Yokohama, May 29, 2026: Proximar Seafood AS ("Proximar") today reported its
first quarter 2026 results, marked by a continued positive growth trend and
positive operational development. During the period, Proximar harvested the last
mixed batch of fish affected by earlier production disruptions. Despite record
harvest volumes, the challenging market situation and low average harvest
weights, impacted price achievement and revenue during the quarter. Biological
performance remained strong, with superior share above 95% and high survival
rates of 97.6% in the grow out.
	
"We delivered record harvest volumes in the quarter and biological performance
continued to improve throughout. While revenues are impacted by the challenging
market situation and harvest sizes still below the 3 kg threshold, the
operational progress we are seeing gives us strong confidence in our longer-term
outlook and ambitions. Following this, we are now taking measures to improve
size and price achievement in the second half of 2026," said CEO Joachim
Nielsen.

- Q1 2026 highlights -

o 697 tonnes HOG harvested in the quarter, compared to 339 tonnes HOG in Q4 2025
o Standing biomass of 1,880 tonnes at quarter-end, down slightly from 1,949
tonnes in Q4 2025, related to the record harvest volume this quarter 
o Survival rate of 97.6% in the grow-out compared to 99.7% in Q4 2025
o Average harvest weight of 2.25 kg, with a high superior share of 95% (Q4 2025:
98%), impacted by the harvest of smaller and underperforming fish
o Average net sales price of approximately NOK 54 per kg (NOK 75 per kg for fish
>3 kg HOG)
o Revised full-year harvest guidance of 3,000-3,400 tonnes HOG (previous:
3,500-4,000 tonnes) 

- Harvest of smaller fish in Q2 to align production for a stable >3 kg supply -

Higher-than-expected survival rates and no culling have put a limit on available
tank capacity to hold back on harvest for the largest fish to grow above 3 kg.
In a strategic effort to reach stable output above 3 kg, Proximar has decided to
harvest smaller fish in the second quarter to free up tank capacity and allow
larger fish to grow another ~6-8 weeks. This will reduce harvest weights in the
second quarter but is expected to improved harvest sizes from Q3 and onwards.
The revised harvest plan will also shift planned December harvest of ~110k fish
to January 2027, further impacting expected full-year harvest volumes to
3,000-3,400 tonnes HOG (from previous 3,500-4,000 tonnes). 

"With good fish health and continued high survival rates, the average size of
our harvested fish is trending upwards towards the 3 kg threshold. We are
confident that the measures we are taking to align production support our
ambition of achieving stable output above this threshold in the near term, and
lay a solid foundation for profitability in the second half of 2026," Nielsen
added.

- Assessing options to address liquidity needs following adjusted sales
expectation -

The harvest of smaller fish in the first quarter led to lower revenues than
expected and a short-term liquidity need. The company has secured a new JPY 300
million (~NOK 18 million) loan from a regional bank, with drawdown completed in
May 2026. 

Continued low harvest weights and spot market exposure are expected to impact
revenues also in the second quarter. Proximar has proactively requested a waiver
for the sales covenant related to its syndicated bank loan, and discussions are
progressing constructively

Lower revenues than expected in the second quarter will trigger additional
liquidity needs, and the company is currently assessing the total impact and
exploring various potential funding sources. Simultaneously, Proximar is
actively exploring refinancing opportunities for its syndicated bank loan
maturing in August 2026, including a potential 12-month maturity extension.
Proximar is experiencing strong interest and support from banks and other
stakeholders and as part of its strategic planning, the Board is considering
engaging a Japanese investment bank to conduct a strategic review focused on the
company's long-term development.

- Presentation and webcast - 

Proximar will present its Q1 results today at 09:00 CEST in a live webcast
hosted by CEO Joachim Nielsen and CFO Tetsuya Kobayashi. The webcast can be
followed live at the following link:
https://events.webcast.no/proximar/2026/proximar-q1-2026.  
A recording will be made available after the event. Written questions may be
submitted during the webcast.

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.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
bon footprint.\
\
This information is subject to the disclosure requirements pursuant to section\
5-12 of the Norwegian Securities Trading Act.\