BioFish Holding AS

Earnings Release • May 15, 2024

BIOFISH HOLDING AS – First quarter 2024 results

BIOFISH HOLDING AS – First quarter 2024 results

Ljones, 15 May 2024: In the first quarter 2024, BioFish successfully delivered 206 tons of smolt and post-smolt, generating revenues of NOK 17 million for the period. The demand for healthy, high-quality smolt and post-smolt remains strong, and BioFish expects to grow production in 2024, and further in 2025.

“BioFish has a proven track record of good biological performance, which was reaffirmed by customer satisfaction and feedback on the quality of our smolt deliveries in 2023 and 2024,” says CEO Sondre Hagerup Johnsrud.

The production process includes the use of seawater in combination with fresh water to prepare the smolt for sea, with temperatures that reflect the natural environment of wild salmon in early phase of the production. Following the expansion of the RAS facility, the company expects to grow production to 800-900 tons in 2024, and further in 2025.

As a natural consequence of higher activity levels, personnel expenses and other operating expenses have increased year-over-year. Despite of this, the operating result has improved from negative NOK 4.4 million in first quarter 2023 to negative NOK 2.3 million in first quarter 2024.

During the quarter, the company finalised a refinancing agreement including a new revolving credit facility of NOK 33 million and an extension of the duration of its existing loan (NOK 51 million) until 31 January 2027.

Moving forward, demand for smolt and post-smolt is expected to develop positively, supported by strong market fundamentals.

“Industry trends indicate increased willingness among salmon farmers to invest in robust, high quality smolt and post-smolt in order to improve fish health, reduce cost and address the biological challenges in the sea phase of salmon farming. It is our firm belief that good biology equals good economics,” Johnsrud continues.

The presentation material and report for the first quarter of 2024 are attached to this notice.

For additional information please contact:

Sondre Hagerup Johnsrud, CEO

Mob: +47 975 79 321 Email: sondre@biofish.no

Johnny Duedahl, CFO

Mob: +47 982 06 833 Email: johnny@biofish.no

About BioFish

BioFish is a Norwegian independent producer of high-quality smolt and post-smolt. The company has a post-smolt RAS production facility in Ljones close to the Hardangerfjord on the west coast of Norway. Almost 40 per cent of Norwegian fish farming sites are located within one day of transport.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.