Hofseth BioCare (HBC) Q4 2025 earnings summary

Executive summary

• Achieved record production volumes in 2025, validating increased processing capacity and operational improvements.

• Transitioned toward higher-value, specialty ingredients, supporting improved gross margins year-over-year.

• Human Nutrition B2B revenues surged 300% year-over-year in Q4, with strong demand for ProGoⓇ and CalGoⓇ.

• Pet Nutrition B2B and Consumer Health B2C segments showed improved profitability and growth momentum.

• Raised NOK 158 million in a private placement and sold a stake in AecorBio Inc. for USD 5 million to support future growth.

Financial highlights

• Q4 2025 total operating revenue: NOK 72.2m, up from NOK 64.9m in Q4 2024; full year 2025: NOK 256.3m (2024: NOK 265.5m).

• Q4 EBITDA: -NOK 26.5m (Q4 2024: -NOK 26.1m); full year EBITDA: -NOK 72.9m (2024: -NOK 65.3m).

• Operational EBITDA* Q4: -NOK 19.7m (Q4 2024: -NOK 15.6m); full year: -NOK 39.5m (2024: -NOK 40.4m).

• Net financial items Q4: -NOK 10.9m (Q4 2024: -NOK 7.0m); profit before tax Q4: -NOK 48.3m (Q4 2024: -NOK 43.7m).

• Cash and cash equivalents at year-end: NOK 67.1m (2024: NOK 25.6m); total liquidity including credit facilities: NOK 77.5m.

Outlook and guidance

• Expecting improved price development and favorable product mix in 2026.

• Human and Pet Nutrition segments enter 2026 with robust pipelines and secured contracts.

• Company forecasts positive cash flow and compliance with covenants for 2026.