Aker Biomarine Asa · OSL:AKBM
Aker Biomarine Asa — Q1 2025 Earnings Presentation
25 slides from Aker Biomarine Asa's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025
First Quarter 2025 Aker BioMarine ASA 30 April 2025
Slide 2: Q1 2025 highlights
Q1 2025 highlights ▪ Revenues of USD 50.8 million (up 5% YoY) ▪ Adjusted EBITDA of USD 9.0 million (up 59% YoY) ▪ Human Health Ingredients: Revenues of USD 26.0 million (up TBU 16%). Adjusted EBITDA of USD 11.3 million (up 36% YoY) ▪ Consumer Health Products: Revenues of USD 27.1 million (up 4% YoY)
Slide 3: Quarterly revenue and Adjusted EBITDA
Quarterly revenue and Adjusted EBITDA 2024 Q1-Q3 figures are pro forma excluding Feed Ingredients, unaudited Revenue Adjusted EBITDA1 USDm USDm 52.0 50.8 9.0 48.5 49.2 49.3 8.4 7.7 7.4 5.7 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 3 1) Aker BioMarine evaluates the performance based on Adjust
Slide 4: Operations
Operations
Slide 5: Human Health Ingredients
Human Health Ingredients Revenue (USDm) +16% 25.5 25.5 26.0 24.6 22.4 ▪ Revenues increased 16% YoY ▪ Krill oil sales with 15% YoY growth driven mostly by volume ▪ Growth driven by China, Europe and South America ▪ Improved Adj. EBITDA on higher volume, better prices and lower unit cost 1Q24 2Q24 3Q2
Slide 6: Clear strategy to capture untapped market share across regions
Clear strategy to capture untapped market share across regions Successful premium ingredients typically achieve 20% market share Krill penetration in omega-3 by channel1) $0.2bn $0.1bn $4.7bn $1.4bn $0.8bn $0.7bn $0.2bn $0.2bn $0.7bn $0.6bn 50-60% Potential c.20% 15-20% Potential 15-20% c.15% Potent
Slide 7: Raising awareness of krill the key driver of increased adoption rates
Raising awareness of krill the key driver of increased adoption rates Overview of krill consumption All Krill aware Krill All Krill aware Krill respondents consumers respondents consumers N=1,000 N=294 N=140 N=1,000 N=473 N=122 1% 1% 2%1% 6% 10% 2% 19% 7% 18% 12% Unaware 10% 53% Krill oil Unaware of
Slide 8: Consumer Health Products
Consumer Health Products Revenue and gross margin (USDm) +4% 29.1 29.2 26.1 27.1 25.0 ▪ Revenue growth of 4% YoY 23% 22% 22% 21% 20% ▪ First half usually weaker than second half due to retailers’ seasonality ▪ Sales growth mainly driven by Sam’s Club gummies ▪ Back to YoY growth – inventory build do
Slide 9: Emerging Business
Emerging Business Revenue (USDm) 3.1 2.3 2.2 2.1 2.1 ▪ Stable development in revenue and demand ▪ Out of store sales (POS) for major US retailers was 3% up quarter on quarter 1Q24 2Q24 3Q24 4Q24 1Q25 ▪ EBITDA improvement from last year on reduced opex ▪ Significant cut back on marketing investments
Slide 10: Financials
Financials
Slide 11: Profit & loss
Profit & loss USD million Q1 2025 Q1 2024 (Unaudited) (Unaudited) FY 2024 (Audited) Net sales ▪ Net sales up 5% from Q1-24. The Human segment is up 16% due to higher Net sales 50.8 48.5 198.9 volume of Superba and a broader product portfolio. The Consumer health segment is up 4%. The Emerging busine
Slide 12: Non-operational segment: Elim / other (Corporate cost)
Non-operational segment: Elim / other (Corporate cost) SG&A1 including non-recurring costs (USDm) 7.9 6.6 6.5 ▪ SG&A impacted by cost from ongoing improvement 4.1 and restructuring programs ▪ Total adjustment items of USD 3.1 million, mostly related 1.2 to Feed Ingredients transaction costs, includi
Slide 13: Working capital
Working capital Change in net working capital (USDm) 119 108 8 3 0 ▪ Higher inventory in Consumer Health Products, stable in Human Health Ingredients NWC Q4’24 Inventory Receivables Payables NWC Q1’25 and other and other ▪ Payables decrease related to settlement of Feed Ingredients transaction costs
Slide 14: Investments
Investments Cash flow from investments (USDm) Protein launch plant ▪ Mainly related to acquisition of production equipment Maintenance and development capex and capitalization of development costs 4.3 3.9 0.8 1.5 3.1 3.2 ▪ 2025 outlook ▪ Expect maintenance and development capex full year of 2.4 1.3
Slide 15: Cash flow in quarter
Cash flow in quarter Cash flow in the quarter (USDm) ▪ Cash flow from operations of USD -11.1 million ▪ Higher working capital and interest payment on bond OCF of USD -11.1 million ▪ Significant amount related to settling of FI transaction cost 16 ▪ Cash flow from investing 15 ▪ Mainly on Houston pr
Slide 16: Interest-bearing debt
Interest-bearing debt Interest-bearing debt (USDm) Including Feed Ingredients 5.5x ▪ Net interest-bearing debt of USD 157 million 5.0x 4.8x 4.7x 395 404 4.3x ▪ NIBD/Adj. EBITDA of 4.8x 32 20 ▪ Well below leverage covenant test for the bank overdraft ▪ No leverage covenant on bond ▪ In compliance wit
Slide 17: Balance sheet
USD million Q1 2025 Q1 2024* Q4 2024 Balance sheet (Unaudited) (Unaudited (Audited) ASSETS Property. plant and equipment Property, plant and equipment 46.0 332.9 49.0 ▪ Mainly investments in Houston production related equipment. Right to use assets 2.6 7.9 2.6 Intangible assets and goodwill 123.6 15
Slide 18: Summary and Outlook
Summary and Outlook
Slide 19: Outlook
Outlook Continued growth and Human Health Ingredients (HHI) improved profits Consumer Health Products Back to modest growth Bring to cash break- Emerging Businesses even, seek transactions Established new Corporate underlying cost level at USD 10-12 million 19
Slide 20: Q&A
Q&A To submit questions, please send to ir@akerbiomarine.com 20
Slide 21: Appendix
Appendix
Slide 22: Cash flow
Cash flow USD million- Q1 2025 Q1 2024 2024 Cash flow from operations (Unaudited) (Unaudited) (Audited) ▪ Negative cash flow from operations ▪ Interest paid includes interest on bond amounting to USD 3.4 mill. Net profit (loss) after tax -3.0 -11.9 180.3 ▪ Change in working capital due to high payme
Slide 23: Alternative Performance Measures (APMs)
ALTERNATIVE PERFORMANCE MEASURES (APMs) First Quarter Year USD million 2025 2024 2024 ▪ Total special operating items in Q1’25 of USD 3.5 million Operating profit (loss) -0.1 -2.9 -6.5 Depreciation, amortization and impairment non-production assets 4.4 3.8 16.6 ▪ Related to severance packages, Feed
Slide 24: Important information
Important information This presentation has been prepared by Aker BioMarine ASA (the "Company"). The presentation does not constitute or form part of, and should not be construed as, an offer, solicita tion or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Compan
Slide 25: Aker BioMarine
») AKER BIOMARINE