Fermentalg : 2025 Annual Results: Strong sales growth, expansion of the customer portfolio and BioSolutions, and strengthening of the financial structure thanks to Huvepharma

About this update from Fermentalg Sa

Record 2025 turnover of €13.4 million, thanks to the diversification in new market segments. Stable operating profit (-€9.5 million, -3%) and improved net profit (-€9.4 million). €4 million post-closing loan granted by Huvepharma, Fermentalg's industrial partner and major shareholder, to bolster available cash (€6.6 million at the end of 2025) and support accelerated growth. Promising outlook thanks to the launches of the ΩRIGINS™ EPA/DHA range and its natural blue colourant Galdieria Blue. Confirmation of the ambition to achieve €20 million in revenue by 2026. Libourne, 2 April 2026 – Fermentalg, a key player in BioSolutions based on aquatic microorganisms, presents its 2025 annual results following the approval of the accounts today by the Board of Directors, chaired by Philippe Lavielle [1] . Pierre Josselin, Chief Executive Officer of Fermentalg, said: “2025 will be remembered as a year of resilience and transformation. Despite global trade tensions and significant pressure on prices, we have stayed the course: growth, new market segments and debt reduction. The green transition is no longer an option for our customers; it is an absolute necessity. Fermentalg provides a concrete solution: high-performance BioSolutions, 100% produced in Europe, combined economic competitiveness and sustainability. In the face of dependence on Asian imports, we embody a renewed European sovereignty in natural ingredients. Our growth is underpinned by a rapidly expanding product portfolio. The FDA's approval of our blue colourant and the EFSA's favourable opinion mark a turning point for the agri-food industry. With the expected rise in our turnover and the development of high-margin segments, the potential for profitability is becoming clear.” (in €K) 2024 2025 Revenue 11,497 13,384 Operating profit before share-based payments and non-recurring items -9,100 -9,487 Operating profit after share-based payments and non-recurring items -9,220 -9,382 Cost of net financial debt -36 -200 Other financial income and expenses -504 145 Share of net profit of associates -3,117 - Net profit, Group share -12,876 -9,437 Record turnover in 2025 thanks to the diversification of sales channels As announced on 28 January, Fermentalg ended 2025 with a turnover of €13.4 million, marking a new sales record for its lipid range (ΩRIGINS ™ [2] ) and a 17% increase compared with 2024. This performance was made possible by the diversification of commercial outlets, which resulted in a growing share (43% in 2025 compared with just 5% in 2024) of sales generated in segments other than food supplements (infant nutrition, aquaculture). This growth was achieved through pricing efforts that had a temporary impact on the gross margin (17% in 2025 compared with 22% in 2024). Excluding the aquaculture segment, which features high volumes and low margins and is viewed as an opportunity market should fish oil prices rise, the gross margin improves slightly. This reflects a structural improvement in profitability across other strategic markets, driven by the ongoing optimisation of production processes, which enables a more aggressive pricing strategy. Controlling operating expenses whilst unlocking commercial potential 2025 was also marked by financial discipline, with operating expenses (including R&D) remaining stable at €13.3 million. In detail, the 9% increase in research and development costs, linked to the start of amortisation of capitalised expenditure for the Galdieria Blue programme – which reached its pre-commercial stage in October 2025 (see outlook) – was offset by a 4% decrease in other current operating expenses. Fermentalg also benefits from its strategic partnership with Huvepharma, the European leader in precision fermentation, which is continuing to make industrial investments of several million euros to optimise production processes for the ΩRIGINS TM range, bring algal oil refining in-house and commence production of Galdieria Blue. Operating profit is thus virtually stable, at -€9.4 million in 2025 compared with -€9.2 million in 2024, whilst net profit attributable to the Group falls from -€12.8 million to -€9.3 million. This improvement is due to the capping of the share of CarbonWorks' loss, consolidated using the equity method (-€2.1 million compared with -€8.3 million in 2024), in accordance with IFRS. Significant debt reduction in 2025 and strengthening of post-closing cash flow to support accelerated growth (in €K) 31/12/2024 31/12/2025 Equity 32,758 25,179 Non-current financial liabilities 6,853 3,702 Current financial liabilities 5,748 1,320 Cash and cash equivalents 20,578 6,620 At the end of 2025, Fermentalg had €25.2 million in equity and gross cash of €6.6 million, against €5.0 million in financial debt (of which €3.7 million is due in over one year), consisting mainly of repayable advances to support its innovation policy. The change in cash and cash equivalents during the financial year (-€14.0 million) is partly attributable to operating requirements (cash flow from operations of €-6.6 million) and capital expenditure (-€1.8 million), part of which relates to the strategic alliance with Better Origin™ Ingredients, the distributor for North America, but also by the significant reduction in gross financial debt (-€5.7 million), including €4 million in convertible bonds redeemed in cash, thereby avoiding the potential dilutive impact. Furthermore, discussions initiated at the start of the year with Huvepharma, the major shareholder holding 19.49% of Fermentalg's capital, with a view to securing financial support to underpin accelerated growth, have just resulted in the signing of a financing agreement in the form of a €4 million loan granted by Huvepharma to Fermentalg. This loan, which demonstrates Huvepharma's confidence in Fermentalg and its growth prospects, bears interest at an annual rate of 5% and is granted for a term of 24 months from the drawdown date, which must take place no later than 30 June 2026. The loan may be repaid, at the Company's discretion, upon maturity, in cash, or, at any time and without penalty, in whole or in part, in cash or by set-off against the subscription price owed by Huvepharma in the event of a capital increase in Fermentalg shares during the term of the loan. In this context, Fermentalg believes it has sufficient resources to cover its financing needs beyond the next 12 months. Promising outlook thanks to the launches of the EPA/DHA ΩRIGINS™ and Galdieria Blue ranges Whilst the macroeconomic environment is prompting industrial customers to exercise caution at the start of the year, Fermentalg has solid new growth drivers thanks to the expansion of its BioSolutions portfolio. In the field of functional lipids, the first significant sales of the new range of EPA/DHA-rich algal oil are expected this year. This product is positioned as a genuine alternative to fish oils, facilitating substitution as a functional ingredient thanks to its equivalent composition and nutritional profile. Similarly, following the approval of the natural blue colourant Galdieria Blue TM by the US Food and Drug Administration ( FDA ), Fermentalg received a favourable opinion from the European Food Safety Authority ( EFSA ) in March 2026, paving the way for marketing authorisation in Europe. Production of the first industrial batches began in early 2026 and a marketing agreement is currently being negotiated with Givaudan. Given the launch schedules for these new products, Fermentalg anticipates a sharp acceleration in its growth in the second half of 2026, with a reaffirmed ambition to achieve €20 million in revenue. Next announcement: Q1 2026 revenue, 5 May 2026 (after market close) About Fermentalg Fermentalg develops BioSolutions based on aquatic microorganisms that meet the objectives of sustainable development, combining economic, social and environmental performance for all its stakeholders. Fermentalg positions itself as a key player in the transition towards a more sustainable economy by harnessing the potential of microalgae for natural solutions with a positive impact on overall health: that of plants, animals, humans and the planet. Functional lipids and the production of functional proteins (antioxidants, colourants) form the company's current and future offering Fermentalg shares are listed on Euronext Growth Paris (FR0011271600 - ALGAE) and is eligible for the PEA-PME scheme. It has been awarded an ‘Exemplary' rating (90/100) by EthiFinance ESG Ratings, a rating agency specialising in the ESG performance of SMEs listed on European markets, in support of Socially Responsible Investment (SRI). For further information: www.fermentalg.com           Media relations: Investor relations: ACTUS finance & communication Fatou-Kiné N'DIAYE Telephone: +33 (0)1 53 67 36 34 [email protected] ACTUS Finance & Communication Jérôme FABREGUETTES LEIB Telephone: +33 (0)1 53 67 36 78 [email protected] Appendices STATEMENT OF COMPREHENSIVE INCOME (in thousands of euros) 31/12/2025 31/12/2024 Revenue 13,384 11,497 Other operating income 1,527 1,612 Cost of goods sold -11,092 -9,002 Research and development expenses -5,240 -4,792 Operating expenses excluding R&D -8,066 -8,415 Other current operating income and expenses 0 0 Operating profit before share-based payments and non-recurring items -9,487 -9,100 Staff costs related to share-based payments 104 -152 Other non-recurring operating income and expenses 0 32 Operating profit after share-based payments and non-recurring items -9,382 -9,220 Interest income on cash and cash-equivalent 252 404 Gross cost of debt -451 -440 Net cost of debt -200 -36 Other financial income and expenses 145 -504 Net tax expense 0 0 Share of net profit (loss) of associates 0 -3,117 Net profit -9,437 -12,876 Minority interests 0 0 NET PROFIT ATTRIBUTABLE TO THE GROUP -9,437 -12,876 Other comprehensive income (actuarial gains and losses relating to pension liabilities, not reclassified to profit or loss) 91 37 TOTAL NET INCOME -9,346 -12,839 Minority interests 0 0 COMPREHENSIVE INCOME ATTRIBUTABLE TO THE GROUP -9,346 -12,839 Net profit per share (in €) -0.09 -0.17 Diluted net profit per share (in €) -0.09 -0.17 BALANCE SHEET (in thousands of euros) 31/12/2025 31/12/2024 ASSETS     Intangible assets 14,181 14,862 Tangible assets 8,520 9,541 Investments in associates 0 0 Financial assets and other non-current assets 413 67 Deferred tax assets 0 0 TOTAL NON-CURRENT ASSETS 23,114 24,470 Inventories 762 1,056 Trade receivables and other assets related to customer contracts 3,347 2,750 Other receivables 2,600 2,290 Cash and cash equivalents 6,620 20,578 TOTAL CURRENT ASSETS 13,329 26,674 TOTAL ASSETS 36,443 51,144 LIABILITIES     Capital 3,849 3,625 Premiums 26,004 38,763 Reserves and retained earnings 4,672 3,209 Total net profit -9,346 -12,839 Equity attributable to the group 25,179 32,758 Minority interests 0 0 TOTAL EQUITY 25,179 32,758 Non-current financial liabilities 3,702 6,853 Post-employment benefits 311 311 Other non-current liabilities 448 565 Deferred tax liabilities 0 0 TOTAL NON-CURRENT LIABILITIES 4,462 7,728 Current financial liabilities 1,320 5,748 Provisions for current risks 0 0 Trade payables 3,760 2,814 Corporate tax liabilities 0 0 Other current liabilities 1,722 2,097 TOTAL CURRENT LIABILITIES 6,802 10,659 TOTAL LIABILITIES 36,443 51,144 CASH FLOW (in thousands of euros) 31/12/2025 31/12/2024 Net profit attributable to the group -9,437 -12,876 Depreciation, amortisation and provisions (excluding current assets) 3,060 2,551 Expenses calculated on share-based payments -104 152 Share of profit of equity-accounted companies 0 3,117 Gains or losses on disposals 0 4 Share of grants in profit or loss -116 -116 Change in fair value of convertible bonds -33 403 Cash flow from operations -6,631 -6,766 Gross financial debt service 451 440 Tax expense 0 0 Cash flow before interest and tax -6,179 -6,327 Change in inventories 292 5,750 Change in trade receivables (trade receivables, other assets and liabilities related to customer contracts) -597 -1,672 Change in trade payables and related accounts 1,103 1,302 Change in other current assets and liabilities (a) -1,204 415 Change in working capital related to operations -406 5,795 NET CASH FLOWS FROM OPERATING ACTIVITIES -6,585 -531 Capital expenditures (capitalised R&D) -931 -822 Share of grants and R&D tax credit relating to capitalised development projects 267 224 Acquisitions of other tangible and intangible assets -605 -647 Investments in or acquisition of associates (equity method) 0 0 Change in debt on fixed assets -139 106 Change in other non-current assets and liabilities -346 -13 Disposals of tangible and intangible assets 2 23 Disposals of financial assets 0 0 NET CASH FLOWS FROM INVESTING ACTIVITIES -1,752 -1,128 Capital increase relating to the parent company -21 11,521 Acquisitions and disposals of own shares -19 14 New borrowings and other financial liabilities 113 731 Repayment of loans and other financial liabilities -5,687 -1,171 Change in current accounts 0 0 Interest paid on loans and financial liabilities -10 -18 NET CASH FLOWS FROM FINANCING ACTIVITIES -5,625 11,076 Change in cash and cash equivalents -13,962 9,417 Opening cash balance 20,579 11,162 Closing cash balance 6,617 20,579 [1] The audit procedures have been completed. The certification report will be issued once the procedures required for the publication of the Universal Registration Document have been finalised. [2] Fermentalg's ΩRIGINS™ ( omega origins ) range offers the highest natural concentration of omega-3s derived from microalgae on the market. For the record, the main omega-3s are ALA, DHA and EPA This publication embed "🔒 Actusnews SECURITY MASTER ". - SECURITY MASTER Key: mJlyYZZplm7FyGmcY5tnmGWWbJiUx2HHZ2rGxZSdZ5mYmGxjnWpna5TJZnJomG5o - Check this key: https://www.security-master-key.com . Regulated information: Inside Information: - News release on accounts, results Full and original press release in PDF: https://www.actusnews.com/news/97392-fermentalg_cp_ra_2025_eng.pdf Receive by email the next press releases of the company by registering on www.actusnews.com , it's free © 2026 ActusNews

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