Arctic Bioscience — Earnings Release 2025

Feb 26, 2026

Arctic Bioscience - Q4 2025 Operational update - Positive outlook for 2026

Arctic Bioscience - Q4 2025 Operational update - Positive outlook for 2026

Highlights Q4 2025:

· Strong ending to the year with quarterly sales revenue of NOK 13,9 million

· Solid order intake into 2026 for the nutraceutical business

· Positive pilot study related to glaucoma received international attention

· Partner search and dialogues for HRO350 is given great attention

· Cost-focus resulted in significantly lower operational costs in 2025

Arctic Bioscience had a strong ending to 2025 with quarterly revenue from the

nutraceutical business of NOK 13,9 million. Total revenue for the year was

somewhat lower than in 2024, ending at NOK 42,6 million. Gross profit in 2025

was stable compared to previous years. During 2025 several cost reduction

initiatives were implemented resulting in significantly lowered operational

costs compared to previous years.

"2025 was negatively influenced by the product recall incident which occurred

late in 2024, affecting our total revenue for 2025 and resulting in

extraordinary costs related to product recall and replacements. Our key priority

was to handle the situation to the best possible outcome for our customers and

no affected products reached the consumer markets. With these challenges behind

us, we are once again fully focused on future growth within the nutra business,"

says Christer Valderhaug, CEO.

The order intake end of last year and into 2026 has been strong, indicating

growth opportunities for the coming year. We have taken the step into the

Swedish B2C market, and will focus on additional European B2C markets through

2026 and onwards. In the B2B segment there are several good prospects for

developing new Asian markets, with ROMEGA® products being launched in Singapore

late 2025 through a partner, and more B2B sales and product launches expected

through 2026. We also expect the growth realized in the American market in 2025

to further develop in the coming year, as the B2B business is largely a

recurring business.

Pharma

Analyses of the HeROPA trial have shown very interesting findings on reduction

of systemic inflammation (as measured by SII) in patients with mild-to-moderate

psoriasis. Psoriasis is an inflammatory disease, and these findings documents a

reduction of inflammation. These results strengthen our science on the

resolution of inflammation.

A pilot study on herring caviar oil (HCO) from Arctic Bioscience was recently

published in the journal International Ophthalmology and demonstrated effects on

visual field and data on intra ocular pressure in glaucoma patients. Based on

these exciting results, Arctic Bioscience is now evaluating the strategic

direction for developing this asset for glaucoma patients, which is planned to

be conducted with partners.

Our novel drug candidate for brain development in extremely premature infants is

progressing towards pre-clinical studies, as we have finished formulations for

these studies. We are currently working on designing preclinical studies with

our partner, Smerud Medical Research International, who are responsible for

financing these.

"Both the results from the HeROPA study and the glaucoma study, support the

optimism in the company for the future potential of our products. We have

dialogues with potential partners and other stakeholders, something which will

have high priority in the coming months," concludes Christer Valderhaug.

Arctic Algae

Arctic Algae AS is working to develop oral vaccines for farmed fish by using

microalgae as carriers for the antigens. This method aims to provide a

stress-free, scalable, and effective way to vaccinate fish, especially during

revaccination (boosting) in the grow-out phase, which is challenging with

traditional injection methods. This research project has recently received NOK

2.5 million in funding from the Marine Value Creation and Environmental

Protection Fund, Møre og Romsdal County Municipality. The project partners are

VESO and SINTEF Nanomedicine.

Oral vaccines can be administered through feed, which reduces stress on the fish

and minimizes the need for handling. It is particularly useful for providing

booster protection over extended periods in seawater. A successful project will

have significant commercial market potential, as there are currently no

satisfactory solutions for simple booster vaccination.

Financials

Key figures - Q4 2025:

· Revenues from sales: NOK 13,9 million (NOK 15,6 million)

· Other income: NOK 0,4 million (NOK 0,4 million)

· Gross profit: NOK 3,2 million (NOK 3,1 million)

· Gross margin: 22,7 % (20,0 %)

· Adjusted EBITDA: NOK -6,9 million (NOK -7,4 million)

Comparable figures for Q4 2024 in brackets.

Key figures as of year-end 2025:

· Revenues from sales: NOK 39,8 million (NOK 43,5 million)

· Other income: NOK 2,8 million (NOK 0,9 million)

· Gross profit: NOK 10,8 million (NOK 11,9 million)

· Gross margin: 27,1 % (27,3 %)

· Adjusted EBITDA: NOK -28,3 million (NOK -36,8 million)

· Available liquidity end of period: NOK 5,2 million (NOK 7,0 million)

Comparable figures as the end 2024 in brackets. The 2025 figures are unaudited.

Revenues from sales in Q4 2025 amounted to NOK 13,9 million, compared to NOK

15,6 million in the same quarter in 2024. Total revenues from sales in 2025

ended at NOK 39,8 million, NOK 3,7 million lower than in 2024. The American

market had a very positive growth in 2025 and had the highest revenue share in

2025 of 33 %. This segment experienced a growth of NOK 7,8 million in sales

revenues compared to 2024. The European market ex. Norway was the second largest

market for Arctic Bioscience in 2025, with a revenue share of 29 %.

Other income in 2025 amounts to NOK 2,8 million, an increase of NOK 1,9 million

compared to last year. The improvement is mainly due to increased activity in

Arctic Algae throughout the year.

Gross profit in Q4 2025 was NOK 3,2 million, representing a gross margin of 22,7

%. The corresponding figures for Q4 last year were NOK 3,1 million and 20,0 %.

For 2025 in total, gross margin amounted to NOK 10,8 million (27,1 %) compared

to NOK 11,9 million (27,3 %) in 2024. 2025 has been affected by costs related to

completion of the recall case which arose in late 2024.

Adjusted EBITDA amounted to NOK -6,9 million in Q4 2025, compared to NOK -7,4

million in the same quarter in 2024. During 2025 the cost level in Arctic

Bioscience has been significantly reduced due to strong cost focus throughout

the year. In total, operational costs in 2025 were NOK 13,6 million lower than

last year. This has led to an improvement in adjusted EBITDA in 2025, from NOK

-36,8 million in 2024 to NOK -28,3 million in 2025.

In December 2025, the company had its credit facility increased by NOK 8

million. Available liquidity at end of 2025 amounted to NOK 5,2 million.

Outlook

The company will have a strong focus on further international expansion related

to its nutraceutical business in 2026. The strong order outlook for 2026

indicates good growth for the total nutraceutical business compared to 2025.

Data from the HeROPA trial will be published in scientific journals and

presented at conferences during H1/H2 2026, which will increase the visibility

and outreach of the results significantly. Arctic Bioscience will continue to

leverage the positive results from both the HeROPA study and the glaucoma study

and seek partnerships for future development. Work on designing pre-clinical

studies for the asset for extremely premature infants is ongoing.

The liquidity situation continues to be closely monitored. The Board is

continuously assessing liquidity measures beyond those already implemented. The

dialogue with financing partners is close and good. Further pharma project

developments will be sought to be financed separately through partnerships or

specific project financing.

Webcast

Arctic Bioscience will host a webcast and Q&A-session today at 10:00 to present

the highlights from the Q4 update. The presentation can be accessed through the

following link:

https://events.teams.microsoft.com/event/14063048-ef68-47fa-a928

-7b6060c7ee61@ce618813-5158-40b5-b6d0-2f2cd3f39b20

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Christer L. Valderhaug

CEO

Mobile: +47 920 84 601

Email: christer@arctic-bioscience.com

Jone R. Slinning

CFO

Mobile: +47 948 75 469

Email: jone@arctic-bioscience.com

About Arctic Bioscience

Arctic Bioscience is a biotech company developing and commercializing

pharmaceutical and nutraceutical products based on unique bioactive marine

compounds.

The company is developing HRO350 - a novel oral drug candidate. HRO350 is being

developed for treatment of patients with mild-to-moderate psoriasis. This is a

large patient group in need of new effective medicines with beneficial safety

profile.

Nutraceuticals from Arctic Bioscience are sold globally as bulk ingredients as

well as finished goods under the ROMEGA® brand.

Arctic Bioscience is led by a highly skilled team of talents with diverse and

highly relevant background.