurancepayments in the first quarter related to the above-mentioned biofilterincidents. These payments will partly compensate for lost revenues. While theinsurance coverage has been confirmed, the final settlement is in process andthe final amount still not concluded. Further updates will be provided in duecourse.
Current status
Since December, Proximar has utilized camera and AI to strengthen thecompany'sability to monitor and manage biological performance, providing betterinsightsinto biomass and size-distribution across the production system. This upgradeprovides better growth predictions, supports optimized feeding and strengthensharvest planning and expected price achievement.
Based on AI-enabled camera surveillance of all tanks carrying fish above 1 kgaverage weight, the overall biomass as of early February has been adjusteddownby approx. 2%, excluding the mixed batch referred to above. The camerasurveillance has shown a high degree of precision when comparing samplings toactual harvested weights.
At the beginning of February, following the adjustments, the standing biomasswas approximately 2,000 tonnes. Proximar harvested 185 tonnes HOG in January.
Fourth quarter 2025 financial results
Proximar Seafood AS will publish its financial results for the fourth quarterof2025 on February 27, 2026. The results will be presented in a webcast at 08:00CET on the same day. More details on how to access the live presentation willbedistributed in due course.
For further information, please contact:Joachim Nielsen, CEO ir@proximar.com
About Proximar SeafoodProximar Seafood is a Norwegian land-based salmon farming company with itsfirstproduction facility and production at the foot of Mount Fuji in Japan. Thecompany inserted its first batch of eggs in October 2022 and carried out itsfirst harvest on 30 September 2024. Proximar's brand and logo (Fuji AtlanticSalmon) were officially launched in October at our partner MarubeniCorporation's head quarter in Tokyo. Through land-based salmon farming, usinghigh-quality groundwater secured close to Mount Fuji, the company producesfreshAtlantic Salmon, harvested the same day. Proximar's location, near one of theworld's most important fish markets, implies significant advantages, both interms of reduced cost and carbon footprint.
This information is considered to be inside information pursuant to the EUMarket Abuse Regulation and is subject to the disclosure requirements pursuantto section 5-12 of the Norwegian Securities Trading Act.
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