Proximar Seafood (PROXI) Company presentation summary

Operational development

• Facility fully operational with over 3,200 tonnes harvested since 2024 and a current annual harvest capacity of 5,300 tonnes HOG.

• High survival rates and superior grade share above 98% achieved, with weekly harvesting and improved growth performance.

• AI-driven biomass tracking enhances production forecasting and feeding optimization.

• Strategic harvesting of smaller fish has enabled a shift to larger average harvest weights, now trending above 3kg.

• Gradual capacity increase planned, targeting 5,300 tonnes post-2028 through operational optimization, not major capex.

Market positioning and demand

• Proximity to major Japanese cities allows delivery from harvest to consumer in under 6 hours, reducing costs and emissions.

• Ten-year offtake agreement secures 100% of harvest under the Fuji Atlantic Salmon brand, serving high-end hotels and retailers.

• Japan's government targets 94% seafood self-sufficiency by 2032, with land-based aquaculture identified as a strategic sector.

• Domestic production offers a ~40% cost advantage over imported salmon, with strong demand among younger consumers.

• Brand has begun trial exports to Thailand, expanding market reach.

Financial performance and outlook

• Price achievement for 3kg+ salmon historically exceeds Norwegian export benchmarks, confirming premium for local freshness.

• Short-term market volatility impacted H1 2026, but normalization and price recovery are underway as supply stabilizes.

• Production costs decrease with scale, with Q2 2026 costs at NOK 81/kg and a target of NOK 56/kg at full capacity.

• Positive operational EBITDA is in sight as harvest weights and volumes increase.

• Current enterprise value is below invested capital and replacement cost, reflecting significant upside potential.