Arctic Bioscience — Investor Presentation 2026

Feb 26, 2026

Arctic Bioscience

Presentation of financial results;
Q4 2025 update / prelim. FY 2025 results

February 26th 2026

Christer L. Valderhaug (CEO)
Runhild Gammelsæter (Medical Director)
Jone R. Slinning (CFO)

ARCTIC
BIOSCIENCE

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Disclaimer

Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative.

An investment in the Company's shares should be considered as a high-risk investment. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement that may be expressed or implied by statements and information in this Presentation.

A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this Presentation, including among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Company's businesses, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors.

The information obtained from third parties has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. By receiving this Presentation, the Recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and is solely responsible for forming its own opinion of the potential future performance of the Company's business. In making an investment decision, the Recipient must rely on its own examination of the Company, including the merits and risk involved. This Presentation is not an advertisement for the purposes of applicable measures implementing the EU Prospectus Regulation.

This Presentation is not a prospectus and does not contain the same level of information as a prospectus.

Note: For sources, references and additional context recipients of this presentation are referred to the Company Presentations found on Arctic Bioscience website, https://arctic-bioscience.com/investors/reports-presentations/

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ARCTIC BIOSCIENCE

Developing and commercializing
pharmaceutical and
nutraceutical products
based on unique
bioactive marine
compounds, utilizing
proprietary technology
and methodology

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Agenda

• Operational highlights
• Operational review Nutra
• 2025 consolidated Group financial review (prelim.)
• Operational review Pharma
• Business outlook
• Q&A

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ARCTIC DIRECCIENZE

Intro and 2025 operational highlights

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2025 highlights

HRO350 significantly reduced systemic inflammation in the HeROPA trial
SII post-hoc analyses on all patients in per-protocol population

| Nutra boost end of year
Strong ending to the year with quarterly revenue of NOK 13,9 million | Nutra order intake strong
Solid order intake into 2026 for the nutraceutical business | ROMEGA® Singapore
ROMEGA® Premium and Skin Refine launched in Singapore with cross-border eCommerce sales to South Korea to follow |
| --- | --- | --- |
| Exiting clinical data in Glaucoma
Pilot study confirms potential through neuroprotective approach | Significant CAPEX reduction
CAPEX related to Pharma is now finalized as the HeROPA-trial is complete | Cost reduction initiatives implemented
Operating costs in 2025 reduced with NOK 13,6 million compared to 2024 |

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ARCTIC BIOSCIENCE

Operational review Nutra

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B2C sales

B2C sales of ROMEGA® products in Norway is at level with same period last year, though with significantly less marketing spending – mainly subscription based sales

Offline sales trough Sunkost, Life, Kinsarvik and Farmasiet in Norway is slightly lower than last year – but more profitable

B2C sales outside of Norway – launched in Sweden late last year

Further B2C-expansion will follow in more European markets during 2026

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Nutra B2B

B2B products: sold in Americas, Europe and APAC

• Bulk products (oil, capsules, protein)
• Private label
• Customized products
• The ROMEGA® ingredient present in more than 40 consumer brands globally

Americas developing well and expected to grow further – opened a new large account in Q4-25, with more new accounts expected to follow through 2026

Several good prospects for developing new Asian markets, with ROMEGA® products being launched in Singapore late 2025 through a partner and more markets in the region to follow

New interesting B2B-account opened in Australia in Q4-25

We experience an increased focus on anti-inflammation in key markets – where the ROMEGA® ingredient is strongly positioned with its SPM-story (Specialized pro-resolving mediators)

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ROMEGA® in China

ROMEGA® products are currently sold cross-border eCommerce into China from Hong Kong

Despite a challenging consumer market in China this year with high degree of uncertainty and reduced consumer spending – our partner has managed so keep sales revenues at level with last year

Our best-selling product in China is ROMEGA® Prenatal which is established as a well-recognised product in its category

The second-best product is ROMEGA® Eye, which is now gaining traction in the market and showing good sales numbers

An approval process is ongoing with the Chinese food authorities to approve herring caviar oil as an ingredient into China. This will open up new commercial opportunities with a much broader distribution B2B. Approval is expected late 2026/early 2027

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Arctic Algae - Development of oral vaccines for aquaculture

• Current vaccination methods (injection & immersion) are stressful for fish, labor-intensive, costly, and hard to apply
• Oral vaccines provide a simple, scalable, and stress-free alternative as a booster vaccine
• Microalgae act as safe, digestible carriers for oral vaccines, enabling low-cost and sustainable production
• The project received NOK 2,5 million in grants from Regionalt forskningsfond in October

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ARCTIC BIODECENCE

2025 consolidated group financial review

(prelim.)

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Key financial figures

SALES REVENUES

GROSS MARGIN

AVAILABLE LIQUIDITY

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Breakdown of Nutra revenue

REVENUE BY BUSINESS LINE

REVENUE BY REGION

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INOK	2025	2024
Total revenues	42 622	44 404
Sales revenue	39 846	43 484
Other income	2 776	920
Cost of goods sold	29 054	31 596
Gross profit	10 792	11 888
Gross margin %	27,1 %	27,3 %
Employee benefits expenses	24 415	25 949
Other expenses	17 480	29 498
EBITDA	-28 327	-42 639
One-off costs EBITDA adj.	0	5 824
Adj. EBITDA	-28 327	-36 815

EBITDA results

2025 nutra revenues slightly down compared to last year, significantly affected by recall issue which arose late 2024 with impacts on deliveries in 2025

• Strong development in the American market with a 143% annual growth
• Asian market has been characterized by uncertainty in the consumer market this year, which affects our sales to this market

Other income increased with NOK 1,9 million

• Improvement mainly due to increased activity in Arctic Algae

Gross margin in 2025 also affected by recall-issue

• Stable gross margin in 2025 compared to 2024, but additional costs of goods sold were incurred in connection with the completion of the recall process in 2025

Operating cost level significant lower in 2025

• NOK 13,6 million lower operating costs compared to 2024
• Effects mainly caused by cost-reduction initiatives implemented in Q4 2024 and later

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INOK	2025	2024
Net cash flow from operating activities	-22 679	-45 357
Net cash flow from investment activities	-22 671	-50 629
Net cash flow from financing activities	43 348	19 661
Net change in cash	-2 002	-76 325
Cash at the start of the period (1.1)	3 277	79 602
Cash at the end of the period (31.12)	1 275	3 277
Unused credit facility	3 887	3 738
Available liquidity at the end of the period (31.12)	5 162	7 015

Cash flow development

Available liquidity end of period NOK 5,2 million

Cash flow from operations NOK -22,7 million, mainly driven by negative operating result

Cash flow from investment NOK -22,7 million, mainly all related to the HRO350 phase IIb study

Cash flow from financing activities NOK 43,3 million, of this NOK 30,1 million in new long-term debt

Credit facility increased with NOK 8 million in December 2025

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LIBETIE EDUCATIENCI

Operational review Pharma

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Pharmaceutical pipeline: Status

HRO350
Mild to moderate Psoriasis

Status

• Phase 2b study completed in 2025 and data analysis completed
• Primary endpoint not met but significant results on systemic inflammation
• Potential for further development

ABS302
Brain development in extremely premature infants

Status

• Successful formulation of two liquid prototype formulations
• Ready for formulation for preclinical studies
• Soft funding from IN: 2.5 million
• Smerud finances preclinical phase

HCO
Glaucoma

Status

• Successful clinical pilot study conducted in China under the direction of Kotler with Herring Caviar Oil
• Article published in a reputable journal
• Lecture given at Glaucoma360 in San Francisco in January 2026

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HRO350: Psoriasis is an inflammatory disease

Novel oral product meets an unmet medical need for patients with non-severe psoriasis

Split of Disease Severity

Mild-to-Moderate		Moderate-to-Severe and Severe
50% of patients in the US (~5M)	30% of patients in the US (~3M)	20% of patients in the US (~2M)
66% of patients in the EU5 (~7.8M)	25% of patients in the EU5 (~2.9M)	11% of patients in the EU5 (~1.3M)

Comments

Psoriasis is an inflammatory skin disease, associated with comborbid disorders

Disease severity – how extensive or serious the skin involvement is – often goes hand-in-hand with systemic inflammation.

People with more severe psoriasis frequently show higher levels of inflammatory markers in their blood and have greater risks of other inflammatory health issues (like psoriatic arthritis or heart disease) compared to those with milder psoriasis.

*Split between mild and moderate patients varies in the literature. Sources: HRO350 Commercial Opportunity Assessment in Psoriasis, IQVIA; WHO Global Report on Psoriasis; Rendon, Int J Mol Sci. 2019 Mar; 20(6): 1475; UpToDate; American Academy of Dermatology Association; Papp, Dermatol Ther. 11:1053; 2021; National Psoriasis Foundation; Evaluate Pharma 2022 Psoriasis Market Size, November 2022 Analysis. ABG-SC Arctic Bioscience Initiation Report (17th March 2021); GUIDELINE ON CLINICAL INVESTIGATION OF MEDICINAL PRODUCTS INDICATED FOR THE TREATMENT OF PSORIASIS EMEA/CHMP/EWP/2454/02 corr 2004

HeROPA

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HRO350: Significant reduction of systemic inflammation in two clinical trials

Consistent reduction in SII across two clinical trials in patients with mild-to-moderate psoriasis

HeROPA study 2023-2025

25% reduction in inflammation (SII25)

Haukeland study 2018-2019

25% reduction in inflammation (SII25)

Both clinical trials demonstrated significant reduction in inflammation

• Statistically significant reduction of systemic inflammation (SII25) in the patients who completed 1-year of treatment in the HeROPA study versus placebo treated patients.
• Statistically significant reduction of similar magnitude in the Haukeland study in the patients who completed the 26-week placebo-controlled period.
• Platform potential: Potential to expand into other immune-mediated diseases where systemic inflammation is a driver

PP: Per Protocol population who completed S2 weeks: n = 272. Patients with SII ≤ 306 of baseline (lower two quartiles: n = 261. Data as observed.

• Statistically significant difference to placebo with p < 0.005. ** Statistically significant difference to placebo with p < 0.001

HeROPA preliminary analyses on the Per-protocol population. Data on file. Efficacy and Safety Study of HRO350 in Patients with Mild-to-moderate Psoriasis (the 'HeROPA' Study) ClinicalTrials.gov ID NCT06125808. Haukeland study post-hoc analysis. Data on file. ClinicalTrials.gov ID NCT02059377.

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Significant improvements on skin symptoms, inflammation and quality of life

in patients with mild-to-moderate inflammation (SII ≤ 506) at baseline

PGA 0/1 (SII ≤ 506)
"Clear or almost clear skin"

25% Improvement in SII (SII ≤ 506)
Reduction in inflammation

DLQI 0/1 (SII ≤ 506)
"No effect on patient life"

Comments

• Median SII in the HeROPA trial (second quartile) was 506, where the two lower quartiles align with with systemic inflammation associated with mild-moderate psoriasis
• There was lesser difference between active and placebo in patients with SII > 506 associated with higher systemic inflammation
• Reduction in SII appear before changes in skin symptoms
• SII may be useful to stratify patients in future clinical trials
• HRO350 is not intended for patients with moderate-to-severe disease

HeROPA

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HCO: Potential in enabling neuroprotection in glaucoma

Pilot study confirms potential of Herring Caviar Oil in Primary Open-Angle Glaucoma

Anti-inflammatory with neuroprotective potential

• Neuroprotective effects on RGC by DHA and derivatives
• Benefits in neurodegenerative disorders of omega-3

Unique bioavailability

• Enhanced bioavailability of phospholipid-based formulations
• Polar lipids cross the blood-brain and blood-retina barrier

Pilot clinical trial: Oral HCO in POAG

• 3-month, placebo-controlled trial (N=50 eyes)
• 500 mg HCO daily per oral

Results

• Statically significant improvement in MD (visual field)
• Intra Ocular Pressure reduction trend
• No adverse events

Abbreviations TM: Trabecular Meshwork; RGC: Retinal Ganglion Cells; DHA: Docosahexaenoic acid

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Pharmaceutical pipeline: Outlook

Next steps

• Partner search (funding phase 3)
• Publish results/articles
• Design phase 3 / scientific advice
• Specific China potential in TCM

Next steps

• Produce material and conduct preclinical
• Potential exit 2027/2028?

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ARCTIC DISSEMINCE

Business outlook

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Outlook 2026

HeROPA development

• Strategic opportunities for further development and regulatory engagement will be evaluated
• Partnerships for further development will be sought going forward
• Planning to attend BIO Europe end of March as well as presenting at COG Nordic in March and EADV in June

Liquidity situation closely monitored

• Positive dialogue with Group's bank. The Board continuously assessing measures beyond what has already been implemented
• Further development of HRO350, beyond phase IIb, will be funded separately through partnership or specific project funding

Nutra potential

• Increased nutraceutical revenues expected in 2026 based on received purchase orders and general order outlook
• B2C-launch in more European countries in 2026 as well as B2B expansion to more countries in Southeast Asia

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ARCTIC DISSCIENCE

Q&A

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ARCTIC

BIOSCIENCE

Contact

CEO - Christer L. Valderhaug:
christer@arctic-bioscience.com

CFO - Jone R. Slinning
jone@arctic-bioscience.com

Medical Director - Runhild Gammelsæter:
runhild@arctic-bioscience.com

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