BioFish Holding AS

Investor Presentation • May 15, 2024

1

Q1 2024 results

15 May 2024

Highlights | Q1 2024

• Successful delivery of 206 tons of smolt and post-smolt, generating revenues of NOK 17 million
• Strong biological performance on smolt delivered in 2023 and 2024
• EBIT improved from last year
• A total of 13,406,423 warrants exercised in February 2024, resulting in a net proceeds of NOK 14 million
• Refinancing process completed including a new revolving credit facility of NOK 33 million and an extension of existing loan facility
• Ongoing improvements in operational procedures and practices are progressing as planned
• Production volume is expected to continue to increase during 2024 and to further increase in 2025

Perfectly located for the post-smolt future

• Strategically located RAS facility in Ljones, Hardangerfjorden, Western Norway
• BioFish's location in an area in Norway with high farming density imply shorter transportation which is beneficial for fish health and logistics costs
• The combination of high farming density and relatively warm water increases the importance of production of robust smolt
• Completed RAS facility expansion, now focused on maintaining strong biological performance and scaling production in 2024 and 2025

BioFish key focus areas

• Ensuring high-quality smolt and post-smolt for our customers
• "Good biology, good economics", optimal fish health and superior quality in both a financial and sustainability context

Ideal site for robust and healthy smolt

Our approach to ensuring robust and healthy smolt

• BioFish uses both fresh water and sea water (up to 22 ppt) in the production of smolt to better prepare the smolt for seawater environment
• The temperatures that we use in early phase reflects the environment of wild salmon
• We are not using pumps to deliver our smolt to the wellboat. Gravity helps us and that reduces stress on our smolt in a during a vulnerable phase

Q1 financial highlights

• Smolt delivery of 206 tons, generating revenues of NOK 17 million, compared with NOK 20 million in Q1- 23
• Significant reduction in cost of goods sold due to improved operational efficiency
• Increased personnel and other expenses due to higher operational activity
• Depreciation charges have increased following completion of the facilities
• EBIT result negative NOK 2.3 million, compared with negative NOK 4.4 million in Q1-23
• Solid financial position with new financing in place, equity ratio of 76.6 per cent at the end of the quarter
• Interest-bearing debt of NOK 51 million

Key figures

Capacity to take new orders in a strong market

Warrants

• 82,550,000 warrants issued in January 2023
  • Duration: 3 years
  • Exercise periods: January/February and July/August each year
  • Strike prices at NOK 1.10 per share (2023/ 2024), NOK 1.20 per share (2024/ 2025) and NOK 1.30 per share (2025/ 2026), respectively
  • NOK 81 million potential minimum net proceeds (before expenses)
• 13,835,058 warrants exercised during the exercised period 1 and 2 (net proceeds of NOK 14.5 million in total, net of expenses)
• 69,916,942 warrants outstanding
  • 8,500,000 additional warrants to be issued in connection with the acquisition of the property, Biofish Land AS (to be incorporated)

Key figures

Key takeaways and outlook

• We believe based on the biological challenges in sea production that the market for high performance postsmolt will be stronger
• The salmon farmers are continuing to request quotes for (larger) smolt (post-smolt)
• Production for 2024 estimated to be between 800 and 900 tons and further growth is expected in 2025
• No smolt deliveries planned for in 2Q 2024

The next deliveries are planned for the second half of 2024 on new contractual terms

Appendix

Appendix

11

Income statement

	1 Q 2 4	1 Q 2 3	2 0 2 3
To l r ta ev en ue	1 7, 1 8 9	2 0, 1 0 8	4 7, 6 8 4
Co t o f g ds l d s oo s o Sa lar ies d l e a n p er so nn e xp en se s De ia t ion p re c O t he t ing r o p er a e xp en se s To l e ta xp en se s	9, 9 6 9 3, 8 0 3 3, 0 0 0 2, 6 9 9 1 9, 4 1 7	2 2, 2 5 6 9 3 4 1 2 5 1, 1 8 1 2 4, 4 9 6	4 2, 8 3 0 7, 5 6 4 6, 2 5 0 6, 6 9 6 6 3, 3 4 0
O t in l t ( E B I T ) p er a g re su	-2 2 8 2 ,	-4 3 8 8 ,	-1 5, 6 5 6
Ne t in te t e re s xp en se s Ne t a io g Ne f in ia l i t te an c m s	-1 5 2 3 , -2 6 -1 4 9 5 ,	- -1 -1	-1 7 7 0 , -3 9 9 -2 1 6 9 ,
Re l be fo t ta su re x	-3 8 3 1 ,	-4 3 8 9 ,	-1 7, 8 2 5
Ta x ex p en se	-	-	-3 1 3
fo Re l t t he io d su r p er	-3 8 3 1 ,	-4 3 8 9 ,	-1 7, 5 1 2

Assets

	3 1. 0 3. 2 0 2 4	3 1. 0 3. 2 0 2 3	3 1. 1 2. 2 0 2 3
l b le To in i ta ta ts ng as se	-	-	-
l b le f d a To i ixe ta ta ts ng ss e	2 3 3 2 4 3	2 0 8 9 1 1	2 3 3 5 4 6
l n To ta t a ts on -cu rre n ss e	2 3 3 2 4 3	2 0 8 9 1 1	2 3 3 4 6 5
log l a io ica B ts ss e	8 8 0 5	2 6 3 2	1 1 9 9 8
he O inv ie t to r en r s	4 1 6 5	1 3 8 3	4 8 6
b les Ac iva t r co un ec e	4 6 3 1	8 7 1 1	-
he b les O iva t r r ec e	8 1 0 6	1 8 8 9 7	1 1 9 4 8
h a d c h e le Ca iva ts s n as q u n	4 1 7 8 8	5 1 5 0 8	1 2 8 1
l c To ta t a ts ur re n ss e	8 3 5 3 3	8 3 0 2 3	2 5 7 1 3
T O T A L A S S E T S	1 2 6 8 5 8	2 9 1 9 3 4	2 5 9 2 5 9

Appendix

Appendix

13

Equity and debt

	3 1. 0 3. 2 0 2 4	3 1. 0 3. 2 0 2 3	3 1. 1 2. 2 0 2 3
i d in i Pa ty eq u	2 2 6 8 4 4	2 1 2 5 4 0	2 1 2 3 2 6
d e i Ea ty rn e q u	-2 1 2 1 0	-4 2 5 6	-1 7 3 7 9
l e i To ta ty q u	2 0 6 3 4 5	2 0 8 2 8 4	9 9 1 4 4 7
de b Lo te t ng rm
fro d i ins i io Lo t t tu t an s m cre ns	0 4 7 0 0	5 0 0 0 0	4 8 0 0 0
l lo de b To ta te t ng rm	0 0 0 4 7	0 0 0 0 5	8 0 0 0 4
S ho de b t te t r rm
ho f loa fro S d i in t te t o t r rm p ar ns m cre	4 0 0 0	4 0 0 0	4 0 0 0
b le Ac t p co un ay a	8 6 4 5	2 6 8 9 5	9 2 3 5
b l du ic ies Pu t	9 1 6 0	3 1 5	2 8 8
he ho l b l O ia i i ies t t- te t r s r rm	4 1 6 8	3 6 4 6	2 7 7 1
l s ho de b To ta t- te t r rm	1 9 4 7 5	3 3 6 0 5	1 6 3 1 2
l de b To ta t	7 6 2 9 4	8 3 6 5 0	6 4 3 1 2
T O T A L E Q U I T Y A N D D E B T	1 2 6 8 5 8	2 9 1 9 3 4	2 5 9 2 5 9

Statement of cash flows

	1 Q 2 4	1 Q 2 3	2 0 2 3
f fro Ca h low iv it ies
ing at t s s m op er ac
lt be fo Re tax su re	3 8 3 1 -	4 3 9 0 -	1 7 8 2 5 -
De iat ion p rec	0 3 0 0	5 1 2	6 2 5 0
ha C in inv ies to ng e en r	2 2 4 1	6 1 6 3 9	7 9 2 7
ha b le C in iva t r ng e ac co un ec e	6 3 1 4 -	8 7 1 1 -	5 0
ha b le C in t p ng e ac co un ay a	5 9 9 -	8 1 1 2 0	5 2 2 8 -
las f d a f Ite i ie ina ing iv it ies t ms re c s s nc ac	3 1 5 2	-	1 7 7 0
he ls Ot r a ccr ua	4 1 1 1 1	1 8 4 8 8 -	1 2 0 8 7 -
h f low fro Ne ing iv it ies t c at t as s m op er ac	5 7 3 0	3 8 6 0 -	1 9 1 4 3 -
h f low fro Ca inv ing iv it ies t t s s m es ac
f inv in ixe d a Ne t tm t ts es en sse	2 6 9 7 -	1 8 0 4 7 -	6 3 0 4 5 -
h f low fro inv ing iv it ies Ne t c t t as s m es ac	2 6 9 7 -	0 8 -1 4 7	6 3 0 4 5 -
h f low fro f ina ing iv it ies Ca t s s m nc ac
f lon de bt Re nt te p ay me o g rm	1 0 0 0 -	2 0 0 0 -	4 0 0 0 -
Ne ity w eq u	8 1 4 5 1	0 6 9 4 0	6 8 9 8 6
Ne int t t e er es xp en se s	1 5 2 3 -	-	1 7 7 0 -
h f low fro f ina ing iv it ies Ne t c t as s m nc ac	5 1 1 9 9	0 6 7 4 0	6 3 2 1 6
h f low fo he d Ne io t c r t as s p er	3 1 6 6 0	0 4 8 6 7	1 5 5 7 -
f p Ca h a d c h e iv. be inn ing io d at s n as q u g o er	1 1 2 8	8 2 8 3	2 8 3 8
f p Ca h a d c h e iv. d o io d at s n as q u en er	1 8 8 4 7	8 1 0 5 5	1 2 8 1