Yokohama/Bergen, 14 November 2025: Proximar Seafood AS has today reported its Q3
2025 results, with good progress towards the year-end biomass target of
approximately 2,000 tonnes. The company entered Q4 2025 with a strengthened
balance sheet following the execution of the refinancing plan in October 2025.

-	We are pleased to now see improved farming conditions yielding results with
low natural mortality and improved growth rates. We expect to demonstrate the
potential of our business model and our unique position as our production
gradually gets back on track entering 2026, coupled with a positive market
outlook and attractive price levels, says Joachim Nielsen, CEO of Proximar
Seafood.

Proximar harvested 356 tonnes HOG in Q3 2025. The superior grade share was
99.2%, with a survival rate, including incidents, above 99% in the grow out. 

-	The harvest of 1,200 tonnes HOG since September 2024 demonstrates the
facility's ability to produce high-quality Atlantic salmon. High survival rates,
good fish health and high superior share make us optimistic as we look into
2026. We can now see growth picking up and are planning to push some volumes
into 2026 as a measure to increase average harvest weight and achieve better
prices, he continues.

The third quarter was impacted by the prolonged period of lower average sized
harvested fish and consequently lower price achievement primarily impacted by
reduced feeding following the biofilter incidents in Q4 2024. Revenues for the
quarter ended at NOK 24.0 million compared to NOK 0.15 million in Q3 2024.
EBITDA was NOK -7.3 million compared to NOK -1.7 million in Q3 2024. The
operational result was positively impacted by one- off insurance payouts of NOK
16.4 million in the quarter related to the biofilter incidents in Q4 2024 and
the mortality incident in May 2025.

Through the quarter, several measures have been taken to improve growth. These
measures have shown positive results continuing into October and November, and
feeding volumes are now according to plan, with growth rates aligned with
expectations.
 
Continued NOK ~100/kg for market-size Atlantic Salmon in Japan
For market-size fish above 3 kg HOG harvested by Proximar Seafood in Q3 2025,
the average price achievement was NOK 97/kg net to Proximar. This demonstrates
the significant advantage of local production in Japan. Fuji Atlantic salmon
continues to receive premium pricing for fish in this segment, comparing to an
average export price from Norway of NOK 69/kg in the quarter. The total average
price achievement for Proximar in Q3 2025 was NOK 67/kg which is impacted by a
large part of the harvested fish being below 3 kg (HOG). 

Japan's growing emphasis on food security was highlighted by Prime Minister
Takaichi's support for land-based aquaculture in her policy speech in October.
With limited domestic production and strong consumer preference for premium
seafood, land-based farming holds strong underlying drivers for long-term
domestic demand.

Refinancing executed in October, strengthening the balance sheet
During Q3 2025, Proximar Seafood carried out a comprehensive refinancing plan as
communicated in the Q2 2025 reporting. The process was completed in October
2025, and the company moved forward with a strengthened balance sheet following
two transactions:
1.	A NOK 150 million rights issue 
2.	Conversion of a NOK ~200 million convertible bond to equity

Following the carried-out transactions, the relative ratio between equity and
debt will be improved by approximately NOK 550 million, with the effect showing
in the Q4 2025 accounts.

Furthermore, agreements were reached for some the company's debt with initial
maturities in 2025, where the syndicated loan is extended until August 2026 and
the shareholder loan until October 2027. 

Additionally, Proximar Seafood has made good progress to secure working capital
requirements following the updated harvesting plan (see Outlook session below)
with indicative offer and term-sheets received.

Highlights for third quarter of 2025:
-	Standing biomass of 1,389 tonnes LW at quarter-end
-	356 tonnes (HOG) harvested in the quarter, approx. 1,200 tonnes HOG so far in
2025 (mid-November).
-	99.2% superior grade and ~99.3% survival rate (grow out)   
-	Average price achieved: NOK 67/kg, with >3 kg fish achieving NOK 97/kg
-	Revenues at NOK 24.0 million, compared to NOK 0.1 million in Q3 2024
-	Full production capacity and more than 2.2 million fish in production

Outlook for 2025 and 2026
With full production capacity restored and a stronger financial position, the
company expects gradually increased harvest weights and improved price
realization going forward. The overall priority is to get on track for 2026,
targeting average harvest weights above 3.5 kg HOG.
The total number of fish for harvest in 2025 is approximately 550,000 and
1,250,000 for 2026, as the production plan has been adjusted to optimize harvest
weight to capture premium pricing for market-sized fish and increased volumes.
Some fish is planned to be pushed from December 2026 to January 2027 due to
market considerations, explaining the deviation for the total number of fish
scheduled for harvest in 2025 and 2026 of ~100,000 fish from previous guidance. 

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Presentation and webcast
Proximar Seafood will host a webcast presenting the results for the third
quarter of 2025, today at 08:00 CEST. The investor presentation will be hosted
by CEO Joachim Nielsen and CFO Ole Christian Willumsen. The presentation will be
held in English and questions can be submitted throughout the event. The
streaming event is available at
https://events.webcast.no/proximar/2025/proximar-q3-2025.
For further information, please contact:
Ole Chr. Willumsen, CFO
+47 48 21 34 29
ocw@proximar.com

About Proximar
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 at our partner Marubeni
Corporation's head quarter in Tokyo. 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.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. The information was published on
14 November 2025, at 07:00 by Ole Christian Willumsen, CFO.