BioFish Holding AS

Investor Presentation • May 15, 2025

1Q 2025 Presentation

15 May 2025

Highlights Q1 2025

• quality on delivered smolt and solid order intake
• High activity at the facility with delivery of 323 tons post-smolt (Q1 2024: 206 tons) with high price achievement
• Positive cash flow and net profit of NOK 5.7 million
• Several contracts secured in Q1 2025, bringing total order backlog to 720 tons per year for 2025-2027
• Volume guidance for 2025 increased to 1,000-1,200 tons, including contracts announced in Q1
• Strategic process announced on 13 January 2025 is ongoing and progressing according to plan

Solid operations

• Volume guidance increased on the back of strong biological performance at site and signals of continued strong demand
• Several contracts secured in Q1 2025, bringing total order backlog to 720 tons per year for 2025-2027
• Approximately two thirds of annual volumes sold for 2025, with capacity for new orders in a strong market
• Ongoing dialogue with top-tier salmon farmers for potential new agreements on 2025-27 volume
• Potential to add further capacity from 2027

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 still 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)
• 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 five production stages

Financial highlights

• Smolt deliveries of 323 tons, generated revenues of NOK 34.5 million Higher opex mainly driven by increased sales in the
• period, partly offset by organisational improvements
• Reduced capitalisation of interest expenses led to higher net financial costs compared to Q1 2024
• Positive cash flow, EBITDA of NOK 11.0 million and net profit of NOK 5.7 million
• Reduced long-term interest-bearing debt YoY, with a solid equity ratio of ~70%
• No major capex planned in 2025 beyond maintenance capex

Key figures in Q1 2025

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)
• 67,521,334 warrants outstanding per 31 March 2025
  • NOK 85 million in 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
• 2025 with a strike price of NOK 1.30 per share

Key takeaways and outlook

• Prime location in a high-density farming region with strong demand for post-smolt
• High activity at facility, with operational improvements and strategic review process progressing as planned
• Strong contract backlog, with approximately two-thirds of 2025 capacity already committed
• Solid growth outlook, with 2025 volume guidance of 1,000-1,200 tons
  • Delivery scheduled for Q2 moved to Q3 to meet customer preferences
• Government white paper net positive for producers of high-quality smolt

Appendix

Income statement

Income statement
	Q1 25	Q1 24	FY 24
Total revenue	34 484	17 189	48 890
Cost of goods sold	17 721	9 969	34 877
Salaries and personnel expenses	3 653	3 803	16 753
Other operating expenses	2 079	2 699	8 793
Total operating expenses	23 454	16 471	60 423
Operating result (EBITDA)	11 031	718	-11 533
Depreciation	3 000	3 000	12 693
Operating result (EBIT)	8 031	-2 282	-24 225
Net interest expenses	-2 333	-1 523	-7 035
Net agio	-31	-26	19
Net financial items	-2 364	-1 549	-7 016
Result before tax	5 666	-3 831	-31 241
Tax expense	-	-	-
Result for the period	5 666	-3 831	-31 241

Assets

Assets
	31.03.2025	31.03.2024	31.12.2024
ASSETS
Total tangible fixed assets	244 982	233 243	242 805
Total non-current assets	244 982	233 243	242 805
Biological assets	9 557	8 508	18 539
Other inventories	3 604	1 564	3 073
Account receivables	9 693	6 314	1 405
Other receivables	669	1 068	1 186
Cash and cash equivalents	10 134	17 884	3 236
Total current assets	33 658	35 338	27 438
TOTAL ASSETS	278 640	268 581	270 244

Equity and debt

Equity and debt
	31.03.2025	31.03.2024	31.12.2024
EQUITY AND LIABILITIES
Paid in equity
Paid-in equity	188 028	226 844	186 237
Earned equity	5 666	-21 210	-
Total equity	193 694	205 634	186 237
Long term debt
Loans from credit institutions	48 000	51 000	49 000
Total other long term debt	48 000	51 000	49 000
Short term debt
Bank overdraft	20 950	-	21 550
Account payables	11 909	8 654	8 698
Public duties	393	1 609	908
Other short-term liabilities	3 694	1 684	3 851
Total short-term debt	36 946	11 947	35 007
Total debt	84 946	62 947	84 007
	278 640	268 581	270 244

Statement of cash flows

Statement of cash flows
	Q1 25	Q1 24	FY 24
Cash flows from operating activities
Result before tax	5 683	- 3 831 -	31 241
Depreciation	3 000	3 000	12 693
Change in inventory and biological assets	8 451	2 412	- 9 128
Change in account receivables	- 8 288	- 6 314	- 1 405
Change in account payables	3 211	- 599	- 555
Other accruals	- 175	11 114	12 149
Net cash flows from operating activities	11 882	5 782 -	17 488
Cash flows from investing activities
Net investment in fixed assets	- 5 177	- 2 697 -	13 402
Net cash flows from investing activities	- 5 177	- 2 697 -	13 402
Cash flows from financing activities
Repayment of long term debt	- 1 000	- 1 000	- 3 000
Change in bank overdraft	- 600	-	21 550
New equity	1 793	14 518	14 295
Net cash flows from financing activities	193	13 518	32 845
Net cash flows for the period	6 898	16 603	1 955
Cash at the beginning of period	3 236	1 281	1 281