Proximar Seafood Production Update: Harvest size distribution developing positively

Bergen/Yokohama, 1 July 2026 

During the quarter, Proximar Seafood ("Proximar") harvested 726 tonnes HOG, down
from 697 tonnes HOG in the first quarter of 2026, bringing the total harvest
since September 2024 to around 2,800 tonnes HOG. Biological indicators remained
strong, with 99.3% superior grade in the quarter and 98.9% survival rate for the
grow-out. 

As of 30 June 2026, standing biomass was 1,730 tonnes, compared to 1,880 tonnes
as of 31 March 2026. Including the harvested biomass of 875 tonnes LW, gross
biomass growth in the quarter was 726 tonnes. Feeding was temporarily impacted
by elevated turbidity likely caused by operational parameters, with the root
cause still being identified. Turbidity levels have since improved and is no
longer restricting feeding, with appetite developing positively. 

Proximar currently has approximately 2.1 million healthy salmon in production. 

In June, the targeted harvest of smaller fish was initiated to free up tank
capacity and prioritize increasing the average harvest sizes to above 3 kg, as
announced in the first quarter 2026 presentation. The adjusted harvest plan
impacted average harvest weights in the second quarter, which ended at 2.56 kg
HOG. Despite this, harvest sizes are trending up and increased from ~2.25 kg HOG
in the previous quarter, demonstrating continued positive size distribution
developments. 

The average net sales price improved in the second quarter to ~NOK 64/kg (Q1
2026: 54/kg) but remained impacted by a weaker spot market and limited
contracted sales of fish above 3 kg. For fish above 3 kg HOG, average price
achievement was ~NOK 75/kg (Q1 2026: 75/kg). Despite the weaker spot market,
sales prices with our loyal customers remained stable, highlighting the value of
contracted customers. Market conditions are expected to improve in the third
quarter, supported by an increase in contracted sales.

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 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.
es significant advantages\, both in\
terms of reduced cost and carbon footprint.\