BioFish Holding AS

Investor Presentation • Mar 22, 2024

4Q 2023 results

22 March 2024

Highlights

	Highlights Q4'23 & FY'23
Highlights	Delivered 450 tons of high-quality smolt in 2023 (154 tons in 2022) •
	No smolt deliveries in Q4 2023, in line with production plan •
	Positive customer feedback on strong biological performance of smolt delivered in 2023 •
Company overview	New management in place as of Q4 2023 in all key positions •
	Subsequent events
Financials	Second period for the warrants completed, resulting in 13.4 million warrants exercised resulting in • a capital increase of NOK 14 million
	Finalised refinancing process, including a new revolving credit facility and extension of existing • loan facility
Outlook	Successful delivery of 206 tons of smolt in the first quarter of 2024 •

Operational improvements

Highlights Company overview Financials Outlook • In 1Q 24, the management and board of directors have identified and addressed the following deviations related to performance in 2023: • Technical challenges causing reduced performance • Biological challenges • Potential lack of proper reporting to the authorities • The identified issues have been dealt with and are resolved or in the process of being resolved: • Improved operational procedures and practices • Equipment for waste handling in process of being replaced • Process initiated for documenting and securing all required approvals for the expanded facility • Increased focus on the biological performance of the smolt

Strong revenue growth in 2023

Ideally located for the post-smolt future

	Ideally located for the post-smolt future
	Western Norway imposes opportunities	Ideal location
Highlights	 Strategically located RAS facility in Ljones, Hardangerfjorden, Western Norway
Company	 BioFish's location close to numerous salmon farmers imply shorter transportation which is beneficial for fish health and logistics costs
overview	 Completed RAS facility expansion, now focused on maintaining strong biological performance and scaling production in 2024 and 2025
Financials
	BioFish key focus areas Ensuring top-quality smolt and post-smolt for our customers 
Outlook	"Good biology, good economics", optimal fish health and  superior quality in both a financial and sustainability context	PO 3

Source: BarentsWatch, BioFish

Financial highlights

overview

• Highlights Total revenue of NOK 48 million in 2023, more than a doubling from 2022
  • No revenues in the fourth quarter, in line with production plan
• Company Smolt delivery of 450 tons, up from 154 tons in from 2022
  • operational activity
• Financials Cost of goods sold in 4Q 23 include costs related to biological challenges
  • Solid financial position with new financing in place (March 2024), equity ratio of 75.7 per cent at the yearend

Outlook

Interest-bearing debt of NOK 52 million

Key financial figures 2023

Warrants

Highlights	 82 550 000 warrants issued in January 2023  Duration: 3 years		Key figures
Company overview	 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
Financials	 NOK 81 million potential minimum cash inflow (before expenses)  13 835 058 warrants exercised during the exercised period 1 and 2 (NOK 14.5 million in total, net of expenses)	13.8 million
Outlook	 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

- The market for smolt and post-smolt continues to look strong

Outlook

• Company overview The salmon farmers are continuing to request quotes for (larger) smolt (post-smolt)
• Financials Production volume is expected to continue to increase during 2024 and to further increase in 2025
  • Production for 2024 estimated to be between 800 and 900 tons

Attachments

Income statement

	Income statement
		Q4 23	Q4 22	2023	2022
Income statement	Total revenue	-	5 699	47 684	20 244
	Cost of goods sold	1 626	3 245	37 330	21 225
	Salaries and personnel expenses	4 119	2 556	7 564	5 021
	Depreciation	3 000	-699	6 250	501
Assets	Other operating expenses	2 772	-863	6 696	9 243
	Total expenses	11 517	4 239	57 840	35 990
	Operating result (EBIT)	-11 517	1 460	-10 156	-15 746
Equity and	Net interest expenses	-1 583	-807	-1 770	-732
	Net agio	-10	173	-399	-
	Net financial items	-1 593	-634	-2 169	-732
	Result before tax	-13 110	826	-12 325	-16 478
Cash flows	Tax expense	-313	-1 588	-313	-1 588

Assets

Assets 31.12.2023 31.12.2022 Income ASSETS statement Total intangible assets - - Total tangible fixed assets 233 546 Assets Total non-current assets 233 546 Biological assets 17 498 Equity and Other inventories 486 debt Account receivables - Other receivables 11 948 Cash and cash equivalents 1 281 2 838 Total current assets 31 213 25 378 Cash flows
			193 916
			193 916
			17 918
			2 493
			50
			2 079
	TOTAL ASSETS	264 759	219 294

Equity and debt

	Equity and debt
		31.12.2023	31.12.2022
Income statement	EQUITY AND LIABILITIES
	Paid in equity	212 326	143 340
	Earned equity	-11 879	134
	Total equity	200 447	143 474
Assets	Long term debt
	Deferred tax	-	-
	Loans from credit institutions	48 000	52 000
	Other long term debt	-	-
	Total other long term debt	48 000	52 000
Equity and	Short term debt
debt	Short term part of loans from credit institutions	4 000	4 000
	Account payable	9 253	14 481
	Public duties	288	646
	Other short-term liabilities	2 771	4 693
	Total short-term debt	16 312	23 820
Cash flows
	Total debt	64 312	75 820

Statement of cash flows

		Q4 23	Q4 22	2023	2022
Income	Cash flows from operating activities
	Result before tax	- 13 110	825	- 12 325	- 16 479
statement	Depreciation	3 000	- 699	6 250	501
	Change in inventories	- 4 540	- 2 555	2 427	- 5 229
	Change in account receivable	3 297	- 50	50	5 046
	Change in account payable	1 276	5 678	- 5 228	13 249
	Items reclassified as financing activities	1 583	807	1 770	732
Assets	Other accruals	- 12 035	- 806	- 12 087	4 859
	Net cash flows from operating activities	- 20 529	3 200	- 19 143	2 679
	Cash flows from investing activities
	Net investment in fixed assets	- 3 888	- 5 433	- 45 880	-45 668
	Net cash flows from investing activities	- 3 888	-5 433	- 45 630	-45 668
Equity and	Cash flows from financing activities
	New long term debt		- -	-	-
	Repayment of long term debt	- 1 000	-	- 4 000	-3 000
	New equity		- -	68 986	-
	Net interest expenses	- 1 583	-807	- 1 770	-732
	Net cash flows from financing activities	- 2 583	-807	63 216	-3 732
	Net cash flows for the period	- 27 000	-3 040	- 1 557	-46 721
Cash flows
	Cash and cash equiv. at beginning of period	28 281	5 878	2 838	49 559