Ljones, 22 August 2024: The demand for healthy, high-quality smolt and post-smolt remains strong, and in the second quarter BioFish secured an attractive new agreement to deliver 170 000 – 180 000 post-smolt in August 2024.
 
In line with the production plan, BioFish had no deliveries in the second quarter, and consequently no revenue. For the first half-year, revenues were NOK 17.2 million driven by the delivery of 206 tons of smolt in the first quarter. The biological performance of smolt deliveries in the first half of 2024 remains strong.

“We continue to see strong demand for our smolt and post-smolt. 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 by leading salmon farmers in Norway,” says CEO Sondre Hagerup Johnsrud.

The operating result (EBIT) for the quarter was negative NOK 11.4 million, compared with negative NOK 3.0 million in the prior-year period. As a natural consequence of higher activity levels, personnel expenses and other operating expenses have increased year-over-year. For the half-year period, the EBIT result was negative NOK 13.7 million, compared with negative NOK 7.3 million in the first half of 2023. 

After the reporting period, BioFish secured another agreement to deliver 170 000 – 180 000 post-smolt in the second half of August, and the company sees good demand from recognised players for the remaining batch to be delivered in September.

“Moving forward, demand for smolt and post-smolt is expected to develop positively, supported by strong market fundamentals. The company expects to grow production to an estimated 800-900 tons in 2024 and further increase the production in 2025. For the long-term, we are exploring various strategies to grow our operations, with the overall ambition to meet the growing demand for high-quality smolt and post-smolt while contributing to solutions for key challenges in the aquaculture industry,” Johnsrud concludes. 

The report for the first half-year 2024 and the presentation material are attached to this notice.

For additional information please contact: 

Sondre Hagerup Johnsrud, CEO
Mob: +47 975 79 321 Emai: sondre@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 post-smolt RAS production facility in Ljones close to the Hardangerfjord on the west coast of Norway. Almost 40 per cent of 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.