BioFish Holding AS

Earnings Release • May 15, 2025

BIOFISH HOLDING AS: First quarter 2025 results

BIOFISH HOLDING AS: First quarter 2025 results

Ljones, 15 May 2025: BioFish delivered a strong quarter, marked by record-high

activity at the facility with increased volumes and price achievement compared

to the corresponding period last year. In the first quarter 2025, BioFish

delivered 323 tons of high-quality smolt and post-smolt, generating revenues

of NOK 34.5 million, up from NOK 17.2 million on 206 tonnes in the first

quarter of 2024.

"We are proud of our team and thankful for their dedication and hard work this

quarter, which has led to operational and financial progress. We continue to

receive positive feedback on the smolt and post-smolt we have delivered, and

biological performance at our facility remains strong," said Sondre Johnsrud,

CEO at BioFish.

BioFish has secured several new contracts in the first quarter with

long-standing customers. These agreements bring the total annual sales volume

to approximately 720 tons for 2025, 2026 and 2027. In addition, BioFish will

receive ~25 tons of smolt in April 2025 from an existing customer, which will

be delivered back in July. This will add ~120 tons to the expected total

post-smolt volume for 2025.

"We have implemented several strategic and organisational improvements in

2024, and we are now seeing the first results, including positive cash flow

and net profit. We are optimistic about the coming year, with over two-thirds

of the volume already sold, and we maintain a positive outlook on the

long-term demand for post-smolt," Johnsrud adds.

For 2025, BioFish expects to deliver 1,000-1,200 tons of high-quality smolt

and post-smolt, including contracts announced in the first quarter. Due to

customer preferences, some volumes originally scheduled for the second quarter

will now be delivered in the third quarter, but this will not affect full year

volume guidance. Additionally, BioFish sees potential for further capacity

from 2027 onward.

In early 2025, a strategic review was initiated to explore growth

opportunities for BioFish and increase shareholder value. The process is still

ongoing, with updates on outcomes to be expected by the end of the second

quarter of 2025.

The presentation material and report for the first quarter of 2025 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

2025-05-15 08:15 CEST.