Benchmark Holdings Plc

Earnings Release • Jun 12, 2025

Half year results for the six months ended 31 March 2025

Half year results for the six months ended 31 March 2025

12 June 2025

Benchmark Holdings plc

(“Benchmark”, the “Company” or the “Group”)

Half year results for the six months ended 31 March 2025

Completion of sale of Genetics business resulting in £76m Group profit

Continuing business performing in line with expectations

Benchmark (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology company, announces its unaudited interim results for the six months ended 31 March 2025 (the “Period” or “H1 FY25”).

Financial Highlights

Overview

• Group profit after tax from continuing and discontinued operations of £76.0m driven by an £90.9m gain from the sale of the Genetics business, completed on 31 March 2025

• Post period end the Company announced plans to return capital to shareholders and to delist the Company from AIM and Euronext Growth Oslo

Continuing business

• H1 FY25 results for the continuing business reflect an improvement in Advanced Nutrition in the second quarter of the year and a continued solid performance in Health

• Group revenues from continuing activities of £40.6m were 22% below H1 FY24 (-17% assuming constant exchange rates CER) primarily as result of a pause in sales of Ectosan® Vet and CleanTreat® since the second half of FY24 while the new land-based model is developed

o Advanced Nutrition revenues were £37.7m (H1 FY24: £40.4m), down 1% CER reflecting improved trading in Q2 FY25 partially offsetting weak Q1 FY25 performance

o Health revenues were £3.0m (H1 FY24: £11.5m) reflecting pause in Ectosan®Vet and CleanTreat® and lower Salmosan® Vet sales as a result of timing differences across financial periods

• Adjusted EBITDA from continuing operations was £4.2m (H1 FY24: £9.6m) driven by lower revenues as above, whilst cost base is not yet fully reflective of corporate streamlining underway post Genetics sale

• Group operating costs were £14.2m, 13% below H1 FY24:

o Advanced Nutrition and Health reported a reduction in operating costs following restructuring in the prior year

o Corporate costs include costs previously allocated to Genetics which will be eliminated as a result of streamlining underway

• Operating loss from continuing operations was £8.4m (H1 FY24: loss of £7.2m)

• Cash, liquidity and net debt:

o Cash and cash equivalents of £116.9m and liquidity (cash and available facility) of £131.6m at 10 June 2025

o Net cash of £125.9m at 31 March 2025, with borrowings fully repaid after the period end in April 2025

Strategic and Operational Highlights

• Advanced Nutrition – Continued commercial and operational progress

o The Company’s diversified portfolio of high performing products and solutions is performing well as producers seek to optimise performance and yield

o Products launched in the last two years including high performing fish diets are increasingly adopted by customers, resulting in increased sales

o Improved product mix compared to H2 FY24 and Q1 FY25 with increased availability of high quality Artemia

o Launched new algae product during the period which is generating good traction

o Strategy implemented in key Ecuadorian market to strengthen local presence to leverage our technical team is delivering results

o Conditions in shrimp market still challenging in Q2 FY25; post period end the new US tariff regime has caused some uncertainty

o Conditions in Mediterranean fish market are positive with improved end pricing and benefits of industry consolidation coming through

• Health – Solid performance of core Salmosan® Vet business post restructuring in FY24

o Salmosan® Vet business performing well with sales in line with management expectations and continued cost discipline.

o Positioned for relaunch of Ectosan® Vet and CleanTreat® with new land-based configuration subject to customer interest in the new capital-light solution

• Group – Genetics disposal complete. Repayment of Green Bond and RCF post period end. Proposals to return capital to shareholders and delist from AIM and Euronext Growth Oslo announced post period end

o Genetics disposal completed on 31 March 2025 realising gross cash proceeds of c. £194m

 Streamlining of corporate structure resulting from disposal of Genetics business well advanced post period end

 Obligations under transaction services agreement are substantially complete and expect to be fulfilled by 30 June 2025

o Repayment of Green Bond, revolving credit facilities and associated hedging instruments post period end which in total amounted to approximately £87m

o Proposals for return of capital and future of the continuing business announced on 23 May 2025*. Proposals include:

 Cancellation of the admissions to trading of the Company's Ordinary Shares on AIM and Euronext Growth Oslo

 Re-registration of the Company as a private limited company

 Opportunity for Qualifying Shareholders to realise all or some of their investment in the Company by accepting a Tender Offer at a Tender Offer Price of 25 pence per Ordinary Share

 A planned special dividend for Shareholders that do not participate in the Tender Offer to be paid following the successful implementation of the Tender Offer and the De-Listings

 Implementation of the Tender Offer, the De-Listings and the Re-Registration, is conditional, inter alia, upon the applicable Resolutions being passed at the forthcoming General Meeting to be held at 12.00 noon on 18 June 2025 and on the Norwegian Approval

 Expected last day of dealings in the Ordinary Shares on AIM and Euronext Growth Oslo expected to be within 2 - 3 months of the date of the Norwegian Approval

* Unless otherwise defined, capitalised terms used in this announcement have the same meanings as ascribed to them in the circular found in this link http://www.rns-pdf.londonstockexchange.com/rns/9520J_1-2025-5-23.pdf

Current trading and outlook – trading in line with expectations for the full year

The Group is trading in line with expectations for the full year underpinned by improving performance in Advanced Nutrition since the latter part of Q1 FY25 albeit with some uncertainty caused by the new US tariff regime. Health is now a profitable, cash positive business focusing on Salmosan® Vet.

Financial Summary

£m H1 FY25 H1 FY24

Restated* % AER % CER** FY24

(full year)

Revenue 40.6 51.8 -22% -17% 90.4

Adjusted

Adjusted EBITDA1 4.2 9.6 -56% -56% 11.9

Adjusted Operating profit2 2.4 1.6 57% 55% (16.6)

Statutory

Operating loss continuing operations (8.4) (7.2) -16% -17% (35.5)

Loss before tax continuing operations (12.6) (11.6) -9% -9% (45.9)

Loss for the period from continuing operations (13.1) (11.4) -15% -16% (44.3)

Profit from discontinued operations 89.1 2.6 5.2

Basic earnings per share (p) (including discontinued operations) 10.33 (1.21) (5.34)

Net cash/(debt)3 125.9 (72.7) (49.0)

* H1 2024 numbers were restated to reflect the results of the Genetics business being classified as a discontinued operation in FY24 in line with IFRS5 following the decision to sell the business area

**Constant exchange rate (CER) figures derived by retranslating current year figures using previous year’s foreign exchange rates

(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items – restructuring, acquisition and disposal related expenditure

(2) Adjusted Operating Profit is operating loss before exceptional items including acquisition related items and amortisation of intangible assets excluding development costs

(3) Net cash/(debt) is cash and cash equivalents less loans and borrowings

Business Area summary

£m H1 FY25 H1 FY24 % AER % CER* FY24

(full year)

Revenue

Advanced Nutrition 37.7 40.4 -7% -1% 75.9

Health 3.0 11.5 -74% -73% 14.5

Adjusted EBITDA1

Advanced Nutrition 6.5 9.9 -35% -35% 14.4

Health 0.5 2.2 -78% -77% 2.1

*Constant exchange rate (CER) figures derived by retranslating current year figures using previous year’s foreign exchange rates

(1) Adjusted EBITDA is EBITDA (earnings before interest, tax, depreciation and amortisation and impairment), before exceptional items – restructuring, acquisition and disposal related expenditure

Trond Williksen, CEO of Benchmark, commented:

“The streamlining of Benchmark following the sale of the Genetics business is well underway and the performance in the remaining business has developed positively and in line with our expectations in the last quarter.

“The announced decision to delist the Company from AIM and from Euronext Growth Oslo is driven by strong commercial rationale, reducing costs and rightsizing the remaining business for the next phase.”

Webcast for analysts and institutional investors at 8.00 a.m. UK time (9.00 a.m. CET)

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial Officer will host a webcast for analysts and institutional investors today at 08.00 a.m. UK time (9.00 a.m. CET) available at https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250612_2

Equity Development webcast for retail investors at 10.00 a.m. UK time (11.00 a.m. CET)

Trond Williksen, Chief Executive Officer and Septima Maguire, Chief Financial Officer will host a second webcast for retail investors and wealth managers today at 10.00 a.m. UK time (11.00 a.m. CET). The webcast is open to all existing and potential shareholders. To register please visit:

https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-12june2025

Enquiries

Benchmark Holdings plc benchmark@mphgroup.com

Trond Williksen, CEO

Septima Maguire, CFO

Ivonne Cantu, Investor Relations

Strand Hanson Limited (Nominated Adviser and Broker) Tel: 020 7409 3494

Christopher Raggett, James Dance, Rob Patrick

MHP Group Tel: +44 7884 494112

Katie Hunt, Reg Hoare benchmark@mhpgroup.com