Arctic Bioscience — Interim / Quarterly Report 2026

Apr 30, 2026

Arctic Bioscience - 78% growth in Nutra revenues

Arctic Bioscience - 78% growth in Nutra revenues

Highlights Q1 2026:

· Sales revenue growth of 78 % compared to last year

· Solid order intake for 2026

· Positive development in gross margin, 34,3 % in Q1 2026

· New long-term financing of NOK 15 million secured

· Positive dialogues with potential HRO350 partners, focusing on next steps

Arctic Bioscience had a strong start to 2026, with the highest sales revenues in

the first quarter ever recorded. The growth in sales revenues compared to the

same period last year was 78 %. At the same time, gross profit showed a positive

development, ending at 34,3 %, an increase of 7,3 percentage points compared to

the first quarter of 2025.

"We had a strong order intake at the end of 2025 and into Q1 2026 which truly

kick-starts the year. The organization has made a great effort to secure

deliveries during the quarter, and I am very pleased with the quarter. Further

into 2026, the order outlook is very promising, and I am comfortable that we

will deliver solid growth throughout 2026", says CEO Christer L. Valderhaug.

The company has worked to ensure a satisfactory liquidity situation. With

guarantees from various key shareholders, the company secured new long-term

financing of NOK 15 million in the first quarter, made available immediately

after the turn of the quarter.

"The focus on the liquidity situation in the company is strong and continuous.

It is gratifying that several key shareholders show faith in our business and

contribute to our ability to obtain new financing for our operations", says

Valderhaug.

In March, Arctic Bioscience attended BIO Europe in Lisbon, a major partnership

event in biotechnology/pharma. The company had meaningful conversations and

meetings with several relevant potential partners to discuss the way forward

with HRO350.

"BIO Europe in Lisbon showed very positive for us and gave us valuable feedback

from more than a handful pharma companies interested in our asset in psoriasis.

After open update discussions with several potential partners, the next steps

are aligned: Finalize and disclose results at EADV in May and in peer-reviewed

journals, draft Phase III design and seek scientific advice with EMA. On the

back of those, we may enter into next phase discussions on potential

partnerships based on a risk reduced asset", ends Christer L. Valderhaug.

Financials

Key figures - Q1 2026:

· Revenues from sales: NOK 11,9 million (NOK 6,7 million)

· Other income: NOK 0,6 million (NOK 0,9 million)

· Gross profit: NOK 4,1 million (NOK 1,8 million)

· Gross margin: 34,3 % (27,0 %)

· Adjusted EBITDA: NOK -6,5 million (NOK -9,1 million)

· Available liquidity end of period: NOK 0,3 million (NOK 21,7 million)

Comparable figures for Q1 2025 in brackets.

Revenues from sales in Q1 2026 amounted to NOK 11,9 million, compared to NOK 6,7

million in the same quarter in 2025. The American market has continued its

positive development from 2025 and had the highest revenue share in Q1 with 51 %

of the revenues. This segment experienced growth of NOK 5,4 million compared to

the same quarter in 2025. The European market ex. Norway was the second largest

market for Arctic Bioscience, with a revenue share of 25 %.

Other income in Q1 2026 was at a similar level to the same quarter last year.

The other income is related to recognized public grants in Arctic Algae.

Gross profit in Q1 2026 was NOK 4,1 million, representing a gross margin of 34,3

%. Corresponding figures for Q1 last year was NOK 1,8 million and 27,0 %.

Adjusted EBIDTA amounted to NOK -6,5 million in Q1 2026, compared to NOK -9,1

million in the same quarter in 2025. The 2025 figures included an one-off

adjustment of NOK 0,7 million related to the recall issue that was discovered

then, while the 2026 figures do not include any adjustments for one-off events.

In total, salaries and other operating expenses are NOK 1,2 million lower in Q1

2026 compared to the same period last year.

Available liquidity at the end of the period was NOK 0,3 million. Shortly after

the turn of the quarter, new long-term financing of NOK 15 million was secured.

Together with the increase in credit facility in December 2025, available

liquidity has been strengthened by NOK 23 million in recent months.

Outlook

As previously communicated, the company will focus strongly on further

international expansion related to the nutraceutical business in 2026. The

positive start to 2026 is supported by the good order intake that came at the

end of 2025. The strong order outlook for 2026 indicates good growth for the

total nutraceutical business compared to 2025.

Data from the HeROPA trial in mild-to-moderate psoriasis 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 results on reduction of inflammation

from the HeROPA study and the encouraging results from the glaucoma study when

seeking 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. Measures have been

implemented through new long-term financing through Q1 2026. The Board is

continuously assessing liquidity measures beyond those already implemented. The

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

development 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 10:30 to present

the highlights from the Q1 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 (https://events.teams.microsoft.com/event/346871ef-d955-4805-af03

-f788ba70b9b9@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.