BioFish Holding AS

BIOFISH HOLDING AS Third quarter results

Ljones, 15 November 2024: The demand for healthy, high-quality smolt and

post-smolt remains strong, and in the third quarter BioFish secured attractive

new agreements to deliver more than 400,000 smolt and post-smolt in 2024 and

In the third quarter, BioFish successfully delivered a total of 159 tons of

smolt, generating revenues of NOK 19.5 million. The biological performance of

BioFish' smolt deliveries remains strong.

"With a good track record in terms of biological performance, BioFish is

viewed as an attractive supplier of high-quality, healthy smolt and

post-smolt. The entire volume for 2024 has now been sold, and we see strong

demand from large industry players for batches to be delivered in 2025-2026,"

says CEO Sondre Hagerup Johnsrud.

Volumes sold in the third quarter were impacted by phasing of deliveries, as

one delivery of 86 tons was rescheduled from September (Q3) to October (Q4).

In addition, one customer asked for earlier delivery, which implied lower

average weight on this batch.

The EBITDA result for the quarter was NOK 2.7 million, compared with NOK 11.7

million in the prior-year period. The year-over-year decline was mainly driven

by lower volumes sold in the quarter.

"As a consequence of customer preferences and market dynamics, the projected

sales volume for 2024 has been adjusted to ~500-550 tons. For 2025, sales

volumes are expected to increase to 900-1,100 tons, supported by strong

interest from top-tier fish farmers. Firm orders, combined with ongoing

tenders and option agreements, provide a solid foundation for continued growth

and good earnings visibility moving forward," Hagerup Johnsrud concludes.

The report for the third quarter 2024 and the presentation material are

attached to this notice.

Contacts

Sondre Hagerup Johnsrud, CEO

Mob: +47 975 79 321 Email: [email protected]

Johnny Duedahl, CFO

Mob: +47 982 06 833 Email: [email protected]

About Us

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.

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