Aker BioMarine — Earnings Release 2020

Oct 30, 2020

Third quarter 2020: High underlying margins despite low harvesting volumes

Third quarter 2020: High underlying margins despite low harvesting volumes

FORNEBU, 30 October 2020 - Aker BioMarine AS (“Aker BioMarine” or “the company”) today announces its results for the third quarter 2020.

Highlights:

- Net sales of USD 70.2 million (USD 68.9 million in third quarter last year)

- Adjusted EBITDA of USD 26.8 million (USD 22.9 million), with 38% (33%) Adjusted EBITDA margin in the quarter

- The Adjusted EBITDA target of USD 80-90 million for the full year 2020 is maintained, with the current forecast in the low end of the range

- Onshore operations in Houston had strong performance with increased output combined with more efficient operations

- The harvested krill volumes in the period was 8,728 MT (11,991 MT), and was negatively impacted by technical issues on the vessel Antarctic Endurance, in addition to challenging ice conditions

- The Kori brand was successfully launched in the US this summer and the development is promising. Kori is rolled out to most of the larger retailers in the US, including Costco in the third quarter, with significant volumes

- Aker BioMarine was recertified as Sustainable by the Marine Stewardship Council (MSC) and has among the top 6% of the scores. In addition, Aker BioMarine renewed its A-rating from Sustainable Fishery Partnership

“Aker BioMarine is on track for delivering on our long-term growth and earnings targets. The robustness of our business model was clearly demonstrated this quarter, where the temporary impact from lower harvesting volumes were balanced out by strong and structural improvements in other parts of our business” says Matts Johansen, CEO of Aker BioMarine.

“The development and growth of our branded products is an essential part of Aker BioMarine’s journey for value creation. The marketing launch of Kori in the US this summer was a key milestone for us, and I am glad to report that sales are promising with more than 5x growth since the marketing campaign started. We have also strengthened our long-term commitment to sustainability, and we are delighted to have received our 6th consecutive A-rating from Sustainable Fishery Partnership, making the Antarctic krill fishery rated the most sustainable fisheries in the world”, Mr. Johansen adds.

Aker BioMarine invites investors, analysts and other stakeholders to a web presentation today at 08:00 a.m. CEST. The presentation will be followed by a Q&A session with the management.

For live participation, go to www.akerbiomarine.com/investor and join the Microsoft Teams meeting or for call-in use: +47 21 40 20 43, Conference ID: 355 539 509#

The third quarter report and the presentation material are available at www.akerbiomarine.com.

For further queries, please contact:

Katrine Klaveness, Chief Financial Officer

Telephone: +47 99 15 89 15

Aker BioMarine is a leading biotechnology company developing krill-derived products for consumer health and wellness and animal nutrition. The company has a strong position in its industry and is the world’s leading supplier of krill, the natural, powerful and health promoting source of nutrients from the pristine waters of Antarctica.

Aker BioMarine consists of two business segments, Ingredients and Brands. The Ingredients segment is comprised of offshore harvesting and production, the logistical operation and the onshore manufacturing and sale of krill-derived products globally to the nutraceutical, pet food and aquaculture industries. The Brands segment is the human consumer goods business, which is comprised of Lang and Epion. Lang is a producer and distributor of private labels within the vitamin and supplement categories to the largest retailers in the US market. Epion is Aker BioMarine’s consumer brand company. Its first product, Kori, launched in the US mass market in 2020.