Ljones, 15 May 2024: In the first quarter 2024, BioFish successfully delivered
206 tons of smolt and post-smolt, generating revenues of NOK 17 million for the
period. The demand for healthy, high-quality smolt and post-smolt remains
strong, and BioFish expects to grow production in 2024, and further in 2025.

“BioFish has a proven track record of good biological performance, which was
reaffirmed by customer satisfaction and feedback on the quality of our smolt
deliveries in 2023 and 2024,” says CEO Sondre Hagerup Johnsrud.

The production process includes the use of seawater in combination with fresh
water to prepare the smolt for sea, with temperatures that reflect the natural
environment of wild salmon in early phase of the production. Following the
expansion of the RAS facility, the company expects to grow production to 800-900
tons in 2024, and further in 2025.

As a natural consequence of higher activity levels, personnel expenses and other
operating expenses have increased year-over-year. Despite of this, the operating
result has improved from negative NOK 4.4 million in first quarter 2023 to
negative NOK 2.3 million in first quarter 2024.

During the quarter, the company finalised a refinancing agreement including a
new revolving credit facility of NOK 33 million and an extension of the duration
of its existing loan (NOK 51 million) until 31 January 2027.

Moving forward, demand for smolt and post-smolt is expected to develop
positively, supported by strong market fundamentals.

“Industry trends indicate increased willingness among salmon farmers to invest
in robust, high quality smolt and post-smolt in order to improve fish health,
reduce cost and address the biological challenges in the sea phase of salmon
farming. It is our firm belief that good biology equals good economics,”
Johnsrud continues.

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

For additional information please contact:

Sondre Hagerup Johnsrud, CEO
Mob: +47 975 79 321 Email: 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.