Proximar Seafood financing plan - contemplated convertible bond and initiation of strategic review

Bergen/Yokohama, 10 July 2026

Proximar Seafood (“Proximar” or the “Company”) contemplates a private placement of a convertible bond with an initial tranche of minimum NOK 100 million. The first tranche will comprise of at least NOK 75 million in new subscriptions and NOK 25 million of rollover from the Company’s existing convertible bond. The net proceeds will be used to fund working capital and operations and to strengthen the Company’s liquidity buffer as it continues to build biomass and harvest volumes. The convertible bond also supports extensions to the Company’s debt maturity profile.

“We are pleased with the continued support from our banks and investors, which secures our near-term liquidity and allows us to keep full attention on operations. Our priority remains a stable supply of fish above 3 kilos, which together with our attractive investment cost and operating cost advantages leaves us well-positioned for strong margins. We are confident that our recent positive operational development keeps us well on track to reach profitable operations,” said CEO Joachim Nielsen.

- Key terms of the convertible bond –

• Minimum NOK 100 million • Maturity July 2029 • Conversion price: NOK 0.60 per share. Non-convertible first 6 months • Coupon: First year: 13% payment in kind (PIK). Thereafter: 15% PIK or 7% cash p.a. • Holders of the Company's existing convertible bond who subscribe in the new issue may roll existing holdings into the new bond at a ratio of 1:2 • Existing investments rolled into new bond issue shall be non-convertible for 12 months, have a lock-up for 12 months and be callable at 130% for 12 months • Existing convertible bond not rolled shall extend maturity to the same date as the new convertible bond

Proximar intends, as far as practically possible, to invite all shareholders and existing bondholders not invited to subscribe for further tranches of the Convertible Bond on equal terms within the next one to two months, subject to applicable law, stock exchange rules and market practice.

The bond issue is supported by several of the Company’s largest shareholders and bondholders, but remains subject to a number of conditions, including final subscription orders, approval by the Company’s general meeting, approval by bondholders of the Company’s existing convertible bond, and an acceptance of certain conditions by Grieg Kapital AS, as guarantor and creditor in the Company. Final documentation for the bond issue remains outstanding.

ABG Sundal Collier ASA ("the Manager") is acting as manager for the convertible bond offering.

Part of the proceeds will address a request from the Company’s banks to strengthen its cash position in conjunction with a waiver of the sales covenant under Proximar's syndicated bank loan for the second quarter of 2026. The waiver relates to two-month running sales for the second quarter of 2026, as described in the first quarter 2026 report published on 29 May 2026.

Proximar is experiencing constructive dialogue and support from its banks and remains proactive in assessing future funding and financing options, including a potential 12-month extension of its NOK 586 million syndicated bank loan maturing in August 2026.

- Board initiates strategic review to strengthen capital structure -

With reference to the Company’s first quarter 2026 report, published on 29 May 2026, the Board has engaged Nomura International Plc, a leading Japanese investment bank, to conduct a strategic review of the Company. The review aims to strengthen and position Proximar for the future and address the longer-term refinancing of the Company’s balance sheet.

The review will consider a broad set of solutions, including seeking a long-term industrial investor for its Japan business, building on the strong investor interest for the Company in Japan.

Following a period of improved operational and biological performance and a positive outlook, the Board considers this is the right time to initiate this process to support the Company and its prospects.

The Company will provide updates on progress in due course.

For further information, please contact: Joachim Nielsen, CEO ir@proximar.com

About Proximar Seafood Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs in October 2022 and carried out its first harvest on 30 September 2024. Proximar’s brand and logo (Fuji Atlantic Salmon) were officially launched in October at our partner Marubeni Corporation’s head quarter in Tokyo. Through land-based salmon farming, using high-quality groundwater secured close to Mount Fuji, the company produces 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.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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