BIOFISH HOLDING AS – Third quarter results
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.