Proximar Seafood Production Update: Improved growth rates and positive development in price achievement

Bergen/Yokohama, 7 October 2026 

During the quarter, Proximar Seafood ("Proximar") harvested 631 tonnes HOG, down
from 726 tonnes HOG in the second quarter of 2026, bringing the total harvest
since September 2024 to around 3,420 tonnes HOG. Biological indicators remained
strong, with a 98.5% superior grade in the quarter and a 99.4% survival rate for
the grow-out. 

As of 30 September 2026, standing biomass was 1,707 tonnes, compared to 1,718
tonnes as of 30 June 2026. Including the harvested biomass of 631 tonnes HOG,
gross biomass growth in the quarter was 750 tonnes, with September showing the
highest monthly gross growth of the year of 303 tonnes. 

Proximar currently has approximately 2.2 million healthy salmon in production.
The company is seeing positive development in biological performance and
pricing, driven by overall better growth rates, a higher share of larger fish,
and improving market dynamics. 

The average net sales price improved in the third quarter to ~NOK 71/kg (Q2
2026: 64/kg), supported by an improved size mix and higher prices across all
size categories. For fish above 3 kg HOG, the average net price was ~NOK 84/kg
(Q2 2026: 75/kg). Fish above 3 kg accounted for 45% of total harvest volume in
the quarter, up from 35% in Q2 2026. Both quarters were affected by the planned
harvest of smaller fish from May to July, with a clear improvement in size mix
in August and September.

The average harvest weight (HOG) for the third quarter of 2026 was 2.59 kg, up
from 2.56 kg in Q2. In August and September, the average harvest weight was 2.93
kg. Elevated geosmin levels resulted in longer purging periods and a shift in
harvest schedules, with part of the harvest moved into the fourth quarter. 

In early 2026, Proximar secured approval to drill a second water well, following
planning work which began in 2025. Drilling started in July with the well
expected on stream in November. The second well will double daily water intake
and purge capacity, allowing for longer purging, if necessary, without affecting
harvest schedules. A higher rate of water exchange will also further improve
growth conditions and water quality, securing more high-quality Mt. Fuji
groundwater to the facility. 

Please see attached for further production details. 

For more information, please contact: 
Joachim Nielsen, CEO, ir@proximar.com 

About Proximar Seafood 
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch of eggs in October 2022 and carried out its
first harvest on 30 September 2024. Proximar's brand and logo (Fuji Atlantic
Salmon) were officially launched in October 2024. Through land-based salmon
farming, using high-quality groundwater secured close to Mount Fuji, the company
produces fresh Atlantic Salmon, harvested the same day. Proximar's location,
near one of the world's most important fish markets, implies significant
advantages, both in terms of reduced cost and carbon footprint.
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