BioFish Holding AS

Earnings Release • Feb 28, 2025

BIOFISH HOLDING AS: Fourth quarter 2024 results

BIOFISH HOLDING AS: Fourth quarter 2024 results

Ljones, 28 February 2025: BioFish ended the year with solid operational

performance in fourth quarter, delivering 155 tons of high-quality smolt and

post-smolt to its customers. This resulted in revenues of NOK 12.2 million for

the quarter, compared to no revenues or deliveries in the corresponding period

last year. For the full year 2024, BioFish delivered a total of 523 tons, in

line with previously announced guidance.

During the fourth quarter, BioFish reached several key milestones, including

completion of the BioFish Land acquisition, facility upgrades, and strong

biological performance of smolt and post-smolt deliveries.

"We are particularly proud of the feedback we receive from our customers on

the quality of our deliveries, thanks to the efforts of our competent

colleagues at the BioFish facilities. This has contributed to strengthening

long-term relationships and helped us securing multiple agreements for future

deliveries," said Sondre Johnsrud, CEO at BioFish.

A milestone contract was secured in Q1 2025 to deliver ~1.2 million post-smolt

per year in 2026 and 2027, with an average weight of 600 grams. It also

includes intent to discuss additional deliveries.

"Together with previously announced contracts, total confirmed annual sales

volume for 2025-2027 has now reached ~720 tons, implying that two-thirds of

expected 2025 volume is sold out. This gives us good earnings visibility,

while at the same time providing some capacity to take on new orders in a

strong market, contributing to a favourable outlook for 2025," Johnsrud adds.

For 2025, BioFish reiterates its volume guidance to deliver sales volumes of

900-1,100 tons of high-quality smolt and post-smolt. Volume growth from

scheduled deliveries, combined with operational and organisational

improvements nearing completion, are expected to improve the company's cash

position, and generate positive cash flow and net profits already in Q1 2025

onwards.

After year-end, a strategic review was initiated to explore growth

opportunities for BioFish and increase shareholder value. The process does not

require capital raising, as the company is sufficiently financed for planned

operations and investments. Updates on outcomes to be expected towards the end

of Q2 2025.

The presentation material and report for the fourth quarter of 2024 are

attached to this notice.

For additional information please contact:

Sondre Hagerup Johnsrud, CEO

Mob: +47 975 79 321 Email: sondre.johnsrud@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 RAS production facility in Ljones close to the

Hardangerfjord on the west coast of Norway. Numerous 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.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-02-28 08:00 CET.