BioFish Holding AS

Investor Presentation • Jun 22, 2023

2023 - Q1 - Report

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

June 2023

Land-based post-smolt production

Highlights – 1Q - 2023

Company	 Equity raised with various equity owners  New equity of NOK 74.5 million
Overview	 Issued warrants of NOK 74.5 million
	 Proven business model
Business Model
	2023
Financials	post-smolt from 500 gram
Market	going as planned
Outlook	land-based aquaculture activities

• Historical production of post-smolt up to 1,000 gram
• Deliveries of batches of production in line with production plan for
• Next post-smolt delivery planned third quarter 2023 more than 540,000
• Long-term expansion plan for production on existing sites regulation
• Long-term business plan with zero emission and none production tax on

Post Smolt production

• Sales of post smolt batches in first quarter more than 1.000 gram
• Delivery of harvest salmon of up to 60 tons with superior quality above 96 percent

BioFish - value chain nearly completed «Roe to Sea»

Business Model

Company

Overview

Financials

• Land-based post-smolt production facility nearly completed. We are in predicted production range for 2023
• About NOK 208 million invested in RAS fish production per first quarter
• +7.3 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 since 2016 with enhanced RAS technology
  • PEOPLE + RAS technology = Quality POST-SMOLT
• EuroNext Growth Platform READY for next phase, Production GROWTH

Financial Highlights - 1Q – 2023

Company Overview

Business Model

Financials

• 1Q 2023 continue building RAS production facilities
  • Sales revenue of more than NOK 20 million in first quarter
  • Building biomass and inventory for future deliveries
  • Strong post-smolt prices in first quarter
• KEY Events first quarter
  • Successfully delivered biggest batch post smolt, average weight more than 1.000 gram
  • Cash utilized in building RAS facility and building working capital
  • New delivery pipeline installed successfully which is increasing the delivery capacity considerably

Profit & loss – 1Q - 2023

Company Overview
Business
Model
Financials
Market Outlook

Assets – 1Q - 2023

Company
Overview
Business Model
Financials
Market Outlook

• Cash utilized to finalizing CAPEX estimated completion third quarter 2023

Equity and liabilities – 1Q - 2023

Company
Overview
Business
Model
Financials

Market
Outlook

Balance	Note
BioFish Group
Equity and debt Share capital and paid in capital Retained earnings Total equity
Debt
Deferred tax
Bank loan
Other non - current debt
Total non-current debt
Current debt
Accounts payable
Other short debt
Current debt
Total debt
Total equity and debt

O
54 000 000 56 000 000

25 689 221		14 481 099
3 960 829		5 339 565
29 650 050		19 820 664
83 650 050		75 820 664
	291 933 803 219 294 215

Cash flow – 1Q - 2023

Company
Overview
Business
Model
Financials

Equity/ shareholders – 1Q - 2023

Company Overview
Business
Model
Financials
Market
Outlook

Financial notes – 1Q - 2023

Company Overview

Business Model

Financials

• Financial notes March report 2023
  • Increased marked risk through increased conflicts in Europe
  • Increased production risk through building CAPEX and growing bio-mas
  • Increased liquidity risk through overrun on capex combined with building working capital
  • Equity raised in first quarter 2023 of NOK 74.5 million
  • Completion of CAPEX third quarter 2023

Financial notes – 1Q - 2023

Company Overview

Business Model

Financials

• Profit and loss notes 2,3 & 5
  • Operating revenue is delivery of Atlantic Smolt to customers where operational expenses varies with timing of delivery
  • The unforeseen biological factors are always present. The company has mitigated this risk by building 8 different RAS – sections (separate water environments)
• Balance sheet notes 1, 4 & 6
  • CAPEX relates to the building of a land-based fish farm with enhanced RAS technology. There are 8 separate RAS environments to mitigate risk for biological deseases
  • Raised equity in first quarter 2023 of NOK 74,5 million to strengten the balance sheet and cash situation in order to finalize the land-based production facility

Market outlook

Company Overview

Business Model

Financials

• The resource rent tax will not directly affect BioFish. However, the market expectation is that it may lead to an increase in post-smolt pricing going forward
• Currently the Norwegian production of smolt is more than 431 million units where the company has a license for annual production of 5 million smolt
• The salmon farmers are continuously increasing use of larger smolt (post-smolt)
  • Most existing facilities are not capable of producing large smolt due to technology and lack of waste control/ management and high consumption of both water and electricity
• Use of larger smolt has the benefit of reduced production cycles in the sea, reducing cost and allowing higher utilization of licenses (Maximal Allowed Biomass)

Expansion of post-smolt production

June 2023