Aker BioMarine

Investor Presentation • Nov 1, 2024

Third Quarter 2024

Aker BioMarine ASA 01 November 2024

Presenting team

MATTS JOHANSEN CHIEF EXECUTIVE OFFICER

KATRINE KLAVENESS CHIEF FINANCIAL OFFICER

Q3 2024 highlights

• 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

Note: Feed Ingredients is from Q2 2024 a discontinued segment as it is classified as held for sale

Quarterly revenue and Adjusted EBITDA

Pro forma excluding Feed Ingredients, unaudited

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.

Operations

Human Health Ingredients Revenue¹

• Revenue growth of 8% YoY
  • Krill oil sales volume up 11%, continued improvement across several regions
  • Average krill oil prices impacted by customer and product mix
• Formalized partnership agreement with existing customer Barentz for distribution in Europe
• Algae continues to be ramped up, 16 MT sales in quarter
• Houston plant produced lower than expected in the quarter as a result of bad weather
  • Will impact fourth quarter unit cost negatively, and 2025 positively
• Margin in quarter somewhat impacted by lower average price and a higher share of lower margin product sale

EBITDA adjusted¹ (USDm)

HHI is the leading seller of premium krill oil to the B2B nutrition segment with expansion opportunities across other product categories

Driving immediate earnings growth with four key levers

8

Turnaround plan successfully implemented

• Sales volumes almost back to all-time high
• Volume growth expected to continue
• Sales & marketing costs expect to stabilize

Sales turnaround pillars – what we said

HHI Sales and Marketing OPEX (USDm, LTM)

10

HHI is in the large and growing human omega-3 B2B nutrition market, with growing market share

Comments

Volume Price Cost Innovation

• Aker BioMarine to boost omega-3 market share by expanding distribution trough increasing customer base and help customers prioritize our products
• Superba sales projected to increase in most regions, with stable pricing
• High continued sales growth expected in several Asian markets over the next few years

Stable underlying prices, but impacted by customer and product mix

Stable underlying prices, but mix effects:

• Large introductory offer in 2024 to onboard a new customer
• Korean market impact in 2024 vs 2023 (high price market)

Price drivers going forward

• Transition introductory offering to regular pricing
• Korea expected to ramp up sales in 2025
• Inflation adjustment of Superba prices starting from 2025
• Growth expected in attractive markets
• Increased sales of krill oil innovation at premium pricing

Krill oil products – average sales price USD/kg

Volume Price Cost Innovation

Rising sales and completed inventory reduction are driving increased production, expected to lower krill oil unit cost

Production volume is the main driver of unit cost

Krill oil – LTM unit cost development and production volume phases

Optimizing cost base

Volume Price Cost Innovation

• Krill oil unit cost is sensitive to production volume due to high share of fixed costs
  • Incremental production and sales costs of ~27 USD/kg
• Inventory build down and shutdown of the factory in 2022 and 2023, with corresponding increased unit costs
• Stable development in underlying cost base, increased production volume expected to drive lower unit COGS
• Ongoing project to optimize cost base

+52%

Illustration of earnings potential in value creation plan

Illustrative EBITDA2) buildup at stable production

EBITDA contribution sensitivity

The sensitivity table assumes sales volume equal production volume, such that revenue and associated production costs are scaled accordingly. Starting point is "Run-rate" EBITDA

	0	+0 0 % ,	+2 5 % ,	+5 0 % ,	+7 5 % ,	+10 0 % ,
) 1 wth gro e m Volu	+0 %	0	2	4	7	9
	+10 %	7	9	11	14	16
	+20 %	13	16	18	21	24
	+30 %	20	23	25	28	31
	+40 %	26	29	32	36	39

Price growth

Including EBITDA from innovations (USDm)

	0	+2 5 ,	+5 0 ,	+7 5 ,	+10 0 ,	+12 5 ,
g htsizin Cost rig	+0 5 ,	3	8	12	17	22
	+1 0 ,	10	15	20	25	30
	+1 5 ,	17	22	27	33	38
	+2 0 ,	24	30	35	40	46
	+2 5 ,	31	37	42	48	54

1) EBITDA impact net variable production costs 2) Direct business unit SG&A costs, not including Corporate costs such as HR, IT, Finance dep., non-dedicated EMT

Consumer Health Products Revenue and gross margin¹

• Revenues down 5% YoY
  • 3Q'23 included the roll-out of the Multivitamin Gummy and high promotional activity at Costco
• Market for private label remains strong
  • YTD Lang out of store sales (POS) at top accounts up 3% YoY, while revenues are down 12% - indicating inventory draws at retailers
  • Inventory draws at retailers seems finalized
• Margin on par with 3Q'23 despite lower sales due to operational improvements

(USDm)

EBITDA adjusted¹ (USDm)

Note: In Q1 2024, Aker BioMarine changed its reporting structure. 2023 segment figures are unaudited and represent reported figures adjusted to the new segment reporting

Emerging Business Revenue¹

• Epion YoY revenue growth of 12% driven by online sales at Amazon and good growth at Walmart
• EBITDA loss reduced to USD 1m
• Out of store sales (POS) with positive development
  • Amazon with 22% YoY POS growth
  • POS for all major US retailers (excl. Costco) 4% up YoY
• Official launch in Costco Japan took place in August

EBITDA adjusted¹ (USDm)

Strategic focus areas of remaining segments in Aker BioMarine

Emerging Businesses Human Health Ingredients (HHI) Consumer Health Products Corporate Grow, develop, optimize Grow, bring to cash break-even, seek transactions Scale cost to a sustainable level Segments Strategig focus Continue to explore opportunities to optimize shareholder value

Launched process to divest Understory

• Mandated Oghma Partners as a financial advisor
• In line with strategy to focus on growing and building the larger segments
• Looking for other parties better equipped to further develop this business

Financials

Profit & loss

Net sales

▪ Sales were down 7% from Q3-23. Sale in Human Health is up 8% due to higher Superba volume and a broader product portfolio, but Consumer Health is down 5% compared to same quarter last year and eliminations of group sales are higher. Emerging Businesses is up 12% compared to Q3-23.

Cost of goods sold

▪ Cost of goods sold is on par with last year. Slightly lower margins in Human Health, stable margins in Consumer Health while margins in Emerging Businesses are increasing.

SG&A

▪ SG&A costs are in line with the same quarter last year.

Depreciation. amortization and impairment

▪ Intangible assets amortized according to plan. Depreciation on productionrelated assets included in cost of goods sold.

Net financial items

▪ Net financial items impacted by gain on FX derivative and net agio less interests and impairment of Aion investment.

Tax expense

▪ Tax expense related to US operations.

Profit from discontinued operations

▪ Includes net result from Feed Ingredients, net result from Understory as well as gain from sale of Feed Ingredients of USD 214.2 million.

Adjustments

▪ In the quarter, costs related to the improvement and restructuring program, non-recurring inventory adjustments and impairment charges, all booked in the Corporate segment

	Q3 2024	Q3 2023	FY 2023
USD million	(Unaudited)	(Unaudited)	(Unaudited)
Net sales	49.3	52.9	196.7
Cost of goods sold	-34.1	-34.8	-123.8
Gross profit	15.2	18.1	72.9
SG&A	-12.7	-12.5	-66.4
Depreciation. amortization and imp. (non-production assets)	-2.2	-4.1	-16.3
Other operating income	0.3	0.1	-0.1
Operating profit (loss)	0.5	0.5	-9.9
Net financial items	2.8	-6.9	-21.9
Tax expense	0.2	-1.1	-
Net profit (loss) from continued operations	3.5	-6.4	-31.8
Net profit (loss) from discontinued operations	204.0	7.5	22.8
Net profit (loss)	207.5	1.1	-9.0
EBITDA reconciliation
Net profit (loss) from continued operations	3.5	-6.4	-31.8
Tax expense	-0.2	1.1	-
Net financial items	-2.8	6.9	22.0
Depreciation. amortization and imp.	2.2	4.1	16.3
D&A and imp. from production assets incl. in COGS	1.3	1.3	4.4
EBITDA (unadjusted)	4.0	6.9	10.9
Adjustments	4.4	0.7	10.7
EBITDA (adjusted)	8.4	7.6	21.6

Elim / other SG&A¹

Corporate costs

• SG&A impacted by cost from ongoing improvement programs
  • Adjustment items of USD 1.2m in quarter
• Underlying stable development in SG&A
• Ongoing cost improvement program reviewing all remaining corporate activities to scale cost to sustainable level
  • Current annual recurring SG&A base of USD 11-12m after allocating USD 5.4m to Feed Ingredients

including non-recurring costs (USDm)

EBITDA adjusted¹ (USDm)

• Human with increased inventory and payables due to large purchase of Nutra meal from Feed Ingredients as part of the transaction
  • To be settled in Q4 against a sellers' credit given to Feed Ingredient
• Certain inventory effects/costs booked as part of discontinued business reducing RemainCo inventory values
• Around USD 17m of payables related to transaction expenses and estimated purchase price adjustments to be settled by Q1'25

Working capital Change in net working capital (USDm)

Limited capex program

• Maintenance work in Houston and certain smaller investments in Emerging Businesses
• 2024 outlook
  • Expect maintenance capex full year of 2024 of USD 5-8 million excluding Feed Ingredients
    • Capex related to maintenance and smaller improvement projects
    • All major capital projects completed
  • In addition, completion and development capex related to Understory of USD 5-7 million for 2024 only

Interest-bearing debt

• Completed refinancing in the quarter
  • NOK 1,600 mill 3-year bond issued in August
  • Swapped to USD 150m at SOFR + 467 bps
  • Secured USD 30 million in senior secured overdraft
  • All previous debt repaid or transferred to Feed Ingredients
• Net interest-bearing debt of USD 135 million
  • Bond booked at USD 148.4 million (less settlement fee)
  • Leasing liabilities of ~USD 2 million
• NIBD/EBITDA of 5.4x
  • No leverage covenant on bond
  • Overdraft leverage covenant starting Q4'24 at 6.5x, decreasing down to 5x end of 2025
  • In compliance with the bond liquidity covenant of USD 7.5 mill

Interest-bearing debt (USDm)

Cash flow in quarter

Includes Feed Ingredients for July and August Cash flow in the quarter (USDm)

• Cash flow from operations of USD 3.5 million
  • Lower working capital for continued business and Feed Ingredients
  • Other operating items mainly related to items allocated to discontinued operations
• Cash flow from investing
  • Net proceed from sale of Feed Ingredients of USD 413.2m
• Cash flow from financing
  • Settlement of outstanding debt and overdraft
  • Issue of NOK 1,600 million bond in August
  • Dividend of USD 373 mill. paid out in the quarter, NOK 45 per share
• Total available liquidity of USD 45 million
  • Cash and cash equivalents of USD 15 million
  • Undrawn overdraft of USD 30 million

Balance sheet – Continuing operations

Property, plant and equipment

▪ Mainly Houston production related equipment. Protein investments are included in assets held for sale.

Intangible assets and goodwill

▪ Parts of goodwill derecognized following the Feed Ingredients transaction

Inventories

▪ Higher inventory in the Human Health segment and the Consumer Health segment

Cash and cash equivalents

• Cash and cash equivalents were USD 14.9 mill.
• Net interest-bearing debt (including leasing) was USD 135 mill, of which bond placed in Q3 of USD 148.4m

Assets held for sale

• Protein defined as held for sale and discontinued operations from Q3 2024 with a book value of USD 31.8 mill.
• Feed segment derecognized in Q3 2024

Deferred tax liability

▪ Deferred tax liability due to tax timing of depreciation and amortization of goodwill in the US.

Equity

• Dividend of USD 373 mill. paid out in the quarter
• Equity ratio of 46%

USD million	Q3 2024	Q3 2023*	Q4 2023*
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Property, plant and equipment	66.4	327.8	341.5
Right to use assets	3.1	9.9	9.1
Intangible assets and goodwill	105.9	158.5	155.4
Contract cost	1.7	4.2	3.2
Deferred tax asset	4.9	3.4	25.0
Other interest-bearing non-current receivables	3.3	2.4	2.7
Investments in equity-accounted investees	-	8.6	0.1
Total non-current assets	185.3	514.7	537.0
Inventories	110.3	183.2	183.7
Trade receivable and prepaid expenses	60.3	91.3	71.8
Derivative assets	0.5	7.3	-
Current interest-bearing receivables	0.3	-	0.3
Cash and cash equivalents	14.9	18.7	27.5
Total current assets	186.3	300.5	283.1
Assets held for sale	37.4	-	7.1
TOTAL ASSETS	409.0	815.3	827.1
LIABILITIES AND OWNERS' EQUITY
Interest-bearing debt	150.2	346.9	344.0
Deferred tax liability	8.4	7.6	3.7
Other non-interest-bearing non-current liabilities	-	0.1	-
Total non-current liabilities	158.6	354.7	347.7
Interest-bearing current liabilities	-	59.7	49.0
Accounts payable and other payables	56.4	44.0	63.9
Total current liabilities	56.4	103.7	112.9
Liabilities held for sale	4.4	-	244.4
TOTAL LIABILITIES	219.3	458.4	460.6
Total equity	189.7	357.0	366.5
TOTAL EQUITY AND LIABILITIES	409.0	815.3	827.1

* Historical figures include discontinued Feed segment figures line by line

Summary and Outlook

Summary and outlook

• Completed Feed Ingredients transaction, refinanced the company and paid extraordinary dividend
• Solid demand for krill oil across markets driving sales, tangible opportunities to lift prices
• The private label market remains robust despite retailers reducing inventory
• Emerging business continued progress towards break-even
• Understory divestment process launched, in line with strategy to focus on the larger segments

▪ Refinancing and extraordinary dividend to be proposed after completion of Feed Ingredients transaction

Thank you!

To submit questions, please send to ir@akerbiomarine.com

29

Cash flow

Cash flow from operations

• Slightly positive cash flow from operations. Reduced working capital due to higher accounts payable out of the quarter.
• Interest paid includes interest on loan facilities amounting to USD 4.5 mill.

Cash flow from investing activities

• Positive cash flow from investing activities due to proceed from sale of Feed Ingredients
• Investments on ongoing projects mainly on Houston production related equipment and growth projects.
• Net cash from to funding of assets classified as held for sale is related to payments for protein project.

Cash flow from financing activities

• Settlement of outstanding debt and overdraft
• Issue of NOK 1,600 million bond in August
• Dividend of USD 373 mill. paid out in the quarter, NOK 45 per share

USD million-	Q3 2024	Q3 2023	2023
	(Unaudited) (Unaudited)		(Unaudited)
Net profit (loss) after tax	207.5	1.1	-9.0
Tax expenses	-0.2	1.1	-25.0
Net interest and guarantee expenses	5.4	8.2	31.0
Interest paid	-2.6	-8.6	-29.7
Interest received	1.9	0.8	2.2
Taxes paid	-	-1.2	-0.7
Share of profit in associated companies	-	1.6	3.0
Other P&L items with no cash flow effect	-	-	-0.1
Impairment charges	0.5	-	0.5
Gain sale of discontinued operations	-214.2	-	-
Costs allocated to discontinued operations	-22.3	-	-
Depreciation and amortization	3.0	13.7	52.3
Foreign exchange loss (gain)	0.1	-0.2	-
Change in working capital	24.4	3.8	23.0
Net cash flow from operating activities	3.4	20.3	47.4
Payments for property, plant and equipment	-1.5	-7.5	-45.9
Payments for intangibles	-0.4	-2.4	-3.4
New long-term receivable interest-bearing	-0.2	-0.2	-0.3
Proceeds from sale of property, plant and equipment	-	-	0.6
Proceed from sale of subsidiaries, net of cash	413.2	-	-
Investments in subsidiaries	-1.1	-	-
Net cash funding of assets classified as held for sale	-3.6	-	-
Net cash flow from investing activities	406.4	-10.0	-48.9
Proceeds from payment of debt and change in overdraft
facility	-186.8	-2.8	-18.7
Instalment interest-bearing debt	-3.2	-3.6	-14.6
Proceeds from issue of external interest-bearing debt	148.4	-	40.0
Dividend paid	-373.2	-	-
Net cash flow from financing activities	-414.6	-6.4	6.7
Net change in cash and cash equivalents	-4.8	3.9	5.2
Cash and cash equivalents beginning of the period	19.6	14.8	22.3
Cash and cash equivalents end of period	14.9	18.7	27.5

Important information

This presentation has been prepared by Aker BioMarine ASA (the "Company"). The presentation does not constitute or form part of, and should not be construed as, an offer, solicita tion 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 for m 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 con nection with any contract 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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