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Company Presentation Company Presentation PRIVATE AND CONFIDENTIAL Presentation of first quarter 2025 16.05.2025
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Company Presentation This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of Proximar Seafood AS (“the Company”) or assumptions based on information currently available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward- looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward- looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans","seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based. Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements. Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of Proximar Seafood AS (“the Company”) or assumptions based on information currently available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward- looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward- looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans","seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based. Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements. Disclaimer For more information about Proximar, visit www.proximarseafood.com 2
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Company Presentation Agenda 3 • Highlights of the quarter • Sales & Marketing • Production • Business case and Financial Summary • Summary & Outlook
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Company Presentation A significant first mover advantage in the Japanese market and significant cost advantage by local production 4 < 6 hours trucking within the circle Major cities in Japan Proximar’s location • Long-term sales and distribution agreement with Marubeni Corporation – first sales started confirming premium pricing and substantial local cost advantage • Production started in 4Q 2022, first shipment and sales from September 2024 and harvesting fish on a weekly basis • Stage I target production 5,300 tonnes (HOG) • Prime location close to the iconic Mount Fuji, adjacent market in greater Tokyo of ~38 million people • Stage 2 planning to proceed, taking advantage of the significant first mover advantage in Japan well ahead of competitors Norwegian company operating a land-based RAS facility producing premium Atlantic salmon in Japan Well-performing system Attractive financials Strong operational capabilities Sustainable protein production Off-take for entire harvest Local production for the premium market
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Company Presentation Premium price achievement for the market size fish • NOK 97 / kg realized on average for the year • For the 3kg+, price achievement ~NOK 118 / kg • Continued strong interest for the product – Fuji Atlantic Salmon on the menus at high end restaurants Secured additional funding through short term loan and credit facilities • Through the quarter, short term loan and credit solutions were secured (total ~MNOK 45) • Working capital requirements communicated in the 4Q report successfully addressed Highlights of the 1st quarter 2025: Harvesting on a weekly basis, first export contract secured 5 Harvesting on a weekly basis • The company harvested 322 tonnes in the quarter • 99,5% superior grade • Average harvested weight ~3.1 kg (HOG) Biofilter repairs close to completed, and full utilization expected in June • Above 98% survival rate and good fish health • Reduced feeding in grow-out due to biofilter incidents impacting harvest sizes • The grow-out will be back to full capacity in June
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Company Presentation 6Sources: Kontali, Japan Ministry of Finance, SSB, FishPool, Euronext. company data 360 733 1058 1126 30/06/2024 30/09/2024 31/12/2024 31/03/2025 Important key metrics: Biomass development 15 18 19 21 30/06/2024 30/09/2024 31/12/2024 31/03/2025 # batches in production 45 47 59 63 30/06/2024 30/09/2024 31/12/2024 31/03/2025 # Proximar employees 36,4 36,3 36,4 36,7 30/06/2024 30/09/2024 31/12/2024 31/03/2025 Japanese market (fresh Atlantic Salmon) LTM In metric tonnes, (HOG) 74 70 70 92 Q2 25 Q3 25 Q4 25 Q1 26 Euronext forward price as of 14.05.25 In NOK/kg (HOG) using NOK/EUR @11.61 Implied transportation cost Norway-Japan LTM In NOK/kg, incl tax (HOG) 30 30 30 30 30/06/2024 30/09/2024 31/12/2024 31/03/2025 Continuing building biomass, growth rates impacted by reduced feeding due to biofilter incidents – full feeding to be resumed in June
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Company Presentation 99.5% superior grade, successful first exports to Taiwan • Continuing to see strong demand and interest in the Japanese market • As of 6th of May – total harvested volumes ~450 tonnes • 99.5% superior grade and high quality – demonstrating good system performance • Volume and prices affected by lower average size of fish at harvest following reduced feeding • First export to the Taiwanese market in March ➢ Strengthening robustness in sales and diversifying geographic exposure ➢ Developing export markets in Asia part of the strategy, also important for future capacity growth • No geosmin issues • Underlying fundamentals remain strong, premium pricing for the market size fish continues Weekly harvest continues, with higher volumes from June and onwards Strong price achievement for 3kg+ fish @ ~NOK 118 Fuji Atlantic Salmon on the menu of several high-end restaurants, and being served at Sushiro during Osaka EXPO 2025 7 Highlights / summary harvest & sales 30/9 to 6/5 Volumes HOG % Superior grade Avg. harvest size (LWE/HOG) Price achievement1 447 tonnes 99.5% 3.4 / 2.8 ~NOK 100 1 Net price to Proximar after sales costs and distribution
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Company Presentation Proximar continues to receive strong interest in Japan and now also in Taiwan – featured on nationwide TV 8 Proximar continues to receive broad media coverage National TV (NHK) covered Proximar om 19th April Coverage in Taiwan by 30 medias both papers and TVs in March Taiwanese television exposure Japanese national TV (NHK) 8
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Company Presentation Production - biological performance remains good, despite reduced growth rates impacted by lower feeding • Fish health remains good, survival rate above 98 % and high quality – growth impacted by lower feeding due to limited capacity following biofilter incidents • In June, all modules will be running at full capacity • No geosmin issues - regular checks for geosmin in water and fish • Proximar keeps purging according to plan to ensure quality • Average harvest sizes expected to gradually increase through 2H 2025 as feeding is resumed and all modules running at full capacity • Water quality remains good and within the relevant tolerance levels • Biological performance and quality proven, reflected in price achievement for market size fish 9 In June, all repairs will be completed, and the grow- out back to 100% utilization With all modules back in utilization, this will also permit more efficient grading of fish going forward, improving the size distribution Claiming business interruption coverage to compensate for the cost of lower harvest sizes and relevant consequences Current standing biomass 1,248 tonnes 9
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Company Presentation 10Source: Japan Ministry of Finance, Central bank of Norway, company data 93 101 113111112108111110107113114122131137 153146145135 122114112115112115 127132 131 137 133 113 112108107105110119 131 119112 3 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 4 4 4 4 4 4 4 5 5 5 5 4 4 4 4 4 4 4 5 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 101 110 122120121117120119116 122123 131 141 147 164 157155 145 131 123120125121124 136 142140 147142 122121117116114119 129 141 129 121 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Import price 3.5 % import tax Local handling Cost development for import of Norwegian fresh Atlantic salmon in Japan Figures in NOK/kg, head-on-gutted Consistently high import prices supporting Proximar's competitive edge 10 Strong start to the year driven by short on supply from Norway and higher expected demand from China Despite softer export prices in February and March, the significant cost advantage for Proximar provides good support for continued strong price achievement going forward 10
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Company Presentation Approx 30 MNOK in revenues in the quarter and adjusted EBITDA of -13 MNOK Total assets of approx. 1,600 MNOK – 89% fixed The equity reduced by approx. 75 MNOK in the quarter – 20% equity share Almost all of the debt is now current – process on- going for refinancing In April, Proximar secured additional ~MNOK 22 in working capital financing 11 Financial summary 1st quarter 2025 Balance sheet 31 March 2025 31 March 2024 31 December 2024 Non-current assets 1 426 993 1 309 874 1 439.607 Inventory and biological assets 118 470 31 906 123 318 Other short term- and trade receivables 13 299 10 764 15 256 Cash and bank deposits 32 141 140 508 60 934 TOTAL ASSETS 1 590 903 1 493 052 1 639 115 Equity 323 842 494 548 396 544 Non-current liabilities 135 100 970 534 127 617 Current liabilities 1 131 961 27 970 1 114 953 TOTAL EQUITY AND LIABILITIES 1 590 903 1 493 052 1 639 115 P&L Q1 2025 Q1 2024 2024 Revenue and other income 30.247 0 3 509 Operating expenses (excl. depreciation) -49 882 -9 356 -47 765 Net fair value adjustment 6 472 -1 978 -9 018 EBITDA (adjusted*) - 13 163 -11 334 - 53 274 Depreciation -19 099 -11 120 49 667 Net financials - 17 517 - 9 011 -47 349 Earnings before taxes -56 252 -29 487 -141 272 * Excluding net fair value adjustment
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Company Presentation Outlook 2025: Short-term impacts, but overall encouraging expectations for the first year of full operations • 2025 - first year of full-year operations, and all equipment installations are now completed • Reduced feeding following biofilter incidents impacting short-term • Long-term outlook remains intact, supported by good system performance, demonstrated by fish health, quality and strong price achievement • Insurance: • Started to receive pay-outs for the repair costs in April and expect full cost recovery (less the deductible) • Proceeding to address Business Interruption insurance claims to compensate for operational losses • Proximar remains on track for full utilization of the facility in 2027 Outlook and expectations for 2025: ➢ Harvest volumes ~3,000-3,300 tonnes HOG for 2025 - Delay in repair of biofilters leads to lower harvest volumes ~750 tonnes HOG for 1H25 ➢ EBITDA - Expect Q2 to come in at around 0 - Full-year guidance to be communicated in Q2 Negative short-term impact by larger deviations in harvest weight spilling over in lower price achievements The outlook is based on current assessments and based on normal production / no major irregularities going forward No major CAPEX planned for 2025 12
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Company Presentation PROXIMAR - on track to deliver on goals from 2021 - Completed facility at very attractive CAPEX levels (NOK ~240 / kg) - Secured attractive Japanese bank financing - Recruited operational team with extensive and relevant experience from aquaculture & RAS - Encouraging performance in production, on track to reach full utilization - 5300 tonnes HOG in 2027 - Strong interest for the product in Japan, confirming Japanese consumer preferences - Price achievement on sales confirming premium potential of Fuji Atlantic Salmon Robust fundamentals in place and good system performance, short-term impacted by lower feeding following biofilter incidents Summary: The facility continues demonstrating good and stable performance with adequate capacity Good fish health and high survival rate continues Fantastic quality demonstrated by harvesting 99.5% superior Strong price achievement for market size fish, demonstrating significant cost advantage All biofilter repair works to be completed in June, restoring 100% production capacity and feeding Proximar is uniquely positioned with a robust business model years ahead of competitors Well-positioned to deliver on long term targets, short-term impacted by biofilters 13
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Company Presentation Company Presentation Q & A 1 4
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Company Presentation Company Presentation PRIVATE AND CONFIDENTIAL Consolidated Financial Statement Q1 2025 1 5
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Company Presentation Statement from the Board of Directors 16 We hereby confirm that the financial statements for the period from 1 January through 31 March 2025 to the best of our knowledge have been prepared in accordance with IAS 34 Interim Financial Reporting and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Proximar Seafood Group. To the best of our knowledge, the quarterly report gives a true and fair view of the main events during the accounting period and their effect on the accounts for the first quarter of the year, in addition to a description of the most significant risks and elements of uncertainty facing the Group and description of major transactions with related parties. The board of directors and CEO Bergen, 15 May 2025 ____________________ ____________________ ____________________ Kjell-Erik Østdahl Chair Per Grieg Director Elisabeth Dyvik Director ____________________ ____________________ ____________________ Viggo Halseth Director Siri Vike Director Joachim Nielsen CEO
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Company Presentation Consolidated statement of comprehensive income 17 (Amounts in NOK 1.000) Note Q1 2025 Q1 2024 2024 Revenue 30.247 - 3.509 Revenue and other income 30.247 - 3.509 Cost of materials 20.638 3.738 41.658 Changes in biomass 2 -5.079 -9.147 -88.218 Net fair value adjustment biomass 2 6.472 -1.978 -9.018 Personnel expenses 9.498 7.705 39.857 Depreciation and Amortisation 3, 4 19.099 11.120 49.667 Other operating expenses 5 18.352 9.037 63.488 Operating expenses 68.981 20.476 97.432 - Operating loss -38.735 -20.476 -93.923 Interest income 21 52 1.098 Other financial income 242 1.495 9.952 Interest expenses 15.974 9.824 52.990 Other financial expenses 1.806 734 5.409 Loss before tax -56.252 -29.487 -141.270 Income tax expense (income) 2.203 468 -2.066 Net loss for the period -58.455 -29.955 -139.204 Other comprehensive income/loss for the year Items that may be reclassified subsequently to profit or loss: Currency effect on investment in subsidiaries -6.594 -1.727 890 Currency effect on loans to subsidiaries -10.012 -2.128 3.668 Income tax related to these items 2.203 468 -807 Total compre. loss for the financial year, net of tax -72.859 -33.342 -135.453 Earnings per share: Basic earnings per share 6 -1,00 -0,23 -1,00 Diluted earnings per share 6 -1,00 -0,23 -1,00
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Company Presentation Consolidated statement of financial position 18 (Amounts in NOK 1.000) Note 31 March 2025 31 March 2024 2024 ASSETS Non-current assets Assets under construction 3 51.094 383.493 154.177 Land 3 89.812 90.854 91.987 Property, plant and equipment incl. right-of-use assets 3, 4 1.271.384 835.126 1.178.858 Intangible assets 256 - 277 Long term receivables 14.447 401 14.307 Total non-current assets 1.426.993 1.309.874 1.439.607 Current Assets Inventory 3.878 1.514 4.600 Biological assets 2 114.592 30.392 118.718 Trade receivables 3.325 - - Other short-term receivables 9.974 10.764 15.256 Cash and bank deposits 32.141 140.508 60.934 Total current assets 163.909 183.178 199.508 TOTAL ASSETS 1.590.903 1.493.052 1.639.115 EQUITY AND LIABILITIES Note 31 March 2025 31 March 2024 2024 Equity Share capital 7 14.217 14.217 14.217 Share premium reserve 317.466 484.386 373.561 Other equity 23.998 19.591 23.998 Translation differences -31.839 -23.646 -15.232 Total equity 323.842 494.548 396.544 Liabilities Non-current liabilities Convertible bond loan 8 - 205.365 - Non-current interest-bearing debt 8 124.651 667.520 116.332 Long term liabilities to related parties 8 - 96.853 - Lease liabilities 8 10.448 796 11.285 Total non-current liabilities 135.100 970.534 127.617 Current liabilities Current portion of interest-bearing debt 8 1.083.490 - 1.062.977 Current portion of lease liabilities 8 3.827 1.487 4.229 Trade payables 28.528 14.522 37.821 Public duties payable 285 523 576 Other short-term liabilities 15.831 11.438 9.351 Total current liabilities 1.131.961 27.970 1.114.953 Total liabilities 1.267.061 998.505 1.242.571 TOTAL EQUITY AND LIABILITIES 1.590.903 1.493.052 1.639.115
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Company Presentation Consolidated statement of cash flows 19 (Amounts in NOK 1.000) Note Q1 2025 Q1 2024 2024 Cash flow from operating activities Loss before tax -56.252 -29.487 -141.270 Depreciation 19.099 11.120 49.667 Change trade receivables -3.325 - - Change other receivables 5.282 29.067 33.020 Net fair value adjustment biomass 2 6.472 -1.978 -9.018 Change in biological asset -5.079 -9.147 -88.218 Change in inventory 722 -497 -3.577 Change trade payables -9.293 -3.087 20.157 Other accruals etc. 17.530 7.729 -17.176 Net interest expense 14.128 9.821 49.180 Net cash flow from operating activities -10.714 13.541 -107.236 Cash flow from investing activities Purchase of property, plant and equipment 3 -29.994 -37.313 -101.014 Net cash flow from investing activities -29.994 -37.313 -101.014 Cash flow from financing activities Proceeds from capital increases - 156.795 156.795 Proceeds from loans and borrowings 8 44.125 - 154.936 Transaction costs 8 118 -1.269 -3.378 Payments on leasing obligations 4, 8 -1.227 -571 -2.556 Payments on loans and borrowings 8 -1.728 -15.000 -17.616 Net interest paid -12.766 -10.979 -62.715 Net cash flow from financing activities 28.521 128.976 225.466 Net change in cash and bank deposits -12.186 105.204 17.216 Cash and bank deposits as at first in period 60.934 39.159 39.159 Translation effects -16.607 -3.856 4.558 Cash and bank deposits as at last in period 32.141 140.508 60.934
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Company Presentation Consolidated statement of changes in equity 20 (Amounts in NOK 1.000) Share capital Share premium reserve Other equity Translation differences Total equity Note Balance at 1 January 2024 5.967 366.597 19.591 -19.790 372.364 Loss for the period -139.204 -93.345 Currency effect on investment in subsidiaries* 890 -10.551 Currency effect on loans to subsidiaries -807 3.668 -6.993 Total comprehensive loss for the period - -140.011 - 4.558 -135.453 Conversion option for issued bond, net of tax 4.407 4.407 Capital Increase 8.250 146.976 155.226 Balance at 31 December 2024 14.217 373.561 23.998 -15.232 396.544 Balance at 1 January 2025 14.217 373.561 23.998 -15.232 396.544 Loss for the period -58.455 -58.455 Currency effect on investment in subsidiaries* -6.594 -6.594 Currency effect on loans to subsidiaries 2.203 -10.012 -7.810 Total comprehensive loss for the period - -56.252 - -16.607 -72.859 Capital Increase - 157 157 Balance at 31 March 2025 14.217 317.466 23.998 -31.839 323.842 * Currency effect on investments in subsidiaries relates to exchange differences arising from net investment in foreign entities and are recognized in other comprehensive income.
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Company Presentation Note 1 - Summary of significant accounting policies 21 The Proximar Group is an early-stage Norwegian registered seafood company engaged in land-based fish farming, with its head quarter located in Bergen, Norway. Proximar Group has a production facility for Atlantic salmon close to Mount Fuji, Japan, through the fully owned Japanese subsidiary Proximar Ltd. The Group’s interim consolidated statements for the three months ended 31 March 2025 were prepared in accordance with IAS 34 Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”). This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this interim financial report is to be read in conjunction with the Group’s Annual Report for the year ended 31 December 2024 and any public announcements made by Proximar Seafood AS during the interim reporting period. The interim report is unaudited and is presented in Norwegian kroner (“NOK”). The Group’s accounting policies adopted are consistent with those applied in the Group’s 2024 Annual Report.
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Company Presentation Note 2 – Biological assets (1/3) 22 Valuation of biological asset Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair value less the associated sales costs, unless the fair value cannot be measured reliably (in which case the cost-method will be applied as for the hatchery and nursery facility). For salmon in the grow-out facility a present value model is applied to estimate fair value. Changes in fair value of biological assets are recognized in the statement of comprehensive income. In the hatchery and nursery facility, biomass are measured at cost less impairment losses. Cost is deemed a reasonable approximation for fair value for eggs and smolt as there is little biological transformation (IAS 41.24). Cost includes purchase price for eggs and direct attributable cost. The Group is still in a ramp-up phase, and hence the facility’s production capacity is not fully used. The cost of production is therefore adjusted for unutilized production capacity, which is allocated directly to the profit and loss statement as a cost item. Fair value of biological assets is calculated based on a cash flow-based present value model. Cash inflows are calculated as functions of estimated volume multiplied with estimated price. Fish ready for harvest (mature fish) is valued at the expected sales price with a deduction of cost related to harvest, transport etc. For fish not ready for harvest (immature fish), the model uses an interpolation methodology where the known data points are the value of the fish when being transferred to the post smolt grow-out facility and when recognized as mature fish. Cash outflows are based on historical data and estimation of known cost categories such as feed, personnel and electricity. In accordance with IAS 41.16, a provision for onerous contracts is recorded by assessing if there are contracts in which the unavoidable costs of meeting the Company's obligations under the contract (where fair value adjustment of biological assets is included in the unavoidable costs) exceed the economic benefits expected to be received. The estimated fair value of the biomass will always be based on uncertain assumptions. Estimates are applied to the following factors: biomass volume, the quality of the biomass, size distribution, costs, mortality and market prices. Assumptions are described in the annual report.
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Company Presentation Note 2 – Biological assets (2/3) Amounts in 1,000 NOK 23 Tonnes Volume of biological assets Q1 2025 Q1 2024 2024 Biological assets beginning of period 1.058 40 40 Increase due to production 456 82 1.062 Reduction due to harvest/sale -388 -35 Reduction due to incident-based mortality -9 -9 Volume of biomass 1.126 112 1.058 Reconciliation of changes in the carrying amount of biological assets Q1 2025 Q1 2024 2024 Biological assets beginning of period 118.718 19.750 19.750 Cost to stock in in period * 45.285 10.907 93.809 Cost of harvested fish -39.217 -3.908 Mortality for fish in period (incident-based mortality)* -990 -1.760 -1.682 Net fair value adjustment in period ** -6.472 1.978 9.018 Currency translation differences in period * -2.734 -482 1.731 Total carrying amount of biological assets period end 114.592 30.392 118.718 * Changes in biomass in profit and loss is translated to the presentation currency using the average exchange rate for the period. Carrying amount is presented in the presentation currency using the exchange rate at the reporting date. ** Fair value adjustment is calculated using the average exchange rate for the reporting month. The company is in an early stage of the production ramp-up at the facility in Japan and the facility's production capacity is not fully utilized. Cost of production is therefore adjusted for unutilized production capacity. As per 31 March 2025 this adjustment amounted to NOK 8.6 million which has been expensed directly in the profit and loss statement. As per 31 December 2024 this adjustment amounted to NOK 48 million which has been expensed directly in the profit and loss statement.
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Company Presentation Note 2 – Biological assets (3/3) Amounts in 1,000 NOK 24 Specification of biological assets Biological assets Number of fish (1000) Biomass (tonnes) Cost of production *** Fair value adjustment **Carrying amount Smolt 862 21 14.375 14.375 Non-harvestable fish 1.210 1.106 97.670 2.547 100.217 Total 31 March 2025 2.071 1.126 112.045 2.547 114.592 Biological assets Number of fish (1000) Biomass (tonnes) Cost of production *** Fair value adjustment **Carrying amount Smolt 1.122 26 17.067 17.067 Non-harvestable fish 156 87 11.347 1.978 13.325 Total 31 March 2024 1.278 112 28.414 1.978 30.392 Biological assets Number of fish (1000) Biomass (tonnes) Cost of production *** Fair value adjustment **Carrying amount Smolt 1.025 26 16.722 16.722 Non-harvestable fish 1.020 1.032 92.978 9.018 101.996 Total 31 December 2024 2.045 1.058 109.700 9.018 118.718 ** Fair value adjustment is calculated using the average exchange rate for the reporting month. *** Cost of production is presented with exchange rate for the reporting date in this table. Production cost is adjusted for unutilized production capacity.
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Company Presentation Note 3 - Land, property, plant and equipment (1/2) 25 (Amounts in NOK 1.000) Split between Right-of-use assets and owned assets: Q1 2025 Q1 2024 2024 Carrying amount RoU-assets 14.318 2.195 15.371 Carrying amount owned assets 1.397.973 1.307.278 1.409.652 Total property, plant and equipment incl. right- of-use assets 1.412.290 1.309.473 1.425.022 Period ended 31 March 2025 Assets under construction Land Buildings RAS Equipment and vehicles Total Cost at 1 January 2025 154.177 91.987 643.589 452.865 130.800 1.473.418 Additions in the year/reclassifications -99.439 - - 135.345 3.249 39.156 Disposals -292 -292 Currency effect* -3.645 -2.175 -15.214 -10.706 -1.552 -33.291 Cost at 31 March 2025 51.094 89.812 628.374 577.504 132.205 1.478.991 Accumulated depreciation at 1 January 2025 29.623 18.018 16.125 63.767 Depreciation in the year 6.462 6.315 5.263 18.041 Disposals -292 -292 Currency effect* -178 -174 -144 -497 Accumulated depreciation at 31 March 2025 35.907 24.159 20.952 81.018 Net carrying amount at 31 March 2025 51.094 89.812 592.468 553.345 111.253 1.397.973
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Company Presentation Note 3 - Land, property, plant and equipment (2/2) 26 Year ended 31 December 2024 Assets under construction Land Buildings RAS Equipment and vehicles Total Cost at 1 January 2024 339.042 91.436 629.664 169.440 64.484 1.294.067 Additions in the year/reclassifications -186.906 - 10.133 282.404 66.026 171.656 Disposals - Currency effect* 2.042 551 3.792 1.020 290 7.695 Cost at 31 December 2024 154.177 91.987 643.589 452.865 130.800 1.473.418 Accumulated depreciation at 1 January 2024 4.082 5.968 5.629 15.680 Depreciation in the year 25.082 11.834 10.314 47.230 Disposals - - Currency effect* 458 216 182 857 Accumulated depreciation at 31 December 2024 29.623 18.018 16.125 63.767 Net carrying amount at 31 December 2024 154.177 91.987 613.966 434.847 114.675 1.409.652 Estimated useful life and depreciation plan is as follows: Economic life Not applicable Not applicable 25 years 25 years 3-15 years Depreciation plan Not applicable Not applicable Linear Declining Linear *Currency effect relates to exchange differences arising from net investment in foreign entities.
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Company Presentation Note 4 - Leases (1/2) 27 Amounts in 1,000 NOK Proximar Seafood AS leasing agreements consists of buildings and equipment used in the administration. The leasing contract o f buildings ended May 2024. Proximar Ltd. leasing agreements consists of buildings, machine and vehicles used for personnel and in the operation activiti es. The leasing contract of buildings has a duration until June 2026. The leasing contract of machines has a duration until July 2027, September 2027, March 2030 a nd October 2030. The leasing contract of vehicles has a duration until June 2025, November 2026 and January 2027. Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Period ended 31 March 2025 Farming equipment Property Vehicles Total Cost at 1 January 2025 14.034 6.143 1.026 21.204 Additions in Q1 214 - 131 345 Currency effect* -335 -66 -13 -414 Cost at 31 March 2025 13.914 6.077 1.144 21.135 Accumulated depreciation at 1 January 2025 518 4.511 804 5.834 Depreciation in Q1 620 357 82 1.059 Currency effect* -29 -38 -8 -75 Accumulated depreciation at 31 March 2025 1.108 4.831 878 6.817 Net carrying amount at 31 March 2025 12.805 1.246 266 14.318 *Currency effect is included in the line item "Property, plant and equipment incl. right-of- use assets" in the balance sheet. Period ended 31 March 2024 Farming equipment Property Vehicles Total Cost at 1 January 2024 3.316 1.008 4.324 Additions in Q1 - 1.786 - 1.786 Currency effect* - 22 6 28 Cost at 31 March 2024 - 5.124 1.014 6.138 Accumulated depreciation at 1 January 2024 - 2.935 466 3.402 Depreciation in Q1 - 462 82 544 Currency effect* - -2 -2 -4 Accumulated depreciation at 31 March 2024 - 3.396 546 3.943 Net carrying amount at 31 March 2024 - 1.728 468 2.195 *Currency effect is included in the line item "Property, plant and equipment incl. right-of- use assets" in the balance sheet.
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Company Presentation Note 4 - Leases (2/2) 28 Proximar Seafood AS leasing agreements consists of buildings and equipment used in the administration. The leasing contract o f buildings ended May 2024. Proximar Ltd. leasing agreements consists of buildings, machine and vehicles used for personnel and in the operation activiti es. The leasing contract of buildings has a duration until June 2026. The leasing contract of machines has a duration until July 2027, September 2027, Ma rch 2030 and October 2030. The leasing contract of vehicles has a duration until June 2025, November 2026 and January 2027. Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Period ended 31 March 2025 Farming equipment Property Vehicles Total Cost at 1 January 2025 14.034 6.143 1.026 21.204 Additions in Q1 214 - 131 345 Currency effect* -335 -66 -13 -414 Cost at 31 March 2025 13.914 6.077 1.144 21.135 Accumulated depreciation at 1 January 2025 518 4.511 804 5.834 Depreciation in Q1 620 357 82 1.059 Currency effect* -29 -38 -8 -75 Accumulated depreciation at 31 March 2025 1.108 4.831 878 6.817 Net carrying amount at 31 March 2025 12.805 1.246 266 14.318 *Currency effect is included in the line item "Property, plant and equipment incl. right-of- use assets" in the balance sheet. Period ended 31 March 2024 Farming equipment Property Vehicles Total Cost at 1 January 2024 3.316 1.008 4.324 Additions in Q1 - 1.786 - 1.786 Currency effect* - 22 6 28 Cost at 31 March 2024 - 5.124 1.014 6.138 Accumulated depreciation at 1 January 2024 - 2.935 466 3.402 Depreciation in Q1 - 462 82 544 Currency effect* - -2 -2 -4 Accumulated depreciation at 31 March 2024 - 3.396 546 3.943 Net carrying amount at 31 March 2024 - 1.728 468 2.195 *Currency effect is included in the line item "Property, plant and equipment incl. right-of- use assets" in the balance sheet. Amounts in 1,000 NOK
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Company Presentation Note 5 – Long term receivables 29 In the process of completing the equipment-installation, the company has paid NOK 30.8 million to subcontractors of the company's contractual counterparty to ensure completion as the contractual counterparty has experienced payment difficulties. The company has established a claim against its contractual counterparty and is working on various solutions to obtain settlement for this claim. Because there is an objective uncertainty related to the repayment, the company has made a lifetime ECL assessment which results in a provision for losses of NOK 14.8 million.
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Company Presentation Note 6 - Earnings per share Amounts in NOK 30 Q1 2025 Q1 2024 2024 Profit (loss) for the year -58.455.058 -29.954.771 -139.204.289 Weighted average number of outstanding shares during the year 142.172.780 132.895.002 139.878.824 Earnings (loss) per share - basic and diluted (in NOK) -0,41 -0,23 -1,00 Earnings per share calculation is based on profit/loss in the consolidated financial statement divided by the weighted average of common shares.
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Company Presentation Note 7 - Share capital and shareholders (1/2) 31 The share capital of NOK 14.217.278 consisted of 142.172.780 shares, each with a nominal value of NOK 0.1 at the end of March 2025. All shares carry equal rights. The movement in the number of shares during the year was as follows: 31 March 2025 2024 Ordinary shares at beginning of period 142.172.780 59.672.780 Issue of ordinary shares - 82.500.000 Ordinary shares at 31 March 142.172.780 142.172.780 Shares owned by board members, group management and their related parties at 31 March 2025 Board of Directors Number of shares Ownership percentage Per Grieg, Grieg Kapital AS and Kvasshøgdi AS 21.934.893 15,4 % Viggo Halseth 123.250 0,1 % Total number of shares held by Board members * 22.058.143 15,5 % * Elisabeth Adina Dyvik, Board member, has bought 95.000 shares in April 2025. Group Management Joachim Nielsen, CEO, Loyden AS 3.555.000 2,5 % Ole Christian Willumsen CFO 628.286 0,4 % Dharmarajan Rajeswaran, COO 61.000 0,0 % Lars Stigaard, CTO 275.000 0,2 % Total number of shares held by Group management 4.519.286 3,2 %
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Company Presentation Note 7 - Share capital and shareholders (2/2) 32 List of main shareholders at 31 March 2025 31 March 2025 Shareholder Number of shares Ownership percentage Grieg Kapital AS 14.690.049 10,3 % Nordfjord AS 10.025.000 7,1 % Kvasshøgdi AS 7.244.844 5,1 % Helida AS 7.042.000 5,0 % Six SIS AG 6.900.000 4,9 % Myrlid AS 6.330.000 4,5 % Ristora AS 5.797.469 4,1 % Daimyo Invest AS 4.683.240 3,3 % Jan Heggelund 4.386.859 3,1 % OM Holding AS 3.841.555 2,7 % GBR Holding AS 3.801.580 2,7 % Loyden AS 3.555.000 2,5 % Vicama AS 3.500.000 2,5 % Nordnet Livsforsikring AS 2.350.970 1,7 % Nutreco International B.V. 2.160.493 1,5 % Kvasshovd AS 2.090.000 1,5 % UBS Switzerland AG 2.060.975 1,4 % Sulefjell AS 1.843.543 1,3 % Pactum AS 1.554.023 1,1 % HRH I AS 1.350.000 0,9 % Total number of shares attributed to the largest shareholders 95.207.600 67,0 % The number of shares attributed to the other shareholders 46.965.180 33,0 % The total number of shares issued and outstanding 142.172.780 100,0 %
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Company Presentation Note 8 - Borrowings and other current liabilities (1/3) Amounts in 1,000 NOK 33 The Group has, through its subsidiary Proximar Ltd. (Japan), signed a new loan agreement with SIIF Impact Capital Inc., securing JPY 200 million (approx. NOK 14 million) in additional funds. The loan, provided at 5 % p.a., matures in December 2029. The loan is a bond loan and is booked at face value per 31 March. Under certain conditions the loan may be converted into shares in Proximar Ltd., however no equity component has been calculated due to the immateriality of the loan amount. The Company has received an additional loan from major shareholder Grieg Kapital AS. In 2023 Proximar Seafood AS was provided with a loan guarantee of up to NOK 130 million. Following the issue, a loan was executed for a total of NOK 104.2 million. In March 2025 Grieg has extended the loan with NOK 30 million, bringing the total loan amount to NOK 134.2 million. The original loan shall be repaid in 2.5 years, with final maturity in October 2025. The additional loan shall be repaid in two equal instalments, with first instalment due on 1 August 2025. The second instalment is due om 1 September 2025. The additional loan carries an interest of NOWA 3M + 2.25 %. The additional loan was subject to an arrangement fee of 5 % and a payment guarantee fee of 5 % p.a. There were no conversions in the convertible bond loan in Proximar Seafood AS in the first quarter, the loan consists of: Principal Bonds issued October 2022 250.000 Converted bonds during 2023 -25.800 Bonds sold during 2024 40.000 Face value at 31 March 2025 264.200 The interest expensed for the year is calculated by applying an effective interest rate to the debt component for the period from issue to year end. The difference between the amount of the debt component at initial recognition and the carrying amount at year end represents the effective interest rate less interest payable accrued in the period. Carrying amount at 31 December 2024 249.325 Interest charged (using the effective interest rate) 4.263 Carrying amount at 31 March 2025 253.589
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Company Presentation Note 8 - Borrowings and other current liabilities (2/3) Amounts in 1,000 NOK 34 Non-current liabilities* Borrowing company Currency 31 March 2025 31 March 2024 31 December 2024 Convertible bond loan Proximar Seafood AS (Norway) NOK - 205.365 - Non-current interest bearing debt Proximar Seafood AS (Norway) NOK - 96.853 - Loan to financial institution Proximar Ltd (Japan) JPY 110.526 613.938 116.332 Convertible bond loan Proximar Ltd (Japan) JPY 14.125 - - Bullet credit facility Proximar Ltd (Japan) JPY - 53.583 Leasing Proximar Ltd (Japan) JPY 10.448 796 11.285 Total non-current liabilities* 135.100 970.534 127.617 Convertible bond loan Proximar Seafood AS (Norway) NOK 253.589 249.325 Current interest bearing debt Proximar Seafood AS (Norway) NOK 132.709 102.070 Loan to financial institution Proximar Ltd (Japan) JPY 644.225 657.331 Bullet credit facility Proximar Ltd (Japan) JPY 52.969 54.251 Leasing Proximar Ltd (Japan) JPY 3.827 1.487 4.229 Current portion of interest bearing debt* 1.087.317 1.487 1.067.205 *Carrying amount includes capitalised borrowing cost. Payment profile non-current liabilities 2025 2026 2027 Total At 31 March 2025 Convertible bond loan 264.200 - - 264.200 Non-current interest bearing debt 134.200 - - 134.200 Loan to financial institution 649.092 6.404 124.008 779.504 Bullet credit facility 52.969 - - 52.969 Leasing 3.827 3.399 8.573 15.799 Total 1.104.287 9.804 132.581 1.246.672
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Company Presentation Note 8 - Borrowings and other current liabilities (3/3) 35 Description of liabilities Currency Interest rate Final maturity Pledges Convertible bond loan NOK 7.0% October 2025 None Non-current interest bearing debt NOK NIBOR 1M + 2.25 % October 2025 Intercompany claims Non-current interest bearing debt NOK NOWA 3M + 2.25 % September 2025 Intercompany claims Loan to financial institution JPY TIBOR + 4.0 % August 2025 All assets Loan to financial institution JPY 5.625% September 2025 None Loan to financial institution JPY TIBOR + 4.4 % September 2027 Second priority Loan to financial institution JPY TIBOR + 5.0 % September 2027 Second priority Loan to financial institution JPY 1.3% December 2039 Third priority Bullet credit facility JPY 2.65% December 2025 Shares in Proximar Ltd Convertible bond loan JPY 5.0% December 2029 None Credit facility guarantee: The bullet credit facility is guaranteed by Grieg Kapital AS, who is also a shareholder. As security for Proximar Ltd.'s payment obligations, the Guarantor has a first priority pledge of all shares in Proximar Ltd and a first priority pledge of all claims Proximar Seafood AS has towards Proximar Ltd. Credit facility covenants: Covenants of Proximar Seafood AS: reporting of financial statements and / or progress reports at given deadlines. Covenants of Guarantor: to maintain own equity ratio above 50 %, to maintain own total equity above NOK 110 mill, and to maintain liquidity-ratio (ratio of current assets to current liabilities) above 200 % (adjusted for intercompany loans). Loan to financial institution: For the syndicated loan provided by the five Japanese banks, the Group has provided all assets and main contracts as pledge and Proximar Seafood AS is the guarantor. There are reporting requirements at given deadlines.