Q4 PRESENTATION 16 FEBRUARY 2021 Q4 PRESENTATION 16 FEBRUARY 2021

Matts Johansen, CEO Katrine Klaveness, CFO

Important Notice

This presentation has been prepared by Aker BioMarine AS (the "Company"). The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any of its subsidiaries nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any c ontract or commitment whatsoever. No reliance may be or should be placed by any person for any purposes whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

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Fourth quarter 2020 highlights

Revenues of USD 75.5 million (USD 71.7 million in the corresponding period last year)
Adjusted EBITDA of USD 21.1 million (USD 8.2 million), representing 28% (11%) Adjusted EBITDA margin
Full year revenues of USD 288.6 million (USD 246.2 million), representing growth of 17% y/y
Full year Adjusted EBITDA of USD 78.1 million (USD 53 million), representing a growth of 47% y/y
Continued strong onshore production in the quarter delivering record low unit cost for the full year
Harvesting in the quarter was lower than expected, but record harvesting in 2021
Kori continued to grow customer base; new retailers include Sam's Club, Rite Aid and Walgreens
Launch of Lysoveta; a transporter molecule for vital nutrients targeting the brain and eye segment
Signed pharmaceutical deal with MD3, controlled by pharma entrepreneur Michael Davidson
Launch of Aion, a new circularity solution company for plastics, incl support of Aker BioMarine's zero waste ambition

Revenue and Adjusted EBITDA

Quarter on quarter growth of 5% driven by Ingredients (8.8% y/y), offset by Brands (-12% y/y)
On a full year basis, total revenues grew 17%, driven by Ingredients up 11.8% y/y, and Brands 32.9% y/y
Adjusted EBITDA in the quarter mainly driven by increased revenues, improved Houston performance and various cost and optimization initiatives
EBITDA growth higher than revenue growth due to realization of scale effects

Ingredients segment

Brands segment

Record sales year despite Q4 being lower than Q4 2019, mainly due large campaigns in Q4 2019
Operational leverage and customer and product mix drove EBITDA growth 62% for the full year
Despite a challenging Covid-19 environment, Lang managed to adapt its supply chain and distribution and received feedback from retailers on excellent performance level
Top performing categories in the quarter were krill, fish oil, UCII joint health and organics
Aker BioMarine's consumer brand, Kori, that was launched in US during the summer of 2020, continued to grow traction in the quarter
New customers coming onboard included Sam's Club, Rite Aid, Swanson and Walgreens
Positive feedback from existing retailers

1) Excluding eliminations

The Brands segment is the human consumption distribution business which comprises of Lang and Epion. Lang acquires product derived from krill, fish and plants. Then package, labels and sells the product onwards to retailers in the US market. Epion is Aker BioMarine's FMCG brand company, and first product (Kori) is launched in the US in 2020

Kori sales development since launch in May 2020

Offshore production development and impact on EBITDA

Antarctic Provider and key operational benefits

Delivered February 5th, expected to reach fishing grounds during March/April
Offers several improvements and efficiency gains
✓ Offloading capacity more than doubles
✓ Fewer sailings between fishing ground and Montevideo
✓ Faster cargo transshipment at sea, more fishing days
✓ Reduced fuel consumption per unit krill meal produced
✓ Annual operational cost reduction is estimated to be approx. USD 5.5 million
Total capital expenditure amounted to USD 75 million, 80% financed commercial bank and an ECA tranche with GIEK and Export Credit Norway

1) La Mance and Trinitas 2) Excluding interest cost

MT fuel per MT krill meal produced

Lysoveta – a new business segment with broad application potential

First pharma partnership signed

Develop pharma therapies for brain & eye health
Aker BioMarine 50% of shares in MD3 pre money
Aker BioMarine will grant exclusive licence, and supply LPC product
Aker BioMarine will receive milestone payments and double-digit royalties
MD3 to raise approx. USD 37 million to fund initial clinical program

Two first research & IP partnership signed

AION – a circularity solution provider for plastic waste, to be spun out in 21/22

INVI – adressing the large and growing protein market

EXCEPTIONAL PROTEIN QUALITY

› Hydrolyzed into small peptides
› Highly digestible
› Ideal amino acid profile

EASY TO USE IN FINAL APPLICATIONS

› Highly soluble
› Rapid mixability
› Clear in solution

OFFERS NUTRITIONAL VALUE BEYOND PROTEIN

› Rich in minerals such as magnesium and calcium
› Supports structure/function claims on muscle function

SUSTAINABLE PROTEIN WITH CLEAN LABELS

› Low carbon footprint
› Non-GMO
› Free from dairy & soy
› Supports fat-free claims

A UNIQUE PROTEIN INGREDIENT… …FOR THE GLOBAL PROTEIN MARKET

Global retail protein market growth (all figures in \$bn, Euromonitor)

Other protein products Sports related protein products

New product launches with corresponding margin potential

Aker BioMarine events during the quarter and YTD

FINANCE

Financial development in 2020 versus 2019

Quarterly development of key financials over the last year

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN DEVELOPMENT USDm

Revenue growth of 5% y/y in the quarter was driven by higher Ingredients (9%), offset by Brands (-12%)
Gross margin decline in Q4 2020 y/y due to

REVENUE AND GROSS MARGIN DEVELOPMENT

USDm

Lower gross margin on Ingredients on back of lower Superba sales with high margin and higher Qrill sales with lower margins
Higher gross margin in Brands segment due to pallets promotions last year (with lower margins) and sale of Kori krill oil
Seasonality with lower gross margin typically in Q4 and Q1 due to offshore production profile
Adjusted EBITDA in the quarter increased by 1.5x compared to Q4 2019, driven by:
Reduced SG&A in Ingredients segment, stable operating expenses in Brands segment
Production optimization in Houston leading to improved margins
High product impairment in Q4-19

Ingredients segment performance

Strong Qrill Aqua revenue growth, volumes significantly up in Q4-20 compared to Q4-19
Superba sales lower in Q4-20 compared to Q4-19 due strong Q4-19 sales prior to regulatory changes in South Korea
Qrill Pet, QHP and Asta show continued positive development in Q4-20 and 2020

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN DEVELOPMENT

Improvements in Adjusted EBITDA driven by lower SG&A cost and onshore production optimization:

Successful cost and efficiency initiatives implemented in 2020
Several projects transitioned into development phase, such as INVI and Lysoveta
Production optimization in Houston driving up gross margin for krill oil
Improved margins from Superba sales offset by lower margins from Qrill Aqua sales

Production volumes on a rolling twelve-month basis

OFFSHORE KRILL MEAL PRODUCTION (LTM) kMT

Houston is producing close to existing maximum capacity
Target to increase capacity to about 2,000 MT by end of 2022 by:
Reducing bottle necks
Process improvements
New technologies
Use of big data / AI
3 rd party production capacity not included
Offshore production volumes for Q4 2020 was 2.522 MT, up from 30 MT in Q4 2019
Lower than expected harvesting volumes in Q4 2020
Harvesting in Q3 2020 negatively impacted by technical issues on Antarctic Endurance

Brands segment performance

Q4-19 was record quarter for the Brands segment with pallet promotions and large shipments to key retailers
Strong full year 2020 development on the back of successful new product launches

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN DEVELOPMENT

Q4-20 Adjusted EBITDA on par with LY, despite drop in revenue y/y due to significant low margin business in Q4-19
Stability in operating expenses
For the full year 2020, operational leverage drove EBITDA margin significantly up

Profit and loss in Q4 2020 and full year 2020

	Q4 2019	Q4 2020	2019	2020
USD thousands	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)
Net sales	71 923	75 501	246 170	288 588
Cost of goods sold	(49 339)	(48 495)	(150 891)	(179 010)
Gross profit	22 584	27 006	95 280	109 578
SG&A	(23 730)	(26 007)	(74 200)	(86 847)
Depreciation, amortization and imp.	(4 669)	(4 585)	(17 822)	(17 125)
Other operating income/(cost), net	(189)	406	(495)	1 394
Operating profit	(6 005)	(3 181)	2 762	7 000
Net financial items	(11 539)	13 132	(26 097)	(5 059)
Tax expense	(291)	(5 764)	(415)	(6 151)
Net profit (loss)	(17 834)	4 187	(23 751)	(4 210)
EBITDA reconciliation
Net profit (loss)	(17 834)	4 187	(23 751)	(4 210)
Tax expense	291	5 764	415	6 151
Net financial items	11 539	(13 132)	26 097	5 059
Depreciation, amortization and imp.	4 669	4 585	17 822	17 125
D&A and imp. from production assets incl. in COGS	6 849	9 549	25 102	32 518
EBITDA (unadjusted)	5 513	10 953	45 686	56 643
Adjustments	2 689	10 110	7 346	21 462
EBITDA (adjusted)	8 202	21 063	53 033	78 106

Net sales:

• Net sales up in Q4-20 compared to Q4-19 due to higher Qrill Aqua sales partly offset by lower Superba sales in the Ingredients segment. Sales in Brands segment lagging behind last year following an exceptionally strong Q4-19.

SG&A

▪ Impacted by high marketing costs in Q4 2020 due to Kori launch of USD 6.7m. Freight cost up following higher Qrill Aqua sale in Q4-21, offset by savings on sales & marketing and travel. Transaction related cost of USD 0.8m in the quarter.

Depreciation, amortization and impairment

▪ Intangible assets amortized according to plan. Depreciation on production related assets included in cost of goods sold (see EBITDA reconciliation in appendix)

Other operating income/ (cost), net

▪ Consist of insurance settlement (USD 0.4m) in Q4-20 and gain from sale of Juvel on YTD basis.

Net financial items

▪ Realized and unrealized FX of USD 10.4m, offset by realized and unrealized FX gains, external interest expenses of USD 14.7m and guarantee fee of USD 1.6m. Unwind of NMTC impacting other financial income by USD 7.8m as well as reduction in earn-out by USD 8.0m

Tax expense

No tax in Norwegian entities due to tax losses carried forward
In the US Aker BioMarine group entities pay state tax based on nexus. High tax charge in Q4-20 due to NTMC unwind

Balance sheet at end of Q4 2020

	2019	2020
USD thousands	(Audited)	(Unaudited)
ASSETS
Cash and cash equivalents	13,610	10 678
Accounts receivable and prepaid expenses	74,264	97 885
Inventories	94,725	114 559
Total current assets	182,599	223 121
Investments in equity-accounted investee	260	130
Other non-interest bearing non-current receivables	145	18
Derivative assets, non-current	-	7 743
Intangible assets	190,297	189 719
Right of use assets	16,555	13 145
Property plant and equipment	302,366	266 556
Total non-current assets	509,624	477 311
TOTAL ASSETS	692,223	700 432
LIABILITIES AND OWNERS' EQUITY
Accounts payable and other payables	51,994	38 721
Interest-bearing current liabilities	47,591	32 222
Total current liabilities	99,585	70 943
Interest-bearing debt	372 473	210 578
Derivative liabilites, non-current	-	8 996
Deferred tax liability	-	4 817
Other non-interest-bearing non-current liabilities	65 618	31 929
Total non-current liabilities	438,091	256 319
TOTAL LIABILITIES	537,676	327 262
Total equity	154,547	373 170
TOTAL EQUITY AND LIABILITIES	692,223	700 432

Inventories

New SKUs in Ingredients segment, 3rd party manufacturing volumes, by/ ▪ joint products
▪ Ingredient inventory level at USD 79m, Brands USD 37.2m (at cost). Internal profit in inventory accumulated to USD 3.2m
▪ Qrill Aqua prices out of the year at same level as LY, significant improvements in Superba unit costs
Intangible assets
▪ Include customer lists and trademarks amortized according to plan as well as goodwill and customer contract.
Interest bearing liabilities
▪ USD 10m draw on RCF facility in Q4-20 to cover ship-yard expenses.
Other non-interest bearing non-current liabilities
▪ Include the fair value of the earn-out payable to the previous owners of Lang amounting to USD 31.7m, based on EBITDA projections in Lang.
Derivative liabilities
▪ Fuel hedge recognized at USD 9m
Cash and cash equivalents
▪ Cash and cash equivalents were USD 10.6m. Net interest bearing debt USD 232m, down from 406.9m one year earlier
Off balance sheet commitments
▪ As of 31 December 2020, the Company had USD 60m in off-balance sheet commitments relating to the newbuild Antarctic Provider - the commitment has been settled upon delivery of the vessel in February 2021

Cash flow in Q4 2020 and full year 2020

	Q4 2019	Q4 2020	2019	2020
USD thousands	(Unaudited)	(Unaudited)	(Audited)	(Unaudited)
Profit (loss) after tax	(17 955)	9 951	(23 750)	1 940
Depreciation and amortization	11 295	12 760	36 776	48 248
Interest expenses/ income, net	6 099	2 471	21 699	17 861
Other P&L items with no cash flow effect	1 272	2 777	7 115	356
Funds provided from operating activities	711	27 959	41 839	68 405
Change in working capital	10 809	(15 125)	(15 016)	(68 080)
Interest paid	(6 746)	(3 348)	(16 520)	(30 749)
Interest income received	270	426	1 084	871
Tax	1 044	(4 351)	920	(3 690)
Cash flow from operations	6 089	5 561	12 307	(33 244)
Payments for property, plant and equipment	(20 567)	(11 906)	(126 906)	(21 654)
Payments for intangibles	(7)	-	(10)	(12 055)
Proceeds from sales of PPE	231	219	255	22 012
Investments in subsidiary and associated companies	9	(356)	(49 284)	(356)
Cash flow from investing activities	(20 333)	(12 043)	(175 946)	(12 053)
Proceeds from debt issue & change in overdraft facility	10 384	5 689	(4 353)	(16 462)
Net change in external interest-bearing debt	(14 462)	(1 588)	142 587	(188 352)
Net funds from issue of shares	-	5	-	224 178
Loan from owners	-	-	36 500	23 000
Cash flow from financing activities	4 105	(4 079)	174 735	42 363

Cash flow from operations

Change in working capital primarily include build-up of trade and other receivables amounting to USD 16.5m (following a high invoicing in December), and other working capital components 8.1m partly offset by release of inventory amounting to USD 4.9m
Interest paid include external interest of USD 3.3m

Cash flow from investing activities

▪ In Q4 2020 there has been payments on several ongoing projects such as Antarctic Provider, Protein project, Lysoveta, Houston facility and vessels, in total USD 9.6m

Cash flow from financing activities

▪ Draw on RCF facility of USD 10m in Q4-20 as well as instalments on external debt of USD 11.6m and additional funding from the overdraft facility (net USD 5.9m)

OUTLOOK

Outlook

OPERATIONS	Natural variation in catch volumes throughout the season ▪ ▪ Seasonal variation smoothens out throughout the year ▪ Track record of predictable and growing harvesting ▪ For 2021, the company expects a production range of 60,000 – 70,000 MT ▪ Realizing scale effects in supply chain is a key driver for 2021 results ▪ Antarctic Endurance expected to reach near full capacity Continue to drive efficiency in Houston ▪ ▪ Focus on developing Lysoveta and INVI, and Aion ▪ The Covid-19 pandemic with less impact on inefficiencies and costs
FINANCIAL ASPIRATIONS	▪ Planning cautious 2021 revenue growth, expected somewhat lower growth than in 2020 ▪ Adjusted EBITDA margin expected to continue to improve Ambition of reaching Adjusted EBITDA of USD 200m in 2024 ▪
ADMINISTRATIVE	▪ Move listing venue from Euronext Growth to Oslo Stock Exchange during first half of April 2021 ▪ All requirements fulfilled, except for free float of minimum 25% Indicated waiver for 18 months from Oslo Stock Exchange ▪ ▪ No transaction or issuance of new shares

OPERATIONS

Natural variation in catch volumes throughout the season
▪
▪
Seasonal variation smoothens out throughout the year
▪
Track record of predictable and growing harvesting
▪
For 2021, the company expects a production range of 60,000 –
70,000 MT
▪
Realizing scale effects in supply chain is a key driver for 2021 results
▪
Antarctic Endurance expected to reach near full capacity
Continue to drive efficiency in Houston
▪
▪
Focus on developing Lysoveta and INVI, and Aion
▪
The Covid-19 pandemic with less impact on inefficiencies and costs

FINANCIAL ASPIRATIONS

▪
Planning cautious 2021 revenue growth, expected somewhat lower growth than in 2020
▪
Adjusted EBITDA margin expected to continue to improve
Ambition of reaching Adjusted EBITDA of USD 200m in 2024
▪

ADMINISTRATIVE

▪
Move listing venue from Euronext Growth to Oslo Stock Exchange during first half of April 2021
▪
All requirements fulfilled, except for free float of minimum 25%
Indicated waiver for 18 months from Oslo Stock Exchange
▪
▪
No transaction or issuance of new shares

Operating leverage and unit cost development

Roadmap for long-term value creation

ASPIRATION TO LIFT OPERATING MARGINS

Adj. EBITDA (USDm)

MAIN VALUE CREATION PILLARS

Sustainability is at the heart of the way we do business

An undeterred focus on sustainability forms the bedrock of Aker BioMarine's growth strategy - sustainability framework in place anchored in the UN SDGs

Revenue development per product

REVENUE PER PRODUCT (EXCLUDING ELIMINATIONS)