Aker Biomarine Asa · OSL:AKBM
Aker Biomarine Asa — Q2 2025 Earnings Presentation
25 slides from Aker Biomarine Asa's earnings presentation, Jul 11, 2025
Slide 1: Second Quarter 2025
Second Quarter 2025 Aker BioMarine ASA 11 July 2025
Slide 2: Q2 2025 highlights
Q2 2025 highlights ▪ Revenues of USD 55.3 million (up 12% YoY) ▪ Adjusted EBITDA of USD 13.6 million (up 41% YoY) ▪ Human Health Ingredients: Revenues of USD 29.2 million (up TBU 15%). Adjusted EBITDA of USD 13.9 million (up 28% YoY) ▪ Consumer Health Products: Revenues of USD 27.1 million (up 9% Yo
Slide 3: Quarterly revenue and Adjusted EBITDA
Quarterly revenue and Adjusted EBITDA 2024 Q2-Q3 figures are pro forma excluding Feed Ingredients, unaudited Revenue Adjusted EBITDA1 USDm USDm 55.3 13.6 52.0 50.8 49.2 49.3 9.6 9.4 8.1 6.4 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 3 1) Aker BioMarine evaluates the performance based on Adjus
Slide 4: Operations
Operations
Slide 5: Human Health Ingredients
Human Health Ingredients Revenue (USDm) +15% 29.2 25.5 24.6 25.5 26.0 ▪ Total revenue growth of 15% YoY ▪ Krill oil revenues increased 18% ▪ Good volume growth and improved price mix ▪ Growth across all regions, but particularly strong development in China and APAC 2Q24 3Q24 4Q24 1Q25 2Q25 ▪ Improve
Slide 6: Diversified customer base driving sales growth
Diversified customer base driving sales growth SINGLE CUSTOMER DEPENDENCY REMOVED MARKET DEPENDENCY REDUCED #1 KOREA North America 284 2020 Rest CUSTOMERS #2 CHINA #3 EMEALA APAC KOREA #1 CHINA #2 North America 2025 418 Rest CUSTOMERS #3 EMEALA APAC 6
Slide 7: Illustration of earnings potential in value creation plan
Illustration of earnings potential in value creation plan Illustrative EBITDA2) buildup at stable production Value drivers 1 Substantial operational leverage potential 4 4 55 4 2 Volume growth in all markets 11 44 75%-80% Cash margin on incremental sales1) 3 Price increase through customer mix, prod
Slide 8: Consumer Health Products
Consumer Health Products Revenue and gross margin (USDm) +9% 29.1 29.2 27.1 27.1 25.0 ▪ Revenue growth of 9% YoY 22% 22% 21% 21% 20% ▪ Sales now follows market growth – retail inventory adjustments complete ▪ Sales growth mainly driven by Sam’s Club Multivitamin Gummies, UCII and Costco Taiwan 2Q24
Slide 9: Emerging Business
Emerging Business Revenue (USDm) 2.3 2.2 2.1 2.1 2.1 ▪ Stable development in revenue and demand ▪ EBITDA improvement from last year on reduced opex ▪ Significant cut back on marketing investments 2Q24 3Q24 4Q24 1Q25 2Q25 ▪ Launched of second generation Kori ▪ Understory: Sales process delayed due to
Slide 10: Financials
Financials
Slide 11: Profit and loss statement
Profit and loss statement Q2 2025 Q2 2024* YTD 2025 YTD 2024* FY 2024* Net sales USD million (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) ▪ Net sales were up 12% from Q2-24. Net sales in the Human segment is up 15% from Q2-24 due to higher volume of Superba and a broader product portfol
Slide 12: Updated cost allocation when converting inventories for the HHI segment
Updated cost allocation when converting inventories for the HHI segment Rationale Financial impact – HHI segment COGS SG&A 6.3 ▪ Following the sale of the Feed Ingredients segment in 2024, the Human Health Ingredients segment has restructured and changed its operating model 2.3 2.1 1.4 1.2 Around US
Slide 13: Non-operational segment: Elim / other (Corporate cost)
Non-operational segment: Elim / other (Corporate cost) SG&A1 including non-recurring costs (USDm) 8.2 7.2 6.9 ▪ SG&A impacted by cost from ongoing restructuring 4.3 programs, including severance packages, and Feed Ingredients IT migration 1.4 ▪ Parts of increase in SG&A are offset by TSA income of U
Slide 14: Working capital
Working capital Change in net working capital (USDm) 119 2 3 107 12 ▪ Higher payables and inventory following purchase of Nutra meal from AQC NWC Q1’25 Inventory Receivables Payables NWC Q2’25 and other and other ▪ Inventory revised down following updated cost allocation in Houston, lowering invento
Slide 15: Investments
Investments Cash flow from investments (USDm) Protein launch plant ▪ Mainly related to maintenance and upgrades in Maintenance and development capex Houston and capitalization of development costs 4.3 3.9 0.8 1.5 3.2 ▪ 2025 outlook 2.6 ▪ Expect maintenance and development capex full year of 2.4 USD
Slide 16: Cash flow in quarter
Cash flow in quarter Cash flow in the quarter (USDm) ▪ Cash flow from operations of USD 3.8 million ▪ Higher working capital and interest payment on bond OCF of USD 3.8 million ▪ Cash flow from investing 20 ▪ Mainly on Houston production related equipment and capitalization of development projects 3
Slide 17: Interest-bearing debt
Interest-bearing debt Interest-bearing debt (USDm) Including Feed Ingredients 5.5x ▪ Net interest-bearing debt of USD 156 million 5.0x 4.8x 395 4.3x 4.2x ▪ NIBD/Adj. EBITDA of 4.2x 20 ▪ Well below leverage covenant test for the bank overdraft ▪ No leverage covenant on bond ▪ In compliance with the b
Slide 18: Balance sheet at Q2-25, Q2-24* and end of 2024*
Balance sheet at Q2-25, Q2-24* and end of 2024* USD million Q2 2025 Q2 2024* Q4 2024* (Unaudited) (Unaudited (Audited) ASSETS Property. plant and equipment ▪ Mainly investments in Houston upgrades and maintenance. Property, plant and equipment 52.8 97.9 49.0 Right to use assets 3.5 4.3 2.6 Intangibl
Slide 19: Summary and Outlook
Summary and Outlook
Slide 20: 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 12-14 million 20
Slide 21: Q&A
Q&A To submit questions, please send to ir@akerbiomarine.com 21
Slide 22: Appendix
Appendix
Slide 23: Cash flow in Q2'25, Q2'24 and full year 2024
Cash flow in Q2’25, Q2’24 and full year 2024 USD million- Q2 2025 Q2 2024* YTD 2025 YTD 2024* 2024* Cash flow from operations (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) ▪ Positive cash flow from operations ▪ Interest paid includes interest on bond amounting to USD 3.5 mill. Net prof
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