Yokohama/Bergen, 22 August 2025: Proximar Seafood AS has today reported its
second quarter and first-half 2025 results. Since the end of June, all modules
have been operational, and full utilization was finally restored. 

"We entered the second half with all modules in operation and expect growth
rates and harvest weights to gradually increase. Mortality is still low, and we
expect to demonstrate the earnings potential of our model as our production
gradually gets back on track through the second half of 2025 and going into
2026", says Joachim Nielsen, CEO of Proximar Seafood.

Proximar harvested 321 tonnes HOG in Q2 25, bringing the total harvest for the
first half to 643 tonnes. The superior grade share was 99.2 percent, with a
survival rate (excluding incidents) above 99%. Including the reported incident
in May, the survival rate was 87.2%.
 
"We have as of today harvested 1,000 tonnes in total of live fish, demonstrating
the facility's ability to produce high-quality Atlantic salmon", he continues.

The second quarter was impacted by continued reduced feeding following the
biofilter incidents. Revenues for the quarter ended at NOK 23.8 million (0 in Q2
2024) and EBITDA of NOK -55.2 million (-2.0). The one-time effects, in addition
to fair value adjustment, impacting operating results amounted to approximately
NOK 28 million. 

Prices still exceeding NOK 100/kg:
The revenues were negatively impacted by lower achieved harvest weights and
consequently lower price achievement, combined with some delay of harvest
volumes as a measure to increase harvest weights. 
For the market-size fish harvested (+3 kg), the average price achievement was
NOK 108/kg, demonstrating the significant value advantage of local production in
Japan. Fuji Atlantic salmon continues to receive premium pricing for fish in
this segment. The average price achievement for the quarter was NOK 75/kg.

Refinancing plan strengthens balance sheet:
Shortly following the quarter end, Proximar announced a comprehensive
refinancing plan that will strengthen liquidity and improve financial
flexibility.

The plan includes a fully underwritten NOK 150 million rights issue, a voluntary
conversion of the outstanding convertible bond to equity and amendments to its
debt facilities, as communicated in the stock message 9 July 2025. The plan
extends maturities, reduces interest costs, and improves terms for the
shareholder loan. Proceeds will provide additional working capital, increase
equity, refinance short-term debt, and support operational flexibility to
enhance harvest weights and consequently price achievement. 60 MNOK in
additional working capital financing has been secured short-term until the
rights issue is completed.

Highlights for the second quarter of 2025:
-	Standing biomass of 1,294 tonnes LW at quarter-end
-	321 tonnes (HOG) harvested in Q2, 643 tonnes HOG in H1
-	99.2% superior grade