Aker BioMarine — Investor Presentation 2021

Dec 1, 2021

Strongly positioned for growth and value creation

Capital Markets Update Aker BioMarine ASA 1 December 2021

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Content

Page 5 Company position and targets Page 21 Krill harvesting in Antarctica Page 33 Animal Health & Nutrition (Qrill) Page 43 Human Health & Nutrition (Superba) Page 61 Brands Page 68 Innovations Page 84 Financials Page 97 Key takeaways

Aker BioMarine ASA - Capital Markets Update 2021

Strongly positioned for growth and value creation

Strongly positioned in attractive market for human and animal nutrition with high sustainability standards

Fully-integrated krill producer with cost leadership and high operational leverage

Poised for high sales growth across all products and brands

Well-developed innovation pipeline driving growth in new areas

Strengthening the financial position by lifting profits and cash flow

5

Strongly positioned in attractive market for human and animal nutrition with high sustainability standards

Krill is among the species with

the largest biomass on earth

500 million tons

total weight of the global krill

Aker BioMarine's share of global krill production

65%

granted patents

95

Aker BioMarine controls the entire krill value chain from harvesting to production all the way to the consumer

We're in business to improve human and planetary health

Sustainability is at the core of our business Planetary and societal needs Economic opportunities Customer demands and increased awareness Regulatory push and frameworks

Our 2030 commitments support our mission to improve human and planetary health…

1 BILLION EXTRA SERVINGS

Making aquaculture production more efficient, by contributing to 1 billion extra servings of seafood produced annually

SUSTAINABLE DIETS

Developing innovative products that play an integral role in sustainable diets and the future food system

5 BILLION DOSES

Combating lifestyle diseases by delivering 5 billion doses of health promoting nutrients annually

DECARBONIZE AQUA FEED

Decarbonizing aqua and animal feed by delivering low-carbon marine ingredients

…with goals that guide us in responsible operations throughout the value chain

IMPROVE SUSTAINABILITY

Improve sustainability of fisheries through contributing to data and science driven regulation and ocean management

KEEP CERTIFICATIONS

Maintain unconditional MSC certification and ensure transparency in vessel operations

FULL CIRCULARITY

Ensure full circularity on all our principal waste streams

REDUCE CARBON INTENSITY

Reduce our carbon intensity per ton krill produced by 50 percent from 2020 levels

Aker BioMarine is positioned in markets with strong and consistent growth

The rich nutritional profile of krill…

SUPERBA

QRILL

… promotes improvement in health & nutrition across species

Human health & nutrition ingredients

• Higher omega-3 uptake in the body compared to fish oil, and a better consumer experience (no after-taste)
• In addition: other health promoting essential nutrients like Phospholipids, Astaxanthin and Choline

Aquaculture health & nutrition ingredients

• Functions as a feeding stimulant leading to increased feed uptake and enhanced growth, improved health and better quality
• MSC certified Sustainable ingredient and with low Co2 and marine footprint

Pet health & nutrition ingredients

• Higher omega-3 uptake compared to fish oil with broader health benefits from astaxanthin and choline
• Sustainable ingredient with rich marketing story assisting pet food brands differentiate their products

Qrill Pet increases omega-3 index significantly³

2x as effective in increasing the omega-3 index as fish oil¹ Faster salmon growth (grams)²

Increase krill value and reduce cost

Driving up value of krill Relative margin contribution per product

-

5

10

15

20

25

30

35

Driving down production cost Example krill oil production, USD/kg

-

5

10

15

20

25

30

35

Improved financial performance the last years…

… but unsatisfactory sales and profitability in 2021

Aker BioMarine - Roadmap for growth and value creation

Operational leverage, margin uplift and unlocking the long-term growth potential

Our agenda: Profitable growth and exploit the large market potential

Upside potential to our 2025 target scenario

Examples which demonstrate the impact of success exceeding our target range

EBITDA, USD million

EBITDA 2025 (Mid-range revenue target) Higher sales growth success for Superba A high-volume harvesting season

Higher sales growth success for Lang

19

Our short-term priorities

Significantly increasing sales is job # 1

20%-25%

targeted 2022 revenue growth

20%-25%

targeted 2022 adj. EBITDA margin

Fully-integrated krill producer with cost leadership and high operational leverage

Our operations in Antarctica

Large krill resource-base with strictly regulated fisheries

Krill fishing in Area 48

%: max share of precautionary catch limit per area

• Large and growing krill biomass in Antarctica
  • Scientific study¹ from 2019 showing a 17% increase from 2002
• Minor share of biomass caught each year
  • 2021 season harvest² : around 0.6% of krill biomass in area 48 (quota: ~1%)
• Antarctic krill fishery regarded one of the most sustainable fisheries in the world⁴
  • Strict regulations on krill fishing activities
  • Fishing activity and sub-area quotas governed by CCAMLR³
  • No-take fishing zones to protect local wildlife

▪ Aker BioMarine contributions

• 100% independent observer coverage and contributions to research and science
• Sustainable fishery certifications (Marine Stewardship Council and Friends of the Sea)
• Trawl design and slow trawling speeds limit by-catch

A modern and effective krill vessel fleet

Aker BioMarine's global market share of catch krill volumes ~65% in the 2020/2021 season

Aker BioMarine operates the most efficient fleet in the industry

Leading to cost leadership

>3x higher production per vessel… 2021 average catch per vessel in area 48.1 (MT)

Krill harvesting in 2020 and 2021 significantly lower than expected

Average harvesting per production day Example from Antarctic Sea, MT per day

• 2020 was a year with significant downtime for the total fleet due to technical issues
• Fully-operational fleet in 2021
• In the 2021 season, there was limited krill availability in the area we were compared to previous seasons, combined with icy conditions

Produce more	Produce cheaper	Produce cleaner
Increase # of fishing days	Cost efficiency program; minimize cost base	Energy efficiency
Harvesting improvements and product yield	Optimize logistics	Fleet decarbonization

Offshore krill searching strategy to increase number of fishing days

Effective search with low carbon footprint

Use of the Sounder USV* to optimize krill harvesting

▪ Remotely controlled from shore or ship

• Systems from Kongsberg Maritime's range of sensors for hydroacoustic mapping, positioning, communication, krill finding, and oceanographic research are integrated into the USV
• In operation from Q2 2022
• In addition to USVs and other drones, Aker BioMarine is developing modern prediction models based on data collection and analysis

*) Sounder USV (Unmanned Surface Vehicle) from Kongsberg Maritime

Important measures to increase fishing volumes

However, there will be natural harvesting variations from year to year in Antarctica also in the future

▪ Increase no. of fishing days per year

• 1. Season duration
  2. More efficient yard stay logistics
  3. New service vessel with improved offshore logistics capacity
  4. Drones and new service vessel to conduct scientific cruises
• 1. Season utilization
  2. Improved krill searching strategy

▪ Increase average production per fishing day

• 1. Increase capacity with Antarctic Endurance
• 1. Existing vessel investments give higher capacity and better recovery rate

Roadmap for harvesting growth and value creation

We prepare for seasonal harvesting variations

Offshore harvesting history and expectations

Metric tons (MT)

Main value creation pillars

Poised for high sales growth across all products and brands

We have invested significantly in R&D and IP to document the health and nutrition benefits and potential from krill

135 published studies

95 granted patents

Better fish health, better quality and improved growth

Qrill Aqua is a specialty performance ingredient in fish feed

Providing extra performance to secure profitability, sustainability and health

Attractive market and large demand for krill-based nutrients

Sustainable and certified ingredient

Well-functioning partner model with the global industry

Growing operation in China, the world's largest marine ingredient market

A diversified and growing customer portfolio

Growing demand for aquaculture feed

Availability of omega-3 is a main industry concern

Expected demand growth for fish feed in key species Global aquaculture feed, million tons

Curbed supply of omega-3 sources likely to drive price and demand for Qrill Omega-3 sources for aquaculture, million tons

2.5

Qrill Aqua provides a well-documented increase in salmon growth

Qrill Aqua improves fillet quality and salmon health

Qrill Aqua in shrimp feed improves feed intake and production

Shrimp feed diets containing 3% krill meal

achieved the highest final body weight with a lower FCR and higher yield compared to diets with other marine ingredients

Final body weight (g) Final body weight (g)

A minimum of 2% krill meal is needed

in plant-based diets to significantly accelerate shrimp growth, while increasing yield and reducing FCR

Qrill Aqua has a diversified customer base

Qrill Pet provides valuable market differentiation for customers and higher margins for Aker BioMarine

Higher margins in the pet segment

USD per kg

Increased omega-3 index after Qrill Pet supplementation compared with fish oil

Krill-rich diet increased the omega-3 index of active dogs by 41%

▪ Objective to investigate the omega-3 index in Husky dogs

• 52-day randomized study with 30 dogs; 16 received diet with an inclusion of 8% QRILL Pet, while 14 in control group
• Krill-rich diet increased the omega-3 index of active dogs by 41%. No significant increase in control group

5.80

Qrill – Roadmap for growth and value creation

Margin improvement mainly through price increase

Krill oil is an efficient delivery form of vital nutrients, choline & omega-3s

Omega-3 – one of the most researched molecule in history

Above 44,000 studies

Strong underlying need for omega-3 supplements

of the US population is deficient in omega-3s

believe omega 3s have positive effect

Superba krill oil is addressing the main barriers for consumers not taking omega-3 supplements

Superba provides an attractive value proposition to consumers, brands and retailers

MegaKed		MegaRed Omega-3 Krill Oil	Regular Krill Oil	Regular Fish Oil
	Source of vital Omega-3 Fatty Acids	>	>
Superior Omega-3	Purest Krill Oil (3X More Pure)
Krill Oil EXTRA STRENGTH 500mg	In phospholipid form for easy absorption		>
3X MORE PURE	No fishy aftertaste
Than Regular Krill Oil	Just one small softgel
DIETARY SUPPLEMENT 40 SOFTGELS	Contains powerful antioxidant astaxanthin

Consumer friendly Retailers and brand owners sharing a much larger gross margin per unit

A growing and attractive omega-3 market

Superba krill oil will continue to outpace the general market growth

0 1 2 3 4 5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 CAGR 13% CAGR 2% CAGR 3.5% CAGR 29% Superba USD billion

Global market for omega-3 estimated growth by 3-4% annually

The global omega-3 market size is expected to continue to grow significantly

Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, omega-3 supplements are being increasingly consumed

Brand name, nutritional value and safety of the products are important factors influencing the consumers' buying decision for supplements

TM

4x

Between 2009 and 2020, Superba krill oil sales grew 15x the market for omega-3 and we are certain it will outpace the growth also in the future

Doubling of sales 2016-2020 – large drop in sales to South Korea in 2021

High growth ambitions maintained

Superba sales volume

Metric tons (MT)

• Regulatory issues in South Korea
  • Regulatory bodies tightened krill oil regulation impacting both the customers ability to market products and consumer trust
• These challenges imply that we are behind our original sales aspiration
  • 2021 sales volume ~25% lower than projected 18 months ago
• Our high growth ambitions are however maintained
  • Improvement program "Superba Turnaround" initiated

Covid has impacted our ability to develop new business…

… similar to several other comparable companies

In the US, the krill consumer is still there, they have just shifted channel Example:

Superba turnaround action plan

Short-term fix Reach full potential Support & fuel

Short-term fix: Sales prospect work

Identified and maturing >80 prospects with a total potential of ~800 MT

61

The Superba turnaround and plan has identified a set of sales opportunities, incl. short-term potential

Metric tons (MT)

A large potential for krill oil sales growth, independent of analysis method

Demand potential estimates ranging from 1,500 to 3,000 tons

The keys to reigniting Korea are in motion Example:

Superba sales volume in South Korea Brands failed the consumers

Metric tons (MT)

• Brands were too aggressive with their claims
• Fraudulent krill oil products (blends with soya and fish oils)
• Regulatory bodies struck down particularly hard due to safety concern of fraudulent krill oil products, claims and size of the category

The trust can return with Health Functional Food Claim provided by government in South Korea

Actions are in motion to get this claim

• 1. Re-submitting the first application for heart health
• 1. In process of filing another application for effect on metabolism
• 1. Aker BioMarine is exploring other applications

Unlocking the wider Asian potential Example:

Replicate South Korea success

Home shopping on TV in Japan One of five certified for DouYin Home shopping on TV in Taiwan

• Rare opportunity to guest host a large Japanese TV shop channel
• Exceeded the channels expectations by 70%
• Immediately invited back for upgraded time slot in November with a chance to increase frequency
• A successful launch in summer 2021
• A second TV show during "Double 11" was a success
• For a product to be sold on DouYin, the product must exceed certain qualifications such as high consumer brand awareness and sales
• During its first livestreaming sales event on DouYin on 1 Nov., our partner sold 20,000 bottles

US accelerated growth plan – Multi Level Marketing (MLM) Example:

Short-term innovations Example:

Boost Krill	1+1 = 3	Provide extra claim
Description Boosting krill oil nutrients concentration to increase competitive edge	Description Enhance other ingredients with krill oil's superior cell delivery features	Description Add an ingredient to either strengthen claim or to add a new one
Example Significantly enhancing EPA/DHA levels	Example Ingredient + Krill oil to greatly increase bioavailability of ingredient	Example Krill oil + B12 + Turmeric to get new and improved brain claims

0 50 100 150 2016 2017 2018 2019 2020 2021e 2025 target Superba - Roadmap for growth and value creation Revenue, USD million¹ Target CAGR 15-20% Utilize the large volume potential for krill oil in core markets Superba turnaround to provide significant growth Main value creation pillars ▪ Reigniting South Korea ▪ Unlock potential in China ▪ Facilitate growth in the wider Asian region ▪ Australian revamp ▪ US sales growth project ▪ Innovations/new products to open new markets ▪ Intensify sales prospect work ▪ Close the 5-10 identified quick-win potentials ▪ Intensify focus on "sales hunting" activities Quick turnaround and boost sales Supporting activities Exploit the large market potential ▪ Strengthen the organization ▪ Reduce non-sales activities ▪ Weekly new marketing concepts ▪ Marketing/PR

Brands

Consumer brands and private label brands

Two different business models in the retail market

• Creating a position directly to the consumers with prominent products
• Usually, a brand name that customers recognize and trust
• Sells at a relatively high price due to costly marketing and R&D investments, and because they use brand equity to gain a profit premium

Customer brands Private label brands

• Product produced by a third-party manufacturer, like Lang, and sold under a retailer's brand name
• The retailer decides specifications of the product, everything from ingredients to labelling
• Positioned as lower-cost alternatives to consumer brands
• Usually, a follower of national brands which results in lower marketing cost, R&D investments and lower price points

Private label is an increasingly attractive business in the US

Transformed from pure financial tactics to a strategic necessity for retailers

Retailers develop their own products to meet changing consumer needs and grow profitability

• Increased shelf space in stores opens for more private label products on display
• The digital economy puts pressure on the competitiveness of retail, and private label is an important tool to remain competitive
• Changing consumer behavior
  • Millennials seek value for money
  • More access to information and higher expectations
  • Increased openness to new products
  • Perception about quality differences are changing
• National consumer brands invest less in their brands and more in e-commerce, which is not aligned with retailer strategy

Lang Pharma Nutrition, our private label offering in the US

Strategy of being a long-term partner for retailers and bring in products that differentiate

Lang revenue breakdown by customer, 2021e

• Lang is an experienced and recognized company with a good track record and a high level of service
• In 2019, Aker BioMarine acquired Lang Pharma Nutrition. Lang has over 35 years of history in the nutrition and dietary supplement industry and focus on health benefit-driven products
• Key partner to the world's leading mass market retail chains, supplying around 70 dietary supplement and nutrition products which lead the market for both innovation and sustainability
• The US vitamin and supplement industry is a growing market. Lang is uniquely positioned to contribute to the growth ambitions of Aker BioMarine in expanding the company's branded footprint in the US

Epion Brands, our retail and consumer brand company in the US

Two of the major retailer channels move to full distribution in stores during Q1 2022, further increasing the reach for the Kori krill oil brand

• In 2020, Aker BioMarine established the independent company Epion Brands Inc. to launch Kori krill oil brand to the consumer market through food, drug and mass retailer channels in the US
• Epion will build the krill oil category by making significant investments into digital and traditional marketing, highlighting the health benefits of krill
• The aim is to raise the awareness of krill oil and its benefits among consumers and thereby increase the sales also for Aker BioMarine's existing customers
• Epion is working closely with the largest retailers in the US, in order to secure distribution, educate and show innovations of krill.
• Kori is also launched on Amazon

Introducing new innovations that will be ready for 2022

Introducing Kori krill oil gummies Introducing Kori Mind & Body

▪ Heart healthy omega-3s

• 1st Pure Krill Gummy in the market
• Non-GMO Krill oil with no artificial color
• Mixed fruit flavor with sugar crystals
• Consumer tested parity taste acceptance

Q2 2022 LAUNCH Q2 2022 LAUNCH

• Omega-3 heart health & building blocks for a healthy brain
• Vitamin B-12 nervous system health & healthy energy
• Plant antioxidants & Turmericsupport memory and attention
• Non-GMO Krill oil with no artificial coloring, flavor or preservatives.

0 50 100 150 200 250 2016 2017 2018 2019 2020 2021e 2025 target Brands - Roadmap for growth and value creation Revenue, USD million¹ Target CAGR 15-20% Grow both private label and own consumer brand activities Steady growth the past years of 15% p.a. Main value creation pillars ▪ Continue category expansion & development ▪ Launch improved commodity product in a proprietary way ▪ Category developments/new verticals ▪ New product forms/delivery systems ▪ Capitalize on strong relationships with the seven largest retail chains; 85% of total retail sales in the US ▪ Continue to deliver best-in-class service level and fill rates for the largest US retail chains ▪ Partnering with retail to drive category innovation Further develop retail customer base for private label Own consumer brand development Growth initiatives ▪ Minimum 15% of sales come from own consumer brands ▪ Investing in consumer marketing to scale both Kori and the krill category ▪ Development of Epion brand company ▪ Expand Kori product offerings

Well-developed innovation pipeline driving growth in new areas

Innovation is at the core of Aker BioMarine's DNA

It is embedded in our culture and driven by a skilled and diverse team and extensive external networks

We innovate in all areas of the business with three new launches in 2021

Innovation across the business - new products, new business models and new technologies

New launches in 2021

™

Lysoveta is at the forefront of brain health innovation

Growing focus on brain health

EPA/DHA is important for brain development and functioning

EPA/DHA is transported into the brain in LPC form - Lysoveta product family

EP

• The body is starting to outperform the brain as we age
  • Increasing life-expectancy
  • Increase in neurological disorders
  • Cognitive decline with age
• Increased focus on cognition and mental health across all age groups
• Increased awareness through pandemic
  • Effects of isolation and stress on healthy populations
  • Post infection cognitive deficits

Cell survival Protective in case of stress and injury

Neurogenesis/Plasticity Formation of new neurons

Anti inflammation Decrease cell stress

Synaptic function Transmittance of nerve signals

Transport from the bloodstream and into the brain is tightly controlled

LPC-bound EPA/DHA is the form that is actively transported across the blood-brain barrier

Lysoveta is the first LPC-EPA/DHA consumer product to market and has extensive IP protection

Unit cost for production alternatives

Product development Broad IP protection Biological mechanisms and effects

• Investment in development of robust, scalable, IP-protected process for krill derived LPC-EPA/DHA products
• Strong cost position due to composition of starting material and investments in development
• Internally driven preclinical research and development
• Licensed results from independently published studies demonstrating benefits of LPC-EPA/ and DHA to the brain and eye
• Establishment of research partnerships
• Aker BioMarine IP
  • 4 granted patents with more than 20 granted patent claims
  • 18 pending applications with 700+ patent claims
• In-licensed IP
  • Exclusive license agreement with University of Illinois, Chicago

Fast tracking time-to-market in supplements while maximizing long-term value in new segments

Supplement segment – fast-track to market New segments - maximize long-term value

• High expected growth in the global brain health supplement market
• LYSOVETA will be positioned in this market with sales B2B and potentially B2C with Epion Brands
• The US represents 35% share and will be the lead launch market
• Segment is categorized by a high willingness to pay and Lysoveta will be most premium product in AKBM product portfolio

• Strong potential for LPC-EPA/DHA beyond the supplement segment
• Three strategic focus areas to maximize value in new segments:
  • Seeking strategic partnerships opportunities
  • Investigating potential from internally driven R&D activities
  • Supporting fundamental research at academic and research institutes

Focus in 2022

Supplement – ready to market

Building the LPC-EPA/DHA space

Key next steps

Regulatory approval US approval by year end 2022

Scientific studies Supplement entry & build new segment opportunities

Nutraceutical commercial production Dedicated production line at Houston facility

Scale commercial activity Build dedicated sales and marketing team to fast-track go-tomarket activity

Partnerships and collaboration Continue to build strength with strategic partners

Aker BioMarine's entrance into the large and growing market for protein in human nutrition

Protein products continue to grow in popularity from a large market size

• Healthy growth in protein consumer product market
• 7x consumer market size compared to omega-3 supplements (USD 34bn vs 4.6bn)
• Continued growth expected in overall and especially alternative proteins

Growth driven by increasingly informed and demanding consumers

• Expanding consumer interest in overall protein health benefits
• Consumers increasingly seeking sustainable, alternative protein sources
• Increasing demand for pure products e.g. free from pesticides, pollutant exposure

Attractive market landscape for the launch of INVI protein peptides

• 90%+ protein powder ingredients for use in ready-to-mix and ready-to-drink beverages and food formulations
• Hydrolyzed into peptides resulting in enhanced nutrition

Best-in-class nutritional and functional value propositions

Premium positioning with lead launch in the US where INVI received regulatory approval in 2021

• Estimated addressable market is 0.9 million tons in the premium protein ingredient segment
• Addressable market includes isolates (90%+ protein), hydrolysates and vegan sources
• Target INVI volume at full scale is 5,000 MT, ~0.5% of addressable market
• The US is lead launch country with 50%+ market share and a large premium segment
• INVI received regulatory approval in the US in 2021 with GRAS status
• Targeted customer engagement and regulatory processes in other geographies is on-going
• Active nutrition includes powders, bars, beverages and food
• Core go-to-market focus is B2B; potential B2C opportunity via Epion Brands
• Product fit and potential line extensions to other segments under evaluation (e.g. clinical)

Focus in 2022

Scaling INVI protein peptides with construction of launch plant

Key next steps

Product and process development at lab-scale and mid-scale

Construction and planning operational start-up of launch plant in Norway

Final product formulation development and nutritional R&D

Ramping up commercialization team and activities

Current plastic use and production is unsustainable

Increasing regulatory focus and pressure new solutions

Our technologies, economies and societies need plastic products

• Plastic is a key material and the demand for it will continue to grow.
• Only 15% of plastic is recycled (vs. 70-99% of steel)
• B2B products are a big part of consumption, and need to be a big part of the solution
• Plastic accounts for 7% of global oil demand, set to grow to 50% in 2050

The total current plastic market is estimated at USD 1.2 trillion

Waste management systems will not be able to cope with the linear model

• Public and regulatory pressure is mounting against the linear model for plastic
• EU and others are showing, through e.g. the single-use-plastics directive a willingness to take radical action
• Mechanical recycling is the most economic and energy efficient way to recycle the largest polymer group PP-plastics in addition to PE and others

Ton emissions per ton produced³

Profit pool for mechanical recycling⁴

"Exporting nations may report artificially high recycling ... strong uncertainties remain on how plastic waste shipped overseas is treated" INTERPOL (2020)

AION is scaling circular solutions with tech at the core for industrial B2B plastic products

AION offers CaaS (Circularity as a Service) for industrial plastic products with a verified and documented environmental effect

• Products and services to achieve closed loop recycling with our customers
• Provide necessary data to prove their alignment with potential regulations or commitments on CO2-reduction, material management and more
• AION works with a network of suppliers in the physical value chain, selecting the partners that are best suited to the specific loop

To scale the potential and impact of CaaS AION is in development of the proprietary technology platform, AION LOOP

• AION LOOP is developed to trace, analyze and operationalize our loops
• The platform provides verified ESG, traceability analytics, KPIs to customers
• Data analysis for our supply chain partners and AIONs operational, material and utilization data to further improve
• Built with innovative partners and experts on Cognite Data Fusion

Strengthening the financial position by lifting profits and cash flow

Financial status

After years of growth, Aker BioMarine delivered unsatisfactory sales and profitability in 2021 USD million

Adj. EBITDA¹ and margin

Revenue Net interest-bearing debt

1) Aker BioMarine evaluates the performance based on Adjusted EBITDA. This metric is defined as operating profit before depreciation, amortization, write-downs and impairments, and special operating items. Special operating items include gains or losses on sale of assets, if material, restructuring expenses and other material transactions of either non-recurring nature or special in nature compared to ordinary operational income or expenses. See description of the Alternative Performance Measures (APM) in Annual Report.

Financial building blocks to support the company's growth strategy

• Cash flow
• Project CAPEX
• Operational leverage
• Innovations

• M&A

• Funding availability

• Leverage
• Liquidity

• Operational cost per unit
• Cost program

Aker BioMarine - Roadmap for growth and value creation

Operational leverage, margin uplift and unlocking the long-term growth potential

1) CAGR is for the period 2021-2025, and for calculation purposes based on USD 265-270 million in 2021 revenue

Large historical investments in operational assets and acquisitions

Around USD 700 million in fixed asset investments past 10 years

Total capex

USD million, estimates from 2021

• Over the past 10 years, Aker BioMarine has invested around USD 700 million in fixed assets, including the Houston plant and vessel fleet renewals
  • Antarctic Endurance was delivered in Jan 2019
  • Antarctic Provider was delivered in Feb 2021
• M&A activity
  • 2017 acquired Neptune's krill oil business
  • 2018 acquired Enzymotec's krill oil business
  • 2019 acquired Lang Pharma Nutrition
• With a capacity project in Houston reaching the intended output, there will be no need for a new krill oil plant
• Annual maintenance capex expected at USD 15-20 million
• The INVI launch plant investment in 2022/23 at around USD 20 million
• Investment opportunities
  • Further commercialize protein by investing in increased capacity
  • Explore ESG opportunities for the harvesting fleet
  • Opportunistic M&A strategy with focus on brands and innovations

Operational leverage: 2x growth impact on EBITDA

Realizing the company's sales target will unlock the underlying operational leverage

• Improved production volumes, particularly in our onshore plant, last 5 years have demonstrated our operational leverage when sales are increasing
• However, the significant dip in sales in 2021 combined with low harvesting efficiency does not give us any positive contribution this year
• Going forward, based on our target case, we will see continued effect of the operational leverage with our EBITDA figures growing almost twice the rate as our revenues

Cost per unit a key efficiency driver

Onshore facility in Houston with large efficiency gain the past years. Offshore to follow suit

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Offshore volume and unit cost Onshore volume and unit cost

Tons and cost per unit (line), estimates from 2021 Tons and cost per unit (line), estimates from 2021

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Positive cost development 2021

Lowering total cost in Ingredients segment with 2%

Ingredients cost base per main area*

• USD 10 million in reduced cost base for 2021 from above 50 implemented initiatives
• Led to a reduction in total cost base compared to 2020 despite several cost items with unfavorable development including FX, freight rates and customs

Cost program launched late 2019

Full effect by 2021 of around USD 15 million of which around USD 7 million is recurring savings

Ingredients cost base per main area

USD million

• A structured cost savings program implemented in 2020
• Key cost categories identified with dedicated category owners

• 50 initiatives implemented in 2021, including:

  • Stopped third-party krill oil manufacturing as a result of Houston performance
  • Utilizing Antarctic Provider when idle to transport krill meal and fuel to/from Europe
  • Avoiding air freight (move to sea freight)
  • Renegotiated major contracts on freight, warehouses and chemicals in Houston
  • Reduced IT applications and licenses
• Cost saving pipeline continuously being fueled with new initiatives

The IPO in July 2020 improved our key financial metrics

Net interest-bearing debt Equity ratio %

USD million

• IPO on Euronext Growth (Merkur Market at the time) in July 2020
• Private placement of USD 225 million
• Repayment of the Aker ASA shareholder loan of USD 90 million and down-payment on the Revolving Credit Facility with around USD 80 million
• The facility for Antarctic Provider added net debt of USD 60 million in February 2021
• Equity ratio improved from 21% to above 50% post-IPO

Successful refinancing improving capacity, flexibility and terms

• Sustainability-linked facility with attached ESG KPIs
• Less complicated structure moving from seven different loans/10 tranches to one loan with three tranches (RCF, Term Loan and Overdraft)
• Bank syndicate of three banks; DNB, Rabobank and Nordea, as well as Eksfin
• Additional capacity at the parent level, as well as USD 100 million in an uncommitted accordion
• Continuation of existing financial covenants; Leverage ratio (net interest bearing debt/ Adj. EBITDA), Interest Cover (Adj. EBITDA/Net Finance Charges)
• Increased leverage covenant threshold on net debt/EBITDA to 5x throughout the life of the facility with elevated levels first three quarters
• Improved margins and lower amortizations profile
• Improved flexibility on acquisitions, indebtedness and dividends

Deleveraging from 2022 provides significant financial flexibility

Low leverage in the targeted development towards 2025

Potentially large additional debt capacity

Focus on cash generation

Further investments in growth opportunities outside current plans and direct returns

Targeting increased free cash flow Aker BioMarine will…

Annual FCF, USD million, for illustrational purposes

96

Key takeaways

Aker BioMarine is strongly positioned for growth and value creation

Strongly positioned in attractive market for human and animal nutrition with high sustainability standards

Fully-integrated krill producer with cost leadership and high operational leverage

Poised for high sales growth across all products and brands

Well-developed innovation pipeline driving growth in new areas

Strengthening the financial position by lifting profits and cash flow