Aker BioMarine (AKBM) investor relations material

Executive summary

• Q4 2025 revenues reached $55.2 million, up 6% year-over-year, with adjusted EBITDA of $10.6 million, a 66% increase from the prior year, driven by strong Human Health Ingredients performance.

• Full year 2025 revenues were $218.1 million, up 10%, and adjusted EBITDA was $45.7 million, up 53% year-over-year.

• Human Health Ingredients revenue rose 28% to $32.7 million, with EBITDA up 59% to $14.1 million in Q4 2025.

• Consumer Health Products declined 8% year-over-year in Q4 2025, attributed to a strong prior-year quarter.

• Net profit for Q4 2025 was a loss of $5.6 million, improved from a loss of $17.0 million in Q4 2024.

Financial highlights

• Gross profit for Q4 2025 was $24.6 million, up from $20.1 million in Q4 2024.

• SG&A costs decreased to $17.0 million in Q4 2025 from $20.4 million in Q4 2024.

• Working capital improved by $14 million in Q4, driven by lower inventory and receivables, and higher payables.

• Interest-bearing debt reduced to $157 million, leverage at 3.5x adjusted EBITDA, and equity ratio at 37%.

• Cash flow from operations was $9.7 million; ending cash balance at $17 million, with total liquidity of $25 million.

Outlook and guidance

• Human Health Ingredients expected to grow 15–30% in Q1 2026 year-over-year.

• Consumer Health Products anticipated to stabilize and return to slight or modest growth in 2026.

• CapEx in 2026 projected to be similar to 2025, subject to Houston plant capacity study.

• Focus remains on maximizing value of Human Health Ingredients, with a potential transaction targeted for 2026; strategic alternatives being explored.

• Emerging Business targeted to reach cash break-even, with active transaction engagement.