BioFish Holding AS

Investor Presentation • Feb 28, 2025

4Q 2024 Presentation

28 February 2025

Acquisition of Biofish Land AS completed, securing Highlights Q4 & FY 2024

• smolt deliveries and volume growth on track
• Planned operational and organisational improvements nearing completion
• Strong biological performance in facility and highquality on delivered smolt
  • One customer site, with smolt from BioFish, nominated "best performing site" of the year
• full ownership of the land where the facility is located salmon farmers - all returning customers Sufficiently financed for planned operations and
• Multiple long-term agreements secured with top-tier
• investments, with no need for capital raising

Subsequent events

• Strategic process initiated to explore growth opportunities
  • Updates on outcomes expected towards the end of Q2 2025
• Milestone agreement secured in Q1 2025, bringing order backlog to 720 tons per year for 2025-2027
  • Secures strong sales visibility
  • Provides some capacity to take on new orders in a strong market
• 1,693,608 warrants exercised in the fourth exercise period, generating net proceeds of NOK 1.9 million

Ramp-up in sales and strong sales visibility

• BioFish delivered 523 tons smolt in 2024, in line with guidance of ~500-550 tons
• New sales agreement secures ~1.2 million postsmolt deliveries annually for 2026 and 2027, with an avg. weight of 600 grams
• The agreement includes intent to discuss additional deliveries
• Approximately two thirds of annual volumes sold for 2025, with capacity for new orders in a strong market

Annual smolt deliveries (tons)

Ongoing strategic review process

• A strategic review process was announced on 13 January 2025
• Ambition is to explore growth opportunities and/or increase shareholder value
• The process will not require capital raising
• The strategic process is ongoing and progressing as planned
• Pareto Securities engaged as a financial advisor
• Updates will be provided by the end of Q2 2025

Ideal site for robust and healthy smolt

• Strategically located RAS facility in Ljones, Western Norway, in a region with high farming density (P03)
• Strong demand for flexible MAB utilisation, due to the "traffic light system" from the Norwegian Directorate of Fisheries
• Water temperature and high salmon farming density in the region create demand for robust smolt and postsmolt
• High farming density allows shorter transport to sea sites, benefiting fish health and logistics
• The region offers good access to highly skilled and experienced workforce

Our place in the value chain

Our production

Financial highlights

• Smolt deliveries of 155 tons, generated revenues of MNOK 12.2, compared to no sales volume in Q4-23
• Higher opex mainly due to sales volume in the quarter
• Reduced interest capitalisation led to higher net financial costs
• Higher YoY sales volume, but increased costs from operational upgrades led to a larger net loss
  • 2024 sales negatively impacted by phasing of deliveries into 2025
• Reduced long-term interest-bearing debt YoY, with a solid equity ratio of ~70%
• Full-year 2024 capex for facility upgrades ended at MNOK 7.7, in line with guidance of MNOK 8-10
• Facility upgrades nearing completion, with no major capex planned in 2025

Key figures in Q4 2024

9

Warrants

• 82,550,000 warrants issued in January 2023, with 3-year duration
• Exercise periods: Jan/Feb and Jul/Aug each year
• Strike prices: NOK 1.10 per share (2023/ 24), NOK 1.20 per share (2024/25), NOK 1.30 (2025/26)
• 68,714,942 warrants outstanding pr. 31.12
  • NOK 84 million potential net proceeds
• Fourth exercise period ended 17 February 2025, with 1,693,608 warrants exercised in this period
  • Proceeds of NOK 1.9 million in total, net of expenses
• Next exercise period will be in July/ August 2025 with a strike price of NOK 1.30 per share

Key figures

Key takeaways and outlook

• Prime location in a high-density farming region with strong demand for MAB optimisation
• Operational improvements and strategic review process are on track
• Strong contract backlog with ~two-thirds of 2025 capacity already sold
• Strong track-record, backed by positive customer feedback from top-tier salmon farmers
• Sufficiently financed for planned operations and investments, with no need for capital raising
• Solid growth ahead, with 2025 volume guidance of 900-1,100 tons reiterated
• Improved cash position, positive cash flow and net profits expected from Q1 2025 onwards

11

Appendix

Income statement

Income statement
	Q4 24	Q4 23	FY 24	FY 23
Total revenue	12 225	-	48 890	47 684
Cost of goods sold	11 256	1 626	34 877	37 330
Salaries and personnel expenses	3 638	4 119	15 091	7 564
Other operating expenses	2 618	2 772	8 793	6 696
Total operating expenses	17 512	8 517	58 761	51 590
Operating result (EBITDA)	-5 288	-8 517	-9 870	-3 906
Depreciation	3 179	3 000	12 693	6 250
Operating result (EBIT)	-8 467	-11 517	-22 563	-10 156
Net interest expenses	-1 979	-1 583	-7 031	-1 770
Net agio	-27	-10	7	-399
Net financial items	-2 006	-1 593	-7 024	-2 169
Result before tax	-10 473	-13 110	-29 587	-12 325
	-	-313	-	-313
Tax expense

Assets

Assets 31.12.2024 30.09.2024 31.12.2023 242 805 229 696 242 806 229 696 18 539 20 975 3 073 5 003 1 405 10 584 -
	ASSETS
	Total tangible fixed assets			233 546
	Total non-current assets			233 546
	Biological assets			11 998
	Other inventories			486
	Account receivables
	Other receivables	1 186	1 879	11 948
3 236 410	Cash and cash equivalents			1 281
27 438 38 851	Total current assets			25 713
TOTAL ASSETS 270 244 268 547 259 259

Equity and debt
	31.12.2024	30.09.2024	31.12.2023
EQUITY AND LIABILITIES
Paid in equity	235 179	227 190	212 326
Earned equity	-46 966	-36 840	-17 379
Total equity	188 213	190 350	194 947
Long term debt Loans from credit institutions	49 000	50 000	52 000
Total other long term debt	49 000	50 000	52 000
Short term debt
Bank overdraft	21 550	10 000	-
Account payables	8 698	12 567	9 253
Public duties	462	532	288
Other short-term liabilities	2 321	5 098	2 771
Total short-term debt	33 030	28 197	12 312
Total debt	82 030	78 197	64 312
TOTAL EQUITY AND DEBT	270 244	268 547	259 259

Statement of cash flows

Q4 24	Q4 23	FY 24	FY 23
			17 825
			6 250
			7 927
			50
			5 228
			1 770
			12 087
2 209	20 529	10 431	19 143
			45 630
- 7 739	3 888	13 402	45 630
			4 000
			-
			68 986
			1 770
8 355	2 583	25 822	63 216
2 826	- 27 000	1 989 -	1 557
410	28 281	1 281	2 838
	- 10 473 3 179 4 366 9 179 - 3 869 1 979 - 2 151 - 7 739 - 1 000 11 550 - 215 - 1 979	- 13 110 3 000 - 4 540 3 297 1 276 1 583 - 12 035 - - 3 888 - - 1 000 - - - 1 583 -	Statement of cash flows - 29 587 - 12 693 - 9 128 - 1 405 - 555 - 7 031 10 521 - - - - 13 402 - - - - 3 000 - 21 550 14 303 - 7 031 -