Earnings release
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16 MAY 2025 07:00 CEST ISSUER PROXIMAR SEAFOOD AS Yokohama, Japan/Bergen, 16 May 2025 – Proximar Seafood AS today reported itsfirst quarter 2025 results. The company harvested a total of 322 tonnes HOGduring the quarter, achieving a superior grade of 99.5 percent and securingpremium pricing for the market-sized fish. As of May 6th, the company hadharvested a total of 450 tonnes HOG. “Our products are generating strong interest across Asia, with high-end buyersin both Japan and, more recently, Taiwan. In June, our grow-out facility will berunning at full pace to support the supply of fresh, local and premium Atlanticsalmon to the market”, says Joachim Nielsen, CEO of Proximar Seafood.Fish health continues to be very good with survival rates above 98%. Standingbiomass reached 1,126 tonnes (live weight) by the end of the quarter, howevergrowth rates have been impacted by previously communicated biofilter issues. With a strategic location at the foot of Mount Fuji and immediate proximity tothe greater Tokyo market, Proximar is uniquely positioned to serve one of theworld’s largest and most quality-conscious seafood markets. The company iscurrently the only local producer of Atlantic salmon in Japan, and recent exportto Taiwan marks the start of a broader regional expansion strategy. The long-term distribution agreement with Marubeni Corporation, one of Japan’slargest trading houses, underscores the strength of Proximar’s value propositionand its ability to scale e ciently. Premium price levels achieved in Japanvalidate the company's business model and demonstrate the economic viability oflocal production in a high-cost import market. Highlights for the first quarter of 2025:• Weekly harvests continue – 322 tonnes (HOG) harvested during the quarter• Premium pricing confirmed with average price of NOK 97/kg, and larger fish(>3kg) achieving average of NOK 118/kg• 99.5% superior grade, survival rate above 98%• Strong market reception – continued high-end restaurant uptake and firstexport shipment to Taiwan in March• Additional funding secured, with short-term loan and credit solutionstotalling ~NOK 45 million to support working capital needs (an additional NOK 22million secured in April)• Biofilter repairs near completion and full grow-out capacity expected in June Outlook for 2025: Production ramp-up and positive earnings development2025 marks Proximar’s first full year of commercial operations. With biofilterrepairs finalised in June, and harvest sizes expected to increase through H2,the company reiterates its confidence in the original business plan andlong-term production goals to full-scale capacity of 5,300 tonnes HOG in 2027. Outlook:• Harvest volumes for 2025 are expected to be ~3,000–3,300 tonnes (HOG), with~750 tonnes in H1 2025• EBITDA is expected to come in at around zero for Q2, full-year EBITDA guidanceto be communicated in Q2
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• First insurance payments for repair works of biofilters received in April• Proceeding to address Business Interruption insurance and claims to compensatefor operational losses “While short-term volumes have been affected by known operational incidents, ourfundamentals remain highly attractive. High import prices consistently above NOK100/kg, positions us to deliver strong margins and after having proven thequality, system performance, and market fit of our product,” Nielsen adds. “Weare entering the rest of 2025 with confidence, and all focus is now to executeon our commercial ramp-up.” For further information, please contact:Ole Chr. Willumsen, CFO+47 48 21 34 29ocw@proximar.com More information:Access the news on Oslo Bors NewsWeb site 646613_Proximar 2025 Q1 presentation_Final.pdf SOURCE Proximar Seafood AS PROVIDER Oslo Børs Newspoint COMPANY NAME PROXIMAR SEAFOOD AS ISIN NO0010893902 SYMBOL PROXI MARKET Euronext Growth