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Company Presentation Company presentation September 2026
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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 2
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation Most of Japan’s Atlantic salmon is imported from Norway Proximity to market Short transportation provides significant cost advantage Lower emissions compared to alternative sources 10-year offtake agreement with Marubeni Corporation Major cities in Japan < 6 hours Tokyo Proximar seafood: < 6 hours from harvest to consumer Strong demand for fresh, locally produced salmon 4
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Company Presentation Pioneer of land-based premium Atlantic salmon produced in Japan 5 Capacity headroom – focus on operational optimization ✓ A gradual path to targeted full capacity of 5,300 tonnes, driven by operational optimization and gradually stocking at higher densities ✓ No rebuild or material capex expected to reach full capacity Production developing favorably – system works at scale ✓ Clear path to EBITDA inflection point with harvest weight improving weekly and on track for 3kg+ near-term ✓ High survival rates, good fish health and appetite, growth performance continuing to improve Uniquely positioned in a structurally growing market ✓ Direct exposure to large market, with structural demand growth especially among younger generations ✓ History of strong price achievement confirming demand for fresh, locally produced salmon Fully operational facility with > 3,200 tonnes harvested since 2024 5,300 tonnes (HOG) annual harvest capacity ~28,000 m2 building size 1,850 tonnes (HOG) harvested YTD 2026 ~ 122 million market population
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Company Presentation Proximar history – a strong operational platform, taking production know-how of Atlantic salmon and RAS to Asia 6
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Company Presentation Well-positioned to take lead in the land-based industry, in full production and well ahead of competitors in Japan Policy is developing in a favourable direction for the industry The Japan Growth Strategy Council identified land-based aquaculture as a sector to be proactively promoted, with an ambition for Japan to hold around 30% of the global market by 2040. Protein self-sufficiency is a stated national priority Japan's self-sufficiency in edible seafood stood at 54% in FY2023 against a government target of 94% by FY2032. Domestically farmed Atlantic salmon addresses that gap directly Consumption of Atlantic salmon steadily growing in Japan Atlantic salmon only entered the Japanese diet in the 1980s and consumption continues to rise, with the strongest preference among younger consumers. Freshness and domestic origin are exactly what this market pays a premium for, and Fuji Atlantic salmon targeting this potential ~30% Japan’s targeted share of global land-based market by 2040 54% → 94% seafood self-sufficiency, FY2023 actual vs FY2032 target ~40%+* cost advantage vs imported fresh Atlantic salmon 7 * Average since January 2023 (using Benchmark price / Oslo Export price)
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Company Presentation A truly Japanese salmon brand with strong traction in a growing market Fresh Domestic Familiar Exclusive ✓ Atlantic salmon is relatively new in Japanese diet, with structurally growing market especially among younger generations ✓ Japanese consumers value freshness and local origin ✓ Fuji Atlantic Salmon is uniquely positioned as fresh and domestically produced Atlantic salmon harvested and delivered within trucking distance in Japan ✓ Ten-year sales and distribution agreement covering 100% of the harvest, sold under the Fuji Atlantic Salmon brand ✓ Historically received customer interest and premium price achievement observed for market sized fish ✓ Encouraging interest also from other markets – initiated trial shipments to Thailand, targeting niche markets, as an additional channel alongside the domestic market Launched in 2024 Serving high-end luxury hotels Own premium brand for retailers 8
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation ✓ Good fish health and appetite across all batches ✓ Weekly harvesting all year round ✓ Improved growth performance, confirmed by camera monitoring ✓ Strengthened operational and water quality control ✓ Strengthened operational team ✓ Continuous efforts to improve growth conditions further ✓ All construction works completed 1,850 tonnes harvest (HOG) 3,200 tonnes harvest (HOG) 2026 YTD (end 2Q) Since start of operations (end 2Q) 98.2% superior share 97.6%* superior share 97.5%** survival rate in grow out 98.5% survival rate in grow out Operational highlights * Impacted especially by 2 tanks of underperforming fish in mixed batch during 1Q 26 ** Excluding incidents Fully stocked facility and stable production achieved 10
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Company Presentation * As of 27 of August Average harvest weight by month vs. 3kg target Monthly avg. harvest weight (kg HOG), January 2026 to date, with the 3kg threshold as a reference line Superior grade share (%) Survival Rate by quarter Survival rate (%) by quarter since first harvest (in Grow-Out) remains high, no material mortality incidents since May 2025 Harvest volume by quarter Harvested tonnes HOG by quarter, second quarter impacted by harvest of smaller fish, also into July 3.0 2.38 2.12 2.29 2.74 2.68 2.22 2.19 2.95 jan.26 feb.26 mar.26 apr.26 mai.26 jun.26 jul.26 aug.26 sep.26 HOG Size (kg) Strategic harvest of smaller fish to free up tank capacity 99 99 99 99 99 99 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26* Evidencing the 98%+ superior over time, demonstrating good fish health and system performance 356 339 697 726 435 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26* 99 98 95 99 98 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26* 11 Stronger biological performance and increased harvest sizes going forward ~
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Company Presentation Example size distribution deviations (actual results compared to AI sampling) AI-driven biomass tracking is strengthening operational precision, enabling optimized feeding and more accurate production forecasts 12 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0-1 kg 1-2 kg 2-3 kg 3-4 kg 4-5 kg 5-6 kg 6-7 kg Harvest Result Camera Forecast Improved accuracy in forecasting by size & distribution facilitating more effective production & sales planningSize Distribution (%) tank basis 0% 2% -3% 1% 0% -2% 2% -7% 1% 6% 3% -15% -10% -5% 0% 5% 10% 15% 14-Jan 15-Jan 27-Jan 29-Jan 4-Feb 24-Feb 3-Mar 6-Apr 7-Apr 9-Apr 21-Apr Average harvest size deviations (actual results compared to AI sampling)
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Company Presentation Normalized growth performance across later batches Days After Hatching Size (live weight) 2025-4Q 2026-1Q 2026-2Q 2026-3Q,4Q Batches transferred to grow-out after August 2025, reared in improved and stable conditions showing a significant better performance as expected 13 Positive growth trend continues, better performance on later batches
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Company Presentation 14 Restricted ability to hold back harvest due to limited available tank capacity • Limited tank capacity has required continuous harvesting to make space for coming batches • Biggest fish taken out continuously, even when below 3kg, simply to free up capacity • Has historically resulted in persistently low average harvest weights Solved through a deliberate strategic harvest of smaller fish from May to July • Prioritizing growth of larger fish by harvesting some smaller fish to free up tank capacity • Larger fish retained and grown to lift harvest sizes above the 3kg+ threshold going forward • Result: gradually back on track; recent samplings and growth performance support the outlook 14 On track for stable harvest sizes >3 kg following the successful strategic harvest of smaller fish Successful turnaround demonstrating results – lifting harvest sizes going forward
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Company Presentation 2026 3,000 t Revised forecast for the current year 2028 4,000 - 4,600 t Equivalent to ~70 – 75 kg/m³, capacity confirmed in recent due diligence Target after 2028 5,300 t Equivalent to ~80 kg/m³ Volume indications for 2027, 2028 and 2029 reflect a capacity ambition, not guidance Gradual increase, mostly dependent on operational improvements and optimization in production (including genetics and feed) rather than need for upgrades Technical and operational third-party due diligence concludes there is good capacity in the system Long-term target at 80 kg/m³ has already been achieved on a modular basis; and water quality maintained 15 2027 3,500 - 4,000 t Equivalent to ~65 - 70 kg/m³ A gradual path from 3,000 to 5,300 tonnes, driven by operational optimization
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation • A strong price achievement under normal conditions Proximar's 3kg+ price achievement has historically run well above the Norwegian export benchmark, confirming the business case for locally produced fresh Atlantic salmon • Underperformance in H1 2026 Low share of contracted sales and unstable supply of large fish left Proximar highly exposed to an unusually challenging spot market ➢ The Japanese market was specifically impacted by large and irregular imports from Canada and Chile • Prices recovering Reverting towards normalized conditions and gradually aligning with the benchmark as 3kg+ supply stabilizes and contract coverage increases Proximar price achievement vs. Norwegian export price NOK/kg, net Challenging short-term market dynamics, expected normalization toward historic levels going forward 0 20 40 60 80 100 120 140 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Jul 26' eAug 26' Proximar 3kg+ Proximar All size Proximar historical 2025 3kg+ avg. ~109 Avg. Oslo FCA, 1Q25 to Q2 2026 ~83 17
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Company Presentation * Includes 3.5% import duty, local handling and implied transportation costs (Japan import price less Norway export price). April–June 2026 Japan import prices converted from JPY at Norges Bank monthly average rates. Source: Japan Ministry of Finance, Norges Bank, SSB, FishPool, Euronext, company data. • Import costs remain high, driven by transportation, keeping the landed cost of imported salmon high – Proximar is targeting the benchmark price + premium • Fuji Atlantic Salmon holds a significant structural price advantage by local production & unparalleled freshness 18 High benchmark prices driven by import costs in Japan underpin the near-term price outlook Benchmark price - Import cost of Norwegian fresh Atlantic salmon in Japan NOK/kg, HOG — Norwegian export price plus implied transportation 0 20 40 60 80 100 120 140 160 180 Export price Implied transportation* Forward prices NOK/kg (HOG), NOK/EUR @ 10.9 69 77 92 88 82 83 Q3 2026 Q4 2026 Q1 2027 Q2 2027 2027 2028 Avg. 05.23-06.26 NOK123/kg
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation EBITDA cost/kg for Q11 and Q2 2026 compared to estimates based on range of annual output NOK/kg 87 81 71 68 65 63 61 56 0 20 40 60 80 100 120 140 1Q 26 2Q 26 3 500 3 750 4 000 4 250 4 500 5 300 Average benchmark price achievement (LTM) NOK 110 Annual harvest volume (tonnes) 1) Q1 2026 cost/kg including NOK 34.1m impairment recognized in Q4 2025 related to underperforming fish in mixed batch 11 (all harvested in Q1) 2) Subject to tax adjustments and may vary. Source: The Norwegian Directorate of Fisheries profitability survey 2024. Unit cost improves with scale and operational efficiency, improvements already seen in Q2 2026 20 Cost ambition: full facility capacity Average production cost Norwegian farmers (2024 figures2)
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Company Presentation Price achievement NOK / kg ~3 000 t 3 500 t 4 000 t 4 500 t 5 300 t Cost / kg NOK 81 3) NOK 71 NOK 65 NOK 61 NOK 56 64 1) -17 -7 -1 +3 +8 70 -11 -1 +5 +9 +14 75 1) -6 +4 +10 +14 +19 85 +4 +14 +20 +24 +29 95 +14 +24 +30 +34 +39 105 +24 +34 +40 +44 +49 110 2) +29 +39 +45 +49 +54 EBITDA / kg sensitivity: illustrative effects on profitability • Expected average harvest weight >3kg leading to improved price achievement: 1) Q2 realized price achievement of NOK 75 / kg for 3kg+ compared to NOK 64 / kg total 2) Average benchmark price achievement last 12 months of NOK 110 / kg • Significant cost improvements as volumes increase with an estimated cost of NOK 71 / kg at 3,500 tonnes 3) Q2 average cost of NOK 81 / kg total • On track to near-term positive operational EBITDA* 1) Average total price achievement and cost per kg for Q2 2026 2) Price achievement for 3kg+ for Q2 2026 3) Avg benchmark 3kg+ price achievement (LTM) Harvest weight of 3kg+ bringing prices up and costs down Robust business model with significant cost advantage * Assuming stable pricing conditions Closing the gap to positive EBITDA through increased harvest weights 21 ~NOK 70/kg Avg. production cost (EBITDA, 2024 fig) for Norwegian producers ~NOK 30/kg Avg. implied cost of transportation ~NOK 110/kg Reference import price last 12 months
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Company Presentation An operating asset with full operations and standing biomass, valuation below historical CAPEX 1) NOK/JPY = 16.90 2) Invested capital exceeds capex by ~NOK 810m, reflecting biomass build -up, operating costs incurred through the start-up years and financing costs (all figures based on 2Q figures ). 3) Market cap as of 1 September 2026 *Estimated cost to build similar facility, Proximar CAPEX largely based on fixed price negotiated contracts from 2017 & 2020 Capital structure NOK million / JPY million1 MNOK MJPY Invested capital2 2 136 36 074 Of which capex 1 325 22 400 Market capitalization3 236 3 980 Net debt (net of cash) 976 16 488 Current enterprise value 1 211 20 468 Implied enterprise value per kg of production capacity 4,000 tonnes HOG NOK 303 / kg JPY 5 117 / kg 3,500 tonnes HOG NOK 346 / kg JPY 5 848 / kg 229 250 Current enterprise value Proximar capex invested Replacement cost* NOK per kg of targeted annual capacity (5,300 tonnes HOG) What this means ▪ Current enterprise value sits below construction capex ▪ Building equivalent capacity today will require materially higher capex ▪ Roughly NOK 810m invested in biomass build-up, operating costs and financing 22
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation The first and established production of Atlantic salmon in Japan, fully up and running, well-positioned for positive earnings 01 Facility in full production Construction is completed and the facility stocked with a standing biomass around 1,650* tonnes, fish are harvested on a weekly basis and no rebuild or material capex ahead 02 Proven at commercial scale ~3,200* tonnes HOG harvested since the first harvest in September 2024, of which above 98% superior grade 03 Cost and freshness advantage Atlantic salmon farmed domestically close to the end consumer, compared to 8,400 km of air freight for imported fish 04 Route to market already secured Ten-year sales and distribution agreement covering 100% of the harvest, sold domestically under the Fuji Atlantic Salmon brand 05 Earnings inflection in sight Harvest weights are moving through the 3 kg threshold, and price achievement is normalising - the two variables that carry the operation to profitable levels 06 Entry below replacement cost * As of early September 2026 ** Based on listed shares in Norway plus net debt 24 Current enterprise value of Proximar** sits well below invested capital and facility replacement cost
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Company Presentation Operational development Market Financials in brief 02 03 04 Summary05 Agenda Introduction01 Appendix06
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Company Presentation The start-up issues that held back growth in 2024 and 2025 have been identified and closed out – the platform is de-risked Delayed equipment installation Biofilter collapses in the grow-out Feeding system issues & distribution Issue Background and actions taken Status Farming taste / off-flavor Turbidity Tank breach Back-up oxygen Elevated CO2 levels Temperatures Aqua Maof late installation of ozone, grading system. All equipment now in place and working as expected 3 of 4 modules fixed and strengthened, last temporarily extra supports, expected to be permanently changed in 2026 without impacting production Start-up related SW issues from supplier, malfunctioning parts and low pumping capacity. All issues repaired / improved Issues with purge system and ozone distribution, generally good control of geosmin and MIB, however, extra well and doubling the purge capacity Ozone distribution improved and ozone diffusors fixed providing more efficient ozone injection to production modules All tanks strengthened with soil improvement around center module and polyurea in all sealings to avoid leakage New and larger oxygen diffusors installed in all tanks, providing sufficient oxygen distribution in the tanks Curtains installed between bio media and settlers, avoiding CO2 leakage into production, air intake/outlet improved and better ventilation / exhaust Extra chillers in place on long-term rental Completed 3 modules permanently fixed, 1 module temporarily strengthened Completed Partially completed, new well on stream in October/November Completed Completed Completed Completed Extra cooling capacity connected 26
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Company Presentation Abundant Consumer Market (Japan) Revitalizing the local economy SDGs/ESG Contributing to Food Security Summary: Our Strengths and Social Significance 当社の強み・社会的意義 Domestic Market • Market size: JPY260bn JPY500bn JPY5,000bn Annual growth rate: 3.3% Overseas: around 7.0–7.2% First-Mover Cost Advantage Achieving commercial shipments in Sep 2024, before the recent surge in construction & labor costs, provided us with a significant cost advantage as an early mover. Experts seeking new fisheries and food tech naturally come together Solving social problems and unstable catch issues Our Land- Based Salmon Farming Government target: 94% by FY2032 'Land-based aquaculture' is an innovative technology that artificially creates rare and high-quality fishing grounds. 『日本成長戦略会議』 Japan Growth Strategy Council identified land- based aquaculture as a sector to be proactively promoted. It envisions Japan achieving a 30% of the global market by 2040. (March 10, 2026) Self-sufficiency rate for edible seafood in Japan: 54% (FY2023) Improving domestic self-sufficiency in protein sources Abundant Consumer Market (Worldwide) Abundant Consumer Market (Asia) FUJI Brand Advantage Already successfully marketed in Taiwan 2025 Promoting decarbonization CO₂ reduction (Avoiding air transport) Global warming Ocean pollution Red tide Huge typhoons Tsunamis About 99.7% water circulation Reuse Achieved Regional revitalization Local employment Local university Research institute Hiring Advantage Creating new industries 27