Highlights Q3 2024

Attractive agreements to deliver more than 400k smolt and post-smolt in 2024 and 2025
BioFish successfully delivered 159 tons of smolt and postsmolt in the quarter
Delivered volume impacted by customer preferences and market dynamics
Ongoing operational improvement progressing as planned
All volumes for 2024 have been sold
Strong demand from large industry players for batches to be delivered in 2025-2026

Steady increase in production and sales

Strong biological performance on smolt delivered year-to-date
86 tons planned for delivery in Q3 pushed to Q4
The "traffic light regulation", requiring a six per cent production cut for fish farmers in our region, affects timing of deliveries
Volumes in 2024 impacted by customer preferences and market dynamics
- Earlier delivery requested by a customer resulted in lower average weight on one batch delivered in Q3
- In November, 60 tons were rescheduled to March 2025 to meet customer preferences
Total 2024 deliveries impacted by former operational challenges relating to past performance at the site

In line with the production plan, BioFish had no deliveries in the second quarter 2024

Secured an attractive agreements to deliver more than 400k smolt and post-smolt in 2024 and 2025
Improved sales visibility from ongoing tenders and firm orders for batches to be delivered in 2025-2026
Option agreements secured for 2027-2028
Potential to take new orders from new and existing customers within existing capacity

Strategically located RAS facility in Ljones, Western Norway
to naturally improve water quality, lower bacteria levels, and better prepare the smolt for seawater conditions
BioFish uses optimal temperatures in early phase to reflect the natural environment of wild salmon
The facility has five departments with a total tank volume of 6,249 cubic litres
BioFish uses natural gravity instead of pumps in the delivery phase to reduce stress during a vulnerable phase for the smolt

Smolt deliveries of 159 tons, generated revenues of NOK 19.5 million in Q3
Revenues and volume impacted by an 86-ton delivery being pushed to Q4
Operating costs (adjusted for capitalised costs) reduced year-over-year due to operational improvements
Increased depreciation following completion of facility upgrades
EBITDA for the quarter at NOK 2.7 million, versus NOK 11.7 million in Q3-23
71% equity ratio at quarter-end
Interest-bearing debt of NOK 50 million
Full-year 2024 capex for facility upgrades in line with projections: NOK 8-10 million

Key figures in Q3 2024
Revenue OPEX EBITDA MNOK 19.5 MNOK 16.7 MNOK 2.7 (Q3-23: MNOK 27.6) (Q3-23: MNOK 15.9) (Q3-23: MNOK 11.7)
Smolt deliveries IBD Equity ratio 159 tons MNOK 50.0 70.9% (Q3-23: 250 tons) (Q3-23: MNOK 53.0) (Q3-23: 76.3%)

Ongoing operational improvements progressing as planned
Perfectly located for the post-smolt future: Region with high farming density, imply shorter transportation
Supportive long-term market fundamentals: Despite short-term demand and timing of delivery impacted by the "traffic light regulation"
Strong biological performance: Good track-record on delivered smolt, according to customer feedback
Solid volume growth going forward:
- 2024 volume guidance adjusted to 500-550 tons, due to customer preferences and market dynamics
- 2025 volumes expected at 900-1,100 tons, with strong interest from top-tier fish farmers

Income statement



	3Q 24	3Q 23	YTD 24	YTD 23	2023

Total revenue	19 477	27 576	36 666	47 684	47 684
Cost of goods sold	12 298	12 064	23 621	35 704	42 830
Salaries and personnel expenses	2 812	2 053	11 452	3 445	7 564
Other operating expenses	1 629	1 752	6 175	3 924	6 696
Total expenses	16 739	15 869	41 248	43 073	57 090

Operating result (EBITDA)	2 738	11 707	-4 583	4 611	-9 406
Depreciation	3 182	3 000	9 514	3 250	6 250

Operating result (EBIT)	-444	8 707	-14 097	1 361	-15 656

Net interest expenses Net agio	-1 995 27	235 389	-5 052 34	187 389	-1 770 -399
Net financial items	-1 967	-624	-5 018	-576	-2 169

Result before tax	-2 411	8 083	-19 114	785	-17 825

Tax expense	-	-	-	-	-313
Result for the period	-2 411	8 083	-19 114	785	-17 512

Equity and debt

	30.09.2024	30.06.2024	31.12.2023	30.09.2023

EQUITY AND LIABILITIES
Paid in equity	227 190	226 844	212 326	212 326
Earned equity	-36 840	-34 082	-17 379	918

Total equity	190 350	192 762	194 947	213 244
Long term debt
Loans from credit institutions	50 000	51 000	52 000	53 000
Total other long term debt	50 000	51 000	52 000	53 000

Short term debt
Bank overdraft	10 000	5 000	-	-
Account payables Public duties	12 567 532	5 224 795	9 253 288	7 977 3 192
Other short-term liabilities	5 098	2 067	2 771	1 947
Total short-term debt	28 197	13 086	12 312	13 116

Total debt	78 197	64 405	64 312	66 116

TOTAL EQUITY AND DEBT	268 547	256 848	259 259	279 360

Statement of














			cash flows


	3Q 24	3Q 23	YTD 24	YTD 23	2023
Cash flows from operating activities
Result before tax	-2 411	8 083	-19 114	785	-17 825

Depreciation	3 182	3 000	9 514	3 250	6 250
Change in inventory and biological assets	-6 140	2 453	-13 494	6 967	7 927
Change in account receivables	-10 584	-3 297	- 10 584	-3 247	50
Change in account payables	7 343	-6 452	3 314	-6 504	-5 228
Items reclassified as financing activities	1 995	235	5 052	187	1 770
Other changes	2 534	6 050	12 638	-51	-12 087
Net cash flows from operating activities	-4 081	10 072	-12 674	1 387	-19 143

Cash flows from investing activities
Net investment in fixed assets	-1 043	-5 517	-5 663	-41 742	-45 630
	-1 043	-5 517	-5 663	-41 742	-45 630
Net cash flows from investing activities

Cash flows from financing activities
Repayment of long term debt	- 1 000	-	-2 000	-3 000	-4 000
Change in bank overdraft	5 000	-	10 000	-	-
New equity	-	-118	14 518	68 985	68 986
Net interest expenses	-1 995	-235	-5 052	-187	-1 770
Net cash flows from financing activities	2 005	-353	17 466	65 798	63 216

Net cash flows for the period	-3 118	4 202	-871	25 443	-1 557

Cash at the beginning of period	3 528	24 079	1 281	2 838	2 838
Cash at the end of period	410	28 281	410	28 281	1 281