BIOFISH HOLDING AS: Fourth quarter 2024 results

28 Feb 2025 08:00 CET

Ljones, 28 February 2025: BioFish ended the year with solid operational
performance in fourth quarter, delivering 155 tons of high-quality smolt and
post-smolt to its customers. This resulted in revenues of NOK 12.2 million for
the quarter, compared to no revenues or deliveries in the corresponding period
last year. For the full year 2024, BioFish delivered a total of 523 tons, in
line with previously announced guidance.

During the fourth quarter, BioFish reached several key milestones, including
completion of the BioFish Land acquisition, facility upgrades, and strong
biological performance of smolt and post-smolt deliveries.

"We are particularly proud of the feedback we receive from our customers on
the quality of our deliveries, thanks to the efforts of our competent
colleagues at the BioFish facilities. This has contributed to strengthening
long-term relationships and helped us securing multiple agreements for future
deliveries," said Sondre Johnsrud, CEO at BioFish.

A milestone contract was secured in Q1 2025 to deliver ~1.2 million post-smolt
per year in 2026 and 2027, with an average weight of 600 grams. It also
includes intent to discuss additional deliveries.

"Together with previously announced contracts, total confirmed annual sales
volume for 2025-2027 has now reached ~720 tons, implying that two-thirds of
expected 2025 volume is sold out. This gives us good earnings visibility,
while at the same time providing some capacity to take on new orders in a
strong market, contributing to a favourable outlook for 2025," Johnsrud adds.

For 2025, BioFish reiterates its volume guidance to deliver sales volumes of
900-1,100 tons of high-quality smolt and post-smolt. Volume growth from
scheduled deliveries, combined with operational and organisational
improvements nearing completion, are expected to improve the company's cash
position, and generate positive cash flow and net profits already in Q1 2025
onwards.

After year-end, a strategic review was initiated to explore growth
opportunities for BioFish and increase shareholder value. The process does not
require capital raising, as the company is sufficiently financed for planned
operations and investments. Updates on outcomes to be expected towards the end
of Q2 2025.

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

For additional information please contact:

Sondre Hagerup Johnsrud, CEO
Mob: +47 975 79 321 Email: sondre.johnsrud@biofish.no

Johnny Duedahl, CFO
Mob: +47 982 06 833 Email: johnny@biofish.no

About BioFish

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.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-02-28 08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

640091_BioFish 4Q 2024 Presentation.pdf
640091_BioFish 4Q 2024 Report.pdf