BioFish Holding AS

Investor Presentation • Aug 22, 2024

2Q 2024 Presentation

22 August 2024

Highlights | Q2 2024

• No smolt deliveries in the quarter
• Strong biological performance on smolt delivered in H1-24
• Attractive new contracts secured for August delivery
• Ongoing operational improvement progressing as planned
• Next deliveries planned for August and September 2024

Steady increase in production

• Optimal fish health and superior quality is our key priority
• Good biology equals good economics
• Track-record of stable deliveries of high-quality smolt and post-smolt
• Strong biological performance on smolt delivered in 2023 and 2024
• Production volume is expected to continue to increase during 2024 and to further increase in 2025

Capacity to take new orders in a strong market BioFish has a solid order book with firm

• orders and option agreements secured until 2026
• In addition, significant potential to take new orders from new and existing customers on current capacity

BioFish's location in an area (PO3) in Norway Perfectly located for the post-smolt future

• Strategically located RAS facility in Ljones, Western Norway
• with high farming density imply shorter transportation which is beneficial for fish health and logistics
• The combination of high farming density and relatively warm water increases the importance of production of robust smolt
• Completed RAS facility expansion, now focused on maintaining strong biological performance and scaling production in 2024 and 2025

BioFish uses both fresh water and sea water in Ideal site for robust and healthy smolt

• the production of smolt to better prepare the smolt for seawater environment
• The temperatures that we use in early phase reflect the environment of wild salmon
• We are not using pumps to deliver our smolt to the wellboat. Gravity helps us which reduces stress on our smolt during a vulnerable phase

Increasing demand for larger, high-quality smolt

• Fish farmers increasingly demand larger smolt/post-smolt
• Larger smolt contributes to more even production throughout the year
• Reducing the sea phase, thereby facilitating a higher permit utilisation in the sea
• Larger smolts are more resistant to diseases and parasites
• A shorter sea phase can be positive for fish health and welfare, which in turn contributes to reduced costs

Attractive opportunities for growth

Partnerships

Financial highlights

• No smolt deliveries in Q2
• Significant reduction in cost of goods sold due to improved operational efficiency
• Increased personnel expenses due to higher operational activity
• Depreciation charges have increased following completion of the facilities
• EBIT result negative NOK 11.4 million, compared with negative NOK 3.0 million in Q2- 23
• Solid financial position, equity ratio of 75.0 per cent at the end of the quarter
• Interest-bearing debt of NOK 51 million

Warrants

• 82,550,000 warrants issued in January 2023
  • Duration: 3 years
  • Exercise periods: January/February and July/August each year
  • Strike prices at NOK 1.10 per share (2023/ 2024), NOK 1.20 per share (2024/ 2025) and NOK 1.30 per share (2025/ 2026), respectively
• 13,835,058 warrants exercised during the first three exercise periods (proceeds of NOK 14.5 million in total, net of expenses) Biofish Land AS (to be incorporated) NOK 73 million potential minimum net proceeds
• 69,916,942 warrants outstanding
  • 8,500,000 additional warrants to be issued in connection with the acquisition of the property,
  • (before expenses)

Key figures

Key takeaways and outlook

• Perfectly located for the post-smolt future:
  • Strategic location in an area (PO3) in Norway with high farming density imply shorter transportation which is beneficial for fish health and logistics
• Supportive market environment:
  • Fish farmers increasingly demand larger smolt/post-smolt
• Strong biological performance:
  • Strong biological performance on smolt delivered in 2023 and 2024
• Growing production:
  • Production estimated to be between 800 and 900 tons in 2024, with further growth expected in 2025

Appendix

Income statement

Income statement
	2Q 24	2Q 23	YTD 24	YTD 23	2023
Total revenue	-	-	17 189	20 108	47 684
Cost of goods sold	1 354	1 384	11 323	23 640	42 830
Salaries and personnel expenses	4 838	459	8 641	1 393	7 564
Depreciation	3 332	126	6 332	251	6 250
Other operating expenses	1 847	990	4 546	2 171	6 696
Total expenses	11 371	2 959	30 842	27 455	63 340
	-11 371	-2 959	-13 653	-7 347	-15 656
Operating result (EBIT)
Net interest expenses	-1 534	-	-3 057	-	-1 770
Net agio	33	-47	7	-48	-399
Net financial items	-1 501	-47	-3 050	-48	-2 169
Result before tax	-12 872	-3 006	-16 703	-7 395	-17 825
Tax expense	-	-	-	-	-313
Result for the period	-12 872	-3 006	-16 703	-7 395	-17 512

Assets

Assets
30.06.2024 31.03.2024 31.12.2023 30.06.2023
ASSETS
Total intangible assets - - -	-
Total tangible fixed assets 231 835 233 243 233 546	230 141
Total non-current assets 231 835 233 243 233 546	230 141
Biological assets 18 283 8 508 11 998	14 602
Other inventories 1 556 1 564 486	1 295
Account receivables - 6 314 -
Other receivables 1 647 1 068 11 948	2 491
Cash and cash equivalents 3 528 17 884 1 281	24 079
Total current assets 25 013 35 338 25 713 42 467
TOTAL ASSETS 256 848 268 581 259 259	272 608

Equity and debt

Equity and debt
	30.06.2024	31.03.2024	31.12.2023	30.06.2023
EQUITY AND LIABILITIES
Paid in equity	226 844	226 844	212 326	220 540
Earned equity	-34 082	-21 210	-17 379	-15 261
Total equity	192 762	205 634	194 947	205 279
Long term debt
Loans from credit institutions	47 000	47 000	48 000	53 000
Total other long term debt	47 000	47 000	48 000	53 000
Short term debt
Short term part of loans from credit institutions	4 000	4 000	4 000	-
Bank overdraft	5 000	-	-	-
Account payable	5 224	8 654	9 253	14 429
Public duties	795	1 609	288	-
Other short-term liabilities	2 067	1 684	2 771	-100
Total short-term debt	17 405	15 947	16 312	14 329
Total debt	64 405	62 947	64 312	67 329
TOTAL EQUITY AND DEBT	256 848	268 581	259 259	272 608

Statement of			cash flows
	2Q 24	2Q 23	YTD 24	YTD 23	2023
Cash flows from operating activities
Result before tax	-12 872	-3 006	-16 703	-7 395	-17 825
Depreciation	3 332	126	6 332	251	6 250
Change in inventories	-9 766	-11 882	-7 354	4 514	7 927
Change in account receivable	6 314	-	-	-	50
Change in account payable	-3 430	-11 260	-4 029	-52	-5 228
	1 534	-	3 057	-	1 770
	-1 028	20 947	10 086	-6 000	-12 087
	-15 917	-5 076	-8 612	-8 682	-19 143
	-1 905	-21 353	-4 602	-36 476	-45 630
	-1 905	-21 353	-4 602	-36 476	-45 630
	-	-1 000	-1 000	-3 000	-4 000
	5 000	-	5 000	-	-
	-	-	14 518	69 400	68 986
	-1 534	-	-3 057	-	-1 770
	3 466	-1 000	15 461	66 400	63 216
	-14 356	-27 429	2 247	21 242	-1 557
	17 884	51 508	1 281	2 838	2 838
	3 528	24 079	3 528	24 080	1 281
Items reclassified as financing activities Other accruals Net cash flows from operating activities Cash flows from investing activities Net investment in fixed assets Net cash flows from investing activities Cash flows from financing activities Repayment of long term debt Change in bank overdraft New equity Net interest expenses Net cash flows from financing activities Net cash flows for the period Cash and cash equiv. at beginning of period Cash and cash equiv. at end of period