BIOFISH HOLDING AS Third quarter results

15 Nov 2024 07:30 CET

Ljones, 15 November 2024: The demand for healthy, high-quality smolt and
post-smolt remains strong, and in the third quarter BioFish secured attractive
new agreements to deliver more than 400,000 smolt and post-smolt in 2024 and
2025.

In the third quarter, BioFish successfully delivered a total of 159 tons of
smolt, generating revenues of NOK 19.5 million. The biological performance of
BioFish' smolt deliveries remains strong.

"With a good track record in terms of biological performance, BioFish is
viewed as an attractive supplier of high-quality, healthy smolt and
post-smolt. The entire volume for 2024 has now been sold, and we see strong
demand from large industry players for batches to be delivered in 2025-2026,"
says CEO Sondre Hagerup Johnsrud.

Volumes sold in the third quarter were impacted by phasing of deliveries, as
one delivery of 86 tons was rescheduled from September (Q3) to October (Q4).
In addition, one customer asked for earlier delivery, which implied lower
average weight on this batch.

The EBITDA result for the quarter was NOK 2.7 million, compared with NOK 11.7
million in the prior-year period. The year-over-year decline was mainly driven
by lower volumes sold in the quarter.

"As a consequence of customer preferences and market dynamics, the projected
sales volume for 2024 has been adjusted to ~500-550 tons. For 2025, sales
volumes are expected to increase to 900-1,100 tons, supported by strong
interest from top-tier fish farmers. Firm orders, combined with ongoing
tenders and option agreements, provide a solid foundation for continued growth
and good earnings visibility moving forward," Hagerup Johnsrud concludes.

The report for the third quarter 2024 and the presentation material are
attached to this notice.

Contacts
Sondre Hagerup Johnsrud, CEO
Mob: +47 975 79 321 Email: sondre.johnsrud@biofish.no
(mailto:sondre@biofish.no)
Johnny Duedahl, CFO
Mob: +47 982 06 833 Email: johnny@biofish.no

About Us
BioFish is a Norwegian independent producer of high-quality smolt and
post-smolt. The company has a RAS production facility in Ljones close to the
Hardangerfjord on the west coast of Norway. Numerous Norwegian fish farming
sites are located within one day of transport.

More information:
Access the news on Oslo Bors NewsWeb site

632330_BioFish 3Q 2024 Report.pdf
632330_BioFish 3Q 2024 Presentation.pdf