Proximar Seafood AS — Earnings Release 2022

Aug 31, 2022

Proximar Seafood AS – First-half year 2022 results

Proximar Seafood AS – First-half year 2022 results

Bergen, Norway – 31 August 2022 – Proximar Seafood AS (EURONEXT: PROXI) today reported its first-half year 2022 results. Proximar is in a project development phase and consequently had no income. The net loss before tax was NOK 11.1 million, compared to a loss of NOK 19.4 million in the first half of 2021. The operating expenses increased from NOK 5.5 million to NOK 11.1 million due to cost increase as operational start-up is close. The company holds a strong equity of NOK 362 million and a cash balance of NOK 73.7 million by the end of June 2022.

“We are pleased with the progress made in the first half of 2022, as we are on track with the construction both regarding time and budget. We are now preparing for the operational start-up of our first land-based recirculation facility in Oyama Town, Shizuoka in Japan,” says Joachim Nielsen, CEO of Proximar Seafood. “We have a strong operational team in Japan and are well prepared for the production start shortly.”

In the Hatchery and Nursery building the last interior works are being completed and prepared for egg insertion. For the Post Smolt Grow-out building, steel erection is ongoing and the tank installation is starting shortly.

“In April, we signed a 10 year sales and distribution agreement with Marubeni for our salmon to the Japanese market. Partnering up with experts have always been important for us, and we are pleased to see all the attention we have received from media in Japan after the signing. This has also boosted the local debt discussions, which we are working actively on.” says Nielsen.

During the last half year, Proximar has been awarded another top sustainability rating from an external rating agency. This time from the well-recognized Japan Credit Rating Agency. “We continue to do our outmost regarding sustainability and such ratings are encouraging for our continuous work.” says Nielsen.

“During the first six months of 2022, we have seen very high salmon prices in the Japanese market, due to the combination of the international salmon prices and the high transportation costs. We expect more normalized market prices long-term, and we are still confident in attaining a price premium on the Proximar fish due to its freshness, Mt Fuji location, clear ESG profile and local origin,” Nielsen concludes.

For more information, please see the full report and presentation for the first half of 2022 attached.

Proximar Seafood will present its financial results for the first half of 2022 on Wednesday 31 August 2022, at 09:00 CEST. The investor presentation will be streamed and will be hosted by CEO Joachim Nielsen and CFO Pål K. Grimsrud. The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through: https://events.webcast.no/proximar/2022/1w7UpKT9s0Kx5NvjH5GE

For further information, please contact:

Pål K. Grimsrud, CFO, Proximar Seafood AS

Tel: +47 99477599

Email: pkg@proximar.com

About Proximar Seafood

Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility under construction at the foot of Mount Fuji in Japan. Through land-based fish farming, using high-quality ground water secured close to Mount Fuji, the company will produce 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.