Slides
Page 1
P R O X I M A R S E A F O O D Production & sales update Q3 2026
Page 2
For more information about Proximar, visit www.proximarseafood.com Disclaimer 2 This presentation (the “Presentation”) has been prepared by Proximar Seafood AS (the “Company” and together with its subsidiaries, the “Group”), solely for information purposes. The Presentation comprise a general summary of certain matters in connection with the Group, and do not purport to contain all of the information that any recipient may require to make an investment decision. This Presentation, and the information contained herein, does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company, and neither the issue of the materials nor anything contained hereinshall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity, and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction. No representation, warranty, or undertaking, express or implied, is made by the Company nor any of the Company's affiliated entities or persons as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information orthe opinions contained herein, for any purpose whatsoever. This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, and amendment, without notice. Neither the company nor its affiliated entities or persons is obligated to provide access to any additional or follow-up information relating to this Presentation, or to correct any inaccuracies relating to this Presentation. Neither the Company nor any of the Company's affiliated entities or persons, assumes any responsibility whatsoever, for any use of this Presentation. By reading this Presentation, you acknowledge that the information and statements that appear cannot form the basis for or be relied upon in connection with any investment activity or other activity whatsoever, and that you will be solely responsible for your own assessment of the Group.
Page 3
Stronger growth, higher prices and doubling water intake 3 Q3 2026 HIGHLIGHTS Biology: growth rates continue improving Continued high survival of 99.4% in the grow-out, and later batches showing better growth performance with gross growth of 303 tonnes in September, the highest year to date. 98.5% superior share Price: harvest sizes contributing positively Harvest volume at 3 kg and above increased to 45% in Q3 compared to 35% in Q2 2026. Blended net price increased to NOK 71/kg1 from NOK 64/kg in Q2 2026. +11% blended net price vs Q2 20261 Harvest: temporary longer purge time needed Higher geosmin levels have required longer purge time, shifting harvest schedule to ensure quality at harvest. Average purge time is expected to return to normal range. 12.3 days avg purge, September (6–8 previously) Capacity: second well on-stream in November A second well doubles water intake and purge capacity, increasing harvest flexibility and further improving water quality and growth conditions. Approval from authorities secured in January 2026, following planning work which began in 2025. 2,000 m³ daily water intake (from current 1,000 m3) 1 Q3 2026 sales amounts and prices are not yet final (September preliminary) and may be subject to change
Page 4
Operational performance demonstrate positive trajectory following the strategic harvest of smaller fish in May – July 4 OPERATIONAL PERFORMANCE Harvest weights developing positively 0 10 20 30 40 50 60 70 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jan Feb Mar Apr May Jun Jul Aug Sep Avg harvest weight (LHS) Share ≥ 3 kg (RHS) 45% Share ≥ 3 kg vs 35% in Q2’26 2.59 kg Avg harvest weight, HOG vs 2.56 kg in Q2’26 Increased biomass and higher gross growth 631 tonnes Harvested, HOG vs 726 tonnes in Q2‘26 1,707 tonnes Standing biomass LW, 30 Sep vs 1,718 tonnes at 30 Jun Average harvest weight (kg HOG) and share ≥ 3 kg (%) Monthly site production, live weight, tonnes (HN + PSG)
Page 5
Recovering market dynamics and increased average harvest sizes lifting average price achievement 5 PRICE ACHIEVEMENT 1 Q3 2026 sales amounts and prices are not yet final (September preliminary) and may be subject to change Net price achieved, constant currency (JPY/kg) NOK 71 / kg 1 Achieved sales price, avg vs NOK 64/kg in Q2’26 NOK 84 / kg 1 Achieved sales price 3kg+ vs NOK 75/kg in Q2’26 +11% blended net price vs Q2 2026 +12% in constant currency Improved market prices and increased 3kg+ share
Page 6
6 12 out of 14 harvests within ±3% of AI camera forecast, giving tighter biomass control and a harvest plan set further ahead. 0% 2% -3% 1% 0% -2% 2% -7% 1% 6% 3% 1% -2% 2% -15% -10% -5% 0% 5% 10% 15% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Better biomass control and positive growth trajectory – continued good growth also seen above 3 kg GROWTH PERFORMANCE Improved biomass control with AI-driven forecastFaster growth under improved and stable conditions Batches transferred to grow-out after August 2025, in improved and stable conditions, are demonstrating better performance than earlier batches. Avg. harvest size deviation vs. AI camera sampling Days after hatching Size (live weight)
Page 7
Second well doubles water intake and purge capacity adding flexibility and further improving water quality 7 Doubled water intake improves growth conditions Today 1,000 m³ per day From November 2,000 m³ per day Doubled purge capacity resolves harvest bottleneck Today 4 tanks From November 8 tanks Improves and de-risks operations High-quality Mt. Fuji groundwater The well secures more high-quality Mt. Fuji groundwater and full contingency to the current well Increasing water exchange in the facility Doubling the exchange rate to the production, contributing to further improved water quality and growth conditions Buffer for variation in purge time Allows longer purging without impacting harvest schedules, ensuring high-quality shipments without delay SECOND WELL ON -STREAM IN NOVEMBER Approval secured early 2026, following a year of planning