Presentation of Q4-2025 update

Arctic Bioscience

Presentation of financial results;

Q4 2025 update / prelim. FY 2025 results February 26th 2026

Christer L. Valderhaug (CEO)

1

Runhild Gammelsæter (Medical Director) Jone R. Slinning (CFO)

Developing and commercializing pharmaceutical and nutraceutical products based on unique bioactive marine compounds, utilizing proprietary technology and methodology

Agenda

Operational highlights Operational review Nutra

2025 consolidated Group financial review (prelim.)

Operational review Pharma Business outlook

Q&A

Intro and 2025 operational highlights

2025 highlights

Operational review Nutra

B2C sales

B2C sales of ROMEGA® products in Norway is at level with same period last year, though with significantly less marketing spending - mainly subscription based sales

Offline sales trough Sunkost, Life, Kinsarvik and Farmasiet in Norway is slightly lower than last year - but more profitable

B2C sales outside of Norway - launched in Sweden late last year Further B2C-expansion will follow in more European markets during 2026

Nutra B2B

B2B products: sold in Americas, Europe and APAC

− Bulk products (oil, capsules, protein)

− Private label

− Customized products

− The ROMEGA® ingredient present in more than 40 consumer brands globally

Americas developing well and expected to grow further - opened a new large account in Q4-25, with more new accounts expected to follow through 2026

Several good prospects for developing new Asian markets, with ROMEGA® products being launched in Singapore late 2025 through a partner and more markets in the region to follow

New interesting B2B-account opened in Australia in Q4-25

We experience an increased focus on anti-inflammation in key markets - where the ROMEGA® ingredient is strongly positioned with its SPM-story (Specialized pro-resolving mediators)

ROMEGA® in China

ROMEGA® products are currently sold cross-border eCommerce into China from Hong Kong

Despite a challenging consumer market in China this year with high degree of uncertainty and reduced consumer spending - our partner has managed so keep sales revenues at level with last year

Our best-selling product in China is ROMEGA® Prenatal which is established as a well-recognised product in its category

The second-best product is ROMEGA® Eye, which is now gaining traction in the market and showing good sales numbers

An approval process is ongoing with the Chinese food authorities to approve herring caviar oil as an ingredient into China. This will open up new commercial opportunities with a much broader distribution B2B. Approval is expected late 2026/early 2027

10

Arctic Algae - Development of oral vaccines for aquaculture

• Current vaccination methods (injection & immersion) are stressful for fish, labor-intensive, costly, and hard to apply

• Oral vaccines provide a simple, scalable, and stress-free alternative as a booster vaccine

• Microalgae act as safe, digestible carriers for oral vaccines, enabling low-cost and sustainable production

• The project received NOK 2,5 million in grants from Regionalt forskningsfond in October

2025 consolidated group financial review

(prelim.)

Key financial figures

43,5

39,8

33,8

29,0%

27,3%

27,1%

109,6

7,0

5,2

2023 2024 2025 2023 2024 2025 31.12.2023 31.12.2024 31.12.2025

Breakdown of Nutra revenue

2024 2025

B2C B2B

2024 2025

Norway Europe Americas APAC

EBITDA results

2025 nutra revenues slightly down compared to last year, significantly affected by recall issue which arose late 2024 with impacts on deliveries in 2025

• Strong development in the American market with a 143 % annual growth

• Asian market has been characterized by uncertainty in the consumer market this year, which affects our sales to this market

  Other income increased with NOK 1,9 million

• Improvement mainly due to increased activity in Arctic Algae

  Gross margin in 2025 also affected by recall-issue

• Stable gross margin in 2025 compared to 2024, but additional costs of goods sold were incurred in connection with the completion of the recall process in 2025

  Operating cost level significant lower in 2025

• NOK 13,6 million lower operating costs compared to 2024

• Effects mainly caused by cost-reduction initiatives implemented in Q4 2024 and later

Cash flow development

Available liquidity end of period NOK 5,2 million

Cash flow from operations NOK -22,7 million, mainly driven by negative operating result

Cash flow from investment NOK -22,7 million, mainly all related to the HRO350 phase IIb study

Cash flow from financing activities NOK 43,3 million, of this NOK 30,1 million in new long-term debt

Credit facility increased with NOK 8 million in December 2025

Operational review Pharma

Pharmaceutical pipeline: Status

HRO350

Mild to moderate Psoriasis

ABS302

Brain development in extremely premature infants

HCO

Glaucoma

Status

• Phase 2b study completed in 2025 and data analysis completed

• Primary endpoint not met but significant results on systemic inflammation

• Potential for further development

  Status

• Successful formulation of two liquid prototype formulations

• Ready for formulation for preclinical studies

• Soft funding from IN: 2.5 million

• Smerud finances preclinical phase

  Status

• Successful clinical pilot study conducted in China under the direction of Kotler with Herring Caviar Oil

• Article published in a reputable journal

• Lecture given at Glaucoma360 in San Francisco in January 2026

  
  
  

  HRO350: Psoriasis is an inflammatory disease

  
  
  

  Novel oral product meets an unmet medical need for patients with non-severe psoriasis

  Comments

Psoriasis is an inflammatory skin disease, associated with comborbid disorders

Disease severity- how extensive or serious the skin involvement is - often goes hand-in-hand with systemic inflammation.

People with more severe psoriasis frequently show higher levels of inflammatory markers in their blood and have greater risks of other inflammatory health issues (like psoriatic arthritis or heart disease) compared to those with milder psoriasis.

*Split between mild and moderate patients varies in the literature. Sources: HRO350 Commercial Opportunity Assessment in Psoriasis, IQVIA; WHO Global Report on Psoriasis; Rendon. Int J Mol Sci. 2019 Mar; 20(6): 1475; UpToDate; American Academy of Dermatology Association; Papp. Dermatol Ther. 11:1053; 2021; National Psoriasis Foundation; Evaluate Pharma 2022 Psoriasis Market Size, November 2022 Analysis. ABG-SC Arctic Bioscience Initiation Report (17th March 2021); GUIDELINE ON CLINICAL INVESTIGATION OF MEDICINAL PRODUCTS INDICATED FOR THE TREATMENT OF PSORIASIS EMEA/CHMP/EWP/2454/02 corr 2004

HRO350: Significant reduction of systemic inflammation in two clinical trials

Consistent reduction in SII across two clinical trials in patients with mild-to-moderate psoriasis

HeROPA study 2023-2025 Haukeland study 2018-2019

*

*

**

*

% of patients achieving SII25

p < 0.05high-dose vs PBO (week 52) 21% difference to placebo after 1 year

% of patients

*

p < 0.001high-dose vs PBO (week 52) 29% difference to placebo

p < 0.05high-dose vs PBO (week 26) 18% difference to placebo

*

***

p < 0.05high-dose vs PBO (week 52) 22% difference to placebo

• Median SII in the HeROPA trial (second quartile) was 506, where the two lower quartiles align with with systemic inflammation associated with mild-moderate psoriasis

• There was lesser difference between active and placebo in patients with SII > 506 associated with higher systemic

  * inflammation

• Reduction in SII appear before changes in skin symptoms

• SII may be useful to stratify patients in future clinical trials

• HRO350 is not intended for patients with moderate-to-severe disease

26: (n = 58) (n = 62)

52: (n = 48) (n = 52)

26: (n = 58) (n = 61)

52: (n = 49) (n = 50)

26: (n = 56) (n = 56)

52: (n = 48) (n = 50)

PP: Per Protocol population who completed 52 weeks: n = 272. Data as observed.

*: Statistically significant difference to placebo with p < 0.005. ***: Statistically significant difference to placebo with p < 0.001

Static PGA (sPGA) measures physician's impression at a single time point. Static form is standard due to reliability PGA 0/1means the physician assesses the patient as "clear-or-almost clear skin. Dermatology Life Quality Index (DLQI). DLQI 0/1 means skin symptoms have "no effect at all on patient's life"

Systemic Immune-inflammation Index (SII) reflects systemic inflammation and immune activation. SII = (Neutrophils × Platelets) / Lymphocytes

Preliminary analyses, data on fileHeROPA preliminary analyses, Data-on-file. Efficacy and Safety Study of HRO350 in Patients with Mild-to-moderate Psoriasis (the 'HeROPA' Study) ClinicalTrials.gov ID NCT06125808

HCO: Potential in enabling neuroprotection in glaucoma

Pilot study confirms potential of Herring Caviar Oil in Primary Open-Angle Glaucoma

Anti-inflammatory with neuroprotective potential

• Neuroprotective effects on RGC by DHA and derivatives

  HCO

  Resolve inflammation

  Regulate flow in TM

  Protect RGCs

  Reduce optic nerve inflammation

  
  
  

• Benefits in neurodegenerative disorders of omega-3

  Unique bioavailability

• Enhanced bioavailability of phospholipid-based formulations

• Polar lipids cross the blood-brain and blood-retina barrier

  Pilot clinical trial: Oral HCO in POAG

• 3-month, placebo-controlled trial (N=50 eyes)

• 500 mg HCO daily per oral

  Results

• Statically significant improvement in MD (visual field)

• Intra Ocular Pressure reduction trend

• No adverse events

  Abbreviations TM: Trabecular Meshwork; RGC: Retinal Ganglion Cells; DHA: Docosahexaenoic acid

  Pharmaceutical pipeline: Outlook

  HRO350

  Mild to moderate Psoriasis

  ABS302

  Brain development in extremely premature infants

  HCO

  Glaucoma

  
  
  

  Next steps

• Partner search (funding phase 3)

• Publish results/articles

• Design phase 3 / scientific advice

• Specific China potential in TCM

  Next steps

• Produce material and conduct preclinical

• Potential exit 2027/2028?

  Next steps

• Partner search

• Specific China potential in TCM

Business outlook

24

Outlook 2026

Q&A

Contact

CEO - Christer L. Valderhaug: christer@arctic-bioscience.com

CFO - Jone R. Slinning jone@arctic-bioscience.com

Medical Director - Runhild Gammelsæter: runhild@arctic-bioscience.com

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