Aker Biomarine Asa · OSL:AKBM
Aker Biomarine Asa — Q3 2025 Earnings Presentation
32 slides from Aker Biomarine Asa's earnings presentation, Oct 31, 2025
Slide 1: Third Quarter 2025
Third Quarter 2025 Aker BioMarine ASA 31 October 2025
Slide 2: Q3 2025 highlights
Q3 2025 highlights • Revenues of USD 56.8 million (up 15% YoY) • Adjusted EBITDA of USD 12.2 million (up 50% YoY) • Human Health Ingredients: Revenues of USD 30.2 million (up 23%). Adjusted EBITDA of USD 13.5 million (up 35% YoY) • Consumer Health Products: Revenues of USD 27.4 million (down 6% YoY)
Slide 3: Quarterly revenue and Adjusted EBITDA (USDm)
Quarterly revenue and Adjusted EBITDA (USDm) 2024 Q3 figures are pro forma excluding Feed Ingredients, unaudited Revenue EBITDA Adj. 56.8 13.6 55.3 52.0 50.8 12.2 49.3 9.4 8.1 6.4 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Note: 1) Aker BioMarine evaluates the performance based on Adjusted EB
Slide 4: Operations
Operations &®)"AKER'BIOMARINE
Slide 5: Human Health Ingredients (USDm)
Human Health Ingredients (USDm) Commentary Revenue +23% • Total revenue growth of 23% YoY 29.2 30.2 24.6 25.5 26.0 • Krill oil revenues increased 18% YoY • Growth driven by both volume and improved price mix • Good production in Houston • Adj. EBITDA improved from last year on better gross margins 3
Slide 6: HHI is a global leader in science-backed, branded nutraceutical ingredients
HHI is a global leader in science-backed, branded nutraceutical ingredients HHI at-a-glance Science backed benefits across consumer need states1 A science-led business with documented product 50+ clinical benefits across end-consumer need-states studies Healthy General Heart Joint Liver aging/ Undis
Slide 7: HHI operates in the most attractive segments of the growing Omega-3 market
HHI operates in the most attractive segments of the growing Omega-3 market Nutraceutical Omega-3 market, ingredient value Omega-3 nutraceutical ingredient market share by total volume and value CAGR (24-30e) c.$1.9bn 100% 100% +6% Krill oil 1% Krill oil +20-25% 2% +6% Algae oil 7% +4% Algae oil +15-
Slide 8: Krill oil’s premium position is driven by a differentiated product and documented health benefits
Krill oil’s premium position is driven by a differentiated product and documented health benefits Krill oil “Small, Algae oil Fish oil powerful” capsules Unique product offering ✓ Phospholipid omega-3’s with ✓ Triglyceride omega-3s ✓ Triglyceride and Ethyl Ester omega-3s high absorption and no fishy
Slide 9: HHI has built a strong position in the krill oil segment with further Omega-3 market penetration potential
HHI has built a strong position in the krill oil segment with further Omega-3 market penetration potential Krill oil supplement Total Omega-3 supplement HHI’s strong position is supported by: ingredient market share market share by value Stable, secure krill raw material sourcing Other ~10% Undisput
Slide 10: Aquaculture will drive an Omega-3 supply-demand gap with increased market opportunities for fish oil alternatives
Aquaculture will drive an Omega-3 supply-demand gap with increased market opportunities for fish oil alternatives Aquaculture drives marine ingredient Limited room left to reduce the share Fish oil Omega-3 supply/demand gap demand with a growing supply gap of marine ingredients in aquaculture create
Slide 11: Three pillars of HHI’s value creation path
Three pillars of HHI’s value creation path 3 2 PLATFORM EXPANSION INNOVATIONS 1 CORE GROWTH + BLENDS Growth by acquisition Algae leveraging Breakthrough Krill oil Omega-3s platform Continuing to increase krill oil innovation in beyond leveraging capabilities penetration in the Omega-3 market brain h
Slide 12: Platform expansion potential driven by HHI’s global capabilities and assets
Platform expansion potential driven by HHI’s global capabilities and assets Trusted reputation & Science & supply chain results excellence Strong trusted reputation in human health Deep expertise in science and claims, global ingredients - 15+ years of best-in-class regulatory competence and manufac
Slide 13: Illustration of earnings potential in value creation plan
Illustration of earnings potential in value creation plan Illustrative EBITDA2 buildup at stable production Value drivers 3 PLATFORM 1. Substantial operational leverage potential 2 INNOVATIONS 1 CORE 2. Volume growth in all markets 3. Price increase through customer 8 mix, inflation adjustments and
Slide 14: Consumer Health Products (USDm)
Consumer Health Products (USDm) Commentary Revenue -6% 29.1 29.2 27.1 27.1 27.4 20% 22% 22% 21% 22% • Revenue decline of 6% YoY 3Q24 4Q24 1Q25 2Q25 3Q25 • Lower demand growth than expected has resulted in stable Revenue margin revenues through 2025 • Main reason is lower demand from drug stores EBIT
Slide 15: Emerging Business (USDm)
Emerging Business (USDm) Commentary Revenue -2% 2.2 2.1 • Stable development in revenue and demand 2.1 2.1 2.0 • EBITDA improvement from last year on reduced opex • Significant reduction in marketing investments • Partnered with Pattern to leverage multi-platform marketing strategies to expand reach
Slide 16: Financials
Financials
Slide 17: Profit & loss statement
Profit & loss statement Q3 2025 Q3 20241 YTD 2025 YTD 20241 FY 20241 USD million (Unaudited) (Unaudited) (Unaudited) Net sales • Net sales 56.8 49.3 162.9 147.7 199.0 Cost of goods sold • Net sales was up 15% from Q3-24. Sales in the Human segment is up 23% due to higher volume and -32.0 -31.6 -89.7
Slide 18: Non-operational segment: Elim / other (Corporate cost)
Non-operational segment: Elim / other (Corporate cost) SG&A1 including non-recurring costs (USDm) -4.3 -4.5 -7.2 -6.9 • SG&A impacted by cost from ongoing restructuring -8.2 programs, including severance packages 3Q24 4Q24 1Q25 2Q25 3Q25 • Parts of increase in SG&A are offset by TSA income of SG&A c
Slide 19: Working capital
Working capital Change in net working capital (USDm) 118 107 9 1 3 NWC 2Q25 Inventory Receivables Payables NWC 3Q25 • Higher payables and inventory following purchase of Nutra and other and other meal from Aker Qrill Company, partly offset by settling of final purchasing price adjustment from the sa
Slide 20: Investments
Investments Cash flow from investments (USDm) 4.3 3.2 • Mainly related to maintenance and upgrades in Houston 2.8 2.6 • Investment of USD 0.5 million into the algae production 2.4 process will be completed during the year • For the year in total, maintenance and development capex of USD 7-8 million
Slide 21: Cash flow
Cash flow Cash flow in the quarter (USDm) OCF of USD 0.4 million • Cash flow from operations of USD 0.4 million • Higher working capital and interest payment on bond 20 • Cash flow from investing 3 17 • Mainly on Houston production related equipment and 7 capitalization of development projects 8 3 6
Slide 22: Interest-bearing debt
Interest-bearing debt Interest-bearing debt1) (USDm) 5.3x 4.8x 4.7x • Net interest-bearing debt of USD 165 million 4.2x • Higher working capital and payment of Feed Ingredients 4.0x purchase price adjustment 176 182 173 159 20 17 154 16 • NIBD/Adj. EBITDA of 4.0x 15 15 • Well below leverage covenant
Slide 23: Balance sheet at Q3-25, Q3-24 and end of 2024
Balance sheet at Q3-25, Q3-24 and end of 20241 USD million Q3 2025 Q3 20241 Q4 20241 (Unaudited) (Unaudited (Unaudited) ASSETS • Property. plant and equipment Property, plant and equipment 52.9 66.4 49.0 Right to use assets 3.3 3.1 2.6 • Mainly related to equipment for Houston production. Protein pl
Slide 24: Summary and Outlook
w Zz (“4 <z = fo) a a w 4 < Summary and Outlook
Slide 25: 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 25
Slide 26: Q&A
Q&A To submit questions, please send to ir@akerbiomarine.com 26
Slide 27: Appendix
Appendix
Slide 28: Cash flow in Q3’25, Q3’24 and full year 2024
Cash flow in Q3’25, Q3’24 and full year 20241 USD million- Q3 2025 Q3 20241 YTD 2025 YTD 20241 20241 (Unaudited) (Unaudited) (Unaudited) Net profit (loss) 0.3 207.4 -17.3 199.6 182.6 Tax expenses -1.9 -0.2 -1.5 0.6 -0.1 Net interest and guarantee expenses 3.8 5.4 11.1 22.3 24.9 Interest paid -4.1 -2
Slide 29: Alternative Performance Measures (APMs)
ALTERNATIVE PERFORMANCE MEASURES (APMs) Q3 YTD Year USDm 2025 20241 2025 20241 20241 Operating profit (loss) 5.0 -1.6 9.7 0.0 -4.2 Depreciation, amortization and • Total special operating items in Q3 2025 was USD 1.2 million, impairment 6.0 5.7 17.0 15.8 22.3 mainly related to the improvement progra
Slide 30: Extensive scientific research has proven product health benefits across multiple need states
Extensive scientific research has proven product health benefits across multiple need states 50+ studies on krill oil providing significant benefits of human health Aker BioMarine has made Benefits for human health are backed by science; exclusive claims in place and under development in select sign
Slide 31: 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 32: Aker BioMarine
ey AKER BIOMARINE