Aker Biomarine Asa · OSL:AKBM
Aker Biomarine Asa — Q4 2025 Earnings Presentation
24 slides from Aker Biomarine Asa's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025
Fourth Quarter 2025 Aker BioMarine ASA 12th February 2026
Slide 2: Q4 2025 highlights
Q4 2025 highlights • Fourth quarter: • Revenues of USD 55.2 million (up 6% YoY) • Adjusted EBITDA of USD 10.6 million (up 66% YoY) • Full year 2025: • Revenues of USD 218.1 million (up 10% YoY) • Adjusted EBITDA of USD 45.7 million (up 53% YoY) • Fourth quarter segment highlights: • Human Health Ing
Slide 3: Quarterly revenue and Adjusted EBITDA (USDm)
Quarterly revenue and Adjusted EBITDA (USDm) Revenue EBITDA Adj. +66% +6% 56.8 13.6 55.3 55.2 52.0 50.8 12.2 10.6 9.4 6.4 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Note: 1) Aker BioMarine evaluates the performance based on Adjusted EBITDA. This metric is defined as operating profit before de
Slide 4: Annual revenue and Adjusted EBITDA (USDm)
Annual revenue and Adjusted EBITDA (USDm) Revenue EBITDA Adj. +10% +53% 218.1 45.7 196.3 199.0 29.9 21.1 2023 2024 2025 2023 2024 2025 Note: 1) Aker BioMarine evaluates the performance based on Adjusted EBITDA. This metric is defined as operating profit before depreciation, amortization, write-downs
Slide 5: Operations
Operations &®)"AKER'BIOMARINE
Slide 6: Human Health Ingredients (USDm)
Human Health Ingredients (USDm) Commentary Revenue +28% • Total revenue growth of 28% YoY 30.2 32.7 • Krill oil equivalent revenues increased 28% YoY 29.2 25.5 26.0 • Growth driven by both volume and price • Price growth skewed by significantly higher share of capsule sale in the quarter • Supplied
Slide 7: Consumer Health Products (USDm)
Consumer Health Products (USDm) Commentary Revenue -8% 29.2 27.1 27.1 27.4 26.9 22% 22% 21% 22% 24% • Revenue decline of 8% YoY • Growth below expectations, driven by continued weakness in drug chains, inventory builddown at Epion, and delayed new customer launches (Whole Foods, BJ’s) from late 2025
Slide 8: Emerging Business (USDm)
Emerging Business (USDm) Commentary Revenue -13% 2.2 2.1 2.1 • Stable development in revenue and demand for Kori 2.0 2.0 • Kori continues path towards profitability • Understory: Sales process still ongoing with several interest 4Q24 1Q25 2Q25 3Q25 4Q25 parties EBITDA adj.1 -0.4 -0.4 -0.5 -0.5 -1.1
Slide 9: Financials
Financials
Slide 10: Profit & loss statement
Profit & loss statement1 USD million Q4 2025 Q4 2024* (Unaudited) (Unaudited) FY 2025 (Unaudited) FY 2024* (Unaudited) Net sales 55.2 52.0 218.1 199.0 Cost of goods sold -30.6 -31.8 -120.3 -120.6 Net sales Gross profit 24.6 20.1 97.8 78.4 ▪ Net sales were up 6% from Q4-24. Net sales in the Human seg
Slide 11: Non-operational segment: Elim / other (Corporate cost)
Non-operational segment: Elim / other (Corporate cost) SG&A1 including non-recurring costs (USDm) -4.5 • Higher SG&A in Q4, somewhat impacted by seasonality -5.9 • SG&A includes costs from ongoing restructuring programs -7.2 -6.9 and M&A preparations that are adjusted out -8.2 4Q24 1Q25 2Q25 3Q25 4Q
Slide 12: Working capital
Working capital Change in net working capital (USDm) 118 4 3 104 7 NWC 3Q25 Inventory Receivables Payables NWC 4Q25 and other and other • Lower NWC in quarter as as both inventory and accounts receivables are down, while payables are up. Net working capital (USDm) 108 119 107 118 104 4Q24 1Q25 2Q25
Slide 13: Investments
Investments Capex, tangible and intangible (USDm)1 3.2 3.0 2.8 2.3 • Capex in the quarter mainly related to maintenance, improvements in production line and capitalization of development projects 2.6 3.2 2.4 • Full year review of development activities led to certain 1.4 adjustments between quarters
Slide 14: Cash flow
Cash flow Cash flow in the quarter (USDm) OCF of USD 9.7 million • Cash flow from operations of USD 9.7 million • Driven by working capital release • Cash flow from investing 4 1 2 • Capex in quarter mainly related to maintenance, improvement in production line and capitalization of development proj
Slide 15: Interest-bearing debt
Interest-bearing debt Interest-bearing debt1) (USDm) 4.8x 4.7x • Net interest-bearing debt of USD 157 million 4.2x 4.0x • Down from previous quarter on lower working capital 182 174 176 3.5x 173 159 20 17 • NIBD/Adj. EBITDA of 3.5x 16 17 15 • Well below leverage covenant test for the bank overdraft
Slide 16: Balance Sheet
USD million Q4 2025 Q4 2024* Balance Sheet (Unaudited) (Unaudited) ASSETS Property, plant and equipment 53.7 49.0 Right to use assets 2.6 2.6 Intangible assets and goodwill 116.9 123.4 Contract asset 2.3 1.2 Deferred tax asset 2.3 5.7 Derivative asset 8.2 - Property. plant and equipment Other intere
Slide 17: Summary and Outlook
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Slide 18: Outlook
Outlook Operating segments Corporate Continued growth and improved profits Human Health Ingredients Q1’26 krill oil revenues: 15-30% YoY growth • Corporate segment with underlying cost level at USD 12-14 million • Following recent interest in the Human Health Ingredient Consumer Health Products Back
Slide 19: Q&A
Q&A To submit questions, please send to ir@akerbiomarine.com 19
Slide 20: Appendix
Appendix
Slide 21: Cash flow
Cash flow1 USD million- Q4 2025 Q4 2024* 2025 2024* (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net profit (loss) -5.6 -17.0 -22.8 182.6 Tax expenses 1.5 -0.7 -0.1 Net interest and guarantee expenses 4.2 8.0 15.3 24.9 Interest paid -4.3 -3.0 -15.8 -24.3 Interest received -1.4 1.9 0.6 4.4 Other P
Slide 22: Alternative performance measures (APMs)
Alternative performance measures (APMs) Q4 Year USDm 2025 2024* 2025 2024* Operating profit (loss) 3.1 -4.3 12.8 -4.2 Depreciation, amortization and • Total special operating items in Q3 2025 was USD 1.6 million, impairment 6.0 6.7 23.0 22.3 mainly related to ongoing restructuring programs and M&A E
Slide 23: 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 24: Aker BioMarine
ey AKER BIOMARINE