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BioFish Holding (BFISH) investor relations material

BioFish Holding Q1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2025 earnings summary15 May, 2025

Executive summary

  • Achieved strong operational and financial performance in Q1 2025, with 323 tons of post-smolt delivered, up from 206 tons in Q1 2024, and high product quality and price realization.

  • Revenue doubled to NOK 34.5 million from NOK 17.2 million year-over-year, driven by higher volumes and improved pricing.

  • Secured several new contracts, increasing order backlog to 720 tons annually for 2025–2027.

  • Positive cash flow and net profit of NOK 5.7 million; strategic review process, announced in January 2025, is ongoing and progressing as planned.

Financial highlights

  • EBITDA of NOK 11.0 million (Q1 2024: NOK 0.7 million); EBIT improved to NOK 8.0 million from a loss of NOK 2.3 million.

  • Net income was NOK 5.7 million, compared to a loss of NOK 3.8 million in Q1 2024.

  • OPEX increased to NOK 23.5 million, mainly due to higher sales, partly offset by organizational improvements.

  • Cash flow from operations increased to NOK 11.9 million from NOK 5.8 million year-over-year.

  • Cash and cash equivalents at quarter-end were NOK 10.1 million.

Outlook and guidance

  • Volume guidance for 2025 raised to 1,000–1,200 tons, reflecting strong biological performance and demand.

  • Approximately two-thirds of 2025 capacity already committed; strong contract backlog for 2025–2027.

  • Delivery for Q2 rescheduled to Q3 to align with customer preferences.

  • Norwegian government white paper on aquaculture may impact licensing, but long-term demand for high-quality post-smolt remains robust.

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Frequently asked questions

BioFish Holding AS is a Norwegian aquaculture company that specializes in the land-based production of smolt and post-smolt, which are juvenile fish used for salmon farming. The company operates a Recirculating Aquaculture System (RAS) at its facility in Ljones, on the west coast of Norway, near the Hardangerfjord. This system allows BioFish to recycle 99% of the water used, ensuring a sustainable and efficient farming process. BioFish supplies its smolt to salmon farms throughout Norway, and it is strategically positioned close to nearly 40% of the country's fish farming sites. The company is headquartered in Tørvikbygd, Norway, and its shares are listed on the Oslo Stock Exchange.

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