Aker BioMarine

Earnings Release • Nov 1, 2024

Third quarter 2024 results for Aker BioMarine

Third quarter 2024 results for Aker BioMarine

Highlights third quarter 2024:

• Closed Feed Ingredients transaction for a purchasing price of USD 624 million for a net gain from the sale of USD 214.2 million

• Paid extraordinary dividend of USD 373 million, equivalent to NOK 45/share

• Revenue for the continued Group of USD 49.3 million, down 7% YoY

• Adjusted EBITDA for the continued Group of USD 8.4 million, up 10% YoY due to improvements in Emerging Businesses

• Human Health Ingredient sales increased by 8% YoY with driven by volume, adjusted EBITDA of USD 9.9 million

• Consumer Health Products sales decreased by 5% YoY, last year included launch of Multivitamin Gummy

• Emerging Businesses sales increased 14% YoY due to increased online sales to Amazon

• Kori krill oil launched in Costco Japan in August

• Initiated a process to divest the protein business Understory

• Company completed its refinancing with a NOK 1,600 million secured bond issue, swapped to USD 150.7 million,

and a USD 30 million bank facility

“Our Q3 results reflects progress across our core segments. In Human Health Ingredients, revenue grew due to increased krill oil demand, though margins remains lower than our target due to customer and product mix. Consumer Health Products had a good quarter, 16% up from Q2, but lower than Q3 last year which was a very strong quarter due to the launch of the Gummy product. However, operational efficiencies helped us maintain stable margins. As part of our focus on core segments, we have initiated the divestment of Understory Protein, positioning us to continue optimizing shareholder value.,” said Matts Johansen, CEO of Aker BioMarine.

Revenue in the Human Health Ingredients segment grew by 8% year-over-year, driven by an 11% increase in krill oil sales volume, with improvements noted across several regions. While demand was strong, average krill oil pricing was impacted by customer and product mix, which affected margins. Margin in the quarter were also influenced by a higher proportion of lower-margin product sales.

Consumer Health Products sales declined by 5% year-over-year. Despite declining sales, the private label market remains robust, with Lang year-to-date out-of-store sales (POS) up 3% compared to last year. Despite the lower sales, margins remained on par with the same period last year, supported by operational efficiencies.

The Emerging Business segment showed good progress, with Epion achieving a 12% year-over-year revenue growth, fueled by online sales on Amazon and expansion at Walmart. EBITDA losses were reduced to USD 1 million, reflecting a positive trend towards break-even.

In line with the strategy to concentrate on growing the larger segments and optimizing shareholder value, the company has initiated a process to divest Understory and appointed a financial advisor.

At 09:00 CET today, the management hosts a webcast. The webcasted presentation will be in English. To join, please use the link that is available at www.akerbiomarine.com/investor.

A replay of the presentation will be made available soon after the presentation at the same web address.

For further information, please contact

Christopher Robin Vinter, VP Strategic Finance & IR

Mobile: +47 911 60 820

Email: Christopher.vinter@akerbiomarine.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

About Aker BioMarine

Aker BioMarine is a leading human health and nutrition innovator that develops krill-derived products for consumer health and nutrition. Krill is a natural, powerful, and health-promoting source of nutrients from the pristine waters of Antarctica, and Aker BioMarine has a unique position in its industry. The ingredient portfolio consists of Superba Krill Oil, Lysoveta, FloraMarine, and PL+, as well as the consumer brand, Kori Krill. The innovative approach also extends into the spin-offs AION (reduce and recycle plastic waste across industries) and Understory (a protein brand). Aker BioMarine is listed on the Oslo Stock Exchange (AKBM). More information is available at www.akerbiomarine.com.