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BioFish Holding AS
Quarterly Report • May 15, 2025
3558_rns_2025-05-15_9293c09d-c91c-4499-9440-0edcf1df18ce.pdf
Quarterly Report
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In beauƟful Hardanger we have access to the cleanest freshwater from the nearby lake and unlimited fresh seawater from the łord.
This is BioFish
2
BioFish is a Norwegian independent producer of high-quality smolt and postsmolt. The company has a RAS producƟon facility in Ljones in the Hardangerłord on the west coast of Norway. Numerous Norwegian fish farming sites are located within one day of transport.
BioFish was established in 2016 and has a modern facility where fish health and water environment have been central throughout all decisions in the construcƟon of the producƟon facility.
BioFish holds an aquaculture license for 5 million smolt and a discharge license for 2,200 tons.
HIGHLIGHTS Q1 2025
- o Solid operaƟonal and financial performance, with high quality on delivered smolt and good order intake
- o 323 tons post-smolt delivered in Q1 2025 with higher prices (Q1 2024: 206 tons), generated revenues of NOK 34.5 million (Q1 2024: 17.2 million)
- o Several contracts secured in Q1 2025, bringing total order backlog to 720 tons per year for 2025-2027, represenƟng a substanƟal part of expected producƟon
- o Volume guidance increased to 1,000-1,200 tons for 2025, including contracts announced in the first quarter
- o 1,693,608 warrants exercised, generaƟng net proceeds of NOK 1.9 million
- o Strategic process to explore growth opportuniƟes ongoing and progressing according to plan
KEY FIGURES
| Amounts in NOK 1,000 | Q1 25 | Q1 24 | FY 24 |
|---|---|---|---|
| Total revenue | 34 484 | 17 189 | 48 890 |
| Total operaƟng expenses (excl. depr.) | 23 454 | 16 471 | 60 423 |
| OperaƟng result (EBITDA) | 11 031 | 718 | -11 533 |
| OperaƟng result (EBIT) | 8 031 | -2 282 | -24 225 |
| Result before tax | 5 666 | -3 831 | -31 241 |
| Tax expense | - | - | - |
| Result for the period | 5 666 | -3 831 | -31 241 |
| Long-term interest-bearing debt | 48 000 | 51 000 |
49 000 |
| Equity raƟo (%) | 69.5 % | 76.6 % | 68.9 % |
| Net cash flow from operaƟons | 11 882 | 5 782 | -17 488 |
FINANCIAL REVIEW
Income statement
The company delivered 323 tons of smolt in the quarter, resulƟng in total revenue of NOK 34.5 million. In the comparable period of 2024, the company delivered 206 tons, generaƟng revenues of NOK 17.2 million for the period. The year-overyear development was characterised by higher volumes combined with beƩer prices.
Cost of goods sold totalled NOK 17.7 million in the first quarter, an increase from NOK 10.0 million in first quarter 2024, driven by increased sales in the period.
Salaries and personnel expenses totalled NOK 3.7 million in the first quarter, slightly down from NOK 3.8 million in the first quarter 2024.
Other operaƟng expenses in the first quarter were NOK 2.1 million, compared with NOK 2.7 million in the first quarter of 2024. The reducƟon was mainly driven by improved cost efficiency, which more than offset the non-recurring costs related to the strategic review process.
DepreciaƟon charges were NOK 3.0 million in the quarter, on a par with NOK 3.0 million in the same period of 2024.
Net financial costs were NOK 2.4 million in the quarter, compared with NOK 1.5 million in the same period of 2024. The development reflects higher acƟvity at the site involving increased use of the revolving credit facility, which in turn led to higher working capital levels.
The company reported no tax expenses in the first quarter for 2025, and no tax expenses in the same period in 2024.
The result for the quarter ended at NOK 5.7 million, compared with a loss of NOK 3.8 million in the same period in 2024.
Financial posiƟon
Cash and cash equivalents at the end of March were NOK 10.1 million, up from NOK 3.2 million at year-end 2024 and down from NOK 17.9 million at the end of the first quarter 2024.
At the end of the quarter, long-term interestbearing debt was NOK 48 million, compared with NOK 49 million at the end of the previous quarter and NOK 51 million at the end the first quarter 2024.
Total equity at 31 March 2025 was NOK 193.7 million, resulƟng in an equity raƟo of 69.5 per cent, compared with NOK 186.2 million three months earlier and NOK 205.6 million at the end of the first quarter 2024.
Cash flow
Cash flow from operaƟons was NOK 11.9 million in the first quarter, compared with a posiƟve cash flow of NOK 5.8 million in the same period of 2024. The change in cash flow from operaƟons was driven by increased producƟon.
Cash flow used in investments in the facility and related machinery totalled NOK 5.2 million in the in the first quarter. This compares to investments of NOK 2.7 million in the first quarter of 2024.
Net cash flow from financing acƟviƟes ended at posiƟve NOK 0.2 million including new equity raised through the exercise of warrants, compared with NOK 13.5 million in the first quarter of 2024.
Net cash flow for the first quarter ended at posiƟve NOK 10.1 million, down from NOK 17.9 million in the first quarter 2024.
OPERATIONAL REVIEW
During the quarter, smolt deliveries and volume growth progressed as planned with strong biological performance at the facility and high quality on delivered smolt.
Several new contracts have been signed during the first quarter with long-standing customers. Together with previously announced contracts, the scope of these agreements brings total confirmed annual sales to approximately 720 tons for 2025, 2026 and 2027.
In addiƟon, BioFish will receive approximately ~25 tons of smolt in April 2025 from an exisƟng customer, which will be delivered back to the customer in July. Upon delivery, the post-smolt will amount to a total volume of ~120 tonnes, which is included in the volume guidance of 1,000-1,200 tons for 2025.
CORPORATE EVENTS
In January, the board of directors of BioFish iniƟated a process to explore strategic alternaƟves for the company. The purpose of the strategic review is to evaluate structures and opportuniƟes that could accelerate the company's growth and/ or enhance shareholder value, without this entailing the need for capital raising.
In February, 1,693,608 warrants were exercised generaƟng net proceeds of NOK 1.9 million.
OUTLOOK
With a strong track record in biological performance, BioFish is a trusted supplier of high-quality smolt and post-smolt. Located in producƟon area 3 (PO3), Norway's farming region with the highest salmon farming density, BioFish benefits from strong and increasing demand for smolt and post-smolt in the area.
The recently issued Norwegian government white paper on aquaculture aims to improve the welfare of both farmed and wild salmon by replacing the current MAB system with a locaƟon-specific licensing system regulated by sea lice larvae quotas. It is too early to determine the impact of the white paper, but the Norwegian government's ambiƟon to improve fish welfare in the sea phase supports strong long-term demand for high-quality post-smolt.
Backed by strong operaƟonal performance, a solid order backlog, and conƟnued signals of high market demand, BioFish expects sales volume of 1,000–1,200 tonnes in 2025.
Ljones, 14 May 2025
Torbjørn Gjelsvik Chair
Margrethe Sæbø Smith Director
Bent-Are Brunes Ratvik Director
KjeƟl Grønskag Director
Jens-Julius Ramdahl Nygaard Director
Sondre Hagerup Johnsrud Chief ExecuƟve Officer
CONSOLIDATED INCOME STATEMENT
| CONSOLIDATED INCOME STATEMENT | ||||
|---|---|---|---|---|
| (Unaudited figures in NOK 1,000) | Note | Q1 25 | Q1 24 | FY 24 |
| Total revenue | 34 484 | 17 189 | 48 890 | |
| Cost of goods sold | 17 721 | 9 969 | 34 877 | |
| Salaries and personnel expenses | 3 653 | 3 803 | 16 753 | |
| Other operating expenses | 2 079 | 2 699 | 8 793 | |
| Total operating expenses | 23 454 | 16 471 | 60 423 | |
| Operating result (EBITDA) | 11 031 | 718 | -11 533 | |
| Depreciation | 2 | 3 000 | 3 000 | 12 693 |
| Operating result (EBIT) | 8 031 | -2 282 | -24 225 | |
| Net interest expenses | -2 333 | -1 523 | -7 035 | |
| Net agio | -31 | -26 | 19 | |
| Net financial items | -2 364 | -1 549 | -7 016 | |
| Result before tax | 5 666 | -3 831 | -31 241 | |
| Tax expense | - | - | - | |
| Result for the period | 5 666 | -3 831 | -31 241 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
|---|---|---|---|
| (Unaudited figures in NOK 1,000) | |||
| 31.03.2025 | 31.03.2024 | 31.12.2024 | |
| ASSETS | |||
| Total tangible fixed assets | 244 982 | 233 243 | 242 805 |
| Total non-current assets | 244 982 | 233 243 | 242 805 |
| Biological assets | 9 557 | 8 508 | 18 539 |
| Other inventories | 3 604 | 1 564 | 3 073 |
| Account receivables | 9 693 | 6 314 | 1 405 |
| Other receivables | 669 | 1 068 | 1 186 |
| Cash and cash equivalents | 10 134 | 17 884 | 3 236 |
| Total current assets | 33 658 | 35 338 | 27 438 |
| TOTAL ASSETS | 278 640 | 268 581 | 270 244 |
| 31.03.2025 | 31.03.2024 | 31.12.2024 | |
| EQUITY AND LIABILITIES | |||
| Paid in equity | |||
| Paid-in equity | 188 028 | 226 844 | 186 237 |
| Earned equity | 5 666 | -21 210 | - |
| Total equity | 193 694 | 205 634 | 186 237 |
| Long term debt | |||
| Loans from credit institutions | 48 000 | 51 000 | 49 000 |
| Total other long term debt | 48 000 | 51 000 | 49 000 |
| Short term debt | |||
| Bank overdraft | 20 950 | - | 21 550 |
| Account payables | 11 909 | 8 654 | 8 698 |
| Public duties | 393 | 1 609 | 908 |
| Other short-term liabilities | 3 694 | 1 684 | 3 851 |
| Total short-term debt | 36 946 | 11 947 | 35 007 |
| Total debt | 84 946 | 62 947 | 84 007 |
| TOTAL EQUITY AND DEBT | 278 640 | 268 581 | 270 244 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||
|---|---|---|---|---|---|
| (Unaudited figures in NOK 1,000) | Note | Q1 25 | Q1 24 | FY 24 | |
| Cash flows from operating activities | |||||
| Result before tax | 5 683 | - | 3 831 - |
31 241 | |
| Depreciation | 3 000 | 3 000 | 12 693 | ||
| Change in inventory and biological assets | 8 451 | 2 412 - |
9 128 | ||
| Change in account receivables | - | 8 288 | - | 6 314 - |
1 405 |
| Change in account payables | 3 211 | - | 599 - |
555 | |
| Other accruals | - | 175 | 11 114 | 12 149 | |
| Net cash flows from operating activities | 11 882 | 5 782 - |
17 488 | ||
| Cash flows from investing activities | |||||
| Net investment in fixed assets | - | 5 177 | - | 2 697 - |
13 402 |
| Net cash flows from investing activities | - | 5 177 | - | 2 697 - |
13 402 |
| Cash flows from financing activities | |||||
| Repayment of long term debt | - | 1 000 | - | 1 000 - |
3 000 |
| Change in bank overdraft | - | 600 | - | 21 550 | |
| New equity | 1 793 | 14 518 | 14 295 | ||
| Net cash flows from financing activities | 193 | 13 518 | 32 845 | ||
| Net cash flows for the period | 6 898 | 16 603 | 1 955 | ||
| Cash at the beginning of period | 3 236 | 1 281 | 1 281 | ||
| Cash at the end of period | 10 134 | 17 884 | 3 236 |
NOTES
Note 1: Accounting principles
This report is prepared according to Norwegian Generally Accepted Accounting Principles (NGAAP) standard for small enterprises and NRS 11.
The interim consolidated financial statements do not include all the information and disclosures required by NGAAP in the annual financial statements and should be read in conjunction with the Group´s Annual Financial Statements 2024.
All amounts are in NOK 1 000 if not otherwise stated.
All figures are unaudited, except for year-end figures (last year).
Note 2 - Fixed assets
| 2025 | 2024 | |
|---|---|---|
| Opening balance 1.1. | 242 805 | 233 546 |
| AddiƟons | 5 177 | 2 697 |
| Disposals | - | - |
| DepreciaƟon* | -3 000 | -3 000 |
| Closing balance 31.3. | 244 982 | 233 243 |
| * esƟmate |
Note 3 - Biological assets
BioFish recognises and measures biological assets (smolt) at cost. Cost on stock is historic costs after expensed mortality.
Note 4 – Equity
| Paid-in capital | Earned equity | Total | |
|---|---|---|---|
| Equity at 1.1.25 | 186 237 | 0 | 186 237 |
| Net result for the period | - | 5 666 | 5 666 |
| New equity (net of expenses) | 1 793 | - | 1 793 |
| Equity at 31.3.25 | 188 030 | 5 666 | 193 696 |
| Equity at 1.1.24 | 212 326 | -17 378 | 194 948 |
| Net result for the period | - | -3 831 | -3 831 |
| New equity (net of expenses) | 14 518 | - | 14 518 |
| Equity at 31.3.24 | 226 844 | -21 209 | 205 635 |
Note 5 - Share capital and shareholder information
| Note 5 - Share capital and shareholder information | |||
|---|---|---|---|
| Shareholder | Number of shares | Shareholding | |
| AWILCO AS | 15 281 946 | 13.65 % | |
| ODFJELL LAND AS | 13 464 686 | 12.02 % | |
| STOKSUND AS | 10 141 000 | 9.06 % | |
| BIOFISH AQUAFARM AS | 9 931 410 | 8.87 % | |
| MONACO INVEST AS | 4 346 000 | 3.88 % | |
| HELGØ INVEST AS | 3 305 000 | 2.95 % | |
| TIGERSTADEN MARINE AS | 3 250 000 | 2.90 % | |
| YME FISH AS | 3 200 000 | 2.86 % | |
| NORDNET LIVSFORSIKRING AS | 2 918 988 | 2.61 % | |
| UBS Switzerland AG | 2 840 696 | 2.54 % | |
| PROFOND AS | 2 731 886 | 2.44 % | |
| JARAS INVEST AS | 2 615 571 | 2.34 % | |
| OLE FREDRIK SKULSTAD | 2 404 582 | 2.15 % | |
| ASTEROIDEBAKKEN AS | 2 233 996 | 2.00 % | |
| YME HOLDING AS | 2 000 000 | 1.79 % | |
| MILLENNIUM FALCON AS | 1 744 665 | 1.56 % | |
| Nordnet Bank AB | 1 568 573 | 1.40 % | |
| 893 399 | 0.80 % | ||
| 829 321 | 0.74 % | ||
| 0.71 % | |||
| 800 000 | |||
| MTB EIENDOMSUTVIKLING AS VH EIENDOM OG INVEST AS ENRAM AS Total 20 largest shareholders Others |
86 501 719 25 476 947 |
77.25 % 22.75 % |
Biofish Holding AS had a total of 111,978,666 shares issued at 31 March 2025.
Note 6 – Interest-bearing long-term debt
Interest bearing debt totalling NOK 48 000 000 has quarterly instalments of NOK 1 000 000.
The loan matures in January 2027.
Note 7 – Bank overdraŌ facility
The Group has a bank overdraŌ facility of NOK 33 000 000, of which NOK 20 950 000 was drawn at 31 March 2025.
