BioFish Holding AS

Investor Presentation • Sep 30, 2022

2022 Half year Report - EuroNext

Expansion of post-smolt production – www.BioFish.no

Sept 2022

Land-based post-smolt production

Highlights – ready to scale up

Company Overview Business Model Financials Market Outlook Land-based post-smolt production facility for annually capacity of 2,200 tons will be ready in first quarter 2023 – delay due to market conditions About 191m NOK invested per end of June including post-smolt +7 million smolt produced until date with high quality post-smolt Holds an aquaculture hatchery license for production of 5 million smolt and discharge license for 2,200 ton Established post-smolt producer, operating and producing smolt since 2016 with enhanced RAS – technology PEOPLE + RAS technology = Quality POST-SMOLT EuroNext Growth Platform READY for next phase, GROWTH

First half year 2022

Summary / Highlights

Company Overview

Business Model

Financials

• Proven business model
  • Successfully running and maturing biofilters in new facilities
  • First half 2022 effected by energy disturbance in market and delay in building
• Long-term expansion plan for a total of 10,000-ton annual production on existing sites – regulation going as planned
• Vision of 50.000 tons production through expansion of network, partnership and growth opportunities through ESG business model
• BioFish in discussions with partners & banks to explore future growth
• Long-term business plan with zero emission and none production tax on land-based aquaculture activities

Ending June 2022

Company Overview

Business Model

Financials

• 2022 Year of building RAS production facilities
  • Results affected by building capex, delay in construction permit, increased costs and lead – time for machinery & equipment
  • Building biomass for future delivreries
• KEY Events second half 2022
  • Successfully delivered biggest batch post smolt, delivery in September 2022 with average weight 550 gram
  • Additional deliveries in the fourth quarter
  • Increased energy prices affects liquidity planning

Income statement – 2022 first half-year

Company Overview	Income Statement BioFish Group	Note	30.06.2022	30.06.2021	31.12.2021
				unaudited	Audited
Business	Operating revenue	2	3 950 675	7 680 990	18 329 596
Model	Operational expenses Salaries and personnel	3	15 196 143	5 035 748	23 679 551
	expenses		1 397 265	2 317 871	2 122 646
	Depreciations		1 200 000	211 245	400 000
	Operating expenses		17 793 408	7 564 864	26 202 197
Financials	Operating profit/ loss		-13 842 733	116 126	-7 872 601
	Net finance		-207 388	190 237	-37 514
	Ordinary result before tax		-14 050 121	306 363	-7 910 116
Market Outlook	Tax expenses	5	0	0	2 123 011
	Net profit		-14 050 121	306 363	-5 787 105

Assets – first half year 2022

Company	Balance	Note	30.06.2022	31.12.2022
Overview	BioFish Group Assets		unaudited	audited
	Non-current assets Intangible assets Fish licenses etc.		-	-
Business Model	Property, plant and equipment Non-current assets	6	173 175 360 173 175 360	148 749 891 148 749 891
Financials	Current assets Inventory and biological assets		17 855 587	15 182 177
	Short-term receivables Current assets		4 789 949 22 645 536	8 523 179 23 705 356
	Cash and cash equivalents	4	12 656 468	49 558 927
Market	Total current assets		35 302 004	73 264 283
Outlook	Total assets		208 477 364	222 014 174

Equity and liabilities – first half year 2022

Company
Overview

Business Model

Financials

	Market
	Outlook

Balance	Note	30.06.2022		31.12.2021
BioFish Group		unaudited			audited
Equity and debt
Share capital and paid in
capital	1	151 340 000		151 340 000
Retained earnings		-7 028 357		7 024 764
Total equity		144 311 643		158 364 764
Debt
Deferred tax		1 587 789		1 587 789
Bank loan		57 000 000		59 000 000
Other non - current debt			0		0
Total non-current debt		58 587 789		60 587 789
Current debt
Accounts payable		8 545 221		1 221 776
Annen kortsiktig gjeld		-2 967 286		1 839 848
Current debt		5 577 935		3 061 624
Total debt		64 165 724		63 649 413
Total equity and debt		208 477 364		222 014 174

Cash flow – first half year 2022

	Cash flow		Unaudited	Audited
Company	BioFish Group	Note	30.06.2022	31.12.2021
Overview	Net result for the period Depreciations		- 1 200 000	14 050 121 - 7 910 116 400 000
	Change in working capital		1 059 820 -	82 754
Business	Change in other current items Net cash flow from operating activities		-	113 311 - 64 791 888 11 676 990 - 72 384 758
Model	Investment in fish prodcution facility		-	23 225 469 - 28 433 701
	Net cash flow from investment activities		-	23 225 469 - 28 433 701
	Net finance		-	2 000 000 149 900 000
	Net cash flow from finance activities		-	2 000 000 149 900 000
Financials	Net change in cash		- 36 902 459	49 081 541
	Cash and cash equivalent in the start of the period		49 558 927	477 389
Market	Cash and cash equivalent at the end of the period		12 656 468	49 558 927
Outlook

* The company was listed in EuroNext Growth in August 2021

Equity – first half year 2022

Company
Overview

Business Model

Equity reconcilation BioFish Group	Note	Unaudited 30.06.2022	Audited 31.12.2021
Equity at the start of the period		158 364 764	20 966 325
Net profit (loss)	-		14 050 121 - 5 787 105
Equity contribution			- 143 185 544
Equity at the end of period			144 311 643 158 364 764

* The company was listed in EuroNext Growth in August 2021 and shares of 150.500.000 were issued

Financials

Summary / Highlights – first half 2022

Company Overview Business Model Financials Market Outlook Notes to first half 2022 The first half report have been prepared in accordance with Norwegian General Accepted Accounting Principles for small-medium-businesses. For more details, see Prospectus & Annual Financial statement 2021 The first half report is set up based on the new implemented NRS 11. This is the first-time adoption for the company. Increased marked risk through escalated conflict in Europe Increased production risk through building CAPEX and growing bio-mas Increased liquidity risk through higher CAPEX and building working capital

Summary / Highlights – first half 2022

Company Overview

Business Model

Financials

• Profit and loss notes 2,3 & 5
  • Operating revenue is delivery of Post Smolt to customers where operational expenses varies with timing of delivery
  • The unforeseen biological factors are always present. Company has mitigated this risk by building 9 different RAS - sections
• Balance sheet notes 1, 4 & 6
  • CAPEX consist building a complete land-based fish farm with enhanced RAS technology
  • Listed on EuroNext Growth Oslo August 2021 BioFish improved cash level with successfully IPO compared to previous period

Summary / Highlights

Company Overview

Business Model

Financials

• Currently the Norwegian production of smolt is about 400 million units, of which about 25 percent is produced by independent smolt producers
• The salmon farmers are continuously increasing use of larger smolt (post-smolt), but currently making up only about 16 percent of the market
  • Most existing facilities are not capable of producing large smolt due technology and lack of waste control/ management and high consumption of both water and electricity
• Use of larger smolt has the benefit of shorter production cycles in sea, reducing cost and allowing higher utilization of licenses (Maximal Allowed Biomass)
• The new proposed resource tax ("Grunnrenteskatt") is not affecting landbased producers as BioFish

Company Overview

Background and Track Record

• BioFish acquired an on-land fish farming facility in Ljones from Green Salars bankruptcy estate
• Since the acquisition BioFish transformed the facility to a profitable recirculating aquaculture system (RAS)

• NOK 12m invested to restore the old facility with new RAS technology
• Signed land lease contract until 2054 with an option of extension to 2064
• Granted rights to produce up to 150 tons p.a.
• Produced volume: 100 tons

• BioFish raised NOK 50m in bond financing and NOK 10m of paid-in equity from shareholders
• Signed a five-year delivery contract with Engesund Fiskeoppdrett AS for up to 600,000 smolt p.a. until 2023

Produced volume: 100 tons

• Finalized a new 2,000m2 production facility and the installation process of four new modern grow-out tanks reached its final stage
• Total of NOK 130m invested in the facility after the acquisition in 2016

Produced volume: 150 tons

Granted a waste license for up to 2,200-tons pro annum.

Production: 150 tons

• New production license achieved from 1.5m to 5m smolt
• First listed land-based post-smolt production facility with +6 million produced smolt
• Finalize the 2,200-tons production facility in 2022
• Longer leadt ime on equipment, increased prices, complex building process
• Ambition to produce up to 50.000 ton within 2030 with additional network and potential ideal location – sites

Production: Building capacity for 2.200 tons

Proven Smolt Farming Technology

Ideally Located Along the Hardangerfjord

The use of larger smolt (500g) can significantly increase production at sea

Value Chain Salmon Farming

Production of Smolt/ Post-smolt

• A smolt is produced over a period of 6-12 months from fertilization of an egg to a mature smolt weighing 100-250 grams
• Post-smolt production (250-1,000 grams) has become more common in recent years, accounting for 9.1% of the smolt release in 2019 in terms of individuals
  • The idea behind larger smolt is to shorten the time at sea, thus reducing exposure to sea lice, disease and better growth to harvesting-size for the salmon
• The total post smolt production cycle takes approximately 10-16 months

Value Chain Salmon Farming

• In autumn, broodstock are stripped for eggs, and ova inlay takes place between September and March
• The producer can speed up the growth of the juveniles with light manipulation which accelerates the smoltification process by up to 6 months
• Production Cycle Spring and autumn are the two main periods to release smolt in Norway. However, there are smolt being released in all twelve months of the year
  • Increased land-based production will keep demand up every day since steering production environment for optimal fish wellfare and daily-growth
• Harvesting is spread evenly across the year, although most harvesting takes place in the last half of the year with current production regime
• The seawater production cycle lasts around 12-24 months, giving a total cycle length of on average about 3 years

Ljones

The facility in Ljones has an ideal location close to a larger number of salmon farmers

• The facility is located at the west-coast of Norway. This is the area in the country with the highest farming density and limited possibilities to increase number of licenses.
• Due to the high farming density and warm water, this is one of the areas in Norway where the sea lice issues are the highest, hence importance of using more robust smolt is also the highest.

and Growth Plans

A Existing 2,000 m2 RAS facility

B Existing hatchery and office space

Investment and Growth Plans

- 0 Completed growth -out tanks including all water filtering, pumps and technical room for complete facility

• 1 Use of proceeds: Grow -out tanks completed
• 2 Use of proceeds: New RAS facility replacing current flow -through tanks, under construction
• • X Future opportunity for expansion for facility to up to 10,000 -ton p.a.
• ? Future opportunities, increase production by offer RAS – technology with corporating networks and strategic partners?

Building complete Land-based fish farm

• individual RAS departments to avoid RISKS - Lower CAPEX on technology by BioFish - Decreased energy cost

Investments to increase production capacity and improving waste management.

Thank you!

Expansion of post-smolt production